Northeast

TERRENO REALTY BUYS JFK AIRGATE IN QUEENS FOR $53.1M

by admin January 23, 2014

NEW YORK CITY — Cushman & Wakefield has arranged the sale of JFK Airgate, a four-building industrial and office property totaling 229,000 square feet, and an adjacent parcel in Queens for $53.1 million. The estimated stabilized cap rate of the property is 5.3 percent, according to San Francisco-based Terreno Realty Corp, which purchased the property. JFK Airgate, located approximately one-half mile north of John F. Kennedy International Airport, is 98.6 percent leased to 18 tenants, including some of the largest international air cargo and logistics firms. The 65,000-square-foot Airgate I is a warehouse with 14 dock-high and three grade-level loading positions and parking for 56 cars at 151-02 132nd Ave. Airgate II is also a warehouse that spans 66,000 square feet with 12 dock-high and three grade-level loading positions and parking for 76 cars at 150-10 132nd Ave. The 73,000-square-foot Airgate III is a distribution building with 18 dock-high and one grade-level loading positions and parking for 138 cars at 152-02 Baisley Blvd. Airgate IV is an office building spanning 25,000 square feet and includes parking for 58 cars at 152-01 133rd Ave. The 0.2-acre paved parcel includes parking for 27 cars at Baisley Boulevard and 132nd Avenue. Andrew Merin, …

January 23, 2014

HFF ARRANGES $25M LOAN FOR METRO BOSTON MULTIFAMILY PROJECT

by admin January 23, 2014

WESTFORD, MASS. — HFF has arranged a $25 million construction loan for the development of Princeton Westford Apartment Homes, a 200-unit, garden-style multifamily development in suburban Boston. HFF arranged the three-year, floating rate loan for an affiliate of Princeton Properties & Guggenheim Real Estate LLC through First Niagara Bank’s Boston office. The loan includes two one-year extension options. Princeton Westford Apartment Homes is located on 90 acres at 16 Littleton Road in Westford. Due for completion in 2014, the property will feature four different floorplans of one- and two-bedroom units averaging 1,128 square feet each. Each apartment will feature granite countertops, undermount dual-bowl kitchen sinks, gooseneck faucets and espresso-stained wood cabinetry. Community amenities will include a 3,800-square-foot clubhouse offering fitness, business and social centers with a resort-style pool and play area. Riaz Cassum, senior managing director, and Lauren O’Neil, director, led the HFF team representing the borrower.

January 23, 2014

Multifamily Northeast

M&M ARRANGES $3.3M SALE OF 25-UNIT APARTMENT BUILDING

by admin January 23, 2014

NEW YORK CITY — Marcus & Millichap has arranged the $3.3 million sale of 324 East 31st Street, a 25-unit apartment property located in Brooklyn. The sales price equates to approximately $158 per square foot. Lucien Sproviero and Derek Bestreich from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor. Bestreich and Sproviero also represented the buyer, a REIT, in the transaction.

January 23, 2014

Multifamily Northeast

MERIDIAN ARRANGES $40M LOAN FOR LUXURY MULTIFAMILY COMPLEX

by admin January 22, 2014

CINNAMINSON, N.J. — Meridian Capital Group LLC has arranged $40 million in permanent financing for Camelot at Cinnaminson Harbour, a luxury multifamily complex in Cinnaminson. The five-year loan features a fixed interest rate of 3.64 percent and a 30-year amortization schedule. Camelot is a recently constructed 405-unit, waterfront multifamily complex. The property is part of the master-planned community Villages at Cinnaminson Harbour, located about 12 miles northeast of Philadelphia. Amenities at the community include an outdoor pool, fitness center and business center, as well as access to hiking trails along the Delaware River. Josh Munk, a vice president at Meridian Capital Group, arranged the loan.

January 22, 2014

Multifamily Northeast

M&M ARRANGES $2.3M SALE OF 11-UNIT APARTMENT BUILDING

by admin January 22, 2014

NEW YORK CITY — Marcus & Millichap has arranged the sale of 281 Clifton Place, an 11-unit apartment property in Brooklyn for $2.3 million, or $208 per square foot. Shaun Riney and Dan Greenblatt from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, an individual/personal trust. Riney and Greenblatt also represented the buyer, a private investor, in the transaction.

January 22, 2014

Industrial Northeast

WENNER BREAD SIGNS 72,000 SF LEASE RENEWAL IN LONG ISLAND

by admin January 22, 2014

NEW YORK CITY — Wenner Bread Products has signed a 72,000-square-foot lease renewal at 2001 Orville Drive in Bohemia, a community in Long Island. The building at 2001 Orville Drive is a 72,000-square-foot property that offers access to the Long Island Rail Road, Long Island Expressway and MacArthur Airport. Rechler Equity Partners owns the property. Wenner Bread Products is a maker of breads and frozen dough for supermarket bakeries and restaurants. Chuck Tabone, managing principal of Newmark Grubb Knight Frank’s Long Island office, represented the tenant in the transaction.

January 22, 2014

Northeast Retail

PROHEALTH TO OPEN URGENT CARE FACILITY IN QUEENS

by admin January 22, 2014

NEW YORK CITY — ProHealth has signed a lease to occupy 10,913 square feet at the Glen Oaks Shopping Center, located at 259-27 Union Turnpike in Queens. The agreement brings the center to 99 percent occupancy. The medical services provider will lease space at the east endcap of the 187,650-square-foot center and is expected to open in March. ProHealth is renovating the façade and expanding the existing space to increase its frontage on Union Turnpike. Nicholas Forelli, director of leasing, represented the Feil Organization, the center’s owner and manager, in-house. Todd Cooper of Ripco Real Estate represented ProHealth.

January 22, 2014

Northeast Office

JOINT VENTURE BUYS WILTON 372 OFFICE COMPLEX FOR $19.2M

by admin January 21, 2014

WILTON, CONN. — A joint venture between The Grossman Cos. Inc. and Summit Development LLC has acquired Wilton 372, a 92,500-square-foot, two-story office building in Wilton, a city in southern Connecticut. The building, located at 372 Danbury Road, sold for $19.2 million, or $208 per square foot. CBRE’s New York Institutional Group represented the seller, Wilton 372 Associates LLC, an entity controlled by Luzern Associates LLC, and procured the new joint venture entity buyer, Wilton GSE LLC. Tenants at the building include Havas Worldwide, Kantar Retail and Northwestern Mutual.

January 21, 2014

Northeast Office

83,200 SF OFFICE COMPLEX IN EGG HARBOR, N.J., SELLS FOR $8.5M

by admin January 21, 2014

EGG HARBOR, N.J. — Besen Special Assets has arranged the $8.5 million sale of an 83,200-square-foot office property in Egg Harbor, located about 13 miles west of Atlantic City. The property includes two Class B, two-story office buildings spanning 41,600 square feet each. Besen Special Assets represented the buyer, a private investor, in the transaction. A regional bank sold the office park, which was fully leased at the time of sale.

January 21, 2014

Northeast Retail

TARGET TO OPEN NEW STORE IN NORTH BRUNSWICK, N.J.

by admin January 21, 2014

NORTH BRUNSWICK, N.J. — Target has announced plans to open a new 140,000-square-foot store in North Brunswick, located about 30 miles southwest of Newark, in October. The store will be situated in the new development called Main Street North Brunswick. Target plans to open 10 stores in 2014. The store will include a selection of fresh produce, fresh-packaged meat and pre-packaged baked goods, as well as a Starbucks Coffee, a Target Pharmacy and Target Optical.

January 21, 2014

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