Northeast

GROSSMAN BUYS 3,000 SF BUILDING FOR $2.3M IN BROOKLINE

by admin August 19, 2013

BROOKLINE, MASS. — The Grossman Cos. Inc., with its partner, the Kara Family, has purchased a 3,000-square-foot retail building in Brookline for $2.3 million. The retail property is located at 429 Harvard St. in the heart of the Coolidge Corner section of Brookline. Cambridge Savings Bank financed the acquisition. Citizen Bank occupies the building, which includes 14 parking spaces. The Grossman Companies has acquired approximately 750,000 square feet of office, retail and industrial property across New England during the last three years.

August 19, 2013

ZIPCAR RELOCATES 46,000 SF HEADQUARTERS TO BOSTON

by admin August 19, 2013

BOSTON — Cresa Boston has managed the build-out and project management services for Zipcar’s new corporate headquarters in the Fort Point district of south Boston. Zipcar, a vehicle-sharing service that rents cars by the hour, is relocating from a 35,000-square-foot building at 25 First St. in Cambridge, to the 46,000-square-foot, six-story property at 35 Thomson Place. Chris Crooks, Adam Subber and Dan Sullivan of Cresa provided the transaction management services, which included planning, vendor selection, design and construction management. Janet Morra of Margulies Perruzzi Architects led the design team. Wise Construction, led by Tom Healy, provided pre-construction and construction management services. Dan Moody of W.B. Engineers led the engineering services component. Crosspoint Associates Inc. is the property manager of the building.

August 19, 2013

Northeast Retail

MMCC ARRANGES $1.4M LOAN FOR SINGLE-TENANT PROPERTY

by admin August 19, 2013

CORTLAND, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.4 million loan for the refinancing of a single-tenant building in Cortland, located about 34 miles south of Syracuse. Christopher Marks, associate director, and Kyle Young, associate, in the firm’s Manhattan office, arranged the financing. The 10-year loan includes a fixed-interest rate of 4.25 percent and a 20-year amortization schedule. Kentucky Fried Chicken occupies the building, which is located at 3890 State Route 281.

August 19, 2013

Industrial Northeast

PLUMBING CO. SIGNS 14,200 SF WAREHOUSE LEASE IN PA.

by admin August 19, 2013

BETHLEHEM, PA. — Selvaggio & Sons Plumbing and Heating has signed a five-year lease for 14,200 square feet in Bethlehem, located about 60 miles north of Philadelphia. The company, which specializes in plumbing heating, ventilating and air conditioning, plans to use the warehouse space for supplies and a service department. The property is located at 22 S. Commerce. Mike Adams of NAI Summit represented the landlord, 297 Getty Ave Associates LLC, in the transaction.

August 19, 2013

Market Reports New York Northeast Market Reports

NYC Office Market Evolves with Changing Economy

by admin August 19, 2013

New York City continues to make economic progress. The city’s workforce grew by 78,900 jobs over the 12 months ending April 2013. As a consequence, the unemployment rate declined to 7.7 percent in April compared to 8.8 percent a year ago. Reflecting continued employment growth, the office market was quite active across Manhattan, as a wide range of tenants signed leases during the first quarter. Tenant volume exceeded the previous quarter activity by 38 percent and was more than twice that of a year ago. Availability rates, however, remained relatively unchanged in Midtown North and Downtown and increased in Midtown South. Overall asking rents declined in Midtown North, but rose in Midtown South and Downtown. A number of tenants are viewing their space needs differently than in the past. Collaborative working spaces and “green” are de rigueur; oversized workspaces are not. The recent slow absorption is the result of a combination of tenants frequently relocating or renewing at the same or reduced size and the return of numerous large blocks of space to the market. Manhattan is blessed with the ability to continually reinvent itself. A wide range of exciting changes are in various stages of development that will alter …

August 19, 2013

Industrial Northeast

KRCHER RELOCATES, EXPANDS BLACKWOOD WAREHOUSE

by admin August 16, 2013

GLOUCESTER TOWNSHIP, N.J. — Kärcher North America has signed a 130,930-square-foot warehouse lease at 500 University Court in Blackwood, a community within Gloucester Township. Remaining in Blackwood, Kärcher’s relocation to the 275,930-square-foot building will double its amount of space. Kärcher North America is a manufacturer of commercial, industrial and consumer cleaning equipment, with manufacturing and distribution facilities throughout the country. The company’s new space will feature 10,000 square feet of office, 24-foot ceilings, 16 tailgate loading doors and one oversized drive-in door. Marc Isdaner, senior vice president and principal of the Colliers International’s Southern New Jersey office represented Kärcher in the transaction. NAI Mertz represented the landlord.

August 16, 2013

Mixed-Use Northeast

WASHINGTON TRUST FINANCES $4.3M MIXED-USE MILFORD PROPERTY

by admin August 16, 2013

MILFORD, CONN. — Washington Trust’s commercial real estate group has provided $4.3 million in acquisition financing to Metro 100 LLC for a mixed-use property in Milford. Located at 100-102 Lansdale Ave., 10 miles south of New Haven, the property includes 23 apartment units and 20,808 square feet of retail space. Proceeds from the loan will be used to make enhancements to the property.

August 16, 2013

Industrial Northeast

NAI HANSON ARRANGES $1.3M SALE OF 25,600 SF BUILDING IN ALPHA, N.J.

by admin August 16, 2013

ALPHA, N.J. — NAI James E. Hanson has arranged the sale of a two-story building at 43 Industrial Drive in Alpha, N.J. The 25,600-square-foot property traded for $1.3 million. Sig Schorr, vice president at NAI Hanson, represented the seller, Alpha Press, in the transaction. Schorr also procured the buyer, Hunterdon Transformer, which designs and manufactures high-performance magnetic devices. Located on 7.3 acres, the building features a tool and parts department with a supervisor’s office, machine shop area and 4,000 square feet of office space on each floor.

August 16, 2013

Multifamily Northeast

USGBC AWARDS LEED GOLD TO TWO APARTMENT COMMUNITIES

by admin August 16, 2013

WEST HEMPSTEAD AND LONG ISLAND, N.Y. — The U.S. Green Building Council (USGBC) has awarded Mill Creek Residential LEED-Gold certification for two of its apartment communities: Metro 303 in Long Island and West 130 in West Hempstead. Both apartment communities minimize their ecological footprints by including Energy Star appliances in the units, electric car charging stations and smoke-free living. Metro 303 and West 130 are also located within walking distance to mass transit options and feature high-efficiency air filtration systems. The 166-unit Metro 303 includes studio, one-, two-, and three-bedroom units and a two-level enclosed parking lot. The 150-unit West 130 includes one-, two- and three-bedroom units and an underground parking garage.

August 16, 2013

Mixed-Use Northeast

PARTNERSHIP SELLS MIXED-USE ASSET FOR $12.9M

by admin August 15, 2013

NEW YORK CITY — The Praedium Group and partner NorthEnd Equities have sold the leasehold interest in 16 West 36th Street in Manhattan to Kiamie Industries Inc. In a little over a year since acquiring the asset, the partners sold the building for $12.9 million. The 13-story office and retail asset is located in the Midtown South neighborhood. Since acquiring the building in February 2012, the partnership has increased the building’s occupancy from 68 percent to 95 percent. Located between Fifth Avenue and Avenue of the Americas, the building was constructed in 1920. Neil Helman and Charles Kingsley, both principals at Avison Young’s Capital Markets Group, represented the sellers in the transaction.

August 15, 2013

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