Northeast

GEBROE-HAMMER ARRANGES $2.5M SALE OF GRANDVIEW APARTMENTS

by admin October 25, 2013

HASBROUCK HEIGHTS, N.J. — Gebroe-Hammer Associates has arranged the $2.5 million sale of Grandview Apartments, a 20-unit, garden-style community in Hasbrouck Heights. Grandview Apartments is a three-story brick building featuring a mix of studio, one- and two-bedroom apartments. The complex includes 12 garages and 12 off-site parking spaces, as well as on-site laundry facilities. Situated eight miles from the George Washington Bridge, Grandview Apartments is located near the N.J. Transit train and bus stations. Ken Uranowitz, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction.

October 25, 2013

HFF CLOSES $50 MILLION SALE OF LONG ISLAND OFFICE PORTFOLIO

by admin October 24, 2013

NEW YORK CITY — HFF has arranged the $50 million sale of a three-property office portfolio totaling 372,544 square feet in various Long Island locations. A joint venture between Investcorp International Inc. and Lincoln Equities Group LLC purchased the portfolio, which includes 666 Old Country Road in Garden City (120,238 square feet); 114 Old Country Road (114,356 square feet); and 100 Merrick Road in Rockville Centre (137,950 square feet). The portfolio has undergone more than $5 million in capital improvements since 2003 and is 93 percent leased. HFF also arranged acquisition financing for the buyers. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeff Julien and Jackie Ferrer led the HFF team representing the seller. Mike Tepedino and Michael Gigliotti led HFF’s debt placement team in the transaction.

October 24, 2013

Multifamily Northeast

71-UNIT APARTMENT COMMUNITY IN BOSTON SELLS FOR $21.5M

by admin October 24, 2013

BOSTON — CBRE/New England’s capital markets team has arranged the $21.5 million sale of Harrison Court Apartments, a 71-unit apartment building in Boston. Alumni Capital Partners LLC sold the property to an undisclosed buyer. Simon Butler, executive vice president and partner, and Biria St. John, executive vice president and partner, represented the seller, a venture between RF Walsh Co. and Kenney Development, and procured the buyer. Harrison Court is a Class B apartment building that was previously master-leased to Boston University. The buyer plans to upgrade 60 apartments and convert approximately 10,000 square feet of office space to 11 additional apartments and community space. Fulton Properties, a subsidiary of Kenney Development Inc., will oversee the redevelopment and repositioning of the property.

October 24, 2013

Multifamily Northeast

M&M ARRANGES $2.4M SALE OF 16-UNIT APARTMENT BUILDING

by admin October 24, 2013

NEW YORK CITY — Marcus & Millichap has arranged the sale of 24-26 Covert St., a 16-unit apartment property in Brooklyn, for $2.4 million. The sales price equates to $154 per square foot or $150,000 per unit. Shaun Riney, Derek Bestreich and Lucien Sproviero, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller and represented the buyer, both private investors.

October 24, 2013

Northeast Office

SIRIUS XM RADIO RENEWS 27,500 SF OFFICE LEASE IN LAWRENCEVILLE

by admin October 24, 2013

LAWRENCEVILLE, N.J. — Sirius XM Radio Inc. has renewed its 27,500-square-foot lease at Princeton Pike Corporate Center in Lawrenceville. Prism Capital Partners LLC, in a joint venture partnership owns the eight-building, 800,000-square-foot, Class A office park. Sirius XM Radio has operated at 989 Lenox Drive since 2008. Bob Morford from Morford & Dodds Realty Co. represented the firm in its long-term renewal transaction. The Prism Partners joint venture partnership acquired Princeton Pike Corporate Center earlier this year. Constructed on 100 acres between 1984 and the early 1990s, the complex features buildings with central atriums, cafés and fitness centers. The office complex was 90 percent leased at the time of the transaction.

October 24, 2013

Northeast Office

MERIDIAN ARRANGES $85M LOAN FOR MATRIX CORPORATE CENTER IN DANBURY

by admin October 23, 2013

DANBURY, CONN. — Meridian Capital Group has arranged an $85 million loan for the refinancing of Matrix Corporate Center, a 1.1 million-square-foot office property in Danbury. Tal Bar-Or and Michael Ottomanelli of Meridian Capital Group arranged the CMBS loan on behalf of Matrix Realty Group. The five-year loan features a fixed interest rate of 4.6 percent. The Matrix Corporate Center is the largest office building in Danbury, accounting for 30 percent of total Class A office space in that market, according to New York City-based Meridian. Constructed in 1981, the property underwent a more than $10 million renovation in 2012 resulting in upgraded common areas and new façade. Tenants at the building, which is located at 39 Old Ridgebury Road, include General Motors, Boehringer Ingelheim and Praxair Inc.

October 23, 2013

Multifamily Northeast

GRADUATE STUDENT HOUSING COMMUNITY OPENS IN TROY, N.Y.

by admin October 23, 2013

TROY, N.Y. — United Group of Cos. has opened College Suites at City Station East, which offers 157 beds to graduate students at Rensselaer Polytechnic Institute (RPI). The opening of the East building — the West and South buildings opened in earlier phases — puts the project, College Suites at City Station, at full capacity with a total of 151 apartment suites to accommodate up to 396 students. The three residential buildings are within walking distance of campus. Like West, the new East building's ground floor includes multiple retail spaces. Plum Dandy frozen yogurt and Birkmayer Travel will move into two of the spaces later this fall. An enclosed underground parking garage with 88 spaces dedicated to retail customers opened in August. There are an additional 98 resident parking spaces now available in a parking lot at the rear of the East building. So far, $60 million has been invested in the approximately 247,000 square feet of the City Station neighborhood. BBL Campus Facilities was the general contractor, and QPK Design was the architect.

October 23, 2013

Hospitality Northeast

NEHR ARRANGES SALE OF 112-ROOM PLEASANT VIEW INN IN WESTERLY

by admin October 23, 2013

WESTERLY, R.I. — New England Hotel Realty (NEHR) has arranged the sale of the 112-room, full-service Pleasant View Inn in Westerly. NEHR represented the seller, a family that has owned and operated the hotel since 1965, in the transaction. The buyer was an affiliate of Linchris Hotel Corp., which plans to renovate the property. The Pleasant View Inn is an oceanfront hotel located on Misquamicut Beach and is within close proximity to nearby shopping, multiple golf courses and the Mystic Seaport and Aquarium in nearby Connecticut. Linchris is one of the largest hotel owners, operators and management companies in the Northeast, according to NEHR.

October 23, 2013

Northeast Office

RIVER DRIVE COMPLETES TENANT FIT-OUTS AT 125 BROAD STREET IN NYC

by admin October 23, 2013

NEW YORK CITY — River Drive Construction has completed two tenant fit-outs, totaling 63,594 square feet, at 125 Broad St., a Class A office tower in downtown Manhattan. New Jersey-based River Drive completed the projects on behalf of Mack-Cali Realty Corp., which owns nearly half of the 1.3-million-square-foot building. The fit-out of 41,594-square-foot space on the second and third floors will be occupied by the Institute for Community Living Inc., a nonprofit corporation that assists individuals with disabilities. Designed by Gener Kronick + Valcarel, Architects and engineered by Syska Hennessy Group, the fit-out included the construction of drywall, ceilings, lighting, HVAC, millwork, sprinklers, plumbing, ceramic tile and flooring. River Drive also completed the fit-out of a 22,000-square-foot space, which will be occupied by security brokerage firm Loeb Holding Corp. Designed by Spector Group and engineered by MGE Engineering, the fit-out included the demolition of existing offices and the construction of new offices with features including glass office fronts, wood flooring in the reception, gallery areas and new window treatments. Gary Suber, project manager, led the River Drive team that served as general contractor for both projects.

October 23, 2013

Industrial Northeast

TERRENO BUYS TWO INDUSTRIAL BUILDINGS IN CARLSTADT FOR $9.9M

by admin October 22, 2013

CARLSTADT, N.J. — Terreno Realty Corp. has acquired two industrial properties in Carlstadt for $9.9 million. Situated on 3.2 acres in the central Meadowlands submarket, the two industrial properties total 90,000 square feet. The 22,000-square-foot building is fully leased to one tenant and is located at 465 Meadow Lane. The 68,000-square-foot property, located at 341 Michele Place, is 95.6 percent leased to two tenants. The estimated capitalization rate of the properties is 5.7 percent. Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.

October 22, 2013

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