Northeast

EPR PROPERTIES BUYS CAMELBACK MOUNTAIN RESORT FOR $70M

by admin October 15, 2013

TANNERSVILLE, PA. — EPR Properties has acquired the Camelback Mountain Resort in Tannersville, a city in northeast Pennsylvania, for $70 million. The resort consists of 160 acres of skiable terrain and includes a waterpark, an outdoor adventure park, a 40-lane tubing facility and base lodge. The resort attracts approximately 900,000 visitors annually. The property is currently leased to CBH2O, which has operated the resort since 2005, and has committed to an additional 20-year term. The Camelback Mountain Resort is located approximately 90 miles outside of New York City in the Poconos Mountain region.

October 15, 2013

HFF CLOSES $35M SALE OF DEVELOPMENT SITE IN HUDSON YARDS

by admin October 15, 2013

NEW YORK CITY — HFF has closed the $35 million sale of a 9,875-square-foot development site in Manhattan’s Hudson Yards neighborhood. HFF worked on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc. New York-based real estate developer David Marx purchased the land parcel, located at 448-452 11th Ave. and 556 W. 37th St. Andrew Scandalios and Jose Cruz, senior managing directors, and Jeffrey Julien and Kevin O’Hearn, managing directors, led the HFF team representing the seller.

October 15, 2013

Northeast Office

M&M ARRANGES $6.3M SALE OF 38,864 SF OFFICE BUILDING

by admin October 15, 2013

LIVINGSTON, N.J. — Marcus & Millichap has arranged the $6.3 million sale of a 38,864-square-foot office property in Livingston. David Kelso, an associate director at Marcus & Millichap, marketed the property on behalf of the seller and represented the buyer in the transaction. The office building is located at 301 S. Livingston Ave. and is within walking distance to area amenities, including restaurants, dry cleaners and Kings Supermarket.

October 15, 2013

Northeast Office

RAM ACQUIRES 91,476 SF OFFICE/LAB PROPERTY IN CHELMSFORD

by admin October 15, 2013

CHELMSFORD, MASS. — The RAM Cos. has acquired a 91,476-square-foot office/lab property in Chelmsford, located about 30 miles northwest of Boston. The purchase price was undisclosed. Medical device company Arrow Interventional Inc., a wholly owned subsidiary of Teleflex Inc., fully occupies the property. Renovated in 2013, the building is situated on 5.7 acres at 16 Elizabeth Drive.

October 15, 2013

Multifamily Northeast

MERIDIAN ARRANGES $25M LOAN FOR MULTIFAMILY PROPERTY

by admin October 14, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $25 million in acquisition financing for a multifamily property in Brooklyn on behalf of Benjamin Werber of Werber Management. A regional commercial lender provided the 10-year loan, which features a fixed interest rate of 3.5 percent. Josh Rhine, vice president at Meridian Capital Group, negotiated this transaction. Originally built as condominiums, the property includes 54 luxury units. The building is located at 202 Eighth St.

October 14, 2013

Mixed-Use Northeast

PRIVATE INVESTOR BUYS NYC RETAIL/OFFICE BUILDING FOR $16.4M

by admin October 14, 2013

NEW YORK CITY — A private Korean-American investor, through his representative in the United States, Tony Park of PD Properties, has purchased a 16,000-square-foot office/retail building in Manhattan for $16.4 million. The six-story property is located at 4 E. 46th St. in the Diamond District and includes 30,000 square feet of unused air rights. The seller was DJM Post Production, a longtime owner that occupied the building for 47 years. David Schechtman, Steven Zimmerman and Paul Nigido of Eastern Consolidated represented DJM and procured the buyer with assistance from Tony Park and Elad Dror of PD Properties. The buyer plans to utilize the property for personal use. Vitae Restaurant recently signed a 10-year lease for the ground-floor retail space, while the upper floors are vacant. Attorneys in the transaction include William Weisner of Tarter Krinsky for the seller and Samuel Ahne of Ahne Law PC for the buyer.

October 14, 2013

Northeast Retail

BJ’S WHOLESALE GROUND LEASE IN METRO BOSTON SELLS FOR $16.4M

by admin October 14, 2013

REVERE, MASS. — Marcus & Millichap has arranged the $16.4 million sale of the ground lease on a 120,224-square foot BJ’s Wholesale Club retail store in suburban Boston. The sales prices equates to $136 per square foot. Robert Horvath and Todd Tremblay, both vice presidents of investments in Marcus & Millichap’s Boston office, represented the seller, William Thibeault, owner of Rumney Marshview LLC. The buyer is a local private investor. BJ’s Wholesale Club signed its original 15-year ground lease in March 2008. Built in 2009 on a 13.8-acre parcel, the property is located approximately six miles from downtown Boston at 5 Ward St. in Revere.

October 14, 2013

Northeast Retail

CMI PROPERTY BUYS TWO RETAIL BUILDINGS IN NORWOOD, MASS.

by admin October 14, 2013

NORWOOD, MASS. — CMI Property Inc. has purchased two retail buildings totaling 80,208 square feet, located on an 8.5-acre-site in Norwood, about 20 miles south of Boston. Elliot & Co. LLC represented the buyer, as well as the seller, the Zoppo family, in the transaction. The details of the transactions were not disclosed. The properties are located at 560 – 570 Boston Providence Highway.

October 14, 2013

Market Reports Massachusetts Northeast Market Reports

Vacancy Drops in Boston, Led by Restaurant and Grocery Expansions

by admin October 14, 2013

It's been quite a turbulent ride; however, recovery is underway. Although retail inventory in Eastern Massachusetts/Greater Boston showed only slight gains, the decline in vacancy more than made up for it. At year-end 2012, total retail inventory totaled 189.5 million square feet. The amount of retail space in the region has increased 13.1 percent during the past 10 years. However, the recession took a toll on new development, and we’ve seen only a slight gain of 0.1 percent in the past 24 months. This slowdown has benefited the retail environment by increasing the demand for existing space. Approximately 2 million square feet of unoccupied space was filled during the year, which brought the vacancy rate to 7.8 percent from 8.9 percent a year ago — the largest drop in more than a decade. As a result, the year ended with net absorption totaling 2.05 million square feet. There wasn’t much movement among the ten largest communities in terms of retail space, although Braintree replaced Leominster at number 10. Boston has the largest amount of retail space, of course, followed by Cambridge. Natick, Brockton, and Danvers complete the list of the top five communities in terms of total retail square footage. …

October 14, 2013

Multifamily Northeast

$400M DEVELOPMENT TO TAKE PLACE OF 5POINTZ WAREHOUSE

by admin October 11, 2013

NEW YORK CITY — City Council members have approved the demolition of the landmark 5Pointz warehouse in Long Island City and a $400 million development replacing it. Demolition work at the 5Pointz property, which has become a tourist attraction as a mecca for graffiti art, could start by the end of this year or in early 2014, according to Jerry Wolkoff, the owner of 5Pointz and the developer behind the new project, according to The Wall Street Journal. The new development will include a 47-story tower and a 41-story tower, which will include a total of 1,000 apartments and 50,000 square feet of retail space. Wolkoff also says the project will feature 12,000 square feet of studio space to be rented first to artists, who previously occupied space at 5Pointz. To readThe Wall Street Journal’s full story, click here.

October 11, 2013

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