Northeast

MERIDIAN ARRANGES $38M LOAN FOR NYC MULTIFAMILY PROPERTY

by admin December 17, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $38 million in permanent financing for a 117-unit multifamily property in in the Williamsburg neighborhood of Brooklyn on behalf of 53 Hope Street LLC. Located at 55 Hope St., the six-story former warehouse property was redeveloped in 2010 into a high-end multifamily property with 4,300 square feet of retail. Amenities at the building include a fitness center and a roof deck with views of New York City. A life insurance company provided the 10-year loan that features a 4.28 percent fixed interest rate. Aaron Appel, managing director, and Michael Diaz, vice president at Meridian Capital Group, arranged the transaction.

December 17, 2013

PHARMACEUTICAL COMPANY MOVES U.S. HEADQUARTERS TO BRIDGEWATER

by admin December 17, 2013

BRIDGEWATER, N.J. — Valeant Pharmaceuticals International Inc., has signed a long-term, 310,000-square-foot lease to completely occupy Somerset Corporate Center IV in Bridgewater. The facility is located within SJP Properties’ 2.1 million-square-foot, Class A office complex, about 30 miles southwest of Newark. Valeant, a multinational pharmaceutical company, will consolidate multiple locations into its new U.S. headquarters at the office complex. The company is expected to relocate to Somerset Corporate Center IV starting in the first quarter of 2014. SJP Properties will oversee the build-out of its new headquarters. Amenities at the building include a full-service cafeteria, a conference center with a 225-seat, theater-style auditorium and a fitness center. Greg Ficke, director, David Sherman, executive vice president, and Harlan Hollander, senior director at Cushman & Wakefield, represented Valeant in the transaction. Jeff Schotz, executive vice president, and Peter Bronsnick, senior vice president, represented SJP in house.

December 17, 2013

Northeast Retail

18,700 SF WALMART EXPANSION IS UNDERWAY IN VERMONT

by admin December 17, 2013

BERLIN, VT. — Construction has begun on an 18,700-square-foot expansion of a Walmart store within the Berlin Mall in Berlin, a city in northern Vermont. The project will also include renovating 7,500 square feet of existing stores in the mall. Walmart plans to use the extra space to expand its grocery products and general merchandise. After the expansion, Walmart is expected to hire 72 additional employees to supplement its current workforce of 144 employees. DEW Construction Corp. of Williston, Vt., is serving as the general contractor. Lerner-Heidenberg Associates acquired the mall in 2010.

December 17, 2013

Multifamily Northeast

TWO MANHATTAN MULTIFAMILY PROPERTIES TRADE HANDS FOR $9.3M

by admin December 17, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $9.3 million sale of two five-story, 21-unit apartment buildings in Upper Manhattan. The sales price equates to $216,000 per unit. The properties are located at 515 W. 139th St. and 526 W. 139th St. Marco Lala in Marcus & Millichap’s Manhattan office represented the seller and the buyer, two local families.

December 17, 2013

Northeast

TITAN CAPITAL FUNDS $17M PURCHASE OF 19.5-ACRE LOT

by admin December 16, 2013

ATLANTIC CITY, N.J. — Titan Capital ID LCC, a Westport, Conn.-based private real estate lender, has funded a $17 million loan for the purchase of a 19.5-acre lot in Atlantic City. With 500 feet of frontage on the Boardwalk and 775 feet of frontage on Pacific Avenue, the borrower intends to develop the property as a golf range or an entertainment complex. The property’s acquisition also included a casino license.

December 16, 2013

Industrial Northeast

MATRIX BREAKS GROUND ON 220,000 SF WAREHOUSE FOR FALKEN TIRE

by admin December 16, 2013

ROBBINSVILLE, N.J. — Matrix Development Group has broken ground on a new build-to-suit warehouse and distribution center for Falken Tire Corp. in Robbinsville, located about 10 miles east of Trenton. The 222,000-square-foot facility, which is scheduled for a spring 2014 completion, will serve as a new location for Falken Tire, an international manufacturer of automobile tires. The development is located within Matrix Business Park at 7A, the Matrix Development Group’s 480-acre light industrial park.

December 16, 2013

Northeast Retail

DIGIPLEX TO ACQUIRE 10-SCREEN MOVIE THEATER IN METRO PITTSBURGH

by admin December 16, 2013

SARVER, PA. — Digital Cinema Destinations Corp. (Digiplex) has agreed to purchase a 10-screen movie theater in Sarver, located about 31 miles northeast of Pittsburgh. The purchase price was undisclosed. Digiplex is acquiring the South Pike Cinema 10, located at 130 Cinema Way, from Cheswick Theaters Inc. Once the transaction closes, Digiplex plans to convert three or more of the screens to 3D compatibility with the assistance of technology partner RealD. The acquisition marks Digiplex’s seventh Pennsylvania location, including the five acquired from Cinema Centers in 2012 and a pending acquisition in the metro Harrisburg area.

December 16, 2013

Northeast Retail

FANTINI & GORGA ARRANGES $5.9M FOR RETAIL CENTER IN SEABROOK

by admin December 16, 2013

SEABROOK, N.H. — Fantini & Gorga has arranged a $5.9 million loan for the purchase of a 101,184-square-foot retail center in Seabrook, located about 40 miles east of Manchester. A Kohl’s department store anchors the property, which also includes Famous Footwear and Sleepy’s as tenants. Kohl’s has 15.5 years remaining on its initial lease term. Keith Wentzel, managing director at Boston-based Fantini & Gorga, arranged the acquisition financing for a New Jersey-based investment group. A Massachusetts-based community bank funded the loan. Approximately 65 percent of the center’s income comes from the Kohl’s lease, according to Wentzel.

December 16, 2013

Market Reports New Jersey Northeast Market Reports

Looking at the Positives in the Northern New Jersey Office Market

by admin December 16, 2013

A few things happened recently that may have long-term impacts on the Northern New Jersey office market: • Regional employment continues to improve. • Facebook is more than doubling its occupancy in Manhattan. • Merck made it official and is listing its 1-million-square-foot campus for sale. • Governor Chris Christie signed into law the Economic Opportunity Act of 2013. Regional employment continues to improve. Northern New Jersey falls within an MSA that includes New York City, Long Island and a portion of Pennsylvania. The unemployment rate for this MSA stood at 8 percent in August this year compared with 9.5 percent in July 2012, according to the Federal Reserve Bank of St. Louis. Using the theory that a rising tide floats all boats, the more people at work in the region, the better our economy performs. And everyone who works in real estate knows that real estate absorption is connected to one thing and one thing only: jobs. Facebook recently inked an office lease at 770 Broadway in Manhattan for one floor of 85,000 square feet and a portion of a second floor, which more than doubles the approximately 40,000 square feet the social networking company currently occupies in New …

December 16, 2013

Northeast

TUTOR PERINI WINS $510M HUDSON YARDS CONSTRUCTION CONTRACT

by admin December 13, 2013

NEW YORK CITY — Tutor Perini Corp. has won a $510 million contract at the Hudson Yards mixed-use development in Midtown Manhattan. The Sylmar, Calif.-based construction firm will build a platform structure in conjunction with Related Cos. and Oxford Properties Group.The platform will be made of structural steel frame with a reinforced concrete deck. It will bridge the Long Island Rail Road eastern rail yard and serve as the foundation for future buildings at Hudson Yards. Construction of the platform has already started and will be completed by 2016. The platform construction will be coordinated with Tutor Perini’s work already underway on the Amtrak concrete tunnel box at the same site. The company has previously been awarded two large contracts at Hudson Yards, a 26-acre site slated for 6 million square feet of commercial space, 5,000 residences, a public school and luxury hotel.

December 13, 2013

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