Northeast

DYNAMIC MARKETING TO LEASE 396,510 SF WAREHOUSE FACILITY

by admin December 13, 2013

HAMILTON TOWNSHIP, N.J. — Dynamic Marketing Inc. (DMI), a Brooklyn-based appliance and electronic cooperative, has signed a long-term lease for a 396,510-square-foot warehouse in Hamilton Township. The building is located at 400 Cabot Drive. Kenneth Lundberg, Scott Perkins and Barry Cohorsky of NAI James E. Hanson represented DMI in the transaction. Mindy Lissner, William Waxman and Steven Beyda of CBRE, along with Leslie Lanne, senior vice president with IndCor Properties, represented the building's ownership. DMI was founded in 1957 for the purpose of purchasing and servicing appliances and electronics for its members, with the goal of being price competitive with big box retailers.

December 13, 2013

TRYKO BUYS LEECHBURG MULTIFAMILY COMPLEX FOR $4.2M

by admin December 13, 2013

LEECHBURG, PA. — Private equity real estate group Tryko Partners LLC has acquired Sandalwood Apartments, an 86-unit, affordable-housing community in Leechburg, for $4.2 million. American Housing Partners Inc. sold the property, which is located on 10 acres at 253 Sandalwood Drive, about 33 miles northeast of Pittsburgh. Sandalwood Apartments consists of 16 buildings, including mostly two- and three-bedroom townhomes. Amenities at the property include on-site laundry, a community room with kitchen, storage, a playground and basketball court and proximity to local schools and shopping. Marcus & Millichap served as broker in the transaction. CBRE Capital Markets provided financing for the acquisition.

December 13, 2013

Mixed-Use Northeast

MERIDIAN ARRANGES $2.1M LOAN FOR TWO MIXED-USE PROPERTIES

by admin December 13, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $2.1 million loan for the refinancing of two mixed-use properties located on Greene and Myrtle avenues in Brooklyn. The seven-year loan features a fixed interest rate of 4 percent and a 77 percent loan-to-value ratio. A local savings bank provided the loan. Blake Carver, an associate at Meridian arranged the financing. The three-story properties, located at 132 Greene Ave. and 468 Myrtle Ave. in the Clinton Hill neighborhood, total four residential units and 2,000 square feet of retail space. Tenants include Aita, a casual farm-to-table restaurant, and Barking Brown, a clothing and accessories boutique.

December 13, 2013

Hospitality Northeast

NORTHMARQ ARRANGES $68.5M LOAN FOR NEW YORK HILTON HOTEL

by admin December 12, 2013

NEW YORK CITY — NorthMarq Capital has arranged a $68.5 million loan for the refinancing of the New York Hilton Hotel at JFK Airport, a 356-room hotel in the Jamaica neighborhood of Queens. Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York City office, arranged the 10-year loan, which includes a 30-year amortization schedule. Built in 1987 and renovated in 2012, the property is located at 144-02 135th Ave

December 12, 2013

Northeast Office

JV ACQUIRES 400,000 SF PHILADELPHIA OFFICE BUILDING FOR $40.5M

by admin December 12, 2013

PHILADELPHIA — A joint venture partnership between Keystone Property Group, Mack-Cali Realty Corp. and Parkway Corp. has acquired 100 Independence Mall West in Philadelphia for $40.5 million. The nine-story, 400,000-square-foot office building is located across from the historic Liberty Bell, the National Constitution Center and Independence National Park. The partnership purchased the Class A property from an affiliate of The Dow Chemical Co. The building is 85 percent leased to two tenants: Dow, which occupies 173,000 square feet as its Northeast headquarters; and the U.S. General Services Administration, which will occupy 135,715 square feet in July 2014. The partnership was represented in-house in the transaction. Robert Fahey, Jerry Kranzel, Lizann McGowen and George Cauffman of CBRE represented Dow.

December 12, 2013

Northeast Retail

HOME DEPOT PROPERTY IN BRIDGEWATER SELLS FOR MORE THAN $24M

by admin December 12, 2013

BRIDGEWATER, MASS. — Paul V. Profeta & Associates has purchased a 132,984-square-foot property occupied by Home Depot in suburban Boston for more than $24 million. Gvest Partners LLC sold the property, which is located on 27 acres in Bridgewater. The purchase price for the property includes a first mortgage loan of more than $14 million, a mezzanine loan of $7.6 million and an equity investment of more than $3 million. Home Depot has 24 years remaining on its 30-year lease term. Sterling Champ, executive vice president at CBRE, represented Paul V. Profeta & Associates in the transaction.

December 12, 2013

Multifamily Northeast

M&M ARRANGES $1.3M SALE OF SIX-UNIT APARTMENT BUILDING

by admin December 12, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $1.3 million sale of 355 Stockholm Street, a six-unit apartment property in Brooklyn. Said Boukhalfa of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and represented the buyer, a developer, in the transaction. The three-story apartment building is located on Stockholm Street between Wyckoff and St. Nicholas avenues in the Bushwick section of Brooklyn. All of the two-bedroom units in the building were recently renovated and include mahogany wood cabinets, granite counter tops and stainless steel appliances. The property’s basement is finished with tile floors and may be leased as a medical office.

December 12, 2013

Multifamily Northeast

HOME PROPERTIES ACQUIRES APARTMENT COMPLEX FOR $15.5M

by admin December 11, 2013

BROOKHAVEN, PA. — Home Properties Inc. has purchased Camelot Court, a 204-unit apartment community in suburban Philadelphia, for $15.5 million. The sales price equates to $76,000 per unit. Rochester, N.Y.-based Home Properties has renamed the multifamily property Stone Hill Apartments. At closing, Stone Hill Apartments was 90.2 percent occupied at monthly rents averaging $918. Built in 1971, Stone Hill consists of 11 three-story apartment buildings and is located in Brookhaven. Common area amenities include a laundry room in each building and a swimming pool with a private yard. During the first three years of ownership, Home Properties plans to spend approximately $3 million on site improvements, including window and door replacements and upgraded kitchens and baths in the apartment units.

December 11, 2013

Multifamily Northeast

GEBROE-HAMMER ARRANGES $7.9M OF APARTMENT SALES IN NEW JERSEY

by admin December 11, 2013

CALDWELL AND MONTCLAIR, N.J. — Gebroe-Hammer Associates has arranged the sale of two northern New Jersey apartment properties for $7.9 million. The two separate transactions total 49 units in Caldwell and Montclair, and long-term owners sold both properties. In the Caldwell transaction, the 27-unit, two-story apartment building at 40 Roseland Ave. traded for $4.3 million. Ken Uranowitz, president, and David Jarvis, executive vice president at Gebroe-Hammer Associates, represented the seller, a second-generation private owner, and identified the buyer. In Montclair, the four-story, 22-unit building at 9-11 Seymour St. sold for $3.6 million, which equates to more than $166,000 per unit.

December 11, 2013

Civic Northeast

CTA CONSTRUCTION COMPLETES 121,000 SF SCHOOL IN SUBURBAN BOSTON

by admin December 11, 2013

MAYNARD, MASS. — CTA Construction has completed the new 121,000-square-foot Maynard High School in Maynard, located about 25 miles west of Boston. The two-story building combines three other Maynard School buildings into one complex. The school is comprised of four wings: Wing A houses the gymnasium, locker rooms and classrooms; Wing B includes administrative offices and classrooms; Wing C houses the auditorium, cafeteria, kitchen and academic classrooms; and Wing D contains mechanical rooms. The existing school was demolished and replaced by new athletic practice fields. CTA Construction collaborated with designer Tappé Architects, and project manager Municipal Building Consultants Inc.

December 11, 2013

Newer Posts

Older Posts