Northeast

KATZ PROPERTIES BUYS TWO SHOPPING CENTERS FOR $52.5M

by admin July 8, 2013

EAST LONGMEADOW, MASS. — New York-based Katz Properties has acquired Heritage Plaza in East Longmeadow, Mass., and Golden Ring Plaza in Rosedale, Md., for approximately $52.5 million. Heritage Plaza is an 116,840-square-foot shopping center built in 1974. The shopping center, which is located at 470 N. Main St., was purchased for $28.4 million. The 55,330-square-foot Golden Ring Plaza, located at the intersection of Philadelphia Road and Rossville Boulevard, was purchased for $24 million. Mortgage financing for both deals was arranged by Tim Breda of Goedecke & Co. Dallas-based Sentinel Investments, on behalf of Vermont-based National Life, financed Heritage Plaza. New York City-based AIG Global provided financing for Golden Ring Plaza. For Heritage Plaza, Cushman & Wakefield’s Capital Markets Group, led by Geoff Millerd, Justin Smith and Rob Griffin, represented Katz Properties and the seller in the transaction. For the Golden Ring Plaza transaction, the CBRE team of R. William Kent and Gary Lawrence represented the buyer and seller. Winslow Property Management will provide leasing and property management services for both shopping centers.

July 8, 2013

$25M RESIDENTIAL PROPERTY BREAKS GROUND IN VENTNOR, N.J.

by admin July 8, 2013

VENTNOR, N.J. — PRDC and Pelican Properties have broken ground on The Waves, a $25 million residential project in Ventor, located about 60 miles south of Brick. The development includes 27 luxury residences. Prices for the residences start at $749,000 for a 2,600-square-foot beach block property and $1.2 million for a 2,800-square foot oceanfront residence. The Waves will be developed on a parcel that is occupied by the vacant and deteriorating Monaco Motel.

July 8, 2013

Multifamily Northeast

TWO LONG ISLAND MULTIFAMILY BUILDINGS SELL FOR $10.2M

by admin July 8, 2013

FREEPORT, N.Y. — Ariel Property Advisors has arranged the sale of two multifamily buildings in Long Island, totaling 112 units, for $10.2 million. The sales price translates to approximately $91,000 per unit and $102 per square foot. The properties are located at 160 Guy Lombardo Ave. and 30 Wallace St. in Freeport. Michael Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Randy Modell of Ariel Property Advisors served as agents for the seller, a real estate investment group. Matt Albano of GCP Capital Group LLC represented the buyer, a multifamily owner-operator based on Long Island.

July 8, 2013

Northeast Office

REIT BUYS DATA CENTER PROPERTY IN METRO NEWARK

by admin July 8, 2013

LEONIA, N.J. — Carter Validus Mission Critical REIT Inc. has acquired the Infocrossing Data Center property in Leonia, a northern suburb of Newark. The 67,000-square foot property is fully leased to Infocrossing Inc., a wholly owned subsidiary of Wipro (NYSE: WID). Server Farm Realty, a national data center developer and operator, collaborated with Carter Validus Mission Critical REIT in its purchase of the property.

July 8, 2013

Northeast Office

AMERICAN REALTY TO BUY OFFICE BUILDING FOR $220.3M

by admin July 3, 2013

NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (NYRR) has entered into an agreement to acquire the fee simple interest in a 10-story office building in Manhattan for $220.3 million. The 347,000-square-foot building is located at 333 W. 34th St. Midtown and is fully occupied. NYRR is purchasing the interest from SL Green Realty Corp. (SL Green). Tenants at the building include The Segal Co., The Metropolitan Transportation Authority, Godiva Chocolatier Inc. and Sam Ash New York Megastores LLC. The Jones Lang LaSalle New York Capital Markets team represented SL Green in this transaction.

July 3, 2013

Mixed-Use Northeast

WS DEVELOPMENT TO BREAK GROUND ON THE OUTLETS AT CHESHIRE

by admin July 3, 2013

CHESHIRE, CONN. — WS Development will begin construction on The Outlets at Cheshire in early 2014. The 500,000-square-foot center in Cheshire, slated for completion in summer 2015, will be located at the I-84/I-691 Interchange along Route 10. The open-air shopping and entertainment complex will include walkways, recreational amenities, a residential component and a grocer. The development company is targeting fashion and designer outlet stores for the remaining retail space at the project.

July 3, 2013

Mixed-Use Northeast

SIX MIXED-USE BUILDINGS IN MANHATTAN SELL FOR $32.3M

by admin July 3, 2013

NEW YORK CITY — A portfolio of six mixed-use buildings in Manhattan’s Greenwich Village has sold for $32.3 million. The portfolio includes 47 residential units and seven commercial spaces. Peter Hauspurg, chairman and CEO of Eastern Consolidated, represented the seller, multigenerational owner Noah Osnos, in the transaction. Ben Tapper, senior director of Eastern Consolidated, procured the buyer, a partnership between Dalan Management and RWN Real Estate Partners LLC. The six contiguous buildings include 89 & 91 Christopher St. and 329, 333, 337 and 341 Bleecker St. Attorneys in the transaction were Eric Kahan, Esq. of Sperber Denenberg & Kahan PC for the seller, and Dan Altman, Esq. and chair of Belkin Burden Wenig & Goldman LLP for the buyer.

July 3, 2013

Northeast Office

SSH REAL ESTATE SELLS OFFICE BUILDING FOR $17.5M

by admin July 3, 2013

PHILADELPHIA — SSH Real Estate has sold Chestnut Place, a 140,000-square-foot, Class B office building in Philadelphia, to a partnership led by Alterra Property Group LLC for $17.5 million. The seller was 15th and Chestnut L.P., a limited partnership led by general partners Peter Soens and Jeffrey Seligsohn, principals of SSH Real Estate. The partnership acquired the building in 2005 for approximately $11.4 million. During the past several years, SSH Real Estate has positioned selected office leases to have the flexibility to allow for residential conversion. The building is located at the corner of 15th and Chestnut streets.

July 3, 2013

Northeast Office

MACK-CALI SELLS OFFICE PROPERTY IN NORWALK FOR $16.5M

by admin July 2, 2013

NORWALK, CONN. — Mack-Cali Realty Corp. has sold its office property located at 40 Richards Ave. in Norwalk for $16.5 million. The Davis Cos. purchased the seven-story, 145,487-square-foot property. The office building was 64 percent occupied at the time of sale. Matthew Keefe of HK Group represented Mack-Cali in the transaction.

July 2, 2013

Multifamily Northeast

MERIDIAN ARRANGES $13.5M LOAN FOR APARTMENT BUILDINGS

by admin July 2, 2013

ROCHELLE, N.Y. — Meridian Capital Group LLC has arranged $13.5 million in acquisition financing for two high-rise apartment buildings in New Rochelle. Abe Schonfeld, vice president at Meridian Capital’s Iselin, N.J. office, negotiated the loan on behalf of Sound View Management Associates. The seven-year loan carries a fixed interest rate of 3.5 percent. The Sound Shore Apartments property includes an 11-story tower and a 12-story tower, which total 206 units. The buildings were acquired from a medical facility and are now being leased to the public market.

July 2, 2013

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