Northeast

RFR REALTY ARRANGES THREE OFFICES LEASES IN NYC

by admin June 20, 2013

NEW YORK CITY — RFR Realty LLC has arranged a trio of new office leases totaling 39,020 square feet at 757 Third Ave in New York. In the largest transaction, Epiq Bankruptcy Solutions LLC agreed to a 28,036-square-foot lease. Omni Development Inc. and Astoria Federal Savings and Loan Association agreed to 5,700 square feet on the seventh floor and 5,284 square feet on the 19th floor, respectively. Other recent transactions at 757 Third Avenue include 10-year leases with Aerotek Inc. and TEK Systems Inc. Rents at the trophy tower range from the low $50s to the low $60s per- square-foot.

June 20, 2013

MILLER’S HALLMARK CARDS SELLS WAREHOUSE/OFFICE FACILITY

by admin June 20, 2013

STRATFORD, CONN. — Miller’s Hallmark Cards has sold its warehouse and office facility, a 20,000-square-foot building located at 1370 Honeyspot Road in Stratford for $1.1 million. Randy Vidal of Vidal/Wettenstein represented the seller. Carlos Perez of Right Choice ReMax Realty represented the buyer, TR&Z USA Trading, in the transaction.

June 20, 2013

Multifamily Northeast

WASHINGTON TRUST FINANCES $1.96M CONDOMINIUM DEVELOPMENT IN RHODE ISLAND

by admin June 19, 2013

NARRAGANSETT, R.I. — Washington Trust’s Commercial Real Estate Group has provided $1.96 million in construction financing to Narragansett Highland Developers LLC for the development of a 16-unit, 8 duplex condominium project situated in a private cul-de-sac on Boston Neck Road in Narragansett. Washington Trust is a subsidiary of Washington Trust Bancorp Inc.

June 19, 2013

Mixed-Use Northeast

MARCUS & MILLICHAP BROKERS SALE OF 6,600 SF MIXED-USE BUILDING

by admin June 19, 2013

NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the sale of 393 Lewis Ave., a 6,600 square-foot mixed-use building located in Brooklyn. The asset commanded a sales price of $1.7 million, which represented approximately $257 per square foot. Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor. Sproviero and Bestreich also secured and represented the buyer, a private investor.

June 19, 2013

Northeast Office

ALEXION BREAKS GROUND ON NEW GLOBAL HEADQUARTERS

by admin June 19, 2013

NEW HAVEN, CONN. — Alexion Pharmaceuticals Inc. has broken ground on 100 College Street, a state-of-the-art laboratory and office building that will house the company’s new global headquarters in New Haven’s Downtown Crossing neighborhood. Alexion will be the anchor tenant in 100 College Street, occupying nine floors. The building is expected to be open for occupancy in 2015. Alexion plans to relocate more than 400 employees who are currently based in Connecticut to the new site in 2015. The state-of-the-art, 11-story office building is the first building to be erected as part of New Haven’s Downtown Crossing urban revitalization effort. The building is being constructed to be certifiable of at least LEED Silver.

June 19, 2013

Industrial Northeast

36,000 SF FLEX BUILDING IN EXTON SELLS FOR $2.5M

by admin June 19, 2013

EXTON, PA.— Noble Opportunity Fund I has sold a 36,000-square-foot flex building, located in the Eagleview Corporate Center at 650 Pennsylvania Ave. in Exton, for $2.5 million.The buyer, Chester County Food Bank, is a nonprofit organization that collects, grows, processes, stores and distributes food to those who serve the hungry in Chester County. The building includes 6,000 square feet of Class A office space, an indoor garden atrium and 30,000 square feet of warehouse space. Scott Williams, senior vice president in Binswanger’s King of Prussia office, arranged the transaction.

June 19, 2013

Mixed-Use Northeast

HFF ARRANGES $127.5M IN FINANCING FOR 37-PROPERTY PORTFOLIO

by admin June 18, 2013

FLORHAM PARK, N.J. — HFF has arranged $127.5 million in financing for a 37-property industrial, office and retail portfolio located in suburban Philadelphia and Melbourne, Fla. Working on behalf of The Henderson Group and Trinity Capital Associates, HFF placed the three-year, floating-rate loan with Natixis Real Estate Capital LLC. Proceeds from the loan will be used to refinance existing debt on properties and consolidate ownership under the company founder, Wilbur Henderson. The portfolio includes 2.3 million square feet within 33 industrial facilities, three office buildings and one retail property. Overall occupancy is 87.5 percent, and the three largest tenants in the portfolio include Northrop Grumman, Brokers Worldwide and Harris Corp. The majority of the properties are industrial facilities located in either the Folcroft East Business Park or Folcroft West Business Park near the Philadelphia International Airport. Jim Cadranell, managing director, and Michael Lachs, associate director, led the HFF team representing The Henderson Group and Trinity Capital Associates.

June 18, 2013

Mixed-Use Northeast

MADISON CLOSES $50M LOAN TO RECAPITALIZE VICTORIA TOWERS

by admin June 18, 2013

NEW YORK CITY — Madison Realty Capital (MRC) has closed $50 million in financing for Victoria Towers, a mixed-use development, along with an additional property in Queens. Victoria Towers is a 21-story building featuring 99 residential condominium units, a 24,000-square-foot commercial condominium and 88 parking spaces. “We were able to fund this first mortgage bridge loan at an attractive basis, while enabling the borrower to simplify the capital structure of this complicated, multi-use project and finish up construction of the condos,” says Josh Zegen, co-founder and managing member of MRC. Anand Melwani of ARM Real Estate Group and Francis Leung of Okada & Co. represented the borrower in the transaction.

June 18, 2013

Multifamily Northeast

KALIKOW, WATERBRIDGE REFINANCE MANHATTAN PROPERTY

by admin June 18, 2013

NEW YORK CITY — The Kalikow Group and Waterbridge Capital have received $11.7 million for the refinancing of a three-building, 30-unit multifamily property at 113-117 Elizabeth St. in Manhattan. Chase Commercial Term Lending issued the loan commitment to the partners in May. Kalikow and Waterbridge purchased the property in November 2011 for $12.6 million. Kaled Management, the operations arm of The Kalikow Group, is currently managing the property.

June 18, 2013

Northeast Office

CASSIDY TURLEY TO LEASE BOSTON OFFICE TOWER

by admin June 18, 2013

BOSTON — Cassidy Turley has been retained as the leasing agent for 177 Huntington Avenue in Boston’s Back Bay neighborhood. BCSP VI Huntington Property LLC acquired a long-term ground leasehold interest in the 207,000-square-foot building in August 2012 and is partnering with Cassidy Turley to secure tenants for the 26-story office tower. The building is currently being renovated and will include an updated lobby with new flooring, seating areas, signage, security desk and a coffee bar. Duncan Gratton, senior managing director and principal, and Lauria Brennan, senior vice president, of Cassidy Turley will represent the building’s owner in upcoming transactions.

June 18, 2013

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