Northeast

SANT'ALBANO NAMED INTERIM CEO AT CUSHMAN & WAKEFIELD

by admin June 11, 2013

NEW YORK CITY — Cushman & Wakefield has named Carlo Barel di Sant’Albano as interim CEO, replacing Glenn Rufrano. Sant’Albano will continue to serve as chairman of the company’s board of directors and CEO of the EMEA (Europe, the Middle East and Africa) operations in addition to taking on CEO responsibilities until a new one is appointed. Rufrano has served as CEO of the company since early 2010 and will remain with the company for a transitional period to assist the board and the senior management team in ensuring a smooth transition. Sant’Albano has been a member of the board of directors of C&W since 2007 and chairman since March 2011.

June 11, 2013

$12.4M LOWE’S GROUND LEASE SELLS FOR $12.4M

by admin June 11, 2013

WINDHAM, MAINE — A triple-net ground lease on a 138,134-square-foot Lowe’s in Windham has sold for $12.4 million or, $90 per square foot. Robert Horvath, vice president of investments, and Todd Tremblay, associate vice president of investments, at Marcus & Millichap’s Boston office, represented the seller, a regional owner and developer. The buyer is an institutional investor specializing in net-lease properties. The original 20-year lease was signed in March 2005 and includes six five-year options. The building is located at 64 Manchester Drive, about 20 miles north of Portland.

June 11, 2013

Multifamily Northeast

MERIDIAN ARRANGES $18M LOAN FOR APARTMENTS

by admin June 10, 2013

BOOTHWYN, PA. — Meridian Capital Group LLC has arranged $18 million in permanent financing for the Meetinghouse Apartments & Townhouses, a multifamily property located in Boothwyn. Meridian arranged the 10-year loan on behalf of The Kaiserman Co. The apartment property includes 245 luxury apartment units and 122 townhomes located at 3131 Meetinghouse Road, about 22 miles south of Philadelphia. Irwin Wenger and Jim Bologno of Meridian Capital’s office in Iselin, N.J. arranged the financing.

June 10, 2013

Northeast Retail

WALGREENS BUILDING IN ONEONTA SELLS FOR $6.9M

by admin June 10, 2013

ONEONTA, N.Y. — Marcus & Millichap has arranged the $6.9 million sale of a 12,000-square-foot Walgreens located at 99 Chestnut St. in Oneonta, about 50 miles south of Utica. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, the project developer. The Walgreens triple-net lease has 21 years remaining on the primary term and two rare five-year options followed by 40 one- year options. The site is located across from Hartwick College and is near the State University of New York College at Oneonta. The colleges have a combined enrollment of more than 7,300 students. Surrounding retailers include BJ’s Wholesale Club, Walmart Supercenter, The Home Depot, Advance Auto Parts and Lowe’s. The Marcus & Millichap Ft. Lauderdale office represented the buyer.

June 10, 2013

Hospitality Northeast

OPTIMUM ARRANGES SALE OF 44-ROOM HOTEL IN QUAKERTOWN

by admin June 10, 2013

QUAKERTOWN, PA. — Optimum Hotel Brokerage has closed the sale of the Best Western Quakertown, a select-service hotel in Quakertown, a northern suburb of Philadelphia. Joe McCann of Optimum represented the seller, a family that owned and operated the 44-room hotel for more than 30 years. The buyers of the hotel were local hotel investors. There were more than 20 offers on the property, according to McCann. The purchase price was undisclosed.

June 10, 2013

Industrial Northeast

WEICHERT TO MARKET TWO INDUSTRIAL BUILDINGS IN READINGTON

by admin June 10, 2013

READINGTON, N.J.— Weichert Commercial Brokerage Inc. has been hired to serve as exclusive marketing agent for two industrial buildings located at 61 County Line Road in Readington, about 30 miles west of Edison. Mark Calabro, senior vice president, and Philip MacLaren, vice president, of Weichert Commercial Brokerage are handling the marketing of the property. The two buildings total approximately 31,600 square feet. The main building on the 10-acre site includes 13 drive-in doors with drive-thru capabilities.

June 10, 2013

Market Reports Massachusetts Northeast Market Reports

Multifamily Transaction Volume is on the Rise in Boston

by admin June 10, 2013

Positive demographic trends, low interest rates and Boston’s stable economy inspired a surge of investments in the New England multifamily market. Last year, multifamily transaction volume neared $1.2 billion across the region, roughly 70 percent of the $1.6 billion peak we experienced in 2007. Transaction volume has increased every year since 2008, fueling competition for product and driving down cap rates. Investors pursuing deals in Greater Boston’s inner ring are accustomed to cap rates in the low 4s and sometimes below. While low cap rates have been great for sellers, they are causing some investors to widen their investment parameters. Many groups are finding Boston’s economic momentum resonates beyond the 128 beltway, allowing for rental increases and limited vacancies previously unrealized. ARA has tracked sales from Rhode Island to New Hampshire and has seen an influx of foreign equity, mainly from Asia, the Middle East and Australia. This trend represents a change from the last cycle when Europeans, mostly Germany and Ireland, were the largest foreign capital source in the region. In recent years, the majority of investments targeted by these foreign players have been in the city of Boston and the immediate suburbs; however, ARA has tracked recent sales …

June 10, 2013

Hospitality Northeast

HOMEWOOD SUITES BY HILTON OPENS NEW HOTEL IN RHODE ISLAND

by admin June 7, 2013

NEWPORT MIDDLETOWN, R.I. — Homewood Suites by Hilton has opened its newest hotel in Newport Middletown, located at 348 W. Main Road. The four-story, 92-suite Homewood Suites Newport Middletown is owned by Main Hotel LLC and managed by J. Karam Management Inc. The hotel is located near historic Newport, which includes Newport’s Cliff Walk, Sachuest Point and the Newport Mansions.

June 7, 2013

Northeast Office

FOULGER-PRATT SELLS SOMERVILLE OFFICE BUILDING

by admin June 7, 2013

SOMERVILLE, MASS. — Foulger-Pratt has sold a 186,326-square-foot office building, located at 200 Inner Belt Road in Somerville, to North River. The transaction includes the four-story Class A office building and a four-acre development site. The property is currently 82 percent leased and is situated directly off of Interstate 93, four miles from downtown Boston. Robert Griffin, Jr., Edward Maher Jr. and Matthew Pullen of Cushman & Wakefield’s Capital Markets represented the seller in the transaction. Scott Gredler, also of Cushman & Wakefield, will serve as the leasing agent for the property.

June 7, 2013

Multifamily Northeast

17-UNIT APARTMENT BUILDING IN NYC SELLS FOR $3.2M

by admin June 7, 2013

NEW YORK CITY — Marcus & Millichap has arranged the sale of 3124 32nd Street, a 17-unit apartment building located in Queens, for $3.2 million. Matthew Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap’s Manhattan office represented the seller, a private investor. Fotis, Apostolidis, Golub and Robert Aaron, also of Marcus & Millichap’s Manhattan office, represented the buyer, a private investor.

June 7, 2013

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