Northeast

M&M ARRANGES $1.6M SALE OF RETAIL PROPERTY IN WILMINGTON

by admin July 19, 2013

WILMINGTON, DEL. — Marcus & Millichap has arranged the $1.6 million sale of, a 2,315 square-foot net-leased property located in Wilmington. Kentucky Fried Chicken and Taco Bell occupy the building, which is located at 1917 Lancaster Ave. Russell Wachtler, investment associate, and Glen Kunofsky, executive vice president investments at Marcus & Millichap’s Manhattan office, along with Donald MacLaren, first vice president investments of Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a private investor.

July 19, 2013

WITKOFF GROUP TO BUY PARK LANE HOTEL IN NYC FOR $650M

by admin July 18, 2013

NEW YORK CITY — The estate of Leona Helmsley has agreed to sell the Park Lane Hotel on Central Park South in New York City to a group of investors led by the Witkoff Group for $650 million, according to the Wall Street Journal. The Witkoff team plans to convert the bulk of the 46-story property into luxury condominiums. Presently, it is unclear if there are plans to tear down the 370,000-square-foot hotel and build a new tower, or whether the developer would convert the existing hotel into condominiums. The Park Lane hotel was part of the real estate portfolio of Harry Helmsley, who died in 1997. Since the death of Leona Helmsley in 2007, the Helmsley estate has gradually been selling off its remaining properties. CBRE Group began soliciting bidders for the Park Lane this past spring.

July 18, 2013

Northeast

MACK-CALI REFINANCES $600M UNSECURED FACILITY

by admin July 18, 2013

EDISON, N.J. — Mack-Cali Realty LP, an operating partnership of Mack-Cali Realty Corp. (NYSE: CLI), has refinanced its $600 million unsecured revolving credit facility with a group of 17 lenders, arranged by J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. The unsecured facility, which is expandable to $1 billion, carries an interest rate equal to LIBOR plus 110 basis points. The credit facility, which also carries a facility fee of 20 basis points, has a four-year term with two six-month extension options.

July 18, 2013

Industrial Northeast

NORTHMARQ ARRANGED $14.2M LOAN FOR INDUSTRIAL PORTFOLIO

by admin July 18, 2013

EDISON, N.J. — NorthMarq’s Boston office has arranged a $14.2 million first mortgage loan for the refinancing of an industrial portfolio in Edison. The properties are located at 300 Columbus Circle and 400 Raritan Center and total 204,440 square feet. Financing was based on a five-year term and includes a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, High Street Equity, through a life insurance company lender.

July 18, 2013

Northeast Retail

LINEAR RETAIL BREAKS GROUND ON DANIEL WEBSTER SHOPS

by admin July 18, 2013

NASHUA, N.H. — Linear Retail Properties LLC has started construction on Daniel Webster Shops, a single-story shopping center redevelopment in Nashua, about 20 miles south of Manchester. The 12,000-square-foot retail property is located at 219 Daniel Webster Highway. Burlington, Mass.-based Linear Retail purchased the development site from Cumberland Farms in December 2012. Joel Kadis, partner of leasing at Linear Retail, will oversee leasing of the site.

July 18, 2013

Northeast Office

MACK-CALI SELLS OFFICE BUILDING IN NEW JERSEY FOR $18M

by admin July 17, 2013

BERNARDS TOWNSHIP, N.J. — Mack-Cali Realty Corp. has sold its four-story, 133,684-square-foot office building in Bernards Township for $18 million to The Silverman Group. The property, which is 54 percent leased, is located at 106 Allen Road in the Liberty Corner Corporate Center. The sale price represents a capitalization rate of approximately 3.8 percent.

July 17, 2013

Northeast Office

CBRE ARRANGES $13.2M SALE OF GATEWAY CENTER IN PROVIDENCE

by admin July 17, 2013

PROVIDENCE, R.I. — CBRE/ New England’s Capital Markets team has arranged the sale of Gateway Center, an 117,981-square-foot, Class A office building, for $13.2 million. Located at 15 Park Row W. in Providence, the property’s tenants include TIAA-CREF, The American Athletic Conference, Admirals Bank and Andera. Alden Anderson and Bill Moylan of CBRE/ New England’s office represented the seller, 15 Park Row West Holdings LLC, and procured the buyer, Albany Road Real Estate Partners, in the transaction. The building was 87 percent leased at the time of sale.

July 17, 2013

Multifamily Northeast

19-STORY RESIDENTIAL TOWER OPENS IN JERSEY CITY

by admin July 17, 2013

JERSEY CITY, N.J.— The LeFrak Organization has completed construction on Laguna, a 19-story, high-end residential tower in the Newport neighborhood of Jersey City. Located at 45 Park Lane S. on the Hudson River waterfront, Laguna is 40 percent leased. The building features 158 one-, two- and three-bedroom residences ranging from 759 square feet to 2,015 square feet. Andi Pepper Design and Steven B. Jacobs Group designed the residences, which include stainless steel appliances for kitchens and baths, bathrooms with grey Basal tiled floors, glass mosaic accent walls and modern chrome fittings, quartz countertops and custom cabinetry.

July 17, 2013

Healthcare Northeast

HFF ARRANGES $10M LOAN FOR MEDICAL OFFICE BUILDING

by admin July 17, 2013

EAST SETAUKET, N.Y. — HFF has arranged $10 million in financing for 45 Research Way, a 59,394-square-foot, Class A medical office property in East Setauket. Michael Gigliotti led the HFF team representing the borrower, TRITEC Real Estate Co. Sentinel Asset Management Inc., acting on behalf of Life Insurance Co. of the Southwest, provided the long-term, fixed rate loan. Yvonne Sun represented TRITEC in the transaction.

July 17, 2013

Northeast Retail

NORTHMARQ ARRANGES $5.6M MORTGAGE FOR WALGREENS

by admin July 17, 2013

UNIONVILLE, CONN. — NorthMarq’s New York City Metro office has arranged a $5.6 million construction and permanent loan for a 13,000-square-foot retail property in Unionville, a western suburb of Hartford. Walgreens fully occupies the property. The financing was based on a two-year construction period and permanent loan of up to 10 years. Amortization is based on a 30-year schedule after conversion to a permanent loan. NorthMarq arranged the loan through a regional bank.

July 17, 2013

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