Northeast

CRONHEIM SECURES $94.5M FOR LONG ISLAND RETAIL PORTFOLIO

by admin September 12, 2013

OCEANSIDE AND STONY BROOK, N.Y. — Cronheim Mortgage has arranged $94.5 million in long-term, permanent financing for a three-property retail portfolio in Long Island. The three loans were placed with two of Cronheim's life insurance company lenders. The 15-year, fixed rate loans include 25-year amortization schedules and an average interest rate of 3.6 percent. Situated on Long Beach Road, Oceanside Plaza is a 292,000-square-foot power center anchored by Waldbaum's, Marshalls, Kohl's, Michael's and Bed Bath & Beyond. Brooktown I, II and III are located adjacent to one another on Nesconset Highway across from the Smithtown Mall in central Suffolk County. Anchors include Lowes Home Improvement, Walbaum's, Marshalls/HomeGoods, Michael’s, AMC Loews Cinemas and Staples. David Turley, Anna Westhoff and Janet Proscia of Cronheim Mortgage arranged the financing on behalf of the borrower, a family investment company.

September 12, 2013

FIVE NYC APARTMENT BUILDINGS SELL FOR $13.3M

by admin September 12, 2013

NEW YORK CITY — Massey Knakal has arranged the sale of five adjoining multifamily buildings in the Brooklyn Heights neighborhood of Brooklyn for $13.3 million. The sale price equates to approximately $413 per square foot. The buildings total 32,075 square feet and are located at 54-66 Livingston St., between Clinton and Court streets. The apartment properties include 49 units, 33 of which are rent stabilized and 16 are free market. Three buildings share an elevator and the other two are walk-ups.

September 12, 2013

Northeast Retail

AGREE REALTY BUYS LA FITNESS IN ROCHESTER FOR $10.3M

by admin September 12, 2013

ROCHESTER, N.Y. — Agree Realty Corp. has acquired a 45,000-square-foot LA Fitness located on East Ridge Road in Rochester for $10.3 million. The recently opened LA Fitness has approximately 15 years remaining on its initial lease. With this acquisition, Agree Realty Corp. owns two properties occupied by LA Fitness. “LA Fitness is the premier operator in the fast-growing health and fitness sector. We continue to execute on high-quality, accretive opportunities that complement our portfolio of net-lease assets,” says Joey Agree, president and CEO of Agree Realty.

September 12, 2013

Industrial Northeast

RBJ&P BROKERS SALE OF TWO INDUSTRIAL BUILDINGS IN FRANKLIN

by admin September 12, 2013

FRANKLIN, MASS. — Richards Barry Joyce & Partners LLC (RBJ&P) has brokered the sale of two industrial buildings in Franklin, located about 40 miles south of Boston. Novaya Real Estate Ventures purchased the two buildings, which are fully leased and located at 176 Grove St. and 130 Constitution Blvd. Williams-Sonoma Direct and Spirit Delivery & Distribution Services occupy the 169,968–square-foot building at 176 Grove St. Clark Cutler McDermott occupies the 59,970-square-foot building at 130 Constitution Blvd. John Lashar, partner, and Chris Skeffington, senior vice president at RBJ&P, represented the seller and procured the buyer in the transaction. RBJ&P has been retained as exclusive leasing agent for both buildings.

September 12, 2013

Hospitality Northeast

STARWOOD HOTELS TO DEBUT TWO HOTELS IN QUEENS

by admin September 11, 2013

NEW YORK CITY — The New York City borough of Queens will soon be home to a dual-hotel development featuring two popular Starwood brands. Starwood Hotels & Resorts Worldwide Inc. has announced plans to open two hotels — Four Points by Sheraton and Element — in the area in September 2015. The project, to be developed by Century Construction Group, will include the 178-room Four Points by Sheraton Flushing and the 118-room Element Flushing. The property, which will be about a 10-minute drive from LaGuardia Airport, will have a combined 2,600 square feet of meeting space and will include a shared fitness center and heated pool. Starwood has three Four Points properties and one Element hotel in Manhattan, in addition to another Four Points in Long Island City.

September 11, 2013

Multifamily Northeast

APARTMENT BUILDING IN UPPER WEST SIDE SELLS FOR $7M

by admin September 11, 2013

NEW YORK CITY — Besen & Associates has arranged the sale of a 17-unit apartment building in New York City for $7 million, which equates to a 3.3 percent cap rate. The 11,988-square-foot, five-story building is located at 29 W. 84th St. in the Upper West Side. Five apartments are currently stabilized, but are rented at or above $2,500 per month. Apartment layouts include seven studios, five one-bedrooms and five two-bedrooms. David Bess of Besen & Associates represented the seller, Carlton Management. Cathy Connolly of Vandenberg Inc. procured the buyer, a private foreign investor.

September 11, 2013

Multifamily Northeast

STERLING PROPERTIES BEGINS CONSTRUCTION ON RIVERGATE

by admin September 11, 2013

BORDENTOWN, N.J. — Sterling Properties has begun construction on Rivergate, a transit-oriented, 159-unit rental community in Bordentown, located about six miles south of Trenton. Situated along the Delaware River waterfront, the four-building development will feature an array of amenities, including elevator access, private parking, an outdoor resort-style swimming pool and a clubhouse with a state-of-the-art fitness studio. Construction is slated to complete in 12 to 18 months.

September 11, 2013

Northeast Office

CORPORATE DISPLAY SPECIALTIES TO RELOCATE IN STRATFORD

by admin September 11, 2013

STRATFORD, CONN. — Corporate Display Specialties (CDS) has relocated its offices, assembly and storage space to 60 Watson Blvd. in Stratford. The company, which is presently located in Stratford, will relocate to 8,074 square feet in the 81,000-square-foot building. Bruce Wettenstein, partner with Vidal/Wettenstein LLC, represented the owner, Blase Management, and CDS in the transaction. Since 1983, CDS has been a provider of trade show displays and exhibits.

September 11, 2013

Northeast Office

PCCP PROVIDES $80M FOR PENNSYLVANIA OFFICE PORTFOLIO

by admin September 10, 2013

PHILADELPHIA — PCCP LLC has provided $80 million in senior loans to a joint venture between Keystone Property Group and Mack-Cali Realty Corp. The loans were for a portfolio of four office properties located in the metro Philadelphia area. Mack-Cali Realty Corp. previously owned and managed the properties and is selling the portfolio to Keystone Property Group. Mack-Cali will retain an equity investment in each of the properties sold, and Keystone will manage future property operations. Properties in the portfolio include 4 & 5 Sentry Park, three buildings totaling 200,000 square feet in Blue Bell; 150 Monument Road, a 125,000-square-foot, Class A building in Bala Cynwyd; Rose Tree Corporate Center, two buildings totaling 260,000 square feet in Media; and 1000 Madison, a 100,000-square-foot office building in Lower Providence.

September 10, 2013

Multifamily Northeast

JOHNSON & WALES OPENS CO-OP STUDENT HOUSING

by admin September 10, 2013

CRANSTON, R.I. — Johnson & Wales University, a career-focused college with four campuses, has opened Centennial House in Cranston. The university, which says this is the first co-op-style student housing, spent $2 million renovating the building that was built in 1899. Students who live here are selected based on their GPAs and social experiences and backgrounds. The 35 residents will determine house rules and participate in daily operations, including cooking, cleaning and general upkeep. The cost per student to live at Centennial House is $6,900 per academic year. A portion of the fee is set aside for students to manage a budget and pay for utilities, food for a weekly required community meal and to reimburse the university for removal of garbage and snow throughout the year. The university purchased the property in October 2012 for $459,000. The renovation team included contractor Stack Design Build and Ed Wojcik Architects.

September 10, 2013

Newer Posts

Older Posts