Northeast

CTA CONSTRUCTION BREAKS GROUND ON $36M SCHOOL

by admin September 5, 2013

WEBSTER, MASS. — CTA Construction has broken ground on a new $36 million, 109,067-square-foot elementary school for the town of Webster, a city located in southern Massachusetts. Designed by Dore & Whittier Architects, the new school will accommodate pre-kindergarten to 12th grade students and replaces the existing 50-year-old Park Avenue Elementary School. The new school will have state-of-the-art learning spaces, as well as special educational classrooms and include flexible class space. The school construction will be completed in three phases. Phase I includes the demolition of the upper portion of the existing building, followed by construction of the new building during phase II. The final phase includes the demolition of the lower portion of the existing building once the new building is complete. The project is targeting LEED Silver certification. Construction is slated for completion in summer 2015. Collaborative Partners is serving as project manager.

September 5, 2013

REIT BUYS 196,728 SF SHOPPING CENTER IN ERIE FOR $21.4M

by admin September 5, 2013

ERIE, PA. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Yorktown Centre, a 196,728-square-foot shopping center in Erie, for $21.4 million. A Giant Eagle grocery store occupies 44.4 percent of the property. Yorktown Centre is fully leased to 29 tenants. The seller was 79 Realty Corp. Phillips Edison is a public, non-traded REIT focused on the acquisition and management of grocery-anchored neighborhood shopping centers throughout the United States.

September 5, 2013

Northeast Retail

M&M ARRANGES $2.9M SALE OF 13,082 SF RETAIL PROPERTY

by admin September 5, 2013

AVENEL, N.J. — Marcus & Millichap has arranged the $2.9 million sale of a 13,082-square-foot retail property in Avenel, a southern suburb of Newark. Family Dollar and Mosaic Spa occupy the property, which is located at 1392 St. Georges Ave. Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller, a developer. Lombardi also represented the buyer, a private investor. This retail building was renovated in 2012, which included a new roof and parking lot.

September 5, 2013

Multifamily Northeast

11-UNIT APARTMENT BUILDING CHANGES HANDS FOR $1.2M

by admin September 5, 2013

CLIFFSIDE PARK, N.J. — Jennell Realty LLC has acquired an 11-unit, garden-style apartment building at 250 Palisade Ave. in Cliffside Park for $1.2 million. Built in 1950, the two-story building, located on the corner of Palisade Avenue and Main Street, includes four studios, six one-bedroom units and one two-bedroom unit. The monthly rent ranges from $715 for a studio to $1,345 for a two-bedroom unit. Enn Kunnapas, Gary Sauerborn and Dominic Fittizzi of NAI James Hanson represented the seller, DLP LLC, and the buyer in the transaction.

September 5, 2013

Northeast

VACANT PARCEL IN HUDSON YARDS SELLS FOR $167.3M

by admin September 4, 2013

NEW YORK CITY — Manhattan-based owner and developer Sherwood Equities and Boston-based Long Wharf Real Estate Partners LLC have sold a 26,000-square-foot parcel of vacant land at the southern end of Hudson Yards in New York City for $167.3 million. Sherwood and Long Wharf sold the land to the McCourt Group, an organization headed by Frank McCourt, the former owner of the Los Angeles Dodgers. The property is located at 360 Tenth Ave., on the corner of Tenth Avenue and West 30th Street, next to the Spur at the High Line Park. The sellers purchased the land back in 2011 for $43.5 million. The site at 360 Tenth Ave. is zoned for mixed-use, allowing for both commercial and residential uses. McCourt Group will have an opportunity to purchase an additional 436,000 square feet from the city of New York for a total development of 733,000 square feet.

September 4, 2013

Northeast Office

FRENCH COMPANY SIGNS 90,000 SF OFFICE LEASE IN JOHNSTON, R.I.

by admin September 4, 2013

JOHNSTON, R.I. — French company Dassault Systèmes has leased 90,000 square feet within the Northwoods Office Park in Johnston, a western suburb of Providence. Currently under construction, the renovation of Northwoods will offer 338,600 square feet of Class A office space, which is slated for completion in fall 2014. The space for Dassault, a provider of 3D design software, is expected to achieve LEED Silver certification. Hobbs Brook Management LLC is the owner of the complex, which is located at 1301 Atwood Ave. The project team for the renovation includes architecture firm Margulies Perruzzi Architects; construction manager Dimeo Construction; and mechanical, electrical and plumbing engineers AHA Consulting Engineers. Other members of the team include structural engineers Odeh Engineers, Inc.; civil and landscape engineers Vanasse Hangen Brustlin, Inc. (VHB); lighting designer HLB Lighting Design; and kitchen consultants Colburn & Guyette.

September 4, 2013

Multifamily Northeast

M&M ARRANGES $1M SALE OF SIX-UNIT APARTMENT BUILDING

by admin September 4, 2013

BERNARDSVILLE, N.J. — Marcus & Millichap has arranged the $1 million sale of Westover Apartments, a six-unit apartment property in Bernardsville, located 30 miles west of Newark. Steven Rutman, Zachary Pierce and Mark Thomson, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a private investor. Rutman, Thomson and Pierce also procured the buyer. The property, which is located at 30 W. St., includes six two-bedroom units with detached garages and private entrances.

September 4, 2013

Northeast Office

GERSON LEHRMAN TO MOVE HQ TO ONE GRAND CENTRAL PLACE

by admin September 4, 2013

NEW YORK CITY — Gerson Lehrman Group (GLG), a membership-based network for professional learning and expertise, has leased 64,361 square feet at One Grand Central Place in New York City. GLG is moving its global headquarters to the entire third floor and part of the fourth floor of the office building located at 60 E. 42nd St.With this move, slated for the third quarter of 2014, GLG will join staff from two locations — 850 Third Ave. and 845 Third Ave. Clive Wilkinson Architects will design the new space. Gary Kamenetsky and Robert Meyers of CBRE represented GLG in the lease negotiations. William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord, W&H Properties.

September 4, 2013

Multifamily Northeast

90 CONDOMINIUMS IN YONKERS, N.Y., SELL FOR $26.5M

by admin September 3, 2013

YONKERS, N.Y. — UOB Eagle Rock Multifamily Property Fund has purchased 90 condominiums in Yonkers for $26.5 million, or $294,712 per unit. The condominium units are located in the 163-unit Tower I at Monarch at Ridge Hill. Victor Nolletti, senior vice president of investments at Institutional Property Advisors, along with Steve Witten and Jacob Levy of Marcus & Millichap, represented the seller, Horizon at Ridge Hill LLC. Nolletti, Witten and Levy also represented the buyer in the transaction. Built in 2007, Monarch at Ridge Hill is located 11 miles from the George Washington Bridge and 16 miles from Manhattan’s Upper West Side. The mid-rise steel, concrete and glass building features luxury interior finishes and open residences with private balconies.

September 3, 2013

Multifamily Northeast

MASSEY KNAKAL SELLS 20-UNIT APARTMENT BUILDING IN NYC

by admin September 3, 2013

NEW YORK CITY — An apartment building located at 237 Henry St. in Manhattan’s Chinatown neighborhood has sold in an all-cash transaction valued at $3.3 million. The five-story walkup building spans 8,200 square feet and includes 20 rent-stabilized, one-bedroom apartments. Massey Knakal brokered the transaction.

September 3, 2013

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