Northeast

TACONIC BORROWS $17.9M FOR BANKNOTE BUILDING IN BRONX

by admin April 1, 2013

NEW YORK CITY — Taconic Investment Partners has borrowed $17.9 million for capital improvements for The BankNote Building, a 400,000-square-foot building in the Hunts Point section of the Bronx. The seven-year, fully amortizing loan carries an interest rate of 4.25 percent and is a new kind of credit-based financing created by Lance Capital and CGA Capital Corp. The tenant improvement facility loan is unique because it is unsecured by the building itself but backed by a portion of the New York City’s rent cash flow, according to a statement from Lance Capital. Bonds tied to that facility were privately placed with institutional investors. The bonds carry the double-A rating of New York City. New York City’s Human Resources Administration has signed a 20-year, 200,000-square-foot lease and will occupy three floors of the BankNote building.

April 1, 2013

MARCUS & MILLICHAP ARRANGES SALE OF 528,382 SF BUILDING FOR $9.3M

by admin April 1, 2013

MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of a Sam’s Club ground lease, a 528,382-square-foot, net-leased property located in Mount Olive, about 38 miles west of Newark, for $9.3 million. Sam’s Club occupies the building. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap marketed the property on behalf of the seller, a New Jersey-based developer. Mark Taylor, Dean Zang and Christopher Munley represented the buyer, a developer, in the transaction.

April 1, 2013

Market Reports New York Northeast Market Reports

Cautiously Optimistic About NYC's Retail Outlook for 2013

by admin April 1, 2013

As we come off the high of the holiday season and take a look at how New York retail fared throughout the year, we can expel a deep sigh of relief knowing that the Big Apple continued to recover faster than the national average and has a bright outlook for 2013. While New York City’s retail recovery has been slow and steady, the year closed on a positive note with total retail vacancy rates hovering around two percent. New York City continues to be a one of the most vibrant and growing retail markets in the world as the local economy has seen steady gains in private sector hiring that outweigh cuts in government employment. While Hurricane Sandy dented the recovery, the city rebounded almost immediately with Black Friday weekend sales exceeding expectations. New York’s resiliency and continued low unemployment bodes well for the Big Apple’s continued success. Big Apple Big Deals The New York retail market saw some notable large deals in 2012 including H&M’s new 57,000-square-foot lease and Cartier’s 50,000-square-foot renewal on Fifth Avenue. This coupled with the unprecedented 200,000 square feet available on Fifth Avenue solidifies the opportunity for a successful 2013. While the market has seen …

April 1, 2013

Northeast Office

AMERICAN REALTY ACQUIRES OFFICE BUILDING IN CHELSEA FOR $112M

by admin March 29, 2013

NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. has closed the acquisition of the fee-simple interest in an office building located at 216-218 W. 18th St. in the Chelsea neighborhood of Manhattan for $112 million. A joint venture between Atlas Capital Group and GreenOak Real Estate sold the property. The 165,570-square-foot property is 83.7 percent leased to five tenants including Red Bull North America Inc., SAE Institute of Technology Corp., Microsoft Corp., Deluxe Media Creative Services Inc. and SYPartners.

March 29, 2013

Multifamily Northeast

AIG GLOBAL SELLS NORTHERN NEW JERSEY MULTI-HOUSING COMMUNITY FOR $19M

by admin March 29, 2013

SUMMIT, N.J. — AIG Global Investment Group has sold Constantine Village, a 100-unit apartment complex in Summit, for $19 million to Constantine CXII LLC. Constantine Village is located at 26 Constantine Place, about 22 miles west of Manhattan. The multifamily property includes nine buildings, two-bedroom units and several large townhomes with private garages. The property, built in two phases in the early 1950s and late 1970s, is 96 percent leased. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller, AIG Global Investment Group, in the transaction.

March 29, 2013

Multifamily Northeast

CONSTRUCTION UNDER WAY FOR $13M MALLORY RIDGE DEVELOPMENT

by admin March 29, 2013

BLOOMFIELD, CONN. — Construction is under way on Mallory Ridge, a 78-unit, Class A multifamily community in Bloomfield, a northern suburb of Hartford. The $13 million development was designed by Norristown, Pa.-based BartonPartners and includes four buildings, fitness center and pool. New England Construction will serve as the construction manager. The developer is Martin J. Kenny of Lexington Partners LLC. Monthly rent is estimated to range from $1,450 to $1,700, according to the Hartford Courant.

March 29, 2013

Multifamily Northeast

WASHINGTON TRUST FINANCES $1.7M ACQUISITION OF EAST POINTE CONDOMINIUMS

by admin March 29, 2013

WATERBURY, CONN. — Washington Trust’s Commercial Real Estate Group has provided $1.7 million in acquisition financing to EP Apartments LLC for 42 units at East Pointe Condominiums, a 64-unit condominium complex located in Waterbury, about 33 miles south of Hartford. Various investors own the other 22 units. The 42,500-square-foot apartment complex is located at 42 Gayridge Road and is within close proximity of I-84.

March 29, 2013

Multifamily Northeast

MINEOLA PROPERTIES TO CONSTRUCT $85M APARTMENT COMMUNITY IN MINEOLA

by admin March 28, 2013

MINEOLA, N.Y. — Mineola Properties LLC, an affiliate of Lake Success-based Lalezarian Properties LLC, will construct an $85 million apartment complex in Mineloa, located about 25 miles west of New York City. The 315-unit apartment building will replace the aging former KeySpan headquarters at 250 Old Country Road. Construction of the apartment complex is expected to take about two years, create 200 full-time construction jobs and result in the creation of 20 permanent full-time jobs. Of the 315 units, 32 will be leased to eligible families and individuals under an affordable housing program sponsored by the Village of Mineola. The former KeySpan building will be demolished later this spring.

March 28, 2013

Industrial Northeast

IKEA SIGNS 101,065 SF WAREHOUSE LEASE AT STOUGHTON INDUSTRIAL PARK

by admin March 28, 2013

STOUGHTON, MASS. — IKEA has signed a 101,065-square-foot warehouse lease at Stoughton Industrial Park, located at 1000 Technology Center Drive in Stoughton, a southern suburb of Boston. The home furnishings company will use the location as a distribution facility. The 332,676 square foot building is owned by a joint venture between ASB Real Estate Investments and Lincoln Property Co. Richards Barry Joyce & Partners LLC represented the landlord in the transaction. Cushman & Wakefield represented IKEA in the transaction.

March 28, 2013

Industrial Northeast

PRIVATE EQUITY FUND PAYS $13.8M FOR INDUSTRIAL PORTFOLIO

by admin March 28, 2013

NEW YORK CITY — In a $13.8 million sale-leaseback transaction, a private equity fund has purchased five industrial properties from American Forest Products. The acquired properties total approximately 575,000 square feet and are located in California, South Carolina and Virginia. American Forest Products, a provider of third-party logistics and retail services, will lease the properties for 21 years. Camille Renshaw of Stan Johnson Co. represented the buyer and seller in the transaction.

March 28, 2013

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