Northeast

CENTERLINE CAPITAL PROVIDES $7M TO APARTMENT BUILDINGS

by admin June 4, 2013

NEW YORK CITY — Centerline Capital Group has provided a $7 million Fannie Mae DUS loan to refinance 928-934 Myrtle Avenue Apartments, a multifamily property located in Brooklyn. Myrtle Avenue Apartments is a Class B multifamily portfolio that includes four five-story, walk-up residential buildings. Originally developed in 1906, and renovated in 2003, the multifamily property includes 104 units. The borrower is 928 Myrtle Avenue LLC, a New York-based limited liability company. Proceeds from the loan will be used to replace two existing loans. The 10-year loan includes a 30-year amortization schedule. Anita Pins in the New York office of Marcus & Millichap Capital Corp. arranged the loan.

June 4, 2013

MACK-CALI SELLS NEW JERSEY PROPERTY FOR $6.2M

by admin June 4, 2013

BRANCHBURG, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold a building located at 51 Imclone Drive in Branchburg for approximately $6.2 million. The office property is a single-tenant, two-story that includes 63,213 square feet of space. “This sale will allow us to continue to execute on our strategy of redeploying proceeds into more strategic growth opportunities,” says Mitchell Hersh, president and CEO of Mack-Cali.

June 4, 2013

Northeast Retail

VINTAGE REAL ESTATE ACQUIRES THE MALL AT WHITNEY FIELD

by admin June 3, 2013

LEOMINSTER, MASS. — Vintage Real Estate has acquired The Mall at Whitney Field, a 700,000-square-foot shopping center located in Leominster, about 35 miles west of Boston. The mall’s tenant roster includes Macy’s, Sears, JC Penny, Market Basket grocery, Toys “R” Us, Old Navy and 70 additional retailers and restaurants. Along with the acquisition, Vintage executed a 10-year lease with Burlington Coat Factory for the 66,000-square-foot former Circuit City store. The retailer is expected to open at the mall in the first quarter of 2014. The mall was sold in 2007 for $82 million, which included the assumption of a $74.5 million loan. The lender foreclosed on the mall in November 2010, with a $72.2 million loan balance, and Eastdil Secured LLC marketed it for sale.

June 3, 2013

Northeast Retail

URSTADT BIDDLE ACQUIRES TWO RETAIL PROPERTIES FOR $18M

by admin June 3, 2013

GREENWICH, CONN. — Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired two retail properties located on Putnam Avenue in Greenwich for $18 million. The properties were purchased subject to an existing mortgage of $7.7 million that requires payments of principal and interest at a fixed rate of 6.8 percent. The mortgage matures in August 2016. The properties were purchased from a Greenwich-based family that had built the properties and held them for more than 40 years. One of the properties is a 9,300-square-foot retail strip center located on West Putnam Avenue and is shadow-anchored by Stop & Shop Supermarket. The other property, located on East Putnam Avenue, is a 15,000-square-foot retail and office center that includes national men’s clothier Jos. A. Bank and other retailers that provide basic necessities.

June 3, 2013

Mixed-Use Northeast

MARCUS & MILLICHAP CAPITAL ARRANGES $14M REFINANCE IN NYC

by admin June 3, 2013

NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged $14 million in refinancing for a 58-unit mixed-use property in New York City. The five-year, fixed-rate loan carries a 2.6 percent interest rate with a 30-year amortization schedule. Christopher Marks of Marcus & Millichap’s Manhattan office arranged the loan. “Our client was eager to take advantage of the low interest rate environment,” says Marks. “They intend to use the proceeds of this loan for construction on another income-producing property.”

June 3, 2013

Multifamily Northeast

TWO PENNSYLVANIA MULTIFAMILY PROPERTIES SELL FOR $4.9M

by admin June 3, 2013

BALA CYNWYD AND YARDLEY, PA. — Gebroe-Hammer Associates has arranged the sale of two multifamily properties in southeastern Pennsylvania for $4.9 million. The 37-unit Edge Hill Court, located at 25 Old Lancaster Road in Bala Cynwyd, traded for $4 million, or $109,400 per unit. Located in suburban Philadelphia’s historical Main Line region, the property includes three, three-story brick buildings with five studio, 27 one-bedroom and five two-bedroom apartments. The seller was Edgehill Court LP and the buyer was Edgehill 25 LP. The second transaction was the 14-unit multifamily property located at 41 N. Delaware Ave. in Yardley, which sold for $890,000. Located on the Delaware River in Lower Bucks County, the property includes two-bedroom units, on-site parking and laundry facilities. The seller was 41 N Delaware Avenue Partners LP, and Kare Properties LLC was the buyer. Joseph Brecher and Eli Rosen of Livingston, N.J.-based Gebroe-Hammer Associates represented the sellers and procured the buyers in both transactions.

June 3, 2013

Northeast Office

MACK-CALI SELLS OFFICE PROPERTIES FOR $19.3M

by admin May 31, 2013

BLUE BELL, PA. — A fund sponsored by Keystone Property Group has acquired 16 and 18 Sentry Park West office properties in Blue Bell, for $19.3 million from Mack-Cali Realty Corp. The first property, 16 Sentry Park West, includes 93,093 square feet of space spanning four stories, while 18 Sentry Park West includes 95,010 square feet and also spans four floors. Mack-Cali retains a carried passive economic interest in the two properties subject to future performance. This transaction is Keystone Property Group’s second Mack-Cali property acquisition and follows the acquisition of Moorestown Corporate Center in Moorestown, N.J. in 2012.

May 31, 2013

Northeast Retail

MARCUS & MILLICHAP ARRANGES $5.4 SALE OF STRIP CENTER

by admin May 31, 2013

CARLSTADT, N.J. — Marcus & Millichap has arranged the sale of Carlstadt Gardens, a 16,844-square-foot retail property located in Carlstadt, for $5.4 million, or $320 per square foot. Michael Lombardi and Preet Sabharwal of Marcus & Millichap marketed the property on behalf of the seller. Lombardi and Sabharwal generated 22 offers on the center during the listing process, resulting in a sale $100,000 over asking price, according to Marcus & Millichap. The buyer was an overseas investor. “Well located, multi-tenant retail investments in New Jersey are quite sought after, especially newer developed buildings with national tenants,” says Lombardi.

May 31, 2013

Industrial Northeast

CAMPANELLI SELLS INDUSTRIAL PROPERTY FOR $4.3M

by admin May 31, 2013

FRANKLIN, MASS. — Campanelli has sold 15 Liberty Way in the Franklin Industrial Park in Franklin, located about 35 miles south of Boston, for $4.3 million. KWL Inc./Champagne Logistics, an international shipping company, purchased the 92,490-square-foot industrial building. The new location will serve as the company’s corporate headquarters and principal distribution facility. Campanelli Construction originally built 15 Liberty Way in 1996 for FedEx. John Lashar and Chris Skeffington of Richards Barry Joyce & Partners LLC represented Campanelli in the transaction. Paul Leone, also of Richards Barry Joyce & Partners, represented KWL Inc./Champagne Logistics.

May 31, 2013

Industrial Northeast

NAI HANSON CLOSES SALE OF 31 VREELAND AVE. IN TOTOWA, N.J.

by admin May 31, 2013

TOTOWA, N.J. — NAI James E. Hanson has completed the sale of a 27,120-square-foot, bank-owned property at 31 Vreeland Avenue in Totowa, for nearly $2 million. Russell Verducci of NAI James E. Hanson represented the seller, Boiling Springs Savings Bank. The new owner, DNG RE USA Corp., intends to use the site for the distribution of balsamic vinaigrette, with a possibility of manufacturing on the site in the future. Built in 2008, the single-tenant, two-story site is on a 1.3-acre tract of land and includes 21,000 square feet on the ground floor and 6,000 square feet on the mezzanine level. Features and amenities include ceiling heights ranging from 20 to 30 feet, 58 surface parking spaces, three exterior loading docks and one drive-in.

May 31, 2013

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