Northeast

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

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

Northeast

JOINT VENTURE FORMS $200M VALUE-ADD APARTMENT FUND

by admin May 30, 2013

BOSTON — Boston-based real estate companies The Roseview Group and Winn Cos. have formed Roseview WinnResidential I, a $200 million real estate investment fund, to acquire and reposition multifamily properties across the country. Roseview WinnResidential I, a discretionary real estate separate account with a major U.S. pension fund, will invest in Class B to C+ multifamily properties that include at least 150 units. “This fund provides the Winn team an opportunity to utilize our national experience in repositioning and operating multifamily properties to generate excellent returns for the partnership,” says Samuel Ross, CEO of Winn Cos. Winn Residential, the property management arm of Winn Cos., will act as property manager and operator for each investment in the Roseview WinnResidential I portfolio. The Roseview Group is a private real estate investment and advisory firm, and Winn Cos. is a real estate development and property management company.

May 30, 2013

Multifamily Northeast

CDT, PROTO ACQUIRE OCEAN TOWERS IN CONEY ISLAND

by admin May 30, 2013

NEW YORK CITY — The Community Development Trust (CDT) has partnered with Proto Property Services (Proto) to acquire and rehabilitate Ocean Towers, a 360-unit property in the Coney Island section of Brooklyn. The $52 million purchase and rehabilitation of the property is being funded with $10 million of equity from CDT and Proto, along with a $35 million acquisition loan originated by Enterprise Community Loan Fund Inc. through the New York City Acquisition Fund. CDT is a private REIT that provides capital to the affordable housing sector. This is the REIT’s first acquisition in New York City. Proto, an affordable housing developer, will serve as the managing member, general contractor and property manager for the property. Ocean Towers was built in 1973 and is located at West 24th Street between Mermaid and Surf avenues.

May 30, 2013

Northeast Office

HUDSON FUNDS $16M LOAN FOR GARDEN CITY OFFICE BUILDING

by admin May 30, 2013

GARDEN CITY, N.Y. — Hudson Realty Capital LLC has funded a $16 million first-mortgage loan secured by an 117,930-square-foot office/medical condominium building in Garden City. Loan proceeds are being utilized to acquire and stabilize the property. Located within a mixed-use complex, the condominium’s current tenant roster includes a radiology practice and an ultrasound school. The property is located within one of the region’s high-density retail corridors and more than 6 million square feet of space is within one-and-a-half miles of the property.

May 30, 2013

Northeast Office

HELMSLEYSPEAR COMPLETES THREE NEW LEASES TOTALING 18,000 SF

by admin May 30, 2013

NEW YORK CITY — HelmsleySpear LLC has completed three new leases in Manhattan totaling nearly 18,000 square feet. International Safety Group, an occupational risk management company, signed a four-year sublease for 10,000 square feet at 708 Third Ave. Paulson Investment Co., a financial services firm, signed a lease for 5,488 square feet at 40 Wall St. New York City Osteopathy, a medical practice specializing in osteopathic medicine, renewed its 2,000-square-foot lease at 61 Broadway for a five-year term. Gregg Slotnick of HelmsleySpear represented the tenants in all three leases. Magee Realty Consultants co-brokered the Paulson Investment Co. lease.

May 30, 2013

Multifamily Northeast

PRUDENTIAL PROVIDES $160.4M FOR NYC APARTMENT BUILDINGS

by admin May 29, 2013

NEW YORK CITY — Prudential Mortgage Capital Co. has provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan’s Upper West Side. The Aldyn and The Ashley are adjoining properties on Riverside Boulevard between 62nd and 63rd streets, where they share a common courtyard and indoor recreational facilities. The borrower, an affiliate of Boston-based GID Cos., used the loan proceeds to purchase the buildings. The Aldyn is a 38-story tower with 286 units, including 136 rental apartments and 150 condominiums. This transaction only includes the rentals. The Ashley is a 23-story tower with 209 units, all of which are rental apartments. Riaz Cassum, Jay Marshall, Robyn King and Jennifer Keller of HFF led the brokerage team in the transaction.

May 29, 2013

Northeast Retail

SHOPRITE TO ANCHOR SPRINGFIELD AVENUE MARKETPLACE

by admin May 29, 2013

NEWARK, N.J. — Wakefern Food Corp., the merchandising and distribution arm for ShopRite grocery stores, has signed a 67,000-square-foot lease to open a new supermarket at Springfield Avenue Marketplace in Newark. . As anchor tenant, ShopRite will service approximately 280,000 Newark residents, 180,000 members of the city’s workforce and 60,000 college students and faculty. Springfield Avenue Marketplace, a project of Tucker Development Corp., will include 125,000 square feet of retail space and approximately 150 residential apartments. The development is located on an 11-acre site at the northeast corner of Springfield Avenue and Jones Street. Groundbreaking on the development is slated to take place this fall.

May 29, 2013

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