Northeast

HUDSON YARDS DEVELOPMENT SITE SELLS FOR $21.2M

by admin May 10, 2013

NEW YORK CITY — A development site located in New York City’s Hudson Yards Special District at 511-515 W. 36th St. has traded for $21.25 million to Lake Success, N.Y.-based Lalezarian Properties. Nancy Tran of Manhattan-based Eastern Consolidated represented the seller, National Acoustics, while Azita Aghravi, also of Eastern Consolidated, procured the buyer of the site, which is currently occupied by a six-story, 37,929-square foot commercial loft building. “The site can potentially accommodate a residential development with ground-floor retail of potentially 96,000 square feet,” says Tran.

May 10, 2013

300 KIMBALL DRIVE ACHIEVES LEED SILVER

by admin May 10, 2013

PARSIPPANY, N.J. — The 300 Kimball Drive building in Parsippany has been awarded LEED Silver certification under the U.S. Green Building Council’s program for existing buildings. Awarded the assignment to reposition and re-tenant the former State Farm Insurance headquarters a year ago, Transwestern has orchestrated extensive renovations and upgrading of the 12-year-old, Class A office building. Transwestern’s Sustainability Services division worked with its on-site property management team to bring the 400,000-square-foot building’s operations and maintenance to LEED standards.

May 10, 2013

Northeast Retail

CITIBANK PORTFOLIO IN NYC AREA SELLS FOR $97.2M

by admin May 9, 2013

NEW YORK CITY — A private Irish investment group has sold a 47-property, net-leased bank branch portfolio in the New York City metropolitan area for $97.2 million. All of the properties, which total 157,000 square feet, are triple-net-leased to Citibank under a long-term lease agreement. The portfolio was sold to Path Land Holdings LLC, an entity owned by a group of individual investors. Citibank leases include an annual rent increase, and the portfolio was sold free of debt or mortgage financing. Savills LLC, a real estate investment firm, advised the seller in the transaction.

May 9, 2013

Multifamily Northeast

BERKADIA ORIGINATES $60M REFINANCING OF APT. PROPERTY

by admin May 9, 2013

PHILADELPHIA — Berkadia Commercial Mortgage LLC has arranged $60 million in refinancing for 1500 Locust Apartments, a multifamily high-rise property in Philadelphia. Ernie Katai of Berkadia worked with borrower, Capri Capital Partners, to secure the 10-year, fixed-rate loan through Fannie Mae. The interest-only loan features a 3 percent interest rate and a 30 percent loan-to-value ratio. Located in City Center Philadelphia, 1500 Locust sits on a half-acre of land and was 95 percent occupied at the time of sale. It features studios and one-, two- and three-bedroom apartments. The building also includes an outdoor sundeck, a heated pool and a restaurant and fitness center.

May 9, 2013

Northeast Retail

9,850 SF RETAIL BUILDING IN RYE SELLS FOR $5.6M

by admin May 9, 2013

RYE, N.Y. — The City of Rye has sold 1037 Boston Post Road, a 9,850-square-foot retail building in Rye, a southern suburb of White Plains, for $5.6 million, or $568 per square foot. A Long Island investor purchased the property, which is fully leased to Lester’s, a New York clothing retailer. The property was built in 1951 and includes a 42-vehicle parking lot and full walkout basement. Gene Pride and William Cuddy of CBRE’s Stamford, Conn. office represented the seller in the transaction.

May 9, 2013

Northeast Office

BEHAVIORAL IDEAS SIGNS 9,155 SF LEASE IN NYC

by admin May 9, 2013

NEW YORK CITY — Behavioral Ideas Lab Inc., a nonprofit research organization, has signed a 9,155-square-foot lease at 80 Broad St. in New York City. The organization will occupy the entire 30th floor for a 10-year term. Savanna, a New York-based real estate private equity firm, is the landlord of the property. Adam Baruch and James Emden of Colliers International represented the tenant in the transaction.

May 9, 2013

Mixed-Use Northeast

STARWOOD AFFILIATE BUYS WEST HARTFORD'S BLUE BACK SQUARE FOR $105M

by admin May 8, 2013

WEST HARTFORD, CONN. — Starwood Capital Group has acquired Blue Black Square in West Hartford for a reported $105 million, according to GlobeSt.com. The mixed-use property contains 460,000 square feet of office, medical, retail and apartment space, and is 96 percent leased. The retail component includes tenants such as Crate & Barrel, Cheesecake Factory and Branes & Noble. A partnership between Ronus Properties LLC, Street-Works LLC and JDA Development was the seller. The companies developed the center in 2008.

May 8, 2013

Industrial Northeast

FORMER HEALTH DISTRIBUTION SITE SELLS IN NORTHEAST PENNSYLVANIA

by admin May 8, 2013

DUNMORE, PA. — An affiliate of Equilibrium Equities Inc. has acquired the former Ocean Logistics property at Keystone Industrial Park in Dunmore. The 249,000-square-foot industrial building is located on 22 acres and includes “abundant loading doors, car parking and trailer storage,” according to a release by Equilibrium. The property, located at 100 Keystone Industrial Park Road, is a mile from I-81. Super Market Services had acquired the facility in the mid-1970s for use as a distribution center for its health and beauty aid services. The building was vacated in the fall of 2011. Atlantic Real Estate Services Inc. represented the seller, C&S Wholesale Grocers Inc., in the transaction. Metro Bank Inc. provided the financing for the acquisition and renovation of the building. Aaron Lehrfield, Jeannie Bionda, Michael Dougherty and Christine O' Connell of Kaye Scholer represented Deutsche Bank and Prime Finance in the transaction. Kathryn K. Arnold of Shefsky & Froelich represented the borrowers.

May 8, 2013

Multifamily Northeast

BEECH STREET ARRANGES $94.4M IN FINANCING FOR MANHATTAN APTS.

by admin May 8, 2013

NEW YORK CITY — Beech Street Capital has arranged $94.4 million in Freddie Mac loans for the refinancing of a 12-property apartment portfolio in Manhattan's Upper East Side, Lower East Side and the East/West Village neighborhoods. The properties total 488 units. Brothers Henry Moses and Robert Moses, the borrowers, have owned and operated the properties for several years. A Wall Street lender held the bulk of the existing loans. Josh Rhine of Meridian Capital Group LLC originated the fixed-rate, seven-year loans through Beech Street.

May 8, 2013

Northeast Retail

GROCERY STORE BREAKS GROUND IN PHILLY'S MT. AIRY NEIGHBORHOOD

by admin May 8, 2013

PHILADELPHIA — Soloff Realty & Development has started construction of a new, 18,279-square-foot Bottom Dollar Food store at the intersection of Washington Lane and Chew Avenue in Philadelphia. The store will serve the Mt. Airy and Germantown neighborhoods of the city, and is expected to create 45-50 new jobs. The site will also be adjacent to the new Wissahickon Charter School, which is developing a second campus. The property marks the company's seventh store in Philadelphia.

May 8, 2013

Newer Posts

Older Posts