Northeast

SILVERMAN GROUP ACQUIRES THREE-BUILDING OFFICE COMPLEX

by admin July 12, 2013

BASKING RIDGE, N.J. — The Silverman Group has acquired The Offices at Liberty Corner, a three-building, 525,000-square-foot campus in Basking Ridge, 25 miles west of Newark. The purchase price was undisclosed. The 133,000-square-foot, 106 Allen Road features a new coffee/food kiosk, renovated common areas and other building improvements. The 190,000-square-foot 150 Allen Road includes a fitness center and conference space. At the 202,000-square-foot 110 Allen Road a second fitness center is planned, as well as café upgrades. The campus will also feature new park signage throughout. Bill Brown and Ben Brenner of Cushman & Wakefield will lead leasing assignments for the entire campus.

July 12, 2013

BAYONNE MEDICAL SIGNS 36,624 SF LEASE IN JERSEY CITY

by admin July 12, 2013

JERSEY CITY, N.J. — Bayonne Medical Center has signed a 36,624-square-foot lease at 10 Exchange Place in Jersey City. The 748,000-square-foot Class A office building includes access to Exchange Place Path Station and is located near the Hudson-Bergen Light Rail. Bayonne Medical will occupy the entire 15th floor, which will serve as its administrative offices. Jamie and Matthew Weiss of Weiss Realty represented the tenant in the transaction. Cushman & Wakefield represented the sublandlord, Rabo Support Services.

July 12, 2013

Northeast Retail

M&M BROKERS SALE OF TWO NET-LEASED BUILDINGS FOR $1.1M

by admin July 12, 2013

NEW HAVEN AND EAST HAVEN, CONN. — Marcus & Millichap has arranged the sale of two net-leased buildings occupied by Kentucky Fried Chicken for a combined total of $1.1 million in New Haven and East Haven. The transaction includes a 2,841-square-foot property located at 451 Foxon Blvd. in New Haven; and a 2,314-square-foot property located at 650 Main St. in East Haven. Glen Kunofsky and Todd Pajonas of Marcus & Millichap’s Manhattan office represented the seller, a private investor. Adam Mancinone and Blake Barbarisi of Marcus & Millichap’s New Haven office represented the buyer, also a private investor.

July 12, 2013

Healthcare Northeast

SUFFOLK BREAKS GROUND ON $280M RESEARCH FACILITY IN BOSTON

by admin July 11, 2013

BOSTON — Suffolk Construction has celebrated the groundbreaking of the Brigham Building for the Future project, a $280 million research lab and clinical facility in Boston. Located on the Brigham and Women’s Hospital campus, the 620,000-square-foot, 11-story building will include a 460-car parking garage, lab and outpatient clinical space, imaging facilities and a conference center. A pedestrian bridge will be constructed to connect the Brigham Building for the Future to the existing Carl J. and Ruth Shapiro Cardiovascular Center, which was also built by Suffolk. Designed to achieve LEED Gold certification, the building will feature a roof garden to reduce storm water runoff; a system that cleans and reuses storm water for mechanical equipment; and a co-generation plant to supply the building with electricity, steam and hot water. Suffolk is partnering with architecture firm NBBJ. Construction is slated for completion in fall 2016.

July 11, 2013

Mixed-Use Northeast

MASSEY KNAKAL COMPLETES $13.2M PORTFOLIO SALE IN NYC

by admin July 11, 2013

NEW YORK CITY — The University Avenue Portfolio, which includes a flex building and 10 surrounding development parcels in the Highbridge section of the West Bronx, has sold for approximately $13.2 million. The 142,030-square-foot flex building includes warehouse and office space, and is located adjacent to the Major Deegan Expressway. The 10 development parcels total more than 72,000 square feet and are located throughout the Highbridge neighborhood of the West Bronx. Tuck-It-Away Associates L.P., a self storage company, purchased the flex building and the five vacant parcels located at 930, 950, 969-973 and 998 University Ave. Tuck-It-Away plans to make the building its new headquarters. The remaining five lots located at 920 University Ave. and 939, 950, 977-979 and 985 Summit Ave. were sold to individual developers. Nicholas Burns and David Simone of Massey Knakal were the brokers in the transaction.

July 11, 2013

Multifamily Northeast

MERIDIAN ARRANGES $12.4M LOAN FOR LANDMARK BUILDING

by admin July 11, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $12.4 million mortgage loan to refinance the Paul Robeson Residence multifamily property in New York City on behalf of Golson Realty Corp. The 10-year loan carries a fixed-interest rate of 3 percent and was provided by a regional balance sheet lender. Judah Hammer, a vice president at Meridian Capital’s New York City headquarters, negotiated this transaction. The 13-story property includes 128 units and is located at 555 Edgecombe Ave. The landmarked building is known as the Paul Robeson Residence and has been home to a number of famous New Yorkers including musician Count Basie, boxer Joe Louis and actor Paul Robeson.

July 11, 2013

Northeast Retail

JOINT VENTURE BUYS SHOPPING CENTER IN TAUNTON, MASS.

by admin July 11, 2013

TAUNTON, MASS. — Dallas-based MGHerring Group and Tricom Real Estate Group have acquired Silver City Galleria in Taunton, located about 30 miles south of Boston. Silver City Galleria is a 1 million-square-foot, two-level enclosed shopping center anchored by Macy’s, JC Penney, Best Buy, Sears and Dick’s Sporting Goods. In addition, the mall features numerous specialty stores including H&M, Forever 21, Aeropostale, American Eagle Outfitters, Bath & Body Works, Express, Gymboree, Hollister, The Children’s Place, Victoria’s Secret, Wet Seal and Zumiez. Tricom will oversee leasing at Silver City Galleria. The MGHerring Group will oversee the property management and redevelopment of the center.

July 11, 2013

Hospitality Northeast

ROCKPOINT GROUP COMPLETES $375M IN HOTEL SALES

by admin July 10, 2013

BOSTON— Rockpoint Group LLC and its affiliates have completed two hotel sales during the last three weeks and generated $375 million in proceeds. The most recent transaction was the sale of the 1,053-room Boston Park Plaza Hotel & Towers to a public lodging REIT for $250 million, or $237,400 per key. Boston-based Rockpoint owned the hotel for two years and added 112 guest rooms and ground-floor retail. The firm also sold its interest in the Courtyard by Marriott Waikiki Beach to Highgate Hotels Inc., which was managing the hotel, in a $125 million transaction. Lodging Capital Partners LLC was Rockpoint’s partner when the hotel was acquired in June 2011 for $85 million. The Courtyard by Marriott Waikiki Beach is a 401-room hotel located in the Waikiki submarket of Oahu in Hawaii.

July 10, 2013

Multifamily Northeast

MERIDIAN ARRANGES $27.5M LOAN FOR BRONX MULTIFAMILY BUILDING

by admin July 10, 2013

NEW YORK CITY —Meridian Capital Group LLC has arranged $27.5 million in financing for the purchase of a multifamily property, located in the Bronx, on behalf of Azure Partners LLC. The seven-year loan carries an interest rate of 3.1 percent and two years of interest-only payments. A national balance sheet lender provided the loan. The 13-story mixed-use property includes 273 apartments and is located at 1749 Grand Concourse. Moshe Majeski, managing director at Meridian Capital Group, originated the transaction. Abe Hirsch, managing director, and Zev Karpel, senior vice president at Meridian, negotiated the financing

July 10, 2013

Northeast Retail

WHOLE FOODS MARKET OPENS AT PLEASANT SHOPS IN WEYMOUTH, MASS

by admin July 10, 2013

WEYMOUTH, MASS. — Whole Foods Market (NASDAQ: WFM) has opened a 40,000-square-foot grocery store at Pleasant Shops in Weymouth, a southern suburb of Boston. The new store, located at the intersection of Route 18 and Pleasant Valley Parkway, is the grocer’s 23rd location in Massachusetts. Pleasant Shops was acquired by a joint venture between Federal Realty Investment Trust and a client advised by Clarion Partners.

July 10, 2013

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