Northeast

POLYMER CORP. SIGNS 58,000 SF INDUSTRIAL LEASE IN PALMER, MASS.

by admin April 9, 2013

PALMER, MASS. — Polymer Corp. has signed a lease for 58,000 square feet of single-story industrial space at One Third Street in Palmer, located about 35 miles west of Worcester. One Third Street is a modern building with warehouse and office space and is located in Palmer Industrial Park. David Stubblebine of the Stubblebine Co. represented the tenant in the transaction. Development Associates represented the landlord, Manchem LLC. Polymer Corp. manufactures low-volume, close-tolerance plastic parts and assemblies for blue-chip customers.

April 9, 2013

SKANSKA, EF EDUCATION HOST TOPPING OUT CEREMONY FOR 300,000 SF BUILDING

by admin April 8, 2013

CAMBRIDGE, MASS. — Skanska USA and EF Education First (EF) hosted a topping out ceremony for EF’s new $66.5 million, 300,000-square-foot North American headquarters in Cambridge on Friday. The 10-story building will include office and academic space for EF. Upon completion, the building’s entrance will feature a glass curtainwall resembling a waterfall running down the south and east facades of the building. The ground floor will include mezzanine space to be used for dining, building services and other purposes. Along with constructing the building, Skanska will also build three levels of above-ground parking with approximately 125 parking spaces for employees and visitors. Skanska is building the headquarters to LEED Silver standards. The project broke ground in September 2012 and 33 percent of the building’s core and shell is complete. Construction is slated for completion by fall 2014.

April 8, 2013

Multifamily Northeast

UNITED REALTY ACQUIRES 86,360 SF MULTIFAMILY PROPERTY IN NYC FOR $22.9M

by admin April 8, 2013

NEW YORK CITY — United Realty Trust Inc. has acquired Tilden House, a 117-unit multifamily property in Brooklyn, through a joint venture with the seller for $22.9 million. Completed in 2007, Tilden House is a nine-story, 86,360-square-foot building, with community facility space and indoor and outdoor parking. The property is located at 2520 Tilden Ave. in the East Flatbush area of Brooklyn. Tilden House is leased to a community development corporation, which has entered into a services agreement with the city of New York to provide transitional housing for families in need.

April 8, 2013

Multifamily Northeast

FANTINI & GORGA ARRANGES $3.5M FOR TWO NEW HAMPSHIRE PROPERTIES

by admin April 8, 2013

BEDFORD AND DOVER, N.H. — Fantini & Gorga has arranged $3.5 million in long-term financing for two New Hampshire properties — $2.1 million for Briston Manor West in Bedford and $1.4 million for 90 Washington St. in Dover. The 15-year, fixed-rate financing was placed with a major insurance company. Briston Manor West is a 70-unit, age-restricted (55+) multifamily property, which includes six buildings. The five-story, mixed-use building, located at 90 Washington St., spans 29,000 square feet. Tim O’Donnell and Mark Whelan of Fantini & Gorga arranged the loan.

April 8, 2013

Northeast

ABS PARTNERS TO MERGE WITH PBS REAL ESTATE TEAM

by admin April 8, 2013

NEW YORK CITY — ABS Partners Real Estate, a New York-based real estate firm that provides advisory, brokerage and property management services, has joined forces with PBS Real Estate. The merger will strengthen ABS Partners’ retail and office brokerage and investment sales group, according to a statement from ABS Partners. ABS will absorb several PBS Real Estate employees. “We believe that there is a tremendous opportunity at ABS Partners Real Estate to utilize our unparalleled network of contacts and access to leading decision makers to broaden and deepen our relationships within the real estate community,” says John Brod, founding partner of New York-based PBS Realty, who is joining ABS.

April 8, 2013

Multifamily Northeast

MACK-CALI ACQUIRES MULTIFAMILY PROPERTY IN METRO BOSTON FOR $88M

by admin April 5, 2013

REVERE AND MALDEN, MASS. — Mack-Cali Realty Corp. has closed on the acquisition of Alterra at Overlook Ridge IB in metro Boston for $88 million. The acquisition was pursuant to a signed contract in January, when Mack-Cali purchased the sister building — Alterra at Overlook Ridge IA — for $61.3 million. The luxury multifamily property, located in the master planned community of Overlook Ridge in Revere and Malden, includes 412 rental units. The property was 96.1 percent leased at the time of sale. Similar to its acquisition of Alterra 1A, this property was acquired from a Prudential Insurance Co. of America joint venture. Roseland, a subsidiary of Mack-Cali, developed Alterra 1B and has managed the property since its completion.

April 5, 2013

Industrial Northeast

NORTHMARQ ARRANGES $59M MORTGAGE FOR CONDYNE INDUSTRIAL PORTFOLIO IN BOSTON

by admin April 5, 2013

BOSTON — NorthMarq Capital has arranged $59 million in acquisition and mezzanine financing for the Condyne Industrial Portfolio located throughout the Boston area. The portfolio includes five buildings and a total of 1.5 million square feet of industrial space. Financing was based on a five-year term with one year of interest-only payments and a 29-year amortization schedule. NorthMarq arranged this financing for the borrower, Massachusetts Industrial LLC, through its relationship with a REIT. James Murphy of NorthMarq’s Boston regional office represented the borrower in the transaction.

April 5, 2013

Northeast Office

BOSTON REALTY ARRANGES SALE OF A LANDMARK BUILDING IN CAMBRIDGE FOR $33.1M

by admin April 5, 2013

CAMBRIDGE, MASS. — Boston Realty Advisors has arranged the sale of 39 JFK St., a landmark 20,570-square-foot retail and office building located in Cambridge’s Harvard Square, for $33.1 million. The mixed-use property was fully occupied at the time of sale. Tenants of the building include American Express, CVS/pharmacy, Kaplan, Whitney’s Café and Leo’s Place. Boston Realty Advisors represented the seller, 39 JFK LLC, and procured the buyer in the transaction.

April 5, 2013

Multifamily Northeast

BET PURCHASES LINCOLN WOODS APARTMENTS FOR $29.3M

by admin April 5, 2013

LAFAYETTE HILL, PA. — An affiliated company of BET Investments Inc. has acquired Lincoln Woods Apartments, located at 9801 Germantown Pike in Lafayette Hill, about 20 miles north of Philadelphia. TIAA-CREF sold the property for $29.3 million, according to the Philadelphia Inquirer. The multifamily property was 98 percent leased at the time of sale. The average unit size is 774 square feet. With the addition of Lincoln Woods, BET Investments and its affiliates now own more than 2,500 apartment units in the Philadelphia area.Berkadia Commercial Mortgage LLC originated a 10-year, $25.5 million loan through Fannie Mae’s DUS platform for the acquisition. Lizann McGowan and Robert Fahey of CBRE represented the seller in the transaction.

April 5, 2013

Multifamily Northeast

UOB EAGLE ROCK ACQUIRES CLEMENS PLACE APARTMENTS FOR $29.5M

by admin April 4, 2013

HARTFORD, CONN. — UOB Eagle Rock Multifamily Property Fund LP has acquired Clemens Place Apartments, a 597-unit multifamily complex in Hartford, for $29.5 million. The revitalized 1920s-style community includes 595 apartments and two commercial spaces in 42 renovated buildings, 31 of which are on the National Register of Historic Places. The property is located at 160 Owen St., about one block from I-84. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, Intown West Associates Limited Partnership and Westtown LLC, in the transaction.

April 4, 2013

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