Northeast

HUDSON REALTY CAPITAL FUNDS $17M LOAN IN BROOKLYN

by admin April 4, 2013

NEW YORK CITY — Hudson Realty Capital LLC has funded a $17 million first mortgage loan secured by a three-story, vacant industrial loft building in the DUMBO (Down Under the Manhattan Bridge Overpass) section of Brooklyn. In addition to utilizing loan proceeds to acquire the 81,805-square-foot building and establish reserves, the undisclosed borrower has also secured a $2.5 million upsize option from Hudson, contingent upon obtaining certain NYC Landmarks Preservation Commission approvals. The borrower plans to convert and reposition the former factory, built in 1913, for multifamily use. The borrower is seeking landmark approvals to alter the façade and add additional floors. Located on Water Street, between Jay Street and Bridge, the building is situated within the historic Brooklyn waterfront district.

April 4, 2013

NSI INDUSTRIES SELLS 33,000 SF FACILITY IN MOUNT VERNON FOR $2.3M

by admin April 4, 2013

MOUNT VERNON, N.Y. — NSI Industries has sold a 33,000-square-foot office and manufacturing building located at 1 and 2 Grove St. and 60 and 120 S. Terrace Ave. in Mount Vernon, about 20 miles north of New York City, for $2.3 million. The buyer, Michael Anthony Holdings Inc., purchased the property as an investment. NSI Industries will lease the building back for a defined period of time. The building includes concrete floors, masonry and brick walls, ceiling heights up to 16 feet, a sprinkler system and approximately 10,000 square feet of recently updated office/engineering space. Jim Panczykowski of Binswanger’s New Haven, Conn. office handled the transaction.

April 4, 2013

Northeast Office

HOULIHAN-PARNES REALTORS ACQUIRES OFFICE BUILDING FOR $2M IN NEW YORK

by admin April 4, 2013

HAWTHORNE, N.Y. — Houlihan-Parnes Realtors LLC has purchased the Skyline Plaza office building, located at 37 and 37A Saw Mill River Road in Hawthorne, for $2 million. The office property includes a 20,575-square-foot, three-story building built in 1984 and an attached 2,608-square-foot, two-story building. Together, the two buildings include 12 tenant spaces and 86 parking spaces. The property was 50 percent occupied at the time of sale. Craig Weitz and Jerry Houlihan of Houlihan-Parnes Realtors negotiated the purchase of the property from a local bank, which also provided financing with a five-year mortgage.

April 4, 2013

Multifamily Northeast

BENSEN ARRANGES SALE OF $20.6M PORTFOLIO IN MANHATTAN

by admin April 3, 2013

NEW YORK CITY — Besen & Associates has arranged the sale of apartment buildings located at 243, 244, 247, 333 & 335 E. 33rd St. in the Murray Hill neighborhood of Manhattan for $20.6 million, or $317,000 per unit. The buyer is a private investor and the seller is Five on 33rd LLC. The portfolio includes two walkups and three elevator buildings, a total of 63 apartments and two offices. The properties total 35,638 square feet, with approximately 16,000 square feet of air rights. Glenn Raff and Ron Cohen of Besen & Associates completed the transaction.

April 3, 2013

Northeast Retail

PRIVATE INVESTOR PAYS $25.8M FOR FOUR A&P GROCERY STORE SITES IN NJ, NY

by admin April 3, 2013

FLORHAM PARK, NJ— A private investor has paid $25.8 million for four freestanding grocery store sites totaling 120,335 square feet of space in New York and northern New Jersey. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. and its affiliates. The buyer purchased the properties and simultaneously leased the properties back to A&P, which continues to operate grocery stores at each of the sites. Properties acquired by the investor include 895 Paulison Ave. in Clifton, N.J.; 49 Old Highway 22 in Clinton, N.J.; 1886 Pleasantville Road in Briarcliff Manor, N.Y.; and 410 West 207th Street in New York, N.Y. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval of HFF represented the seller. Founded in 1859, A&P operates more than 300 supermarkets in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.

April 3, 2013

Northeast Retail

PRIVATE INVESTOR PAYS $25.8M FOR FOUR A&P GROCERY STORE SITES IN NJ, NY

by admin April 3, 2013

April 3, 2013

Northeast Retail

ROCKLAND TRUST PROVIDES $8M LOAN FOR CONSTRUCTION OF ARBORETUM PLACE

by admin April 3, 2013

JAMAICA PLAIN, MASS. — Rockland Trust has provided $8 million in financing to APW LLC & APV Realty LLC for the development of Arboretum Place in Jamaica Plain, a suburb of Boston. The credit facility includes a $2.1 million construction loan and $5.9 million in construction financing that was converted to a permanent mortgage through Rockland Trust’s New Markets Tax Credit program. The mixed-use property spans 40,000 square feet and is located at 3815 and 3840 Washington St. Tenants include Harvest Co-op Market, Boston Cat Hospital, Summer Search, Massachusetts Society for the Prevention of Cruelty to Children and Dane Street LLC. Construction on Arboretum Place began in October 2011 and was completed in early 2013.

April 3, 2013

Healthcare Northeast

FOUNDATION MEDICINE SIGNS 61,591 SF LEASE AT 150 SECOND ST. IN CAMBRIDGE

by admin April 3, 2013

Cambridge, Mass. — Foundation Medicine Inc. has signed a 61,591-square-foot lease at 150 Second St. in Cambridge’s Kendall Square. The lab and office building will house Foundation Medicine’s clinical laboratory, beginning in September. Skanska USA Commercial Development Inc. acquired the property in November 2010. The three-story building was completed in December 2012 and features approximately 123,000 square feet of highly sustainable lab space and is on track to obtain LEED Gold certification. Foundation Medicine is a molecular information company that uses genomic analysis to help doctors identify cancer treatments best suited for each patient. Jones Lang LaSalle represented Skanska USA in the transaction. Richards Barry Joyce & Partners represented Foundation Medicine.

April 3, 2013

Northeast Retail

JOINT VENTURE SELLS GARDEN CITY SQUARE RETAIL FOR $66.3M

by admin April 2, 2013

GARDEN CITY, N.Y. — Metropolitan Realty Associates and its joint venture partner Angelo, Gordon & Co. LP have sold the retail condominiums located at 711 Stewart Ave. in Garden City to N.J.-based Hampshire Cos. for $66.3 million. The 176,000-square-foot property known as Garden City Square, is fully leased to two long-term tenants. BJ’s Wholesale Club opened in November 2012 and signed a 20-year lease for 121,000 square of space. LA Fitness will occupy the remaining 55,000 square feet for a 15-year term upon completion of its new, two-story building scheduled for this June. Jeffrey Dunne and David Gavin of CBRE represented ownership in the transaction. In addition to its retail space, Garden City Square contains 117,500 square feet of medical office space currently being marketed for sale by CBRE.

April 2, 2013

Northeast Office

NAI HUNNEMAN BROKERS SALES IN WOBURN, WILMINGTON FOR $8.4M

by admin April 2, 2013

WILMINGTON AND WOBURN, MASS. — NAI Hunneman has brokered the sales of 1 Jewel Drive in Wilmington and 225 Wildwood Ave. in Woburn for $4.1 and $4.3 million, respectively. David Gilkie and Gina Barroso represented the seller, Hudson Advisors in the sale of 1 Jewel Drive, a four-building office and warehouse project, to Howland Development. The building was 55 percent leased at the time of sale. Gilkie represented the buyer, Janis Research Co. LLC, in the sale of 225 Wildwood Ave., a Class B warehouse space. Murray Hills Inc. was the seller. The building was fully leased at the time of sale.

April 2, 2013

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