Northeast

HFF ARRANGES $38.9M ACQUISITION FINANCING FOR HANOVER MARRIOTT IN N.J.

by admin March 22, 2013

WHIPPANY, N.J. — HFF has arranged $38.9 million in acquisition financing for the Hanover Marriott, an eight-story, 353-room hotel in Whippany, located about 50 miles west of New York City. HFF worked on behalf of Clarion Partners to secure a six-year, fixed-rate loan through a national life insurance company. The Hanover Marriott is located at 1401 Mount Pleasant Ave. near Interstate 287. The property underwent a $15 million renovation in 2011, which included a redesign of its main restaurant and lobby, guestrooms, bathrooms and corridor renovations, pool and fitness center upgrades and building system improvements. Steven Klein and John Bourret of HFF represented the borrower in the transaction.

March 22, 2013

NYC INVESTORS SELL FIVE-STORY APARTMENT BUILDING FOR $1.1M

by admin March 22, 2013

NEW YORK CITY — A group of investors has sold 193 Buffalo Avenue, a five-story, 9,100-square-foot apartment building in Brooklyn, for $1.1 million. The 10-unit multifamily property was built in 1910 and has had the same owners for more than 20 years. Shlomo Antebi of GFI Realty Services Inc. represented the seller. Joseph Landau of GFI Realty Services represented the buyer, a local investor, in the transaction.

March 22, 2013

Northeast Office

WINSLOW, EVANS & CROCKER SIGNS 23,088 OFFICE LEASE IN BOSTON

by admin March 22, 2013

BOSTON — Winslow, Evans & Crocker Inc. has signed a 23,088-square-foot office lease for its corporate headquarters at 175 Federal St. in Boston’s Financial District. The financial advisory firm, which occupies 16,376 square feet on the sixth floor, has taken an additional 6,712 square feet on the eighth floor. The landlord of the Class A, 227,365-square-foot office building, Equity Office Properties, was represented by Britton Derkac and Ryan Enright of Cresa. Rick Lowe and Brandon Leitner of Cresa represented Winslow, Evans & Crocker Inc. in the transaction. Barry Dubé and Mike Labonte of Cresa will oversee management activities for the project, which is slated for completion by this May.

March 22, 2013

Industrial Northeast

EASTERN UNION ARRANGES $9.8M LOAN FOR INDUSTRIAL PROPERTY IN NYC

by admin March 21, 2013

NEW YORK CITY — Commercial mortgage brokerage firm Eastern Union Funding has arranged a $9.8 million acquisition loan for a 50,000-square-foot industrial property on Grand Street in Brooklyn. The 10-year loan includes an interest rate of 4 percent and a 15-year amortization schedule. Iselin, N.J.-based Investors Bank provided the financing. Ira Zlotowitz and Dov Zabrowsky of Eastern Union secured the loan.

March 21, 2013

Multifamily Northeast

10,068 SF APARTMENT BUILDING IN NEW YORK CITY SELLS FOR $8M

by admin March 21, 2013

NEW YORK CITY — Prime East Realty has sold an apartment building at 539 E. 87th St. in Manhattan’s Upper East Side neighborhood, for $8 million. Far East 87 LLC purchased the five-story, 10,068-square-foot building. Each of the 10 units include high ceilings, oversized doors, oak strip flooring, A/C window units, aluminum kitchen appliances, exposed brick walls and a washer and dryer. The apartments also feature marble windowsills, countertops and bathrooms, as well as recessed lighting. Thomas Gammino of Massey Knakal brokered the transaction.

March 21, 2013

Multifamily Northeast

EAGLEBRIDGE CAPITAL ARRANGES $4.8M LOAN FOR BOSTON CONDO CONSTRUCTION

by admin March 21, 2013

BOSTON — EagleBridge Capital has arranged $4.8 million in financing for three multifamily units in Boston on behalf of Neelon Properties. Ted Sidel and Brian Sheehan of EagleBridge arranged a $4 million mortgage for two units located at 251 Marlboro St. in the Back Bay neighborhood, plus an $820,000 mortgage for a unit located at 77 Worcester St. in the South End. The lenders were two leading financial institutions. The Marlboro Street units contain a total of 4,950 square feet on two floors. The two-story 77 Worcester Street is a 1,700-square-foot penthouse duplex. The interiors of Marlboro Street units and the Worcester Street unit are being completely rebuilt.

March 21, 2013

Northeast Office

VITECH SIGNS LONG-TERM RENEWAL, EXTENSION LEASE AT NYC OFFICE BUILDING

by admin March 21, 2013

NEW YORK CITY — Vitech Corp. has renewed and extended its 42,200-square-foot office lease at 401 Park Ave. South. Vitech Corp. signed a 10-year lease for two floors at the 12-story property. The corporation’s global headquarters are located in the 252,000-square-foot office building. Dennis Someck of Lee & Associates represented Vitech in the transaction, while Mark S. Stein and Jason Vacker of Meringoff Properties represented the building’s owner. Vitech is a worldwide provider of systems engineering and architecting software solutions.

March 21, 2013

Northeast Office

AMERICAN REALTY CAPITAL ACQUIRES BANK-OCCUPIED PROPERTY FOR $31M IN MAINE

by admin March 20, 2013

FALMOUTH, MAINE — American Realty Capital Properties Inc. has purchased an office building occupied by TD Bank in Falmouth, a suburb of Portland, for $31 million. The net-leased, 143,030-square-foot property is located at 200 U.S. Route 1. The three-story building was built in 2001. The estimated capitalization rate of the property is 8.9 percent. Paragon Commercial Real Estate represented the building’s seller, West Falmouth Development LLC, in the transaction.

March 20, 2013

Multifamily Northeast

CONSTRUCTION FOR $11.7M APARTMENTS IN EWING TOWNSHIP, N.J. IS UNDER WAY

by admin March 20, 2013

EWING TOWNSHIP, N.J. — Construction for The Gardens at Birmingham, an $11.7 million, 48-unit affordable housing community in Ewing Township, is under way and is slated for completion in early September. Located at 1460 Parkway Ave., the multifamily property includes a mix of one-, two- and three-bedroom units, ranging from 650 square feet to 1,360 square feet. Each apartment home includes Energy Star appliances, ceramic tile bathrooms and a washing machine and dryer. Lawrenceville, N.J.-based Community Investment Strategies Inc. is the developer, and Community Investment Strategies Management Inc. will provide management services for the property.

March 20, 2013

Northeast Retail

MARCUS & MILLICHAP ARRANGES SALE OF $1.7M SAVE-A-LOT PLAZA IN NEW JERSEY

by admin March 20, 2013

MILLVILLE, N.J. — Marcus & Millichap has arranged the sale of Save-A-Lot Plaza, a 33,705-square-foot, grocery-anchored shopping center in Millville, for $1.7 million. The shopping center is located at 622 N. Second St. and is co-anchored by a 17,205-square foot Save-A-Lot supermarket and an 8,100-square-foot Family Dollar. Other tenants include Little Caesars Pizza and a Chinese restaurant. At the time of the sale, the property was 82 percent occupied. Save-A-Lot Plaza was redeveloped in 2008 for its current anchor tenants. Brad Nathanson, senior director in Marcus & Millichap’s Philadelphia office, secured the buyer, a Pennsylvania-based limited partnership. New Vistas Corp. represented the seller, a New Jersey-based financial institution.

March 20, 2013

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