Northeast

JV BUYS $121M PRINCETON PIKE CORPORATE CENTER

by admin May 20, 2013

LAWRENCEVILLE, N.J. — Prism Capital Partners LLC has teamed up with Angelo, Gordon & Co. to acquire Princeton Pike Corporate Center in Lawrenceville for $121 million, or $151 per square foot. The eight-building, Class A office park, located in Central New Jersey’s Mercer County, totals 800,000 square feet. The seller was Brandywine Realty Trust. The complex was approximately 90 percent leased at the time of sale, and tenants include Wells Fargo, Langan Engineering, Sirius XM Radio, Stark & Stark, the Princeton Healthcare System, Fox, Rothschild and Celsion. Prism is handling the leasing of Princeton Pike Corporate Center.

May 20, 2013

TG ACQUISITIONS BUYS SHOPPING CENTER FOR $6.3M

by admin May 20, 2013

WOODBRIDGE, N.J. — TG Acquisitions LLC has purchased a 74,618-square-foot shopping center, located at 755-789 St. Georges Ave. in Woodbridge, for $6.3 million. Currently 24 percent occupied, the two-story shopping center is situated on 7.5 acres. Constructed in 2001, the property includes 403 surface parking spaces and is located on Route 35 with direct access to Route 1 and 9. Tenants at the property include Subway, Papa John’s and Rita’s, among others. NAI James E. Hanson assisted in arranging the purchase of the property, and NAI DiLeo Bram & Co. represented the buyer, TG Acquisitions, in the transaction.

May 20, 2013

Northeast Office

BERGER ADDS 765 BROAD STREET TO NEWARK OFFICE PORTFOLIO

by admin May 20, 2013

NEWARK, N.J. — The Berger Organization, through 765 Broad Street Holdings, has acquired 765 Broad Street in Newark from 765 Henry Associates. The 200,000-square-foot, seven-story office building is located in the city’s central business district. Prudential developed the building, and its white marble façade matches the insurance company’s current world headquarters at the neighboring 751 Broad St. The now multi-tenant property, anchored by Cablevision and home to a Wells Fargo regional office and bank branch, was recently renovated with a new lobby, elevators, updated common area and building systems.

May 20, 2013

Northeast Office

COLLIERS ARRANGES 17,000 SF SUBLEASE IN NEW YORK CITY

by admin May 20, 2013

NEW YORK CITY — Colliers International has arranged a 17,000-square-foot sublease on behalf of Orange Business Services, taking up the entire 11th floor of 10 East 40th Street. The sublandlord, Blackboard Collaborate Inc., will be vacating the space, and Orange Business Services will relocate from its current location at 2 World Financial Center/Brookfield Place. Ted Rotante with Colliers International represented the subtenant in the transaction. Ken Ruderman and Nick Zarnin of Studley represented the sublandlord in the transaction. Orange Business Services is a global IT and communications services provider.

May 20, 2013

Market Reports New Jersey Northeast Market Reports

Northern New Jersey Optimistic That Office Activity Will Pick Up in 2013

by admin May 20, 2013

From a macro perspective, the Northern New Jersey office market has remained stagnant and continues to tread water. In 2012, corporations with capital stayed on the sidelines. The overall availability rate hovered around 21 percent with an average asking rent of $24.29 per square foot at the close of the fourth quarter, and those numbers were not expected to change much in the first quarter of this year. The few recent significant leasing transactions were not enough to move the occupancy needle. The biggest deals were Biomet Bone & Spine Healing Technologies’ lease of 102,224 square feet at 399 Jefferson Road in Parsippany; EMC Corp.’s lease of 81,700 square feet at 184 Liberty Corner Road in Warren; and Tower Insurance Co.’s 76,892-square-foot lease at Harborside Financial Center II in the Jersey City Hudson Waterfront project. The Tower Insurance lease was a boost to the Hudson Waterfront market. For a long time, the waterfront was one of the few bright spots in the state with even a brief period of rent growth. However, in 2012 a large amount of shadow space came on the market and led to roughly 500,000 square feet of negative absorption. With the election year over, it …

May 20, 2013

Healthcare Northeast

LOVE FUNDING CLOSES $22.7M FOR SENIORS HOUSING PORTFOLIO

by admin May 17, 2013

BUZZARDS BAY, FALMOUTH AND NEW BEDFORD, MASS. — Love Funding has closed three loans totaling $22.7 million for a skilled-nursing portfolio throughout Massachusetts. The facilities include Royal Cape Cod Nursing and Rehabilitation Center in Buzzards Bay, Royal Falmouth Nursing and Rehabilitation Center in Falmouth, and Royal Taber Street Nursing and Rehabilitation Center in New Bedford. The centers offer a combined total of 270 beds and are operated by Royal Health Group. Leonard Lucas of Love Funding has secured the loans through the U.S. Department of Housing and Urban Development’s Section 232/223(f) LEAN loan program for long-term care facilities.

May 17, 2013

Northeast Retail

AGREE REALTY CORP. BUYS RETAIL PROPERTIES FOR $5.4M

by admin May 17, 2013

MANCHESTER, CONN. — Agree Realty Corp. has acquired two single-tenant properties leased to PetSmart and Starbucks for $5.4 million. Starbucks occupies 1,562 square feet in Manchester and PetSmart occupies 20,353 square feet on Disk Road in Rapid City, S.D

May 17, 2013

Northeast Office

COLLIERS ARRANGES 16,506 SF OFFICE LEASE IN NYC

by admin May 17, 2013

NEW YORK CITY — Colliers International has arranged a long-term, 16,506-square-foot lease for the American Institute of Chemical Engineers at 120 Wall St. in New York City. The nonprofit organization, which includes more than 45,000 members in more than 90 countries, is relocating from 3 Park Ave. The 34-story Class A office tower spans 615,000 square feet. The nonprofit will occupy the entire 23rd floor, later this year.

May 17, 2013

Northeast Retail

JOINT VENTURE ARRANGES $45M LOAN FOR SHOPPING CENTER

by admin May 16, 2013

WOODMERE, N.Y. — Houlihan-Parnes Realtors LLC and Q10 New York Realty Advisors LLC have arranged a $45 million first mortgage on the Five Towns Shopping Center in Woodmere. The interest-only, 10-year loan includes a fixed rate of 3.4 percent. A national lender provided the nonrecourse financing. The 500,000-square-foot center is located at 253-01 Rockaway Blvd., about 15 miles east of Brooklyn. Tenants at the retail property include Lowe’s Home Center, K-Mart, T.J. Maxx, Conway, The Children’s Place, T-Mobile and Applebee’s, as well as a new Walmart Marketplace and Modell’s. Jim Houlihan, Mike O’Neill and Bryan Houlihan of Houlihan-Parnes placed the loan. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower in the transaction.

May 16, 2013

Multifamily Northeast

919-UNIT APARTMENT COMPLEX TO UNDERGO $20M RENOVATION

by admin May 16, 2013

MALDEN, MASS. — In a partnership with Mayor Gary Christensen and the city of Malden, Metropolitan Properties of America Inc. (MPA) has plans to invest more than $20 million to remodel the Granada Highlands. Renovations to the 919-apartment community include an upgraded amenity center, which will feature a luxury theater, billiard room, fitness center and community space. Boston-based MPA, which purchased the property from a Hawaii-based company in 2007, also plans to remodel 30 apartments at a time. The apartment community is located at 211 Kennedy Drive, about 10 miles north of Boston.

May 16, 2013

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