Northeast

L3, ASB CAPITAL ACQUIRE $41.5M SOHO BUILDING

by admin January 3, 2013

NEW YORK CITY — A partnership between L3 Capital and ASB Capital Management has acquired 72-76 Greene St., a 38,000-square-foot mixed-use building in SoHo, for $41.5 million. The building is known as “The King of Greene Street” because of its French renaissance architectural styling. The property contains two retail spaces, three commercial units and three residential lofts. Adelaide Polsinelli of Eastern Consolidated represented the seller, BSJ SoHo, in the transaction. She also represented the buyer.

January 3, 2013

AVALONBAY SELLS 290-UNIT APARTMENT PROPERTY FOR $66.2M

by admin January 3, 2013

ABERDEEN, N.J. — AvalonBay Communities has sold Avalon at Aberdeen Station, a 290-unit apartment property in Aberdeen, for $66.2 million. MFREVF Aberdeen Urban Renewal was the buyer. Constructed in 2002, the four-story property is 96 percent leased and units average 1,021 square feet. Amenities include a clubhouse, fitness center, media room and heated outdoor pool. Jose Cruz, Andrew Scandalios, KEvin O'Hearn and Jeffrey Julien led the HFF team that represented the seller.

January 3, 2013

Mixed-Use Northeast

HARVARD SQUARE MIXED-USE BUILDING TRADES FOR $31.6M

by admin January 3, 2013

CAMBRIDGE, MASS. — Alliara LLC has acquired a 27,796-square-foot retail and apartment building in Cambridge for $31.6 million. Located at 18-28 John F. Kennedy St., the fully leased property contains 16 apartments and 12,150 square feet of retail. Tenants include Papyrus, Uno Chicago Grill and Vitamin Shoppe. Boston Realty Advisors represented the seller.

January 3, 2013

Multifamily Northeast

FANTINI & GORGA ARRANGES $9M LOAN FOR MAINE PROPERTY

by admin January 3, 2013

PORTLAND, MAINE — Fantini & Gorga has arranged $9 million in permanent financing for Danforth Heights Apartments, a 166-unit affordable apartment property in Portland. The eight-building property, located at 48 Salem St., was constructed by its current owner in 1972. Fantini & Gorga secured the 35-year, fixed-rate loan through Eastern Mortgage Capital.

January 3, 2013

Northeast Office

CLARION BUYS SIX-ASSET OFFICE PORTFOLIO IN BOSTON FOR $129.3M

by admin January 2, 2013

BOSTON — Clarion Partners has acquired six office properties in Boston's Seaport District for $129.3 million. The 407,500-square-foot Fort Point portfolio is 96 percent occupied. The seller was a joint venture between Angelo, Gordon & Co. and National Development. The sale includes a 94,314-square-foot property at 33-41 Farnsworth St.; 34 and 44 Farnsworth St., featuring 24,387 and 93,824 square feet, respectively; 332 and 374 Congress St., which includes 34,412 and 96,236 square feet, respectively; and the 64,204-square-foot 263 Summer St. Ben Sayles and Coleman Benedict led the HFF team that represented the seller in the transaction.

January 2, 2013

Northeast Seniors Housing

NEW JERSEY SENIOR LIVING CAMPUS SELLS FOR $23M

by admin January 2, 2013

EDISON, N.J. — National Health Investors has sold its 148-bed, Edison senior living campus to its current tenant, Sunrise Senior Living, for $23 million. The Edison property is located in close proximity to the Garden State Parkway and the New Jersey Turnpike.

January 2, 2013

Hospitality Northeast

ASHFORD HOSPITALITY SECURES $112M LOAN FOR HOTEL PROPERTIES

by admin January 2, 2013

PRINCETON, N.J. — Dallas-based Ashford Hospitality Inc. and its joint venture partner have received a $112.6 million loan for two hotel properties: the Westin Hotel in Princeton and the Renaissance Hotel in Nashville. The properties are part of the company's Highland Hospitality portfolio, in which Ashford has a 71.7 percent ownership interest. The five-year loans have a fixed interest rate of 4.4 percent and replace two existing loans, which had a combined balance of $76.8 million. The deal completes the refinancing of three CIGNA loans in the portfolio.

January 2, 2013

Multifamily Northeast

HOULIHAN-PARNES ARRANGES $3.7M ACQUISITION LOAN

by admin January 2, 2013

BRIDGEPORT, CONN. — Houlihan-Parnes Realtors has arranged a $3.7 million loan for the acquisition of eight garden-style apartment buildings in Bridgeport. The borrower acquired the assets from U.S. Bank for $5 million. The properties total 160 units and include laundry facilities and on-site parking. Jerry Houlihan of Houlihan-Parnes arranged the three-year loan, which amortizes over 30 years, through a New Jersey-based bank.

January 2, 2013

Industrial Northeast

LEIGH VALLEY INDUSTRIAL ASSET SELLS FOR $21.3M

by admin January 2, 2013

KUTZTOWN, PA. — A joint venture between Woodmont Industrial Partners and AEW Capital Management has acquired a 385,000-square-foot industrial property in Kutztown for $21.3 million. The distribution center, located at 9747 Commerce Circle, is fully leased to Teva Pharmaceutical USA Inc., Hearth & Home Technologies and Palram Industries. The property is located within the 250-acre Arcadia West Industrial Park. Paul Torosian, John Plower and Gary Gabriel of Cushman & Wakefield represented the seller, a joint venture between Endurance Real Estate Group and Thackeray Partners, in the transaction.

January 2, 2013

Market Reports Massachusetts Northeast Market Reports

Retail Rebounds With New Development Driven by Grocers

by admin December 31, 2012

With all the construction vehicles on retail sites as you circle metro Boston, we can now quantify the retail slowdown attributable to the recession as a three-year window. Never has the local retail market been healthier than it is today. WS Development is under construction with its Whole Foods-anchored Meadowbrook Walk in Lynnfield. The Nordblom Company has begun 3rd Avenue, a Wegmans-anchored lifestyle project in Burlington. Market Basket is well under way at the former Polaroid site in Waltham. New England Development is building its Wegmans project in Chestnut Hill while WS redevelops the former Macy’s further east on Route 9. Also moving forward, though at a slightly earlier stage, is NED’s long-awaited Westwood project. A total of almost 3 million square feet of new high-profile — even iconic — retail space along Boston’s inner ring beltway is now upon us, exactly three years later than originally anticipated. Notably, grocery is driving all of these larger projects. While traditional market leader Stop & Shop makes only narrowly strategic moves and Shaw’s languishes, grocery chains of a wide range of sizes targeting distinct demographics have inspired development at both the local and regional level. Wegmans, Market Basket, Whole Foods, Price Rite …

December 31, 2012

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