Northeast

CINTAS CORP. TAKES 27,750 SF IN MASSACHUSETTS

by admin October 11, 2012

SHARON, MASS. — Cintas Corp. has signed a lease for 27,750 square feet of industrial space at 1150 Providence Highway in Sharon. Cintas, which will occupy the entire building, is a publicly traded company that provides services to businesses such as promotional products, carpet cleaning and document management. The property is located at the junction of I-95 and Route 1. Catherine Minnerly and Ovar Osvold of NAI Hunneman represented the property owner, LL Sharon DC LLC, in the transaction. CBRE Group represented the tenant.

October 11, 2012

JV PAYS $166.4M FOR MAJORITY INTEREST IN CITY CENTER RETAIL

by admin October 10, 2012

WHITE PLAINS, N.Y. — A joint venture between Inland Diversified Real Estate Trust and affiliates of Cappelli Group, acquired the majority interest in City Center Retail, a 381,905-square-foot mixed-use property in White Plains. The sale was valued at approximately $166.4 million. City Center is anchored by ShopRite Supermarkets, Nordstorm Rack and New York Sports Club. The property also contains 24 apartment units. City Center is adjacent to the Ritz-Carlton Hotel and the Trump Tower at City Center. The joint ventures includes 99-year air rights over the apartments and parking garage portion of City Center. Jeff Dunne, Steven Bardsley and David Gavin of CBRE Group represented Cappelli Group in the transaction.

October 10, 2012

Northeast Retail

H&M TO OPEN 42,500 SF STORE IN TIMES SQUARE

by admin October 10, 2012

NEW YORK CITY — Swedish discount retailer Hennes & Mauritz AB has signed a lease to open a 42,500-square-foot store at 4 Times Square. The three-floor store will include collections for ladies, men and children. The company will also install H&M signage at the top of the building that measures 70 feet by 70 feet. H&M is filling retail space vacated by ESPN Zone approximately two years ago. The company plans to continue its expansion in the New York market and announced it will open a store at The Shops at Columbus Circle in the Time Warner Center at the end of this year. H&M will also open a 57,000-square-foot store at 589 Fifth Ave., which will be the company's largest outlet in the world.

October 10, 2012

Multifamily Northeast

CUSHMAN & WAKEFIELD ARRANGES DELAWARE APARTMENT SALE

by admin October 10, 2012

NEWARK, DEL. — A fund managed by Sentinel Real Estate Corp. has acquired The Apartments at Pike Creek, a 264-unit garden-style complex in Newark. The complex is situated on 19 acres and contains 11 three- and four-story buildings. Amenities include a swimming pool, tennis court, fitness center with sauna and a car care center. The community is located near I-95 and is 40 miles south of Philadelphia. Karen Iman, Brian Whitmer, Andrew Merin and Anthony Liberto of Cushman & Wakefield represented the seller, Henderson Global, in the transaction. They also procured the buyer.

October 10, 2012

Mixed-Use Northeast

JV SECURES LOAN FOR FINAL PHASE OF BOOTT MILLS COMPLEX

by admin October 10, 2012

LOWELL, MASS. — Fantini & Gorga served as lead advisor on a financing package for the $36.4 million Boott Mills West construction project in the National Historic Park in Lowell. The project used three kinds of tax credits — federal, state and new market — as well as a $19.1 million loan placed by Fantini & Gorga. A joint venture between Winn Development and Rees-Larkin Development is transforming a 19th century mill into 77 apartments and 42,684 square feet of office space. Boott Mills West is located at 141 John St. and is the last undeveloped phase in the Boott Mills complex, which includes the Boott Cotton Mills Museum, the Tsongas Industrial History Center and The Apartments at Boott Mills. Joe Eddy and Tim O'Donnell of Fantini & Gorga handled the assignment.

October 10, 2012

Multifamily Northeast

J.G. PETRUCCI SECURES $34M IN FINANCING FOR STATION AT BUCKS COUNTY

by admin October 10, 2012

WARMINSTER, PA. — J.G. Petrucci Co. has secured a $34 million loan for The Station at Bucks County, a newly completed, 233-unit apartment community in Warminster, a suburb of Philadelphia. Jon Mikula led the HFF team that arranged the 10-year, fixed-rate loan through Webster Bank. In 2011, HFF also arranged a $32 million construction loan for the borrower through Webster Bank. The Station at Bucks County is located at 330 Jacksonville Road and contains 19 buildings. Amenities include a clubhouse, fitness center and pool.

October 10, 2012

Northeast Retail

JV BUYS MAJORITY INTEREST IN 1.4M SF PITTSBURGH SHOPPING CENTER

by admin October 9, 2012

PITTSBURGH — A joint venture between BIG Shopping Centers USA and M&J Wilkow has purchased the majority of the retail space at the Waterfront, a 1.4 million-square-foot open-air shopping center in suburban Pittsburgh. The companies bought a total of 765,000 square feet of the Waterfront, which includes the anchoring AMC Loews Theater. The sales price is a reported $110 million. Lowe's Home Improvement, Target, Giant Eagle, Macy's, Costco and several outparcels were not included in the sale. The new owners have planned some improvements for the property. The Waterfront, located on the former site of U.S. Steel's Homestead Steel Works, is the region's second largest shopping center.

October 9, 2012

Northeast Retail

CITY POINT'S FIRST RETAIL STORE WILL BE ARMANI EXCHANGE

by admin October 9, 2012

NEW YORK CITY — Armani Exchange will be the first retailer to open in the recently completed first phase of the massive City Point project in Brooklyn. The luxury retailer has signed a lease for 6,500 square feet on the corner of Fulton and Gold streets and will open in November. In May, Century 21, a discount designer retailer, announced it would open a 125,000-square-foot store to anchor City Point. The store is set to open in the fall of 2015. A partnership led by Arcadia Realty Trust is developing the mixed-use City Point project, which is planned to include 1.6 million square feet when completed in 2018.

October 9, 2012

Multifamily Northeast

NORTHMARQ ARRANGES $31.3M IN COMBINED MORTGAGES

by admin October 9, 2012

LITTLE FERRY, N.J. — NorthMarq Capital has arranged a $31.3 million loan for the refinancing of North Village I and II in Little Ferry. North Village I contains 160 market-rate apartment units and North Village II contains 248 units. Robert Ranieri and Greg Nalbandian of NorthMarq Capital arranged the seven-year loan through Freddie Mac.

October 9, 2012

Industrial Northeast

HAMPSHIRE COS. ACQUIRES 98,904 SF OF INDUSTRIAL/FLEX SPACE

by admin October 9, 2012

PARSIPPANY, N.J. — The Hampshire Cos. has acquired a 98,904-square-foot industrial/flex building at 2 Cranberry Road in Parsippany. The property operates as an industrial condominium, which consists of four separate units. Tenants include Availl, a subsidiary of Boeing, and Padded Waggon, a moving company. The property is located off Route 80 near the I-287 junction.

October 9, 2012

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