WALTHAM, MASS. — MarketOne International, a global digital marketing and B2B telemarking service provider, has signed a 21,674-square-foot office lease at 610 Lincoln St. S. in Waltham. The company will relocate its U.S. headquarters in Maynard, Mass. to the new facility. John Boyle and Connor Barnes of Cassidy Turley represented the tenant in the transaction. Chip Batchelder of Wyman Street Advisors represented the landlord, Hobbs Brook Management LLC.
MOONACHIE, N.J. — Cornerstone Real Estate Advisors has acquired 115 Moonachie Ave., a 168,000-square-foot industrial building in Moonachie. The property is fully leased to three tenants and is anchored by Lindenmeyr Munroe, one of the largest privately held paper companies. The seller, Russo Development, constructed the property in 2000 and the building features 28-foot clear ceiling heights and a brick-clad facade. Jeffrey Dunne, Kevin Walsh, Brian Schulz and Bill Waxman of CBRE Group represented the seller in the transaction. They also procured the buyer.
WESTWOOD, MASS. — Campanelli has sold 30 Perwal St., a 101,000-square-foot office property in Westwood. The buyer was 30 Perwal Associates LLC. The building is fully leased to Steward Health Care. Campanelli's in-house construction management team has completed significant upgrades to the property. Robert Griffin, Edward Maher, Matthew Pullen and Michael Greeley of Cushman & Wakefield represented both parties in the transaction.
PHILADELPHIA — Post Brothers Apartments has acquired The Presidential City Apartments, a 1,030-unit complex on City Avenue in Philadelphia for $51 million. The seller is a Brooklyn, N.Y.-based real estate investment firm. As part of the off-market transaction, the seller is keeping the ground lease, which has considerable redevelopment potential. The complex was constructed in 1950 and rents range from $765 per month for a studio to $1,835 per month for a three-bedroom unit. Joseph Brecher and Eli Rosen of Gebroe-Hammer represented the seller in the transaction.
NEW YORK CITY — Friedland Properties has purchased 706 Madison Ave., a 19,100-square-foot retail building in New York City, for $141.5 million. The colonial building is located on the Upper East Side and contains three levels above grade, a basement and sub-basement. Jon Caplan, Richard Baxter, Scott Latham and Yoron Cohen led the Jones Lang LaSalle team that represented the seller, BNY Mellon, in the transaction.
MELVILLE, N.Y. — NorthMarq Capital has arranged a $25 million loan for the refinancing of Melville Office Center, a 270,000-square-foot office building at 445 Broad Hollow Road in Melville. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the 10-year loan through a life company. The loan features a 30-year amortization schedule.
GARDEN CITY, N.Y. — Sabre Investment Group has arranged the $7 million sale of a 28,000-square-foot medical facility in Garden City, which is double net leased to Winthrop University Hospital. A private investor purchased the property, located at 975 Stewart Ave., from Cardiovascular Medical Associates. Corey Gluckstal and Guy Canzoneri of Sabre represented both parties in the transaction.
NEW YORK CITY — Madison Realty Capital has acquired a $23.5 million defaulted note for the Breakers at Sheepshead Bay, a 75-unit waterfront residential condominium development at 3112-3144 Emmons Ave. in Brooklyn. TD Bank sold the note. The overall loan purchase price of the property was not disclosed.
LANCASTER, PA. — Global engineering firm Parsons Brinckerhoff has signed a 15-year lease for 80,000 square feet of office space at 4139 Oregon Pike in Lancaster. The firm plans to relocate 150 employees from its current New York location at One Penn Plaza. Occupancy is set for April 2013. Tom McDermott and John Thiry of NAI Commercial Partners represented the building owner, Oak Tree Development Group, in the transaction.
Like many metro areas across the U.S., Boston’s 494 million-square-foot industrial market slowed as we approached elections and the end of 2012. Despite mixed signals, the situation isn’t entirely dour, and there are signs of optimism in terms of demand and activity, evidenced by a slight decrease in vacancy and 475,000 square feet of net absorption in the first half of 2012, according to CoStar Group. At a more macro level, the Boston area’s thriving technology sector has led to job growth and declining unemployment, which ultimately increases consumer demand and benefits the industrial property market. The Boston industrial market has been flat for more than three years now, but that’s created opportunities for end users to lease higher-quality properties than they previously inhabited while reducing occupancy costs, which is the prevalent trend both in Boston and nationwide. Tenants seek to improve efficiency by consolidating warehouse and distribution into more modern properties with higher clear-height ceilings and other features. While users demand more efficient and flexible industrial space, they also demand more flexible — and generally shorter — lease terms. If tenants can achieve both operational efficiency and lower costs through outsourcing to third-party logistics providers (3PLs), even better. End …
