Northeast

HUDSON FUNDS $9.1M LOAN FOR BROOKLYN OFFICE BUILDING

by admin September 10, 2012

NEW YORK CITY — Hudson Realty Capital has funded a $9.1 million first mortgage loan secured by a 90,000-square-foot office building in Brooklyn. The sponsor plans to use the loan for a discounted payoff and to establish operating and interest reserves. The Class B property is located at 540 Atlantic Ave. and will undergo upgrades to include the conversion of two floors into executive office space. The building is one block from Atlantic Terminal and two blocks from Atlantic Yards, a mixed-use development that includes the Barclays Center arena.

September 10, 2012

CINEMARK, CABELA'S TO OPEN AT CHRISTIANA MALL

by admin September 7, 2012

NEWARK, DEL. — Cinemark plans to open a 17-screen theater at the Christiana Mall in Newark. Cinemark will join hunting, fishing and outdoor gear retailer Cabela's, which announced plans last week to open a new location at Christiana Mall. Cabela's will begin construction on a 110,000-square-foot store in 2013 with plans to open in 2014. Christiana Mall is a 1.1 million-square-foot shopping center with approximately 130 stores. General Growth Properties manages the property.

September 7, 2012

Northeast Retail

KATZ PROPERTIES ACQUIRES PLAZA 352 FOR $12.3M

by admin September 7, 2012

BROOKHAVEN, PA. — Katz Properties has acquired the Plaza 352 shopping center in Brookhaven for $12.3 million. The 207,000-square-foot center was built in 1972 and is located at 5005 Edgmont Ave. The property is anchored by a 59,000-square-foot Pathmark supermarket and a 102,000-square-foot Kmart. Paul Rumley of Metro Commercial Real Estate represented both parties in the transaction. Winslow Property Management will manage the center.

September 7, 2012

Hospitality Northeast

TMI OPENS NEW SPRINGHILL SUITES IN PENNSYLVANIA

by admin September 7, 2012

LANGHORNE, PA. — TMI Hospitality has opened the newly constructed SpringHill Suites by Marriott Philadelphia Langhorne. The 91-suite hotel is located at 200 N. Buckstown Dr. in Langhorne, approximately 30 minutes from downtown Philadelphia. Each guestroom features a large desk with an ergonomic chair, two phone lines and high-speed Internet access. Additional features include an indoor swimming pool and spa, fitness center and meeting room. The property is TMI's first hotel in the state, and the company plans to open its second hotel in Pennsylvania later this year.

September 7, 2012

Multifamily Northeast

PRIVATE INVESTOR SELLS 32-UNIT APARTMENT BUILDING IN NYC

by admin September 7, 2012

NEW YORK CITY — Marcus & Millichap has arranged the $6 million sale of 4220-4228 Broadway, a 32-unit apartment property in New York City. Marco Lala of Marcus & Millichap represented the seller, a private investor, in the transaction. Peter Von Der Ahe represented the buyer, also a private investor. Lala has sold nearly a dozen New York City buildings on behalf of the seller, who is divesting of New York properties and acquiring suburban multifamily properties in New Jersey and Pennsylvania.

September 7, 2012

Northeast Retail

PGA TOUR SUPERSTORE TO OPEN IN PARAMUS

by admin September 7, 2012

PARAMUS, N.J. — PGA Tour Superstore has signed a a lease for 57,000 square feet of retail space on Route 17 south in Paramus, at the former Einstein Moomjy Furniture store. The company will open its Golf and Tennis Pro Shop — the 15th national retail location for the chain — later this year. Michael Walters, Ronald Fotiu and Jill Gordon of NAI Hanson represented the property owner, Emil Buehler Trust Fund, in the transaction.

September 7, 2012

Market Reports New Hampshire Northeast Market Reports

Busy industrial sector reflects steady recovery.

by admin September 7, 2012

Along the Seacoast in New England, the industrial sector has been busy during the past 12 months with a number of sales and leases, reflecting the steady recovery of the economy. There is more activity and we are even seeing a new crop of startups in the market looking for space. Buyers have found opportunities to pick up industrial properties at attractive prices and while locking in low interest rates from commercial local banks offering SBA and conventional financing. The largest recent deal in the market is SigSauer’s lease of a 206,000-square-foot facility at The Pease International Tradeport. The Exeter, New Hampshire-based company is making a substantial investment in building upgrades and new equipment before moving in. Rochester, New Hampshire, was successful in attracting a new 343,000-square-foot project at The Granite State Business Park. The building is a joint project between Albany Engineered Composites and Safran, a French aerospace company. The building will be located on a 50-acre parcel and will employ approximately 400 workers. Westinghouse is expanding from its existing base in Newington to an 80,000-square-foot building at the nearby Pease International Tradeport. The company has signed a lease at this high-bay building and is completing renovations before moving …

September 7, 2012

Multifamily Northeast

ART & DESIGN BUILDING TRADES FOR $31.5M

by admin September 6, 2012

NEW YORK CITY — Marcus & Millichap has arranged the $31.5 million sale of the Art & Design Building at 1059 Third Ave. in Manhattan. The price translates to $1,146 per square foot, setting a new record for East Midtown commercial real estate, according to a statement. The buyer plans to demolish the 22,250-square-foot office, showroom and retail building and develop the property into high-end condominiums. The property is located near Trump Plaza, Bloomingdale's and the Bloomberg Building. Tanya Siegel and Kailin Zhu of Marcus & Millichap represented the seller in the transaction. Massey Knakal represented the buyer.

September 6, 2012

Civic Northeast

SKANSKA TO CONSTRUCT NEW ELEMENTARY SCHOOL IN ANDOVER

by admin September 6, 2012

ANDOVER, MASS. — Skanska is constructing Bancroft Elementary School, a public school for the town of Andover. The project includes a new 106,486-square-foot building adjacent to the existing Bancroft Elementary School, which first opened in 1969. The new building will accommodate 680 students and will include classrooms, administrative space, a library, gymnasium and cafeteria. Crews plan to demolish the exisiting 65,000-square-foot elementary school. The town of Andover is seeking LEED Silver certification for the school. The project will be built in three phases and is scheduled for completion in November 2014. Symmes Maini & McKee Associates is the architect and Dore & Whittier is the project manager.

September 6, 2012

Multifamily Northeast

GFI ARRANGES $8.3M SALE OF SUNSET PARK MIXED-USE BUILDING

by admin September 6, 2012

NEW YORK CITY — GFI Realty Services has arranged the $8.3 million sale of 4112 4th Ave., a mixed-use building in Brooklyn. The 43,280-square-foot building contains 57 apartments and seven stores. The building is centrally located to the Gowanus Expressway as well as the D, N and R subway lines. Erik Yankelovich of GFI Realty Services represented the buyer, a local family, in the transaction. Joseph Landau of GFI represented the sellers, a partnership of local investors.

September 6, 2012

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