Northeast

LOVE FUNDING REFINANCES $23.7M PORTFOLIO OF SKILLED NURSING LOANS

by admin September 6, 2012

CHICOPEE, SPRINGFIELD AND WESTFIELD, MASS. — Love Funding has arranged four loans totaling $23.7 million for the refinancing of a skilled nursing facility portfolio in Massachusetts. The properties include Willimansett Center East and Willimansett Center West in Chicopee, Chapin Center in Springfield and Governor's Center in Westfield. The Northeast Health Group Inc., a not-for-profit organization, acquired each of the properties in 1995. The buildings are operated by Airamid Health Management. Joshua Hausfeld of Love Funding secured the fixed-rate, 30-year loans through the U.S. Department of Housing and Urban Development's 232/223(f) loan program.

September 6, 2012

BURLINGTON MANAGEMENT ACQUIRES 18 APARTMENT UNITS

by admin September 6, 2012

CHELSEA, MASS. — Burlington Management has acquired 18 apartment units at 156-160 Park St. an 161-165 Pearl St. in Chelsea for $1.5 million. The apartments are housed in two, three-story rowhouse buildings. The Pearl Street building contains 10,296 square feet and the Park Street building includes 8,966 square feet. Both buildings have separate entrances and on-site washers and dryers. Carl Christie and Dan McGee of NAI Hunneman represented the seller in the transaction. They also procured the buyer.

September 6, 2012

Industrial Northeast

COHEN ASSET ACQUIRES NINE-BUILDING INDUSTRIAL PORTFOLIO

by admin September 5, 2012

SOUTH BRUNSWICK, EDISON, ELIZABETH AND BAYONNE, N.J. — An affiliate of Cohen Asset Management has purchased a nine-building industrial portfolio totaling 2.6 million square feet in northern New Jersey. The portfolio is primarily composed of warehouse and office space in port-centric locations in South Brunswick, Edison, Elizabeth and Bayonne. The buildings are 98 percent leased to a diverse base of tenants. Michael Nachamkin led the HFF team that represented the seller, Avidan Management LLC, in the transaction.

September 5, 2012

Northeast Retail

LUNDGREN HONDA OPENS NEW DEALERSHIP

by admin September 5, 2012

AUBURN, MASS. — The new 56,295-square-foot Lundgren Honda dealearship at 145-163 Washington St. in Auburn has opened. The facility features a showroom, service department with 22 bays, an automotic car wash and four quick-lube service bays. The building also includes a business center with free Wi-Fi, a cafe and children's play center. BKA Architects designed the project and Construction Management & Builders served as the general contractor.

September 5, 2012

Multifamily Northeast

BEECH STREET NEGOTIATES $26.3M ACQUISITION LOAN

by admin September 5, 2012

LINDENWOLD, N.J. — Beech Street Capital has arranged a $26.3 million Freddie Mac loan for the acquisition of The Landings at Pine Lake, a 520-unit apartment complex in Lindenwold. The community is 95 percent occupied and consists of 46, three-story apartment building and a leasing center. The complex is approximately 15 miles southeast of the Philadelphia CBD. Abe Hirsch and Moshe Majeski of Meridian Capital Group originated the fixed-rate, 10-year loan. Azure Partners is the borrower.

September 5, 2012

Northeast Retail

LA FITNESS TO OPEN FIRST RHODE ISLAND LOCATION

by admin September 5, 2012

CRANSTON, R.I. — LA Fitness has chosen Garden City Center as its first Rhode Island location. The sports club will be next to OfficeMax in a two-story, 38,000-square-foot facility that will be designed to resemble a hotel inside. The LA Fitness outlet will replace a closed Borders bookstore at the center, which will be demolished. Construction will begin in January 2013 and the club is expected to open in December 2013 or early 2014. The LA Fitness location will be the second phase of a multimillion dollar expansion and renovation of the shopping center, which Wilder Cos. launched in the spring. Phase I includes a new 20,000-square-foot building linking the center's two sections.

September 5, 2012

Industrial Northeast

DOLLAR GENERAL, PETSMART PURCHASE 197 ACRES AT BERKS PARK 78

by admin September 4, 2012

BETHEL, PA. — Dollar General Corp. and PetSmart will build their first Pennsylvania distribution centers at Berks Park 78 in Bethel. Dollar General acquired 109 acres from Berks County Industrial Development Authority (BCIDA) for $12.5 million, which will accommodate a 906,919-square-foot regional distribution center. Set to open in 2014, the operation will employ 500 people. Jack Shepley of NAI CIR represented Dollar General in the transaction. PetSmart purchased 87.8 acres at Berks Park 78 for $9.7 million. The company will construct an 870,000-square-foot distribution center that can be expanded by 200,800 square feet. The center will also open in 2014 and employ 500 people. Bill Wolf, Tyson Vallenari and Blake Rasmussen of CBRE represented PetSmart in the deal. Jeffrey Williams and Stephen Cooper of Cushman & Wakefield represented BCIDA in the transactions.

September 4, 2012

Industrial Northeast

ECOTECH MARINE INKS WAREHOUSE LEASE IN ALLENTOWN

by admin September 4, 2012

ALLENTOWN, PA. — EcoTech Marine, a company that designs and manufactures reef aquarium equipment, has signed a lease for 35,465 square feet of warehouse space at 999 Postal Road in Allentown. The company plans to use the building for distribution and assembly. Michael Adams of NAI Summit represented the tenant in the transaction.

September 4, 2012

Northeast Retail

ADVANCE AUTO NETS $2.3M IN BARNEGAT

by admin September 4, 2012

BARNEGAT, N.J. — R&R Barnegat has acquired a 6,124-square-foot, single-tenant property at 860 W. Bay Ave. in Barnegat for $2.3 million. The property is occupied by Advance Auto, which has 15 years remaining on its lease. Bob Horvath and Todd Tremblay of Marcus & Millichap procured the buyer in the transaction. Richard Geisenfeld of Capital Commercial Partners represented the seller, Primax Properties LLC.

September 4, 2012

Industrial Northeast

PET SUPPLY DISTRIBUTOR RENEWS LEASE

by admin September 4, 2012

LYNDHURST, N.J. — Machioro USA has renewed its 17,790-square-foot lease at 1050 Valley Brook Ave. in Lyndhurst. The company manufacutures and distributes pet supplies. Louis Tapia of NAI Hanson represented the tenant in the transaction.

September 4, 2012

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