Despite an economic recovery that is characterized on a national level as listless and lacking vitality, a rising national unemployment rate and apparent challenges in distancing ourselves from the debt crisis, the commercial real estate market in Massachusetts has begun to pick up steam. Market indicators for the Greater Boston market continue to improve, albeit slowly, especially in the high growth sectors such as the pharmaceutical and biotechnology industries. Employment in the Boston Metropolitan Statistical Area (MSA) grew by 2.1 percent in the 12 months from August 2010 to August 2011. New jobs dropped unemployment to 6.4 percent from 7.5 percent a year earlier, compared with Massachusetts’ unemployment of 7 percent and the national unemployment of 9.1 percent as of August 2011. The leading non-farm payroll jobs in the Boston MSA are education and health services, trade transportation and utilities and professional and business services, according to the U.S. Department of Labor’s Bureau of Labor Statistics. The overall Boston industrial market ended mid-year 2011 with a vacancy rate of 11.2 percent. The vacancy rate was down from earlier in the year with net absorption equating to positive 1.72 million square feet in the quarter. From mid-2010 to mid-2011, net absorption …
KING OF PRUSSIA, PA. — Morgan Properties has acquired the 192-unit Abrams Run Apartments in King of Prussia for $31.4 million. The property consists of 48 one-bedroom and 144 two-bedroom Class A apartments, with an average of 1,055 square feet. Amenities include a fitness center, tennis and basketball courts and community courtyards. Terms of the sale were undisclosed.
NEW YORK — Delshah Capital has purchased 101 W. 126th St. in New York through a New York State Bankruptcy Court ordered sale for $11.2 million. In 2010, a DelShah affiliate purchased the non-performing senior mortgage note for the 32-unit apartment building with a ground-floor commercial space. DelShah was poised to purchase the property in May 2011 when the debtor declared bankruptcy. Delshah was able to reach an agreement with the debtor and junior creditors, resolve the bankruptcy and take the title in only 9 months.
BOSTON — Heath Properties has purchased 17 Bow St., a former church converted into a 17-unit apartment complex in Boston, for $3.4 million. The property was converted into a residential building in 1990 and includes studio, one- and two-bedroom units. Robert Tito and Dan McGee of NAI Hunneman represented the seller, Abbey Place Realty Trust, in the deal. They also procured the buyer.
SPARTA, N.J. — Hance Construction has completed renovation of the New Station Park Recreation Complex, a 12,150-square-foot, multi-building facility at 38 Station Rd. The Sparta Police Athletic League has signed a long-term lease with property owner Dermody Associates for two of the spaces in the four-building complex. The project is located on a former industrial site, which has been vacant for more than 20 years. The buildings leased by the athletic league include an indoor basketball facility and office and meeting space.
BOSTON — Beacon Hill Apts LLC has purchased two apartment buildings in Boston's Beacon Hill for an undisclosed amount. The buildings are located at 88 W. Cedar and 24 Joy St. Christopher Sower and Jason Weissman of Boston Realty Advisors represented the seller, Joy Boston LLC/88 West Cedar LLC in the transaction. The buyer was self-represented. East Boston Savings Bank provided the long-term financing.
HACKENSACK, N.J. — Hackensack Associates has acquired Franklin Garden Apartments, a 45-unit apartment property in Hackensack for $4.8 million. Thomas McConnell and Kevin McCrann of Marcus & Millichap's New Jersey office represented the seller, Franklin Apartments LLC. They also secured the buyer.
BOSTON — The Parthenon Group, a Boston-based strategic advisory firm, has signed a 46,000-square-foot lease at 50 Rowes Wharf in Boston. The firm will occupy floors five and six in the building, which is owned by Equity Office Properties. Bill Barrack and Ben Heller of Jones Lang LaSalle represented the tenant in the transaction. The Parthenon Group plans to move from its current location at 200 State St. to its new space in early 2013.
SOMERVILLE, MASS. —Fantini & Gorga has originated $2.7 million in first mortgage financing for a mixed-use building in Somerville. A Boston-area investor acquired the fully leased property for $3.5 million. The building includes 15 apartment units and 4 street-level rental units. Keith Wentzel of Fantini & Gorga arranged the loan through a Boston area community bank.
NEW YORK CITY — A Manhattan-based investor has purchased 140-144 W. 28th St. in Chelsea, a 7,500-square-foot parcel currently serving as a parking lot. The sales price was $20.5 million. Barbara Dansker and Shlomo Manne of Marcus & Millichap's Manhattan office represented the buyer. They also represented the seller, West 28th St. Partners LLC.