Northeast

OCEAN 11 PLANS TO RENAME, UPGRADE 5-STORY NEW YORK OFFICE

by admin January 31, 2012

FARMINGVILLE, N.Y. — Medford-based Ocean 11 Realty purchased the 50,000-square-foot former headquarters of Teachers Federal Credit Union (TFCU) in Farmingville for $4.6 million. The five-story office building is located at 2410 N. Ocean. The building will be renamed as the Heron Professional Center and will undergo an upgrade. Ocean 11 plans to make one floor available for leasing and market the remaining floors through an office-condominium offering. Hauppauge-based Corporate Realty Services represented TFCU in the sale. Paul Elliott of Medford-based Soundview Realty Group represented Ocean 11.

January 31, 2012

GAS COMPANY EXPANDS U.S. HEADQUARTERS

by admin January 31, 2012

BASKING RIDGE, N.J. — Matheson Tri-Gas, a specialty and industrial gas producer, has expanded its U.S. headquarters and signed an 11-year lease extension in Basking Ridge. The company expanded its lease by 10,000 square feet, for a total of 33,000 square feet, at 150 Allen Rd. Brian Lynch and Peter Rasmusson of Lee & Associates represented the tenant in the transaction. The building's owner, the Silverman Group, was represented in-house by Toby Nelson.

January 31, 2012

Multifamily Northeast

NYC APARTMENT PROPERTY SELLS FOR $3.8 MILLION

by admin January 31, 2012

NEW YORK CITY — The Alcazar, a 26-unit apartment property at 15 Wadsworth Ave. in New York City, has sold for $3.8 million. Peter Von Der Ahe, Scott Edelstein and Sean Lefkovits of Marcus & Millichap's Manhattan office represented the seller, a limited liability company. They also secured the buyer, a limited liability company.

January 31, 2012

Northeast Office

TEEN RETAILER LEASES CORPORATE HEADQUARTERS IN PHILLY

by admin January 31, 2012

PHILADELPHIA — Retailer Five Below has signed a new 34,500-square-foot, 10-year office lease at 1818 Market St. in Philadelphia. The location will serve as the company's new corporate headquarters. Five Below merchandise is geared to the teen and pre-teen markets. The lease includes an option to expand to a total of 60,000 square feet on two floors. With the addition, 1818 Market is 83 percent leased. The landlord is Daymark Realty Advisors.

January 31, 2012

Multifamily Northeast

WALKER SECURES $163.8M IN FINANCING FOR FOUR CONNECTICUT PROPERTIES

by admin January 30, 2012

BETHESDA, MD. — Bethesda-based Walker & Dunlop has secured $163.8 million in Freddie Mac financing for four multifamily properties in Connecticut on behalf of Principal Management Partners. The 349-unit Hoyt Bedford Apartments and 238-unit Morgan Manor Apartments are located in Stamford; Seramonte Apartments, 450 units, are located in Hamden; and Montoya Apartments, 133 units, are located in Branford. The loans each carry a 7-year term with 2 years interest-only and a 30-year amortization schedule.

January 30, 2012

Northeast Office

RENOVATION UNDERWAY AT HISTORIC BOSTON HIGH-RISE

by admin January 30, 2012

BOSTON — Suffolk Construction will oversee the 12-month renovation of 185 Franklin St., a historic high-rise office building in Boston's Financial District. The building has been rebranded 50 Post Office Square. Plans for the project call for renovations to the building's lobby, commercial space and common areas and 110 new underground parking spaces. Suffolk is currently developing the first phase of construction, which includes the addition of 21,000 square feet of street-level retail space. The two-phase project is slated for completion in 2013.

January 30, 2012

Northeast Office

SUBURBAN OFFICE TOWER FETCHES $70M IN PENNSYLVANIA

by admin January 30, 2012

WEST CONSHOHOCKEN, PA. —Five Tower Bridge, one of Philadelphia's premier suburban office towers, has sold for a reported $70 million to MIM-Hayden Real Estate Funds. MIM is a partnership between Conshohocken-based Miller Investment Management and Hayden Real Estate Investments, and David Cos. of Boston. The 222,000-square-foot tower was built by Oliver Pulver Tyrone in 2001 and is located at 300 Barr Harbor Dr. in West Conshohocken. The building is fully occupied. KBS Realty Advisors of Newport Beach, Calif. was the seller.

January 30, 2012

Northeast Retail

ARMY TRANSFERS ADMIRAL'S ROW TO NYC, PAVES WAY FOR RETAIL CONSTRUCTION

by admin January 30, 2012

NEW YORK CITY — The final hurdle has been cleared for the construction of a 74,000-square-foot supermarket and 79,000-square-foot retail center at the Brooklyn Navy Yard. The U.S. Army has agreed to transfer the navy yard's six-acre Admirals Row site to New York City. The city plans to turn the property over to Brooklyn Navy Yard Development Corp. for redevelopment. Plans for the project also include new industrial space and the rehabilitation of long-neglected buildings. The historic timber shed and residential home, will be used for retail or office space. The project will break ground this year.

January 30, 2012

Northeast Retail

G.S. WILCOX SECURES $6M IN FINANCING FOR NEW JERSEY'S WATCHUNG COMMONS

by admin January 30, 2012

WATCHUNG, N.J. — G.S. Wilcox & Co. has arranged $6 million in financing for Watchung Commons, a 32,696-square-foot, multi-tenanted retail building in Watchung. The borrower will use the 10-year loan to recoup construction costs for upgrading the property and adding Party City as its largest tenant.

January 30, 2012

Multifamily Northeast

BEECH STREET ARRANGES $17.8M LOAN TO ACQUIRE SIX-BUILDING APARTMENT COMPLEX

by admin January 27, 2012

ASHLAND, MASS. — Beech Street has provided a $17.8 million Fannie Mae loan for the acquisition of Chestnut Place Apartments, a six-building, 207-unit complex in Ashland. Chestnut Place was built in 1970. In the last year, property improvements have included new roofs, landscaping upgrades and a resurfaced parking area. The 10-year loan has an initial 2.5-year interest-only period followed by a 30-year amortization schedule. Mike Edelman of Beech Street originated the transaction.

January 27, 2012

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