Northeast

EAGLE MEADOWS COMPLEX IN DELAWARE SELLS FOR $23.2M

by admin September 20, 2011

DOVER, DEL. — New York-based Morgan Eagle Meadows, LLC, has purchased the 298-unit Eagle Meadows, a 352,202-square-foot multifamily complex located at 4666 Carolina Ave. in Dover, for $23.2 million. The complex features a fitness center, walking trails, playgrounds, a lighted basketball court and a fenced dog park. Victor Nolletti and Steve Witten of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, and Michael Early and Mark Thomson of Marcus & Millichap represented the seller, El Paso, Texas-based Hunt Cos., and Noletti, Early and Witten represented Morgan Eagle Meadows.

September 20, 2011

48-UNIT CONDOMINIUM PROJECT IN PALISADES PARK TRADES FOR $10.75M

by admin September 20, 2011

PALISADES PARK, N.J. — Fort Lee, N.J.-based Blumberg & Freilich Equities has purchased a 60,000-square-foot condominium project via a 363B bankruptcy sale from Oritani Bank for $10.75 million. The property consists of 48 units. Helios Capital Advisors represented both parties in the transaction.

September 20, 2011

Northeast Retail

EAGLEBRIDGE CAPITAL ARRANGES $11.6M FOR MASS. RETAIL PROPERTY

by admin September 20, 2011

BROOKLINE, MASS. — Boston-based EagleBridge Capital has arranged $11.6 million in financing for a two-story, 36,350-square-foot retail property located at 1285 Beacon St. in Brookline. The property features a granite facade with two levels of underground parking. The property's tenants include Staples, Bodyscapes, a fitness center and The Meat House. Brian Sheehan and Ted Sidel of EagleBridge arranged the mortgage through a leading commercial real estate fund.

September 20, 2011

Northeast Office

WATCHTOWER PURCHASES 50-ACRE CAMPUS IN N.Y.

by admin September 20, 2011

TUXEDO PARK, N.Y. — Brooklyn-based Watchtower Bible and Tract Society has purchased a 50-acre, 183,000-square-foot research and development campus from the International Paper Co. in Tuxedo Park located at 1422 Long Meadow Rd. for $3.2 million. Watchtower plans to construct its world headquarters at the site. Steve Perfit and Peter Malone of Cushman & Wakefield/Pyramid Brokerage Co. represented the seller, and Goshen, N.Y.-based R.J. Smith Realty represented the buyer.

September 20, 2011

Multifamily Northeast

TERRACRG BROKERS SALE OF THREE NYC BUILDINGS FOR $1.8M

by admin September 20, 2011

NEW YORK CITY — TerraCRG has brokered the sale of three multifamily properties in the Bushwick neighborhood of Brooklyn for a combined $1.8 million. Matthew Cosentino of TerraCRG represented the buyers and sellers in the three separate transactions. The three buildings include: 154 Bleecker Street for $575,000 (6 units) 175 Irving Avenue for $610,000 (5 residential unit, 1 retail unit) 300 Harman Street for $580,000 (6 units)

September 20, 2011

Northeast Office

TIAA-CREF PURCHASES A 600,000 SF OFFICE BUILDING IN BOSTON

by admin September 19, 2011

BOSTON — Teachers Insurance and Annuity Association (TIAA-CREF) has purchased 33 Arch Street, a 33-story, 600,000-square-foot office tower in Boston. The Class A tower is currently 90 percent leased to tenants such as Digitas, The Securities and Exchange Commission and DLA Piper Rudnick. The property is LEED Gold certified and features a 821-space parking garage. AREA Properties Value Enhancement Fund IV and partner Ivanhoe Cambridge were the sellers of 33 Arch Street. Eastdil Secured represented the buyer in the transaction.

September 19, 2011

Northeast

BROADSTONE REIT ACQUIRES SIX NET-LEASED PROPERTIES FOR $16.8M

by admin September 19, 2011

ROCHESTER, N.Y. — Rochester-based Broadstone Net Lease Inc., a real estate investment trust (REIT), has acquired six net-leased properties for a combined price of $16.8 million. All six properties were acquired in sale and lease back transactions. The six properties include: Taco Bell in Ripley, Tenn. 49,000-square-foot Filtration Group Inc. site in York, S.C. 80,171-square-foot Filtration Group Inc. site in St. Joseph, Mo. 85,432-square-foot Cablecraft Motions Control site in Tacoma, Wash. 75,000-square-foot Cablecraft Motions Control site in St. Matthews, S.C. 120,000-square-foot Cablecraft Motions Control site in New Haven, Ind.

September 19, 2011

Northeast Retail

THE SHOPPES AT ADAMS RIDGE SELLS FOR $10M

by admin September 19, 2011

MARS, PA. — The Shoppes at Adams Ridge, a 49,060-square-foot, grocery-anchored shopping center at 300-920 Adams Ridge Rd. in Mars, has been sold for $10 million. McGinnis Sisters, a specialty grocery store, anchors the center. Steven Siegel of Marcus & Millichap's Manhattan office represented the undisclosed seller, while Erin Patton, Scott Wiles and Craig Fuller represented the undisclosed buyer. Tenants in the shopping center include Dairy Queen, Citizens Bank, McGinnis, Great Clips, Pizza Hut, Stonepepper's Grill and Verizon Wireless.

September 19, 2011

Mixed-Use Northeast

NORTHMARQ ARRANGES $3.7M MORTGAGE FOR NYC MIXED-USE PROPERTY

by admin September 19, 2011

NEW YORK CITY — NorthMarq Capital has arranged $3.7 million in first mortgage financing for 340 E. 86th St. in New York City, a mixed-use development consisting of 15 residential units and a ground floor retail space. Robert Ranieri of NorthMarq's Capital Services East Group arranged the financing based on a 30-year term and a 30-year amortization schedule for the borrower, Davenport Realty, through AmeriSphere Multifamily Finance.

September 19, 2011

Northeast

THE ARKER COMPANIES BREAKS GROUND ON MULTIFAMILY PROPERTIES IN QUEENS

by admin September 16, 2011

NEW YORK CITY — The Arker Companies, an affordable housing developer, has broken ground on two properties totaling 182 units in the Richmond Hills neighborhood in Queens in New York City. The projects are the 65-unit Richmond Hill Senior Living Residences and the 117-unit Richmond Place. Richmond Hill Senior Living Residences is a six-story, 62,500-square-foot property that will provide housing options for elderly residents with incomes below 60 percent of the area's median income. The project is being financed through 9 percent low-income housing credits and state low-income housing credits, which Bank of America will be collectively purchasing for $16.7 million. Bank of America is also providing a construction loan that will go toward the $20 million development cost. Richmond Place, a seven-story, 136,300-square-foot project, will include 13 studios, 28 one-bedrooms, 68 two-bedrooms and seven three-bedrooms. One-fifth of Richmond Place's units will be reserved for the homeless. Housing Development Corp. will issue $17.5 million in tax-exempt bonds for construction financing.

September 16, 2011

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