Northeast

400,000 SF FORMER MEDICAL FACILITY SOLD

by admin August 29, 2011

PHILADELPHIA — Howell Acquisition has purchased the former St. Agnes Continuing Care Center, an approximately 400,000-square-foot medical complex at 1930 S. Broad St. in Philadelphia. Howell plans to redevelop the multi-building facility into a mixed-use facility. The property consists of four interconnected buildings, a five-level parking garage and a one-story powerhouse building, all sitting on 3.48 acres. Philadelphia-based Binswanger represented the seller, Mercy Health Systems, in the transaction.

August 29, 2011

NEW SUPERMARKET ANCHOR OPENS IN TOWNLINE SQUARE SHOPPING CENTER

by admin August 29, 2011

MERIDEN, CONN. — BIG Y World Class Market has opened a new location in a 55,000-square-foot retail space in the Townline Square Shopping Center in Meriden. The center’s owner, Urstadt Biddle Properties Inc., a real estate investment trust, and Big Y jointly invested $3 million into the site’s redevelopment, formerly home to another grocery store tenant. The supermarket features a pharmacy, food court, bakery and a floral department, and it has approximately 150 employees. Big Y had previously signed a lease with Urstadt Biddle that extends through 2031.

August 29, 2011

Northeast Office

OFFICE BUILDING IN WOBURN TRADES FOR $1.75M

by admin August 29, 2011

WOBURN, MASS. — Cabot Risk Strategies has purchased a 16,000-square-foot freestanding office building at 15 Cabot Rd. in Woburn for $1.75 million. James Stubblebine and David Stubblebine of The Stubblebine Company/CORFAC International represented the seller, Lumintron, LLC (also known as Agiltron Inc.), while Rob Cronin of Lincoln Properties represented Cabot in the transaction.

August 29, 2011

Mixed-Use Northeast

HUDSON REALTY CAPITAL FUNDS LOAN FOR NYC LOFT BUILDING

by admin August 29, 2011

NEW YORK CITY — Hudson Realty Capital has funded a $5.65 million DPO loan for a 14,000-square-foot mixed-use loft building in New York City’s Tribeca neighborhood. The five-story property is 100 percent occupied, and features 1,200 of retail space and four floor-through residential units. Hudson’s Spencer Garfield arranged the loan for the borrower and the loan will refinance and renovate the property with bathroom retrofits, sprinkler installation, exterior plantings and common area upgrades on the interior. The property was built in 1880 and offers an exterior brick façade and interior wood frames.

August 29, 2011

Northeast

NAI BLUESTONE SECURES $70M FINANCING FOR PENNSYLVANIA, N.J. PROPERTIES

by admin August 26, 2011

PENNSYLVANIA AND NEW JERSEY — NAI Bluestone Real Estate Capital (Bluestone) has closed on five financing transactions totaling $70 million. These include: $21 million in permanent mortgage financing for the Erbe Apartment Complex in Philadelphia. The loan was financed through Bluestone's correspondent relationship with Greystone, a Fannie Mae DUS lender. $20 million for bridge loan for Woodbury Mews, a 228-unit senior housing facility in Woodbury, N.J. $17 million for a redevelopment loan for the Robert Morris Building in Philadelphia on behalf of 806 Capital and Financial Realty Advisors. The financing will be used to convert the office building into 11 upscale apartments. $10 million in equity financing in its relationship with 806 Capital for Center City Northeastern, formerly known as Temple University's Northeastern Hospital. The property is currently being converted into a Class A hospital and medical office facility anchored by Temple University Health Systems. $4.5 million in permanent mortgage financing for Cedar Ridge Apartments in Pittsburgh. The loan was provided through Bluestone's correspondent relationship with Greystone.

August 26, 2011

Industrial Northeast

BINSWANGER NAMED AS EXCLUSIVE AGENTS FOR 495,166 SF INDUSTRIAL FACILITY

by admin August 26, 2011

PITMAN, N.J. — Philadelphia-based Binswanger has been named as the exclusive agent for the sale of a 495,166-square-foot manufacturing/warehouse facility at 400 N. Woodbury Rd. in Pitman. The property sits on 76.14 acres and features masonry and metal panel construction over steel frame, three positive pressure clean rooms, a wet sprinkler system, energy-efficient T5 lighting, 19 dock doors, approximately 35,048 square feet of office space and a full cafeteria.

August 26, 2011

Multifamily Northeast

CHATEAU RIVE APARTMENTS RECEIVES FANNIE MAE REFINANCE LOAN

by admin August 26, 2011

PEEKSKILL, N.Y. — Walker & Dunlop has provided a $6.59 million refinance loan for Chateau Rive Apartments, a 53-unit apartment complex in Peekskill that is 100 percent occupied. The property features a laundry facility, a center courtyard and views of the Hudson River. Patrick Boyle of Walker & Dunlop arranged the financing, while George Stergiopoulos of Cooper Horowitz, Inc. originated the loan. The loan has a 10-year term with a 30-year amortization schedule.

August 26, 2011

Northeast Retail

JOINT VENTURE PURCHASES TIMES SQUARE PROPERTY FOR $136.55M

by admin August 25, 2011

NEW YORK CITY — A joint venture of SL Green and Wharton Acquisitions has purchased a 15,000-square-foot retail property at 1552 Broadway from the Riese Org. for $136.55 million. The property, known as the I. Miller Building, is four stories and houses a four-story TGI Friday’s and two billboard spaces. The Jones Lang LaSalle team of Jon Caplan, Richard Baxter, Ron Cohen and Scott Latham handled the transaction.

August 25, 2011

Industrial Northeast

CLARION PARTNERS ACQUIRES INDUSTRIAL PORTFOLIO FOR $118M

by admin August 25, 2011

NEW YORK CITY — New York City-based Clarion Partners has acquired a 2.8 million-square-foot industrial portfolio from Prologis, Inc. spanning six states for $118 million. The portfolio consists of 13 distribution properties in Columbus, Ohio, Dallas, Indianapolis, Phoenix, Salt Lake City and Tracy, Calif. The Class A properties average 90 percent occupancy.

August 25, 2011

Northeast Office

RECHLER EQUITY SIGNS CONTRACT TO ACQUIRE 200,000 SF OFFICE PROPERTY

by admin August 25, 2011

HAUPPAUGE, N.Y. — Rechler Equity Partners has signed a contract to acquire Standard Microsystems Corp.’s (SMSC) office facility at 80 Arkay Dr. in Hauppauge in an $18 million sale-leaseback transaction. SMSC will lease 120,000 square feet in the facility for a 15-year period. Gregg Rechler and Ted Trias represented Rechler Equity in house, and CB Richard Ellis’ Robert Godfrey represented SMSC. The Class A office property is located in the Hauppauge Business Park and will feature a café, a health club and 24/7 access.

August 25, 2011

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