Northeast

123 SOUTH BROAD STREET REFINANCED IN PHILADELPHIA

by admin January 7, 2011

PHILADELPHIA — A joint venture between SSH Real Estate Group and Young Capital has refinanced its condominium interest at 123 South Broad Street, an 880,000-square-foot office building located in Philadelphia. The condo, known as Unit II, consists of floors six through 30 and totals approximately 620,000 square feet. The loan carries a 10-year term and a fixed interest rate. Matthew Pestronk of The Ackerman-Ziff Real Estate Group arranged the loan on behalf of the owners through Citigroup Global Markets Realty Corp. The loan will be contributed to an $876.5 million CMBS offering.

January 7, 2011

LINEAR PURCHASE BOSTON CONVENIENCE STORE FOR $4.1 MILLION

by admin January 7, 2011

BOSTON — Linear Retail Properties has acquired a single-story convenience store located at 62-66 Charles St. in Boston's Beacon Hill neighborhood for $4.1 million. The property was formerly a 7-Eleven before being converted into an independently run store names Charles Street Market. Adam Conviser of Dedham, Mass.-based Conviser Property Group represented the seller, 7-Eleven, and procured Linear.

January 7, 2011

Mixed-Use Northeast

PRINCETON FORRESTAL VILLAGE TRADES FOR $55 MILLION

by admin January 6, 2011

PRINCETON, N.J. — CB Richard Ellis (CBRE) has brokered the sale of Princeton Forrestal Village, a 549,337-square-foot mixed-use project located in Princeton, for $55 million. The property consists of 10 freestanding office, retail and restaurant buildings situated over 42 acres. The property contains several outdoor amenities including pedestrian bridges, fountains, tree-lined streets, courtyards and gardens. It also contains three upscale restaurants, a 60,000-square-foot fitness center, a 12,700-square-foot food court and a day care center. It was originally built in 1987 and renovated in 2007. Jeffrey Dunne, Kevin Welsh and David Gavin of CBRE's New York Institutional Group represented the seller, PF Village LLC, and procured the buyer, an entity controlled by Investcorp International.

January 6, 2011

Northeast Retail

MARCUS & MILLICHAP BROKERS $9.36 MILLION WALGREENS SALE IN BOSTON

by admin January 6, 2011

BOSTON — Marcus & Millichap has brokered the sale of a Boston Walgreens pharmacy for $9.36 million. The 14,827-square-foot building is located at 465 Cambridge St. Walgreens' current lease has 23.5 years remaining on its base term with 50 one-year options. Robert Horvath and Todd Tremblay of Marcus & Millichap represented the seller, Stone Lion Allston LLC, as well as the buyer, GFL Group LLC. The property traded at a 7.21 percent cap rate.

January 6, 2011

Multifamily Northeast

MOUNT VERNON CO. ACQUIRES TWO BOSTON APT BUILDINGS FOR $4.8 MILLION

by admin January 6, 2011

BOSTON — Boston Realty Advisors has brokered the sale of two residential buildings located in Boston's Beacon Hill neighborhood for $4.8 million. The first property contains 12 units and is located at 86 Charles St.; the second contains eight units, two of which have been combined into a retail space, and is located at 120 Charles St. The buyer was The Mount Vernon Company.

January 6, 2011

Multifamily Northeast

CENTERLINE CLOSES FOUR LOANS TOTALING $57 MILLION

by admin January 6, 2011

NEW YORK CITY — New York City-based Centerline Capital Group has arranged four multifamily loans for a total of $57 million. A $26.4 million loan was secured for Sandpiper Apartments in Salt Lake City. An $18.2 million loan was secured for Governor's Square in Sacramentio, Calif. A $6.5 million loan was secured for La Serena Apartments in Tempe, Ariz. Finally, a $6.4 million loan was secured for Bollinger Crest in San Ramon, Calif. Freddie Mac was the lender in all four deals. Centerline's Robert Fanto led the team that arranged the Tempe deal. A team led by Centerline's Richard Olrich arranged the other three loans.

January 6, 2011

Industrial Northeast

CONSTRUCTION BEGINS FOR NAVY YARD COMMERCE CENTER

by admin January 5, 2011

PHILADELPHIA — Liberty Property Trust and Synterra Partners have broken ground for the construction of the new Navy Yard Commerce Center. The first phase of construction will include two flex buildings totaling 103,137 square feet that will be located at 4000 and 4050 S. 26th St. The buildings have been designed to achieve LEED certification. The Fretz Corporation has already signed a lease for 22,391 square feet of space at 4050 South 26th Street. At full build-out, Navy Yard Commerce Center will contain four single-story flex buildings.

January 5, 2011

Hospitality Northeast

HILTON SCRANTON SELLS

by admin January 5, 2011

SCRANTON, PA. — Linchris Hotel Corp. has purchased the Hilton Scranton & Conference Center, a 175-room hotel located in Scranton. The new owner plans to renovate the property and replace the management company. Geoff Davis of HREC Investment Advisors represented the seller, Electric City Hospitality. The acquisition price was not disclosed.

January 5, 2011

Multifamily Northeast

MARCUS & MILLICHAP BROKERS $10.2 MILLION MULTIFAMILY SALE IN CONN.

by admin January 5, 2011

WEST HAVEN, CONN. — Marcus & Millichap has brokered the sale of a high-rise apartment community in West Haven for $10.2 million. Edgewater Tower is a 12-story, waterfront tower that contains 107 units. The one- and two-bedroom residences average 1,150 square feet. Community amenities include a pool with a terrace as well as a two-level parking garage. Steve Witten and Victor Nolletti with Marcus & Millichap's New Haven office were the sole brokers in the transaction between the buyer, Par Edgewater Owner LLC, and the seller, Edgewater Towers Associates.

January 5, 2011

Industrial Northeast

HILLWOOD LEASES 602,500-SQUARE-FOOT WAREHOUSE IN PA.

by admin January 5, 2011

CARLISLE, PA. — Hillwood Investment Properties has leased a logistics/distribution facility it owns in Carlisle. Green Bay, Wis.-based Bay Valley Foods will occupy the entire 602,500-square-foot facility, which is known as Carlisle 44 Trade Center. Constructed in 2007, the building is located on 45.2 acres at 1700 Ritner Highway near the interchange of Interstate 81 and Pennsylvania Turnpike. As part of the tenant improvements, the property will seek LEED certification. Chicago-based Lowenbaum REP and Cushman & Wakefield represented Bay Valley Foods in lease negotiations.

January 5, 2011

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