Northeast

KISLAK COMPLETES TWO PA. APARTMENT. SALES FOR $10.68 MILLION

by admin June 8, 2010

HARRISBURG AND READING, PA. — The Kislak Company has completed the sales of two Pennsylvania apartment buildings for a total of $10.68 million. The first transaction involved the $7.03 million sale of Walnut Crossing, a 134-unit, garden-style property located in Harrisburg. The property was 92 percent occupied at closing. The buyer assumed an existing $5.1 million mortgage from Freddie Mac. The second transaction involved the $3.65 million sale of Berkshire Towers, a 90-unit, high-rise building located in Reading. The property was 95 percent occupied at closing. Acquisition financing for this deal was provided by PNC Wealth Management. Robert Holland of The Kislak Company represented both parties in each transaction.

June 8, 2010

BROOKSIDE APARTMENTS TRADES FOR $6.2 MILLION

by admin June 8, 2010

BRISTOL, CONN. — Brookside Apartments, a 78-unit apartment property located in Bristol, has been sold in a $6.2 million deal. Built in 1961 and extensively remodeled in 2003, the community contains 12 one-bedroom units, 41 two-bedroom units and 25 three-bedroom units. Residences range in size from 750 to 1,350 square feet. Rick Chozick of Chozick Realty represented the seller, CT Bristol Limited. Bartram & Cochran represented the buyer, Bristol Brookside LLC.

June 8, 2010

Multifamily Northeast

UMH PURCHASES TWO MANUFACTURED HOUSING PROPERTIES FOR $13.2 MILLION

by admin June 8, 2010

SOMERSET AND GREENSBURG, PA. — UMH Properties has acquired two Pennsylvania manufactured housing communities for a total of $13.2 million. The first community, Sunny Acres, is a 53-acre, 207-site property located in Somerset. The second property is Suburban Estates, a 35-acre, 200-site property located in Greensburg. The seller's name was not released.

June 8, 2010

Industrial Northeast

FIVE BELOW EXPANDS LEASE TO 421,000 SQUARE FEET

by admin June 7, 2010

NEW CASTLE, DEL. — Five Below has expanded its lease at Twin Spans Business Park in New Castle. The retailer will expand from 214,000 square feet to occupy all 421,000 square feet of 350 Anchor Mill Road. Harvey, Hanna & Associates negotiating the deal.

June 7, 2010

Multifamily Northeast

LANDMARK ARRANGES $6M MULTIFAMILY CONSTRUCTION LOAN IN BROOKLYN

by admin June 7, 2010

NEW YORK CITY — Landmark Realty Capital has arranged a $6 million first mortgage to finance the completion of a Brooklyn multifamily building. The project, located at 104-110 Broadway in the borough's Williamsburg neighborhood, consists of a seven-story building with 40 residences and two commercial units. The borrower, IB Broadway LLC, was represented by Landmark's John Chiappetta.

June 7, 2010

Northeast Retail

HAMPSHIRE SELLS AUTOZONE IN NEWARK

by admin June 7, 2010

NEWARK, N.J. — The Hampshire Companies has disposed of a 6,705-square-foot retail building in Newark that is leased to AutoZone. The building is located at 300-344 Broad St., within close proximity to the Garden State Parkway and interstates 78 and 280. The buyer was Meadowlands Restaurant Inc.

June 7, 2010

Northeast Retail

WAMPANOAG PLAZA SELLS

by admin June 4, 2010

EAST PROVIDENCE, R.I. — A joint venture led by USAA Real Estate Co. has acquired Wampanoag Plaza, a 225,610-square-foot shopping center in East Providence. Situated at the intersection of routes 44 and 1A, the property was built in 1970 and renovated last year. Its anchors include a 65,000-square-foot Stop & Shop, a 37,000-square-foot Savers and a 30,000-square-foot Marshalls. Additional tenants include Payhalf, Dollar Tree, NAPA Auto Parts and Payless Shoesource. Occupancy was 97 percent at the time of closing. The seller was New York-based Emmes Asset Management Co. Keypoint Partners will assume property management responsibilities.

June 4, 2010

Multifamily Northeast

NAI HUNNEMAN BROKERS $5.22 MILLION BOSTON APARTMENT SALE

by admin June 4, 2010

BOSTON — NAI Hunneman has brokered the sale of a 21-unit apartment building in Boston's Fenway neighborhood for $5.22 million. The price per unit of approximately $248,571 represents a new high for a multifamily property in the Fenway area. Robert Tito, Dan McGee and Gina Barroso, all of NAI Hunneman, represented the seller, 227 Park Drive LLC, and procured the undisclosed buyer. Located at 227 Park Drive, the brick building was constructed in 1920 and renovated in 2005.

June 4, 2010

Northeast Office

LONZA HOPKINTON PORTFOLIO REFINANCED IN MASS.

by admin June 4, 2010

HOPKINTON, MASS. — Colliers Meredith & Grew has arranged an $8.5 million loan for the refinancing of an office/R&D portfolio located in Hopkinton. The portfolio comprises four buildings located at 97, 99, 103-105 and 107-109 South St. Its 173,917 square feet of space is fully leased, with pharmaceutical company Lonza Hopkinton occupying a majority of it. The loan carries an 8-year term and a fixed interest rate. Genworth Financial was the borrower and Southfield Properties I, II and III LLC was the borrower. John Broderick of Colliers' Capital Market Group facilitated the transaction.

June 4, 2010

Multifamily Northeast

BERKADIA ORIGINATES $88.45 MILLION REFINANCING OF PARKHILL APARTMENTS

by admin June 3, 2010

NEW YORK CITY — Berkadia Commercial Mortgage has originated $88.45 million in Freddie Mac funds for the refinancing and recapitalization of Parkhill in the New York City borough of Staten Island. Parkhill Apartments is a Section 8 community located at 140-280 Parkhill Ave. It consists of eight six-story buildings on 21 acres. There are 1,121 units in the community, with rents that average $1,200 per month. The loan carries a 10-year term and a 30-year amortization schedule. It also includes earn-out provisions and a subordinate HUD second mortgage. John DiCrocco of Berkadia's New York City office originated the loan on behalf of affiliates of Delshah Capital.

June 3, 2010

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