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Northeast

150-Minuteman-Road-Andover-Massachusetts
AcquisitionsMassachusettsNortheastOffice

Newmark Brokers Sale of 112,418 SF Office, Life Sciences Building in Andover, Massachusetts

by Taylor Williams

ANDOVER, MASS. — Newmark has brokered the sale of 150 Minuteman Road, a 112,148-square-foot office and life sciences building in the northern Boston suburb of Andover. The building is one of six within the 1 million-square-foot Minuteman Park campus and was fully leased at the time of sale to global medical technology company Smith + Nephew. Institutional investment firm BentallGreenOak (BGO) sold the building to Optimum Asset Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark brokered the deal.

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ConnecticutLeasing ActivityNortheastOffice

Cushman & Wakefield Negotiates 22,000 SF Office Lease in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — Cushman & Wakefield has negotiated a 22,000-square-foot office lease in the southern coastal Connecticut community of Wilton. The tenant is Strong Start Early Care and Education, and the space is located within the freshly renovated building at 187 Danbury Road. Adam Klimek and Steve Baker of Cushman & Wakefield represented the landlord, Time Equities Inc., in the lease negotiations. The representative of the tenant was not disclosed.

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Leasing ActivityNew YorkNortheastOffice

Treville Capital Group Signs 18,412 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Treville Capital Group has signed a 10-year, 18,412-square-foot office lease in Midtown Manhattan. The investment and financial services firm is relocating from 437 Madison Avenue to the eighth floor of 477 Madison Avenue, a 24-story building that recently underwent a capital improvement program. Peter Michailidis of JLL represented the tenant in the lease negotiations. Arkady Smolyansky and Alex D’Amario of CBRE represented the landlord, RFR.

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Hazlet-Town-Center
AcquisitionsNew JerseyNortheastRetail

CBRE Negotiates $44M Sale of Shopping Center in Hazlet, New Jersey

by Taylor Williams

HAZLET, N.J. — CBRE has negotiated the $44 million sale of a 190,000-square-foot shopping center in Hazlet, about 40 miles south of New York City. German discount grocer Aldi anchors Hazlet Town Center, which is also home to tenants such as Burlington, Urban Air Adventure Park and Wawa, although the latter tenant’s outparcel building was not included in the sale. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, an affiliate of Onyx Equities, in the transaction. An entity doing business as LJL Realty purchased Hazlet Town Center, which was approximately 90 percent leased at the time of sale, via a 1031 exchange.

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LoansMassachusettsNortheastOfficeRetail

Colliers Arranges $34.3M Loan for Refinancing of Historic Buildings in Boston Seaport District

by Taylor Williams

BOSTON — Colliers has arranged a $34.3 million loan for the refinancing of the Custom House Block and Gardiner Building at Long Wharf, a pair of historic buildings totaling 83,824 square feet in Boston’s Seaport District. The Custom House Block was originally completed in 1848 and totals 74,783 square feet, while the 9,041-square-foot Gardiner Building was originally constructed in 1760 and once functioned as John Hancock’s counting house. Today, both buildings house office and retail uses and were 94 percent occupied at the time of the loan closing. Patrick Boyle and Kevin Phelan of Colliers arranged the fixed-rate loan through Grant Street Funding on behalf of the owner, Capital Street Properties, which completed the adaptive reuse of the buildings in 2021.

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AcquisitionsMixed-UseNew YorkNortheast

Marcus & Millichap Brokers $4.8M Sale of Mixed-Use Building in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $4.8 million sale of a mixed-use building in Lower Manhattan. The building at 47 Bayard St. in Chinatown was originally constructed in 1910 and consists of a ground-floor retail space occupied by Nice One Bakery, two residential units and four commercial units across the second and third floors. Matt Fotis, Michael Weinstein and Colton Traynham of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction. 

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

TCB Breaks Ground on 43-Unit Affordable Housing Project in Truro, Massachusetts

by Taylor Williams

TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located on Cape Cod. The majority (39) of residences will be restricted to households earning between 30 and 100 percent of the area median income, and the other four will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the Town of Truro.

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Leasing ActivityNortheastPennsylvaniaRetail

Fine Wine & Good Spirits Opens 4,300 SF Store at Schuylkill Yards in Philadelphia

by Taylor Williams

PHILADELPHIA — Fine Wine & Good Spirits has opened an approximately 4,300-square-foot store at Schuylkill Yards, a mixed-use development in the University City area of Philadelphia. The store at 315 Market St. is the company’s 48th in Philadelphia. Tim Arizin and Larry Steinberg from Colliers represented the tenant in the lease negotiations. Brandywine Realty Trust owns Schuylkill Yards.

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Ann Atkinson Regions Real Estate Capital Markets quote from article
Affordable HousingContent PartnerFeaturesLoansMidwestMultifamilyNortheastRegions Real Estate Capital MarketsSoutheastTexasWestern

Looking to Finance Your Multifamily Property? Compare Fannie Mae, Freddie Mac Small Balance Loan Options

by Sarah Daniels

By Ann Atkinson, Regions Real Estate Capital Markets Finance options for owner/operators of multifamily properties are consistently available via Fannie Mae and Freddie Mac. Both government-sponsored entities (GSEs), are governed by the Federal Housing Finance Agency (FHFA) and share a clear mission to support the health of the country’s housing market and its existing multifamily supply by providing financing options to borrowers. Loans Accessible for Affordable, Workforce Properties The support provided by both Fannie Mae and Freddie Mac to multifamily housing notably extends beyond market-rate rental properties, with both agencies dedicated to the availability of affordable and workforce housing units to low-income renters. Thus, Fannie Mae and Freddie Mac offer good loan options to consider for owner/operators active in these multifamily subsets. Let’s compare their offerings specific to small balance loans, as these are often the appropriate solutions for this range of multifamily properties. Both Fannie Mae and Freddie Mac programs offer financing for the acquisition or refinance of stabilized multifamily properties. The properties must include five or more residential units and be stabilized. The agencies define stabilized as 90 percent occupancy for 90 days.  In addition, both programs offer the following product features for small loans:     Let’s now …

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Silver-Spring-Logistics-Park
DevelopmentIndustrialNortheastPennsylvania

Rockefeller Group, MBK Real Estate to Develop 2 MSF Industrial Park in Silver Spring, Pennsylvania

by Taylor Williams

SILVER SPRING, PA. — A joint venture between New York City-based Rockefeller Group and MBK Real Estate, a subsidiary of Japanese conglomerate Mitsui & Co., will develop a 2 million-square-foot industrial park in Silver Spring, located just west of Harrisburg. Silver Spring Logistics Park will be situated on a 182-acre site that is located about three miles from I-81 and is part of the former 451-acre Hempt Farm. The development will consist of three buildings that will total 892,620, 803,520 and 318,060 square feet and will feature clear heights of 40 feet and 185-foot truck court depths. The two larger buildings will have cross-dock configurations. CBRE has been tapped as the leasing agent and also brokered the land deal on behalf of the seller, HSS Investors LLC. Other project partners include Margulies Hoelzli Architecture, civil engineer Alpha Consulting and general contractor Penntex Construction.

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