Northeast

MARCUS & MILLICHAP NEGOTIATES BUSINESS CENTER SALE IN MASS.

by admin February 23, 2010

LEOMINSTER, MASS. — Marcus & Millichap has negotiated the sale of Leominster Business Center in Leominster for $2.02 million. The property is situated at 34 Central St.; it consists of the 1,017-unit Easy In Self Storage as well as 68,000 square feet of multi-tenant office and commercial space. Harvey Miller and Mike Mele of Marcus & Millichap's Self Storage Group, along with Robert Horvath and Todd Tremblay of the firm's Boston office, represented the seller, Phillip Rahaim of Leominster Business Center Inc., at the property's bankruptcy auction. Mele and Miller also procured the buyer, Sanford, Maine-based Arenhall Corp.

February 23, 2010

MASSEY KNAKAL COMPLETES $8.1 MILLION MULTIFAMILY SALE

by admin February 22, 2010

NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a two-building multifamily property located at 16-18 N. Moore St. in the Tribeca neighborhood of Manhattan, New York City, for $8.1 million. The unit mix consists of eight two-bedroom units, seven one-bedroom units and three studios. The ground floors of the buildings are interconnected and occupied by Walkers Grill and Bar. Nick Petkoff and Robert Knakal of Massey Knakal negotiated the transaction.

February 22, 2010

Multifamily Northeast

NORTHMARQ ARRANGES TWO LOANS TOTALING $6.61 MILLION

by admin February 22, 2010

CORTLAND AND NEW YORK, N.Y. — NorthMarq Capital has arranged two New York multifamily loans for a total of $6.61 million. In the first transaction, Scott DeVinney of NorthMarq's Upstate New York office secured $3.61 million in first-mortgage financing for Village Terrace Apartments, a 96-unit property located in Cortland. The loan carries a 10-year term and a 25-year amortization schedule. The borrower is undisclosed, and the lender is a federal credit union. In the second transaction, Craig Bjornsund of NorthMarq's New York Metro office arranged $3 million in first-mortgage financing for a retail and residential property located at 45 W. 55th St. in New York City. The property includes 7,835 square feet of retail space and 11 residential units. The loan carries a 3-year term and a 25-year amortization schedule. The borrower was Double E Realty, and the lender was Sun Life of Canada.

February 22, 2010

Mixed-Use Northeast

MARCUS & MILLICHAP BROKERS SALE OF TWO NEW JERSEY BUILDINGS

by admin February 20, 2010

HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of two mixed-use buildings located on Boulevard in Hasbrouck Heights. The two buildings contain a total of six apartments, four office spaces and four retail spaces. One of the buildings is fully occupied, and the other is 25 percent occupied. David Thurston and Brian Schifilliti of Marcus & Millichap's New Jersey office represented the seller, a local private investor. Thurston also secured the buyer, an undisclosed national investor.

February 20, 2010

Hospitality Northeast

ING CLARION ACQUIRES SEA CREST RESORT

by admin February 19, 2010

FALMOUTH, MASS. — An investment fund managed by ING Clarion Partners has acquired Sea Crest Resort & Conference Center, a 23-acre, 266-room, oceanside resort located in Falmouth. The new owners plan to complete extensive, multi-phase renovations to the property. Guestrooms, conference facilities, the lobby and the landscaping will be upgraded. Longer-term plans call for the construction of a sports pub, a soda fountain and carry-out food area, and a poolside bar as well as the renovation of the resort's outdoor swimming pool. The first phase of renovations will be complete by June, with the entire renovation complete by June 2011. The seller's name and the acquisition price were not disclosed.

February 19, 2010

Industrial Northeast

NAI JAMES HANSON COMPLETES 44,000-SQUARE-FOOT FLEX SALE

by admin February 19, 2010

BERGENFIELD, N.J. — NAI James E. Hanson has completed the sale of a 44,000-square-foot flex building located at 33 New Bridge Road in Bergenfield. Situated on 1.4 acres, the property includes showroom, warehouse and office space. Amenities include 18-foot clear ceiling heights, six tailgates, eight drive-in doors and 35 car parking spaces. Jon Stravitz and Russell Verducci of NAI Hanson represented the seller, 33 New Bridge Properties LLC. The buyer is 456 Washington LLC, a jewelry wholesaler that plans to take occupancy of the building in the early part of this year.

February 19, 2010

Industrial Northeast

GKC BROKERS 23,600-SQUARE-FOOT LAB SALE

by admin February 19, 2010

SOUTHBRIDGE, MASS. — Gickman, Kovago & Co. (GKC) has brokered the sale of a 23,600-square-foot office and industrial facility in Southbridge. The property, which is located at 79 North St., will be occupied by Precision Testing Laboratories as lab space. Jeffrey Borus and David Cohen of GKC brokered the deal between the seller, Savers Bank, and the buyer, Fromm Development. The sale price was $240,000.

February 19, 2010

Industrial Northeast

COLLIERS DOW & CONDON BROKERS 37,500-SQUARE-FOOT INDUSTRIAL SALE

by admin February 18, 2010

VERNON, CONN. — Colliers Dow & Condon has brokered the sale of a 37,500-square-foot industrial building located in Vernon. The buyer, aerospace parts manufacturer Soldream Inc., plans to relocate to the building, situated on 5.23 acres at 129 Reservoir Road, from its previous location in Tolland, Conn. The seller was San Clemente, Calif.-based ICU Medical Sales. Richard Abo of Colliers was the sole broker in the transaction. The acquisition price was not disclosed.

February 18, 2010

Northeast Office

IRONWOOD PHARMACEUTICALS EXPANDS LEASE IN CAMBRIDGE

by admin February 18, 2010

CAMBRIDGE, MASS. — Ironwood Pharmaceuticals has expanded its lease at 301 Binney Street, a five-story laboratory research facility located at Kendall Square in Cambridge. The company is leasing an additional 50,000 square feet, bringing its total space occupied at the property to approximately 164,000 square feet. The property is owned by BioMed Realty Trust through a joint venture with a client of Prudential Real Estate Investors.

February 18, 2010

Northeast Office

CHASE CORP. LEASES R&D SPACE IN MASSACHUSETTS

by admin February 18, 2010

WESTWOOD, MASS. — Chase Corp., a tape and coating manufacturer, has signed a lease for a 20,200-square-foot office and laboratory building located at 295 University Ave. in Westwood. The new facility will consolidate operations from Chase's Albany, N.Y., and Randolph and Taunton, Mass., offices. John Lashar, Paul Leone and Jay Nugent of Richards Barry Joyce & Partners represented the tenant in lease negotiations. Colliers Meredith & Grew represented the landlord, BEC 1999 Development Trust. Terms of the lease were not disclosed.

February 18, 2010

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