Northeast

Newmark Brokers $20.1M Sale of Metro Boston Retail Property

by Taylor Williams September 18, 2024

CAMBRIDGE, MASS. — Newmark has brokered the $20.1 million sale of Porter Square Galleria, a 55,610-square-foot retail property located across the Charles River from Boston in Cambridge. A 28,893-square-foot Target store anchors the property, which was 96 percent leased at the time of sale. Other tenants include One Medical, Anna’s Taqueria and Citizens Bank. Robert Griffin, Jonathan Martin and Paul Penman of Newmark represented the undisclosed seller in the transaction and procured the buyer, locally based investment firm Crosspoint Associates. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged acquisition financing for the deal.

September 18, 2024

470-Chestnut-Ridge-Road-Woodcliff-Lake-New-Jersey

Acquisitions New Jersey Northeast Office

Keystone Property Group Sells Northern New Jersey Office Building for $9.8M

by Taylor Williams September 18, 2024

WOODCLIFF LAKE, N.J. — Metro Philadelphia-based investment and development firm Keystone Property Group has sold a 53,730-square-foot office building located at 470 Chestnut Ridge Road in the Northern New Jersey community of Woodcliff Lake. The sales price was $9.8 million. The building was fully leased at the time of sale to Kiewit Infrastructure. Jeffrey Dunne, Doug Rodio, Travis Langer and Dan Blumenkrantz of CBRE represented Keystone in the transaction. The buyer was not disclosed.

September 18, 2024

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

ESI Negotiates Sale of Continuing Care Retirement Community in Somerset, Pennsylvania

by Taylor Williams September 18, 2024

SOMERSET, PA. — Evans Senior Investments (ESI) has negotiated the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a nonprofit organization. The CCRC features 100 licensed skilled nursing beds, 47 personal care units and two independent living units. At the time of sale, the skilled nursing component of the property was 77 percent occupied, and the personal care beds were 47 percent occupied.

September 18, 2024

Hospitality Loans Northeast Pennsylvania

Largo Capital Arranges $7.8M Loan for Refinancing of Metro Philadelphia Hotel

by Taylor Williams September 18, 2024

WARMINSTER, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $7.8 million loan for the refinancing of the 92-room Holiday Inn Express & Suites hotel in Warminster, a northern suburb of Philadelphia. The hotel offers amenities such as a pool, fitness center and complimentary breakfast. Katie Vivian of Largo Capital originated the nonrecourse loan, which carried a five-year term and 30-year amortization schedule. The borrower and direct lender were not disclosed.

September 18, 2024

Leasing Activity Life Sciences Northeast Pennsylvania

KOKO Medical Signs 19,859 SF Life Sciences Lease in Exton, Pennsylvania

by Taylor Williams September 18, 2024

EXTON, PA. — KOKO Medical has signed a 19,859-square-foot life sciences in Exton, a western suburb of Philadelphia. The medical device and women’s healthcare provider is relocating and expanding from nearby Malvern to the 63,000-square-foot building at 770 Pennsylvania Drive, which is part of the 800-acre Eagleview mixed-use development. Mitch Reading of Tactix Real Estate Advisors represented the tenant in the lease negotiations. Sam Sherrill represented the landlord, Hankin Group, on an internal basis.

September 18, 2024

Acquisitions Hospitality New York Northeast Top Stories

Gencom Receives $230M Acquisition Loan for Thompson Central Park Hotel in New York City

by Kristin Harlow September 18, 2024

NEW YORK CITY — Investment firm Gencom has acquired the 587-room Thompson Central Park Hotel in New York City. Ramsfield Hospitality Finance, funds managed by AB CarVal and Affinius Capital LLC provided a $230 million loan for the acquisition. Eastdil Secured represented the undisclosed seller in the transaction and also represented Gencom in arranging the acquisition financing. Situated on Manhattan’s Billionaires’ Row just south of Central Park, the luxury hotel rises 42 stories on 56th Street. Formerly the Parker Hotel, the property underwent a $100 million renovation and rebranding beginning in 2021. The hotel features 4,500 square feet of meeting space and various food-and-beverage concepts. A 6,500-square-foot Exhale Spa and fitness center is slated to open later this year. The hotel’s “Upper Stories” experience includes a private arrival and departure process and an exclusive guest lounge. A collection of guestrooms and suites are perched on the property’s topmost floors. Restaurants at the Thompson include Burger Joint, a popular burger eatery that is open for lunch and dinner; Parker’s, a restaurant on the hotel’s main level that features live music and crafted cocktails named after famous jazz songs; and Indian Accent, an upscale dining experience by Chef Manish Mehrotra that offers …

September 18, 2024

Development Loans Multifamily New York Northeast

SCALE Lending Provides $135M Construction Loan for Bronx Multifamily Projects

by Taylor Williams September 17, 2024

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $135 million construction loan for 261 Grand Concourse and 315 Grand Concourse, two adjacent multifamily projects that will be located in the Mott Haven area of The Bronx. The two buildings will rise 14 stories and house 405 units between them. Residences will come in studio, one- and two-bedroom floor plans, and the development will also include 136 parking spaces and a 5,100-square-foot shared recreation space. Landstone Capital arranged the 24-month loan on behalf of the developer, Beitel Group, which acquired the sites in April 2022 and subsequently demolished existing structures. Completion is slated for late 2025.

September 17, 2024

Development Industrial New Jersey Northeast Self-Storage

Inland Private Capital, Devon Self Storage Complete 870-Unit Facility in Glassboro, New Jersey

by Taylor Williams September 17, 2024

GLASSBORO, N.J. — Inland Private Capital Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed an 870-unit facility in Glassboro, about 25 miles south of Philadelphia. The site at 124 Delsea Drive S formerly housed the facilities of Liscio’s Bakery. The two-story, elevator-served facility features 86,700 net rentable square feet of 100 percent climate-controlled space and includes a vehicle drive-thru area with high-speed roll-up doors, as well as multiple unloading locations and epoxy finished flooring.

September 17, 2024

Acquisitions Connecticut Multifamily Northeast

Marcus & Millichap Brokers Sale of 28-Unit Apartment Complex in Westport, Connecticut

by Taylor Williams September 17, 2024

WESTPORT, CONN. — Marcus & Millichap has brokered the sale of a 28-unit apartment complex located about 50 miles northeast of New York City in Westport. The Westporter was built in 2019 and includes both flat- and townhouse-style units, as well as four ground-floor retail spaces. Eric Pentore, Victor Nolletti, Wes Klockner and Ross Friedel of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

September 17, 2024

Leasing Activity New York Northeast Office

CBRE Arranges 22,530 SF Office Lease in Manhattan’s Flatiron District

by Taylor Williams September 17, 2024

NEW YORK CITY — CBRE has arranged a 22,530-square-foot office lease at 111 Fifth Avenue in Manhattan’s Flatiron District. The tenant, beverage provider Vita Coco (NASDAQ: COCO) will relocate its corporate headquarters from 250 Park Avenue to the entire second floor of the 13-story building, which was originally constructed in 1895. Jason Frazier and Jesse de la Rama of CBRE represented Vita Coco in the lease negotiations. The Winter Organization owns the building.

September 17, 2024

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