In Buffalo, New York, the office market is in the midst of a slow recovery from the lows experienced in the early 2000s. Even with the recent economic downturn, the statistics show that this market is still showing improvement. The inventory continues to grow at a slow, controlled pace and net absorption of space is positive. There is a growing preference for regionally based companies to invest in Buffalo. Two recent corporate relocations, HealthNow and New Era Cap, had a significant impact on the market by moving their headquarters operations into Buffalo’s Central Business District. HealthNow took 469,000 square feet of space and New Era Cap signed on for 130,000 square feet. The second trend has been the growth of governmental agencies and their policy of leasing privately owned facilities. Over the past 3 years, 600,000 square feet of government tenants have been moved to new, privately owned, Class A buildings. The best example of this is the relocation of 280,000 square feet of Federal GSA tenants from a government owned building to the new Federal Center at 150 S. Elmwood Avenue. The two largest tenants were the Veterans Administration, which leased 85,000 square feet, and the IRS, which took …
Northeast
PITTSBURGH — Marcus & Millichap has completed the $29.75 million disposition of Chestnut Ridge, a 468-unit apartment community in Pittsburgh. Matthew Friedman of Marcus and Millichap’s National Multi Housing Group in Encino, and David Poluszejko, of the firm’s Pittsburgh office, represented the seller, an institutional investor, and the buyer, a local private investor. The property is located at 3200 Chestnut Ridge Dr. in Robinson Township, within the prominent Montour School District. Robinson Township is one of the fastest-growing communities in Pittsburgh. Developed in 1986, the 359,760-square-foot complex features 31 buildings set on 25 acres of maturely landscaped grounds. The asset consists of five different one- and two-bedroom layouts. The units have private entrances, full-size washers and dryers, ceiling fans, a breakfast bar and walk-in closets. Select units feature vaulted ceilings with skylights and wood-burning fireplaces. Community amenities include a newly renovated clubhouse with wireless Internet access, a pool, a park-like recreation area with grills, a sand volleyball court, lighted tennis courts and indoor basketball and racquetball courts. The property also has a tanning salon, a fitness center and ample parking, including carports and attached garages.
ARLINGTON, MASS. — Carl Christie, Dan McGee and Gina Barroso of NAI Hunneman completed the $12 million sale of a 90-unit apartment portfolio in Arlington. Christie, McGee and Barroso represented the seller, ADA Properties, Inc., and procured the buyer, Arlington Minuteman Towers, LLC. The 90-unit apartment portfolio, which was 98 percent occupied at the time of the sale, consists of three brick apartment complexes containing 86 rental units. In addition to the apartment buildings the portfolio included two single-family homes and one two-family home. Several of the properties abut one another and all are within walking distance located at 285 Massachusetts Ave., 287 Massachusetts Ave., 20 Tufts St., 10 Bates St., 14 Bates St. and 9 Foster St.
NEW YORK CITY — Broad Street Development (BSD) has signed a new 10,370 square-foot office lease for Crawford & Company at 55 Broadway in Manhattan, New York City. BSD's in-house leasing team of Daniel Blanco, David Israni and Ramona Huegel represented the ownership, while Randy Sherman and Alicia Popper of Murray Hill Properties negotiated the lease on behalf of the tenant. Built in 1983 and located on the southwest corner of Broadway and Exchange Place, the property is a 32-story Class A office tower consisting of more than 330,000 square feet of space in Downtown’s Financial District.
BOSTON — Boston Realty Advisors has leased space to GreenWood International Insurance Services at 225 Franklin Street in Boston. The insurance company has signed on for 11,002 square feet of office space. Boston Realty Advisors’ Wil Catlin represented the Greenwood International Insurance, and Roger Breslin of Colliers Meredith & Grew represented the sub lessor, University of Massachusetts.
WESTHAMPTON, N.J. — Marcus & Millichap has brokered the sale of a 14,820-square-foot, freestanding Walgreens pharmacy, located at 800 Woodlane Rd. in Westhampton. The property, which traded for $7.2 million at a 7.25 percent cap rate, was constructed in 2008 and is subject to a 25-year triple-net lease. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office represented the seller, Mark Investments, and procured the buyer, a New York-based partnership participating in a 1031 exchange. The acquisition financing was arranged by James Conley of Marcus & Millichap Capital Corp. In addition, Nathanson and Muchnick arranged the sale of a 3,500-square-foot McDonald’s ground lease, located at 2752 MacArthur Blvd. in Whitehall, Pa. The property, which traded for $1.48 million at a 5.25 percent cap rate, is shadow-anchored by a Lowe’s Home Improvement Warehouse. Nathanson and Muchnick represented the undisclosed seller. The buyer, a New Jersey-based partnership participating in a 1031 exchange, was represented by Thierry Smith with First Commercial Business Brokerage.
LAKEWOOD, N.J. — DMR Architects has held the grand opening for the $1.5 million Special Children’s Center in Lakewood. DMR designed the complex free-of-charge to accommodate 120 children with special needs currently enrolled in the center’s respite and support programs. The 10,000-square-foot building was completed with the help of Ralph Zucker of Somerset Development and the Yanky Mermelstein of Ray Builders. The building features five classrooms, therapy rooms, bathing facilities, an indoor playground and an auditorium.
TETEBORO, N.J. — NAI James E. Hanson has completed a 51,000-square-foot, long-term lease renewal at 100 Hollister Road, a 175,000-square-foot office building located in Teteboro. The tenant, Swift Electrical Supply, has occupied space within the building since 2003 and renewed its lease early. Scott Perkins and Andrew Somple of NAI Hanson represented the tenant. The landlord, KTR Capital, was represented in-house by Steve Pron.
NEW YORK CITY — BCD has represented Five Guys Burgers and Fries in a new lease transaction. Located at 690 Third Ave. in Manhattan, New York City, the 1,700-square-foot property is the restaurant’s fourth Manhattan location. The chain plans to aggressively expand throughout 2010. Alexandra Turboff of BCD represented Five Guys, and Ron Longstreet represented the landlord, Solil Management.
BOSTON — BioMed Realty Trust has closed on a $350 million loan. The proceeds of the loan were used to repay a portion of an existing $507.1 million loan for the construction of The Center for Life Science | Boston. The newly constructed facility encompasses 700,000 square feet and is located in the city’s Longwood Medical area. The 5-year loan was provided by John Hancock Life Insurance Co., TIAA-CREF and Westdeutsche ImmobilienBank AG. The loan bears a 7.5 percent interest rate.