Northeast

GID ACQUIRES 110,000-SQUARE-FOOT OFFICE BUILDING

by admin January 6, 2009

YARDLEY, PA. — Boston-based GID Investment Advisors has acquired a 110,000-square-foot office building located at 777 Township Line Rd. in Yardley. Constructed in 2006, the Class A property is fully occupied and is LEED-certified by the U.S. Green Building Council. GID acquired the property from Malvern, Pa.-based Liberty Property Trust. It also named Jones Lang LaSalle exclusive leasing and property management agent for the building. GID made the purchase on behalf of Windsor Realty Fund IV-2002 LP, the company’s second suburban office investment fund. This acquisition marks the eighth purchase for the fund.

January 6, 2009

COLLIERS L&A BROKERS $3.8 MILLION OFFICE SALE

by admin January 6, 2009

HADDON HEIGHTS, N.J. — The South Jersey office division of Colliers Lanard & Axilbund (CLA) has brokered the sale of Grove Office Plaza, a three-story office building located at 515 Grove St. in Haddon Heights, for $3.8 million. Occupancy at the property was 90 percent at the time of closing. The tenant roster included Pennoni Associates, Associated Insurance Partners, Quest Diagnostics, Cooper Family Medicine and Congressman Robert Andrews. Jason Wolf and Evan Zweben of CLA represented the seller, SJS-515 Grove Street LP. The buyer, 515 Grove Street Associates LLC, has retained CLA to lease the remaining space in the building.

January 6, 2009

Multifamily Northeast

PNC ARCS ARRANGES $8.57 MILLION MULTIFAMILY LOAN

by admin January 6, 2009

WATERBURY, CONN. — PNC ARCS has arranged an $8.57 million loan for River’s Edge Apartments, a 156-unit multifamily community located in Waterbury. The gated community was built in 1974; amenities include a swimming pool with a cabana area, secured storage space and laundry rooms. The loan was originated by the Princeton, N.J., office of PNC ARCS through Fannie Mae. Terms of the financing include a 6.5 percent fixed interest rate and a 10-year term with 2 years of interest-only payments. The borrower was not disclosed.

January 6, 2009

Northeast Restaurant

PIZZERIA OPENS AT THE VICTOR LOFTS

by admin January 6, 2009

CAMDEN, N.J. — The grand opening has been held for Market Street Pizzeria & Italian Bistro, a new restaurant located at One Market St. in Camden. The restaurant, which is owned by Jeff Anastasi and Joe Cavalieri, is situated on the ground floor of The Victor Lofts, a 341-unit luxury loft apartment building owned by Philadelphia-based Dranoff Properties. The Victor is located on the Camden waterfront, and consists of the adaptive reuse of the historic RCA Victor cabinet manufacturing building. Market Street features seating for 34, as well as take-out and delivery service for residents of The Victor. Other retailers at The Victor Lofts include The Victor’s Pub, Susquehanna Bank, Miss G’s, Park ‘N Clean Dry Cleaners, Symphony in C and Rita’s Water Ice.

January 6, 2009

Northeast Retail

MARCUS & MILLICHAP BROKERS THREE SALES TOTALING $21.95 MILLION

by admin January 5, 2009

NORTH READING AND HUDSON, MASS., HATBORO, PA., AND NUTLEY, N.J.— Marcus & Millichap has brokered three Northeast real estate transactions. First, Bob Horvath and Todd Tremblay of the firm’s Boston office were the sole brokers in the $16.2 million sale of two newly constructed Walgreens in Massachusetts. The first property, located in North Reading, traded at a 6.38 percent cap rate, and the second property, located in Hudson, traded at a 6.5 percent cap rate. The buyer was a regional investor, and the seller was a regional developer. In Hatboro, Marcus & Millichap brokered the $3 million sale of Wynfair House Apartments, a 48-unit multifamily community located at 250 N. York Rd. Mark Thompson of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and procured the buyer, a local family partnership. Finally, Kevin McCrann, Thomas McConnell and Natale Gambuzza of Marcus & Millichap’s New Jersey office represented both parties in the disposition of The Miriam Apartments, a 26-unit property located in Nutley. The property traded for $2.75 million.

January 5, 2009

Multifamily Northeast

CHOZICK REALTY BROKERS TWO-PROPERTY APARTMENT SALE

by admin January 5, 2009

VERNON, CONN. — Chozick Realty has completed the sale of two apartment properties, located in Vernon, for $1.76 million. The communities are Regency I and Regency II, and are located at 71 Loveland Hill Rd. and 55 Old Town Rd., respectively. The communities total 31 units; Regency I contains 18 one-bedroom units in two brick buildings, as well as a single-family home; Regency II contains 12 one-bedroom units in a single brick building. Tom Boyle of Chozick Realty represented the seller, West Boulevard Associated, and the buyer, a private individual investor. This transaction marks the fourth time that Tom Boyle has brokered the disposition of the properties.

January 5, 2009

Industrial Northeast

RCA, MATTHEWS DISPOSE OF 35,600-SQUARE-FOOT WAREHOUSE

by admin January 5, 2009

NAUGATUCK, CONN. — R. Calabrese Agency (RCA) and Matthews Commercial Properties have arranged the sale of a 35,600-square-foot warehouse building, located at 91 Great Hill Rd. in Naugatuck, for $1.27 million. RCA’s Ralph Calabrese represented the seller, S.P. Skinner Co. The facility was previously occupied by Portmeirion USA. The company had expanded to a new facility in neighboring Waterbury in September, in a lease negotiated by RCA. S.P. Skinner then selected RCA to market the Great Hill Road facility for sale. The property was acquired by Pomeroy Enterprises, which was represented by Gerry Matthews of Matthews Commercial Properties. The buyer plans to undertake minor improvements before putting the property back on the market for sale. Matthews will represent the new owners in marketing the property.

January 5, 2009

Multifamily Northeast

CPC SECURES $5 MILLION CONSTRUCTION LOAN FOR CO-OP TOWER

by admin January 5, 2009

NEW YORK CITY — Community Preservation Corp. (CPC) has secured a $5 million second mortgage for Executive Towers, a cooperative apartment building located at 1020 Grand Concourse in the Lower Concourse neighborhood of the Bronx, New York City. The 24-story building includes 455 units, 38,000 square feet of office space and a 284-space parking garage. CPC arranged the financing through Freddie Mac. Proceeds will be used to fund a capital improvements program for the community that includes restorations to the garage and façade, elevator upgrades, the replacement of convection units, and upgrades to the hallways and the lobby. The borrower is the building’s co-op, Executive Towers Owners Corp., which was sponsored by H&R Executive Towers LLC. CPC originally financed a $3.8 million construction loan for the property in 1996, which was also used for capital improvements. The loan was converted to a Freddie Mac loan in 1999.

January 5, 2009

Market Reports New York Northeast Market Reports

Next major developing hub: William Floyd

by admin December 24, 2008

As we continue to track changes and trends in the industrial sector on Long Island, two things remain constant: Go East and Go Up. The east offers land availability and height is playing a more significant role than ever in space utilization. It’s always been about cost effectiveness. When land was plentiful and less costly, it was more economical to build out, rather than up. With the shortage of land, the price has escalated such that, to achieve the same cubic feet of space, it is necessary to build or raise the ceiling heights for better economic functionality. This, coupled with better material handling equipment, makes it practical and necessary to accommodate growth and maintain profitability. A prime example of this is the pending sale of the Stimpson Company property in Bayport — a low-ceiling, 200,000-square-foot building set on 22 acres. An old line regional company is buying this property because it has an oversized plot, and while they were planning to raise the ceiling from 15 to 40 feet clear, plans were only recently abated as a result of the current economic environment. As mentioned, the towns of Islip and Brookhaven have been aggressively seeking industrial growth through their …

December 24, 2008

Multifamily Northeast

OMNI HOUSING DEVELOPMENT COMPLETES EAGLE COURT APARTMENTS REHAB

by admin December 23, 2008

ALBANY, N.Y. — Albany-based Omni Housing Development has completed the rehabilitation of Eagle Court Apartments, a three-story affordable housing building located on Morton Avenue in Albany. The walk-up, brick building includes 33 one-bedroom units averaging 637 square feet and nine two-bedroom apartments averaging 800 square feet. Units are available to rent by tenants earning less than 60 percent of the area median income. The completion of Eagle Court Apartments is part of Phase I of a $22 million revitalization of Albany’s South End. Phase I construction will conclude with the completion of 10 new townhomes on Broad Street, scheduled for January. The townhomes will offer lease-to-own opportunities to residents. Phase II construction, which will begin in 2009, will add 43 additional apartment units. Funding for the project is being provided by the Housing Trust Fund of the New York State Division of Housing and Community Renewal, as well as federal tax credits allocated by the organization; KeyBank; Key Community Development Corp.; and the Federal Home Loan Bank of New York.

December 23, 2008

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