Northeast

CRONHEIM MORTGAGE ARRANGES THREE OFFICE LOANS TOTALING $18 MILLION

by admin September 16, 2008

NEW YORK CITY — Chatham, N.J.-based Cronheim Mortgage has arranged a total of $18 million in financing for three office buildings located in Manhattan, New York City. Bruce Theuerkauf of Cronheim secured an $11 million loan for a 14-story, 100,165-square-foot office building located at 1270 Broadway Ave. The Class B building also includes ground-level retail space. The loan carries a 5-year term with a 30-year amortization schedule. Andrew Stewart of Cronheim secured a $4 million loan for a six-story, 74,425-square-foot office building located at 45 W. 21st St. The building is currently occupied by 20 tenants, one of which is leasing the first floor of the building as retail space. The loan carries an 8-year term with a 25-year amortization schedule and a 6.24 percent interest rate. Stewart also arranged a $3 million loan for a 12-story, 52,000-square-foot office building located at 32 E. 31st St. The building also includes ground-floor and second-story retail space. The loan carries a 15-year term with a 25-year amortization schedule and a 6.26 percent interest rate. The lenders and borrowers in each transaction were not disclosed.

September 16, 2008

LANDMARK BROKERS TWO INDUSTRIAL SALES TOTALING 405,000 SQUARE FEET

by admin September 15, 2008

HAZELTON AND CAMP HILL, PA. — Lemoyne, Pa.-based Landmark Commercial Realty has brokered the sale of two Pennsylvania industrial facilities. The first is a 240,000-square-foot, Class A distribution facility located within Humboldt Industrial Park in Hazelton. The property was acquired by Exeter 490 Forest LP, an affiliate of Exeter Property Group, for $10.5 million from an affiliate of Philadelphia-based Equilibrium Equities. Jason Grace of Landmark negotiated the transaction. The second property is a 165,000-square-foot warehouse facility located at 801 Spangler Rd. in Camp Hill. It was acquired by 801 Spangler Road Associates LP, which was represented by Grace. He was also subsequently named exclusive leasing agent for the property. The seller, as well as the sale price, was not disclosed.

September 15, 2008

Northeast Retail

JLL COMPLETES TWO RETAIL SALES TOTALING $27.88 MILLION

by admin September 15, 2008

WEBSTER AND HUDSON, MASS. — Jones Lang LaSalle (JLL) has completed the sale of a two-property retail portfolio in two separate transactions totaling $27.88 million. The first property is Price Chopper Plaza, a 101,000-square-foot shopping center located in Webster. The property is anchored by Price Chopper Supermarket, with additional tenants including Papa Gino’s, D’Angelo’s, and freestanding CVS/pharmacy and Burger King locations. It was acquired by Cedar-Webster LLC for $17.58 million. The brokers were not disclosed. The second property is Washington Square Plaza, a 46,512-square-foot strip center located in Hudson. The center was 98 percent occupied at the time of closing; tenants include CVS/pharmacy, Family Dollar, Applebee’s, Dominos Pizza, and Dunkin’ Donuts. Jim Koury and Nathaniel Heald of JLL represented the undisclosed seller and the buyer, RK Associates, in the $10.3 million transaction. The property traded at a price of $222 per square foot.

September 15, 2008

Multifamily Northeast

THE ORBACH GROUP SELLS RESIDENTIAL BUILDINGS FOR $12 MILLION

by admin September 15, 2008

HACKENSACK, LITTLE FERRY AND MIDDLESEX, N.J. — New Jersey-based The Orbach Group has sold three New Jersey residential buildings in a $12 million transaction. Totaling 106 rental units, the three buildings are located at 107 Hudson St. in Hackensack, 440 Liberty St. in Little Ferry and 57 Park Brook Gardens in Middlesex. Occupancy was more than 98 percent at the time of closing, and rents range from $800 to $1,250 per month for the studio, one- and two-bedroom units. The buyer was Fort Lee, N.J.-based Lenox Real Estate Partners. Orbach originally acquired the buildings last year as part of a $45 million, 13-building transaction. The remaining buildings in the portfolio will remain under Orbach’s management.

September 15, 2008

Northeast Office

CBRE NEGOTIATES $2.48 MILLION MEDICAL OFFICE SALE

by admin September 15, 2008

LANCASTER, PA. — CB Richard Ellis (CBRE) has negotiated the sale of Imaging Center of Lancaster, a 12,630-square-foot, Class A medical office building located at 924 Red Rose Ct. in Lancaster, for $2.48 million. Situated on 2.2 acres within close proximity to Lancaster General Hospital Health Campus, the single-tenant property is occupied on a long-term basis by Lancaster Outpatient Imaging. Stephen Marzullo of CBRE’s Greater Philadelphia office, along with Kevin Fry of the firm’s Harrisburg, Pa., office represented the seller, RAIT Financial Trust. The buyer was not disclosed.

September 15, 2008

Northeast Office

CBRE BROKERS $180.7 MILLION OFFICE CAMPUS SALE

by admin September 12, 2008

FLORHAM PARK, N.J. — CB Richard Ellis (CBRE) has closed on the first part of a $180.7 million office sale in Florham Park. The property, Park Avenue at Morris County, is a six-building, Class A office campus situated on approximately 136 acres at 100-600 Campus Dr.; it contains 1.12 million square feet of office space. The campus is 99 percent occupied by a tenant roster that includes Accenture, BASF, BlackRock, The Hartford Fire Insurance Company, Mapfre Reinsurance, McKinsey & Co., Merrill Lynch, PricewaterhouseCoopers, Quincy Mid Atlantic, Smith Barney, UBS and Wachovia Securities. Jeffrey Dunne, Kevin Welsh and David Gavin of CBRE’s New York Institutional Group, along with Samuel Buckley of the firm’s Saddle Brook, N.J., office, represented the seller in the initial closing of the 100 and 200 Campus Dr. buildings. The team also procured the buyer, KBS Real Estate Investment Trust II. The four remaining buildings will close in the fourth quarter of 2008.

September 12, 2008

Multifamily Northeast

MARCUS & MILLICHAP BROKERS $19.38 MILLION STUDENT HOUSING SALE

by admin September 12, 2008

SHIPPENSBURG, PA. — Marcus & Millichap has brokered the sale of Bard Townhouses, a 173-unit student housing community located at 100 Bard Dr. in Shippensburg, for $19.38 million. Situated on 32.54 acres across the street from Shippensburg University, the community comprises 23 two-story buildings with a mix of two-, three- and four-bedroom units. It was fully occupied at the time of closing. Brian Kelly of Marcus & Millichap’s Indianapolis office and Spencer Yablon of the firm’s Philadelphia office represented the sellers, Shippensburg Townhouses LLC and Shippensburg Townhouses II LLC, which are managed by Pennsylvania-based James Properties. The pair also represented the buyer, Ventures Shippensburg LP. The property traded at a price of $112,023 per unit.

September 12, 2008

Multifamily Northeast

WALTER & SAMUELS SECURES $165 MILLION CONSTRUCTION LOAN

by admin September 12, 2008

NEW YORK CITY — New York City-based Walter & Samuels has secured $165 million for the refinancing of 15 Madison Square North, a residential condominium conversion project located at 15 E. 26th St. in the Flatiron District of Manhattan, New York City. A majority of the $165 million construction loan will be used by the borrower, Madison Park Owner LLC, to pay off the property’s existing acquisition and construction loans, which are held by Deutsche Bank. The remaining $31 million will be used to complete the conversion of the four remaining residential floors, as well as additional property amenities. David Berley, Steve Forest and Peter Weiss of Walter & Samuels originated the transaction on behalf of the borrower through Wells Fargo. The 15 Madison Square North project will feature 73 one- to five-bedroom residences. In addition, longstanding New York restaurant San Domenico will relocate to the building in 2009 from its previous location in the city’s Central Park South neighborhood; it will carry the new name SD26.

September 12, 2008

Northeast Office

SJP TO DEVELOP OFFICE TOWER

by admin September 12, 2008

ISELIN, N.J. — Parsippany, N.J.-based SJP Properties is set to develop Metropark Corporate Center, a 10-story, Class A office tower located at the intersection of Wood Avenue South and Middlesex-Essex Turnpike, adjacent to the Metropark Train Station, in Iselin. The 300,000-square-foot building, along with a five-story parking garage, will be constructed within the Metropark office campus. SJP will also pursue LEED certification for the development from the U.S. Green Building Council. Metropark Corporate Center has received final site approvals, and construction will commence immediately after leasing goals are reached.

September 12, 2008

Healthcare Northeast

ECKMAN/SUFFOLK SELECTED TO BUILD $87 MILLION HOSPITAL

by admin September 11, 2008

MANCHESTER, N.H. — Eckman/Suffolk, a joint venture between Bedford, N.H.-based Eckman Construction Co. and Boston-based Suffolk Construction Co., has been selected to construct Elliot at River’s Edge, an $87 million ambulatory care center located on the former Jac Pac site off Queen City Avenue in Manchester. Construction will consist of a four-story, 236,000-square-foot facility and an 800-space parking garage. The project will include facilities for urgent care, diagnostic imaging, breast health, endoscopy, pain management, physical rehabilitation, pulmonary rehabilitation, laboratory services and durable medical equipment, as well as the Elliot 1-day Surgery Center. Demolition and site preparation are expected to begin in October, with vertical construction scheduled to commence in January 2009. The hospital is slated to open in 2010. It is being developed by Elliot Health System and The Anagnost Companies. The Elliot at River’s Edge is part of a 17-acre project that will also include a medical office, retail and residential components.

September 11, 2008

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