Northeast

CBRE BROKERS 107,071-SQUARE-FOOT OFFICE SALE

by admin July 16, 2008

MINEOLA, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of Century Plaza, a three-story, Class A office building located at 330 Old Country Rd. in Mineola. The building totals approximately 107,071 square feet, and was 96.8 percent leased at the time of closing. Tenants at Century Plaza include Forchelli, Curto, Schwartz, Mineo, Carlino & Cohn LLP; Fatwire Corp.; Liberty Mutual Insurance Co.; American Student List; and Kelly, Rode & Kelly LLP. Jeffrey Dunne, Steven Bardsley and Chris Leonard of CBRE’s New York Institutional Group, along with Martin Lomazow and Roy Chipkin of the company’s Long Island office, represented the owner and procured the buyer. Both parties were undisclosed.

July 16, 2008

GRAND OPENING HELD FOR PLATINUM

by admin July 16, 2008

NEW YORK CITY — SJP Residential Properties has held the grand opening for Platinum, a 43-story, 220-unit residential tower located at the corner of Eighth Avenue and 46th Street in the Midtown neighborhood of Manhattan, New York City. The building features a full-floor of amenities, including a spa and sauna; a lounge with a plasma-screen TV and a bar; a fitness center; and a landscaped terrace with a fireplace, a misting area and cabana lounge chairs. The lobby of Platinum is designed as an island surrounded by moving water with a 26-foot long fireplace and 15 feet of plasma-screen televisions. The community is currently more than 70 percent sold.

July 16, 2008

Multifamily Northeast

CORCORAN BREAKS GROUND FOR 200-UNIT APARTMENT COMMUNITY

by admin July 16, 2008

LYNNFIELD, MASS. — Braintree, Mass.-based John M. Corcoran & Co. has broken ground for the construction of Lynnfield Commons, a 200-unit luxury apartment community located in Lynnfield. The community comprises three buildings containing a mix of one- and two-bedroom units. Community amenities include a fitness center, an outdoor pool with a sundeck, wireless Internet access, and a furnished clubhouse. Residents will also have easy access to the 2,200-acre Lynn Woods Reservation conservation area. The community is being developed by Corcoran in partnership with Assurant Asset Management. Russell, Scott, Steedle & Capone is serving as project architect, with general contracting services being provided by Plumb House. Construction financing is being provided by Eastern Bank. Upon completion, property management services will be provided by Corcoran Management Co.

July 16, 2008

Northeast Retail

NORTHMARQ CAPITAL ARRANGES TWO LOANS TOTALING $24 MILLION

by admin July 16, 2008

BOUND BROOK, N.J., AND LATHAM, N.Y. — NorthMarq Capital has arranged a total of $24 million in financing for two properties in New Jersey and New York. In Bound Brook, NorthMarq secured an $18 million loan for a 105,000-square-foot neighborhood retail center. The loan carries a 10-year term with a 30-year amortization schedule. The borrower was a Somerset County-based developer. In Latham, NorthMarq arranged $6 million in first-mortgage financing for the Sunmark Federal Credit Union Building, a 43,753-square-foot office building located in Latham. The financing includes a 10-year term with a 22-year amortization schedule. The lender was State Farm Realty Mortgage.

July 16, 2008

Market Reports New York Northeast Market Reports

New York's outer boroughs remain strong as supply dwindles

by admin July 16, 2008

With more and more New York City industrial neighborhoods becoming gentrified, industrial properties are in increasingly short supply. The situation is especially notable in the outer boroughs, where most of city’s industrial real estate activity is focused. Over the past ten years, approximately 30% of industrial property in the outer boroughs has been converted for other uses. In fact, the city’s decision to rezone industrial neighborhoods for residential and commercial development has created a strong market for warehouse and manufacturing spaces. The outer boroughs are all experiencing similar industrial market conditions, with a vacancy rate hovering at about a mere 3%. In Brooklyn, the Bush Terminal and Gowanus areas remain heavily industrial, while Red Hook, Green Point and Sunset Park are seeing an increase in residential developments. The Bronx has always offered a smaller inventory of warehouse and manufacturing facilities, predominately in Port Morris and Hunts Point, and recent conversions have made availabilities tighter than ever. The industrial market on Staten Island, which was always limited, has not experienced much change. Queens is currently the most active borough in the industrial sector. Many neighborhoods, such as Woodside, Maspeth, Corona and College Point, have kept their industrial identities. Other areas, like …

July 16, 2008

Northeast Office

NEW BOSTON FUND SELLS OFFICE PORTFOLIO

by admin July 15, 2008

EAST HARTFORD AND GLASTONBURY, CONN. — New Boston Fund has sold the East Portfolio, a four-building office portfolio totaling 294,262 square feet. Three of the buildings are located in East Hartford; Riverbend Executive Park comprises two four-story office buildings that total 154,629 square feet, and are located at 55 and 77 Hartland St. The third property is a four-story, 40,812-square-foot office building located at 60 Hartland St. The final building in the portfolio is a five-story, 98,821-square-foot office building located at 655 Winding Brook Dr. within Salmon Brook Corporate Park in Glastonbury. The portfolio was 98 percent leased at the time of closing to a tenant roster that includes Computer Sciences Corp., IKON Office Solutions, Wells Fargo Financial, Affiliated Computer Services and Mutual of Omaha Insurance Co. The portfolio was acquired by NPV/Direct Invest for an undisclosed amount. New Boston Fund was represented by Robert Griffin, Marci Loeber, David Pergola, Brian Doherty and Robert Kelly of Cushman & Wakefield.

July 15, 2008

Civic Northeast

CONSTRUCTION UNDERWAY FOR 153,000-SQUARE-FOOT CAMPUS CENTER

by admin July 15, 2008

POMONA, N.J. — Construction is underway for a new 153,000-square-foot campus center at The Richard Stockton College of New Jersey, located in Pomona. The new facility is part of the college’s 10-year master plan, and will be built in anticipation of LEED-Gold certification from the U.S. Green Building Council. Sustainable features will include use of the campus’ existing geothermal wellfield for heating and cooling, a roof that will collect stormwater for irrigation, and a digital building management system that will promote energy efficiency. Upon completion, the campus center will feature a food service market, a coffeehouse, a venue for large events, meeting rooms, a bookstore, lounge spaces and offices. Princeton, N.J.-based KSS Architects is serving as project architect, with Charlottesville, Va.-based VMDO Architects serving as associate architect. Completion is scheduled for early 2011.

July 15, 2008

Healthcare Northeast

RENDINA SELECTED FOR BAYONNE MEDICAL CENTER PROJECT

by admin July 15, 2008

BAYONNE, N.J. — Rendina Cos. has been selected to develop a new medical office building for Bayonne Medical Center in Bayonne. The five-story building will total 70,000 square feet, and will be located on the 278-bed hospital’s campus. It will include an ambulatory surgery center, an adult day care center, a pharmacy and various physician specialties. The construction timetable was not released.

July 15, 2008

Northeast Office

SAVANNA ARRANGES $45.75 MILLION OFFICE LOAN

by admin July 15, 2008

NEW YORK CITY — New York City-based Savanna, along with a locally based hedge fund, has originated $45.75 million in full-recourse senior financing for 63 West 38th Street, a 12-story, Class B office building located in New York City. The first-mortgage financing for the 150,622-square-foot property carries a 65 percent loan-to-value ratio. The New Jersey-based borrower was advised by Meridian Capital Group.

July 15, 2008

Northeast Retail

BLUMENFELD BEGINS DEVELOPMENT OF LAKE GROVE COMMONS

by admin July 14, 2008

LONG ISLAND, N.Y. — Blumenfeld Development Group has commenced development of Lake Grove Commons, a 140,000-square-foot shopping center located in the Lake Grove neighborhood of Long Island. Four tenants have already signed on at the center: Whole Foods Market will open a 48,000-square-foot location, with construction beginning in the fall. Also, LA Fitness will open a 65,000-square-foot location within Lake Grove Commons this summer. Finally, Jared Jewelers will begin construction this summer for a 6,000-square-foot outlot parcel, and Bank of America is in negotiations for a similar pad site. The Whole Foods and LA Fitness deals were brokered by Brian Schuster of Jericho, N.Y.-based Ripco Real Estate Corp.

July 14, 2008

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