NEW YORK CITY — Boston Properties has entered into agreements with affiliates of Macklowe Properties to acquire a portfolio of New York City assets for a total of approximately $3.95 billion. The portfolio includes the 200,000-square-foot General Motors Building, the 292,000-square-foot 540 Madison Avenue facility, a 591,000-square-foot office tower at 125 West 55th St., and the 664,000-square-foot Two Grand Central Tower. The purchase price includes approximately $1.47 billion in cash, the issuance to one of the selling entities of $10 million of common units of limited partnership interest in Boston Properties Limited Partnership and the assumption of approximately $2.47 billion of fixed rate debt. Boston Properties plans to execute the acquisitions through one or more joint venture partnerships. Goldman Sachs and Morgan Stanley are acting as financial advisors to Boston Properties, and Lehman Brothers and Deutsche Bank are investing in the transactions and advising Boston Properties as well. Proskauer Rose LLP and Goodwin Procter LLP are providing legal and tax advice to the REIT. The acquisition of the General Motors Building is slated to close in June.
Northeast
MARLBOROUGH, MASS. — R.W. Holmes Realty has completed the $7.15 million sale of a 60,477-square-foot office and laboratory building in Marlborough. Located at 33 Locke Dr., the facility is 95 percent leased to Sepracor, a leading research based pharmaceutical company. Garry Holmes of R.W. Holmes represented the seller, Northland Investment, and Bill Sullivan of R.W. Holmes represented the buyer, Janelon Trust. WRT Management will manage the day-to-day operations of the facility.
WILLOW GROVE, PA. — Diamond-Elite Realtors, a Coldwell Banker Commercial affiliate based in Bethlehem, Pa., have completed the $5.5 million sale of a 20-unit multifamily complex in Willow Grove. The garden style development is located at 409 Easton Rd. and contains approximately 93,000 square feet. Henry Jacquelin of Diamond-Elite represented the seller 409 Easton Road Associates, and Rick Cassel and Lou Petro of Diamond-Elite represented the buyer, Steve Izzi, in the transaction.
NEW YORK CITY — McSam Hotel Group has acquired 6 Water St. in Manhattan, New York City for $56 million. The 8,300-square-foot site fronts three streets and will allow for 125,000 buildable square feet. The buyer plans to develop a 30- to 40-story boutique hotel at the site, which is also known as 32-38 Pearl St. Peter Hauspurg, Alan Miller, Jeffrey Troy, David Johnson and Ronda Rogovin of Eastern Consolidated represented the seller, Water & Pearl Land LLC/Water & Pearl Partners LLC, and Miller and Johnson procured the buyer in the transaction.
MASSACHUSETTS — An affiliate of Harbor Group International has made a $4 million preferred equity investment with American Realty Capital to facilitate its acquisition of 18 Rockland Trust bank branches. The portfolio totals 121,057 square feet of properties located throughout suburban Massachusetts. The total sale price of the branches was not disclosed.
FAIR LAWN, N.J. — Mark Tannen and Dorothy Chuang of CB Richard Ellis have completed the sale of an industrial building in Fair Lawn. The facility is located at 4-01 Banta Place and encompasses 18,000 square feet. The building was vacant at the time of the sale. Chuang represented the buyer, an undisclosed Chinese firm, and Tannen represented the seller, the Weidner Family Partnership, in the transaction. The price was undisclosed.
TEANECK, N.J. — Greg Pine of Gebroe-Hammer Associates has completed the $3.15 million sale of a garden apartment complex in Teaneck. The 24-unit facility is comprised of four two-story buildings with eight one-bedroom and 16 two-bedroom apartments. Located at 171-183 Ft. Lee Rd. between Beech and Woodbine streets, the facility was 99 percent occupied at the time of the sale. Pine represented the seller, Beech Lee Associates, and procured the buyer in the transaction.
READING, PA. — NorthMarq Capital has provided a $9.1 million in first mortgage financing for Exeter Plaza in Reading. The 128,000-square-foot neighborhood shopping center includes tenants such as Blockbuster and is anchored by a Giant Grocery Store. David Henrich of NorthMarq Capital’s Philadelphia office arranged the financing for the borrower, Exeter Plaza Associates. The loan was base done a 10-year term with a 30-year amortization schedule.
NEW YORK CITY — Jerry Houlihan of Houlihan-Parnes/iCap Realty Advisors has brokered the $1.9 million sale of a retail building in the Bronx, New York City. The supermarket features 8,300 square feet of selling space and a full basement for refrigerated and dry food storage. Situated on the corner of 183rd and Jerome Avenue at 2262 Jerome Avenue, the facility is under a 45-year lease with A&P until July 2015. The undisclosed buyers, local grocers based in Manhattan and the Bronx, are subleasing the store from A&P under the Pioneer supermarket flag.
SOUTH BRUNSWICK, N.J. — An undisclosed major fashion retailer has leased a 418,000-square-foot industrial building in South Brunswick. Located within the Exit 8A submarket at 329 Herrod Blvd., the industrial facility includes 52 exterior cross-dock and two drive-in loading doors, 100 trailer parking positions and 28-foot clear ceilings. JRT Realty Group and Cushman & Wakefield represented the property owner, TIAA-CREFF in the lease, and David Cantor of Team Resources represented the new tenant.