What area is your expertise? The Greater Pittsburgh Metropolitan Area and Western Pennsylvania. What trends do you see presently in multifamily development in your area? The Greater Pittsburgh MSA is a very stabilized and historically steady market. There are high barriers to entry, modest but steady rent increases, strong occupancy and limited concessions are offered to tenants. Who are the active multifamily developers in your area? The recent active developers in the Greater Pittsburgh MSA include Lincoln Properties and Continental. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? The Cork Factory located in the “Strip District” on the river front in Pittsburgh. This project was recently developed into 297 luxury apartments from a vacant warehouse. The Cork Factory is a tremendous success in terms of lease-up time and achieving record high rents. This project, along with The Encore on 7th, represent the two newest apartment communities built in the City of Pittsburgh in more than 30 years. The Encore on 7th was built from the ground up by Lincoln Properties. The community contains 151 luxury rental units and was completed in 2006. Where is the majority of development …
Northeast
HARTFORD, WEST HARTFORD AND NEWINGTON, CONN. — Marks Group has acquired a multifamily/commercial portfolio in Connecticut from Chozick Realty for $64 million. The multifamily portion of the transaction includes 870 units in 24 buildings. The commercial portion of the transaction includes 9 properties totaling approximately 169,720 square feet of retail, office and industrial space, along with 71 self-storage units. Chozick Realty served as the sole broker in the transaction.
NEW YORK CITY — HRC Partners has acquired 13,844 square feet of office condominium space at 125 Maiden Lane in Manhattan, New York City, from New York-based Time Equities for $6.3 million. The property features art exhibits in the lobby, a fitness center and a landscaped roof deck with water views. Time Equities was represented in-house by Michael Rudder, and Scott Scloves and George Chatzopoulos of CB Richard Ellis represented the buyer in the transaction.
NORTHBOROUGH, MASS. — Campanelli Cos. has acquired the Peterson Spring Regional Manufacturing Facility in Northborough in a $4 million sale/leaseback transaction from Peterson American Corp. The 62,500-square-foot property is located at 40 Bearfoot Rd. near Route 290. Robert Cronin of Colliers Meredith & Grew represented the seller in the transaction, and the buyer was represented in-house by Stephen Murphy.
BRISTOL, CONN. — Savanna Investment Management and Hudson Realty Capital have sold the Bristol Business Center for $60.5 million to Bristol Center LLC. The 1.2 million-square-foot industrial warehouse/distribution facility is located at 780 James P. Casey Rd. in Bristol. The transaction was brokered by Jeff Fishman of Robert K. Futterman & Associates.
GLOUCESTER TOWNSHIP, N.J. — Robert Holland and Mat Weilheimer of The Kislak Company have completed the $51.5 million sale of Fountainview Village Apartments in Gloucester Township. The facility, located at 1501 Little Gloucester Rd., contains 970 units situated on 52 acres. Holland represented the seller, Fountainview Village LP, and Weilheimer represented the undisclosed buyer. The facility will be rebranded Autumn Ridge Apartments.
FLORHAM PARK, MORRIS TOWNSHIP AND BRANCHBURG, N.J. — Advance Realty Group has sold three office properties to Normandy Real Estate Partners for an undisclosed price. Totaling more than 500,000 square feet of space, the properties include the Park Place campus in Florham Park, 310 Madison Avenue in Morris Township and Branchburg Centre in Branchburg.
TOMS RIVER, N.J. — Diversified Capital Toms River has acquired Country Manor in Toms River from Country Manor-Dover. The property is situated on 5.5 acres at 16 Whitesville Rd. and features a 59,226-square-foot single-story facility and a two-story residential building. The owner plans to keep the facility as a nursing home. John Cunningham of GVA Williams New Jersey represented both parties in the transaction. The acquisition price was undisclosed.
CRANBURY, N.J. — Cushman & Wakefield has brokered the sale of 324 Half Acre Road, a 680,000-square-foot distribution facility in Cranbury. The newly constructed Class A property was sold by Rockefeller Group Development Corp. and IDI to US Industrial REIT II. The building features cross docking and 36-foot clear ceilings. Stan Danzig and Jules Nissim of Cushman & Wakefield brokered the sale for an undisclosed price. Kuehne & Nagel is currently leasing 443,803 square feet at the facility.
BOSTON — Boston-based Meredith & Grew has joined Colliers International global real estate services company. As part of the transition to the Colliers brand, Meredith & Grew will now be known as Colliers Meredith & Grew. Tom Hynes, the current chairman of Meredith & Grew, will remain in his position. Kevin Phelan will remain president of the firm and Ron Perry will continue on as executive vice president and head of brokerage.