NEW YORK CITY — Investment and advisory firm Flexpoint Ford will open a 19,522-square-foot office at One Vanderbilt, a 77-story, 1.7 million-square-foot tower in Midtown Manhattan that was developed by locally based real estate giant SL Green. Architect SPECTOR Cos. designed Flexpoint Ford’s space. Cresa and Clune Construction Co. handled the build-out. The project is nearing completion, though a formal opening date was not disclosed.
NEW YORK CITY — Newmark has arranged a $150 million construction loan for a 351,000-square-foot mixed-use project at 4650 Broadway in Manhattan’s Inwood neighborhood. Designed by Handel Architects, the 20-story building will house 222 residential units that will come in studio, one- and two-bedroom formats, with 30 percent of the apartments subject to income restrictions. Residential amenities will include a fitness center, lounge, screening room and a children’s play area. In addition, 4650 Broadway will house 120,000 square feet of commercial space. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark arranged the loan through Banco Inbursa on behalf of the borrower and developer, Philadelphia-based Arden Group. Construction is slated for a 2025 completion.
YORK, PA. — Seniors housing owner-operator IntegraCare has opened The Residence at Fitz Farm, a 130-unit community in York. The 124,000-square-foot facility sits on a 16.5-acre site that was previously part of a family farm. The property houses 68 independent living units, 42 assisted living residences and 20 memory care units. Amenities include multiple onsite dining venues, fitness and therapy areas, a beer rathskeller, theater, hair salon, library, card room and various outdoor green spaces. IntegraCare developed The Residence at Fitz Farm in partnership with Indianapolis-based Avenue Development.
SECAUCUS, N.J. — Third-party warehousing and freight firm Global Interactive Logistics (GIL) has signed a 115,000-square-foot industrial lease in the Northern New Jersey community of Secaucus. The multi-tenant facility at 1000 New County Road was built on 25.5 acres in 1968 and totals 525,224 square feet. Conor Dolan, Jeff Babikian, Nick Klacik and Kevin Dudley of CBRE represented GIL, which will relocate from nearby Kearny, in the lease negotiations. Larry Schiffenhaus and Tom Monahan, also with CBRE, represented the landlord, Prologis.
HARRISBURG, PA. — Marcus & Millichap has brokered the $4.7 million sale of Brandywine Plaza, a 44,241-square-foot shopping center located in Harrisburg. The property was fully leased to 21 tenants at the time of sale. Craig Dunkle and Mher Vartanian of Marcus & Millichap represented the seller. Dunkle and Vartanian also secured the buyer, an undisclosed developer.
ALLENDALE, N.J. — NAI James E. Hanson has negotiated a 32,895-square-foot lease at 1 Pearl Court, an industrial flex building in the Northern New Jersey community of Allendale. The building is one of seven within the 370,000-square-foot Allendale Industrial Park, which is owned by Camber Real Estate Partners and Advance Realty Investors. Thomas Vetter and Jeff Demagistris of NAI Hanson represented the tenant, a medical equipment manufacturer, in the lease negotiations. Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase, also with NAI Hanson, represented the landlord.
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Tax-Efficient Investment Strategies Open New Opportunities Despite High Interest Rates
The recent Silicon Valley Bank and Signature Bank collapses — and the takeover of First Republic Bank — have revived regulatory scrutiny on bank risk to a degree that is reminiscent of the financial crisis 15 years ago. Suddenly, it seems, everyone is concerned about the trillions of dollars in commercial real estate debt held at banks — and regional and community banks in particular — and whether it can be refinanced at higher interest rates as it matures over the next couple of years. The same holds for hundreds of billions of dollars of commercial mortgage-backed securities. The conditions are exacerbating a pullback in credit that started last year, which, along with the elevated interest rate environment, has depressed commercial real estate investment sales. In February, property sales dropped 51 percent, from $54.9 billion to $26.9 billion from a year earlier, according to MSCI Real Assets. Taken together, the wall of maturities, higher interest rates, bank collapses and a slumping economy have largely spooked the investment market, suggests Spencer Lund, chief investment officer with NAI Legacy in Minneapolis, Minn. (which also serves Chicago, Denver and Scottsdale, Ariz.) Still, it’s also the type of environment that breeds opportunity as prices …
NEW YORK CITY — IAC, a holding company of media and digital assets whose brands include The Daily Beast and Investopedia, has acquired the land on which its 10-story headquarters office at 555 West 18th St. in Manhattan is situated. The sales price was $80 million. Designed by architect Frank Gehry, the building was completed in 2007. Eric Michael Anton and Steven Siegel of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The name of the entity that sold the land was not disclosed.
YORKTOWN HEIGHTS, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shoppes at Jefferson Valley Mall, a 153,151-square-foot shopping center in Yorktown Heights. Built in 1983, the center is located about 40 miles north of Manhattan on a 12-acre site that is adjacent to Jefferson Valley Mall. Formerly anchored by Sears and now anchored by 24 Hour Fitness, the property was 24 percent leased at the time of sale. Joseph French Jr. and Kodi Traver of IPA represented the undisclosed seller and procured the buyer, a New York-based private investor, in the transaction.
NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $47 million loan for the refinancing of Hyatt House New York, a 150-room hotel in Manhattan’s Chelsea neighborhood. Beau Williams of Cronheim’s hospitality capital markets group led a team that arranged the five-year, fixed-rate loan on behalf of the borrower, locally based investment firm Lexin Capital. An undisclosed, New York-based bank provided the debt.