Northeast

Pearlmark Provides $10M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams June 2, 2023

ELIZABETH, N.J. — Chicago-based lender and investment firm Pearlmark has provided a $10 million mezzanine loan for the refinancing of Vinty Apartments, a 267-unit multifamily property located in the Northern New Jersey community of Elizabeth. The five-story building includes 27,000 square feet of retail space that is 68 percent leased. The property offers studio, one- and two-bedroom units and amenities such as a game room, fitness center and a juice bar. Michael Klein and Steven Klein of JLL arranged the debt on behalf of the sponsor, a partnership between LeCesse Development Corp. and MAS Development Group. Vinty Apartments was 85 percent occupied at the time of the loan closing. Argentic Investment Management provided the senior loan, which totaled $97.2 million.

June 2, 2023

Acquisitions Massachusetts Northeast Retail

ShopOne Centers REIT Acquires 117,337 SF Retail Property in East Longmeadow, Massachusetts

by Taylor Williams June 2, 2023

EAST LONGMEADOW, MASS. — New York City-based ShopOne Centers REIT Inc. has acquired Heritage Park Plaza, a 117,337-square-foot retail property in East Longmeadow, located in Hampden County in western Massachusetts. Grocer Stop & Shop anchors the property, which was 98 percent leased at the time of sale. Other tenants at Heritage Park Plaza include Petco, orangetheory Fitness, Panera Bread, Dollar Tree, Pure Barre, 99 Restaurant & Pub and H & R Block. ShopOne Centers acquired the asset in a joint venture with Pantheon Group and an undisclosed institutional investor. The seller was also not disclosed.

June 2, 2023

Development Multifamily New Jersey Northeast Seniors Housing

AMS Acquisitions, Vector Group Break Ground on 100-Unit Seniors Housing Project in Howell, New Jersey

by Taylor Williams June 2, 2023

HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.

June 2, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Arranges $7M Sale of Industrial Property in North Attleborough, Massachusetts

by Taylor Williams June 2, 2023

NORTH ATTLEBOROUGH, MASS. — Marcus & Millichap has arranged the $7 million sale of a 48,000-square-foot industrial property in North Attleborough, located outside of Providence in the southern part of the Bay State. The property was built on seven acres in 2006 and features clear heights of 19 to 21 feet, 16 drive-in doors and 68 car parking spots. At the time of sale, the property was leased to tenants such as Tri-Alpha Gymnastics, Fastenal Co., Autopart International and Red Herring Motion Picture Lighting Inc. Harrison Klein and James Manning of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

June 2, 2023

Leasing Activity New York Northeast Office

Rising Ground Signs 29,566 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams June 2, 2023

NEW YORK CITY — Locally based social services organization Rising Ground has signed a 29,566-square-foot office headquarters lease at 1333 Broadway in Midtown Manhattan. Rising Ground will occupy the entire eighth floor of the 12-story, 295,530-square-foot building, which recently underwent a capital improvement program. Lindsay Ornstein, Stephen Powers, Arthur Skelskie, Alexander Smith and Kendall Elliott of OPEN Impact Real Estate represented Rising Ground, which will take occupancy next year, in the lease negotiations. Robert Lowe and Ron Lo Russo of Cushman & Wakefield, along with internal agent Shanae Ursini, represented the landlord, Empire State Realty Trust.

June 2, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

Ariel Property Advisors Arranges $150M Sale of Coney Island Mixed-Income Residential Portfolio

by Taylor Williams June 1, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $150 million sale of the Sea Park Affordable Housing Portfolio, a collection of three mixed-income residential properties totaling 818 units on Brooklyn’s Coney Island. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors represented the seller, Arker Cos., in the transaction. The buyer was a partnership between Tredway, Gilbane Development Co. and ELH Management. The sale included a 89,357-square-foot parcel that can support 153 units of new development.

June 1, 2023

Acquisitions Hospitality New York Northeast

Bayrock Capital Acquires Holiday Inn Hotel in Queens for $76.5M

by Taylor Williams June 1, 2023

NEW YORK CITY — Long Island-based investment firm Bayrock Capital has acquired a 381-room Holiday Inn hotel located in the Long Island City area of Queens for $76.5 million. The 114,000-square-foot hotel, which is located at 37-10 10th St., opened in 2022 and offers a business center, fitness center and a convenience mart. Jake Blatter of KFIR Capital represented Bayrock Capital in the off-market transaction. The seller was New York-based owner-operator McSam Hotel Group.

June 1, 2023

Acquisitions Multifamily New Jersey Northeast

Rockledge CRE Buys Two Harlem Apartment Buildings for $11.3M

by Taylor Williams June 1, 2023

NEW YORK CITY — Locally based investment firm Rockledge CRE has purchased two apartment buildings in Harlem totaling 66 units for $11.3 million. The five-story buildings were both constructed in 1920 and are situated on contiguous tracts at 401-405 Edgecombe Ave. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Rockledge CRE, which plans to renovate the units, in the transaction. Brian Ezratty of Newmark represented the seller. The deal traded at a cap rate of 5.9 percent.

June 1, 2023

Acquisitions Industrial New Jersey Northeast

CBRE Brokers $5.5M Sale of Industrial Property in Lodi, New Jersey

by Taylor Williams June 1, 2023

LODI, N.J. — CBRE has brokered the $5.5 million sale of a 24,500-square-foot industrial property in the Northern New Jersey community of Lodi. According to LoopNet Inc., the property at 80 Hancock St. was built on 1.8 acres in 1965 and features six dock doors and one drive-in door. Elli Klapper, Jeremy Wernick, Mark Silverman, Charles Berger, Kevin Dudley, Nick Klacik and Chad Hillyer of CBRE represented the buyer, Prologis, in the transaction. The seller was not disclosed. CBRE has also been retained to market the property for lease.

June 1, 2023

Leasing Activity Life Sciences Massachusetts Northeast Office

Newmark Arranges 7,397 SF Office, Life Sciences Lease in Burlington, Massachusetts

by Taylor Williams June 1, 2023

BURLINGTON, MASS. — Newmark has arranged a 7,397-square-foot office and life sciences lease in Burlington, a northwestern suburb of Boston. The tenant, medical imaging services provider UII America Inc., has committed to leasing space at Blue Sky Center, a 158-acre campus. Matt Malatesta, Tyler McGrail, Michael Frisoli and Margaret Fee of Newmark represented the owner, Nordblom Co., in the lease negotiations. Malatesta and Dave Townsend, also with Newmark, represented the tenant. Amenities at Blue Sky Center include a fitness center, café, basketball court, gaming area and a golf simulator.

June 1, 2023

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