NEW YORK CITY — Locally based landlord Olshan Properties has secured two new leases at 99 Hudson Street, a 17-story, 175,000-square-foot office building in Manhattan’s Tribeca area. Community College Campus Inc. will relocate to a 9,300-square-foot space on the 12th floor in November, and HR&A Advisors renewed its lease for 12,111 square feet on the third floor. Eric Cagner, Jon Franzel, Claire Koeppel and David Falk of Newmark represented Olshan Properties in the lease negotiations. Darell Handler and Kyle Galin of Handler Real Estate represented Community College Campus Inc., and Michal Mathias of Cushman & Wakefield represented HR&A Advisors.
PAWTUCKET, R.I. — Marcus & Millichap has brokered the $8.9 million sale of a 64,928-square-foot industrial building in Pawtucket, Rhode Island. The building at 670-710 Narragansett Park Drive, which according to LoopNet Inc. was originally constructed in 1978, houses six suites. Harrison Klein of Marcus & Millichap represented the seller, Legacy Real Estate Ventures, in the transaction. Klein also procured the buyer, an affiliate of NSD Real Estate.
The term “adaptive reuse” in real estate circles typically conjures images of repurposing old, obsolete commercial buildings. Meanwhile, academic buildings, administrative offices and other properties on college campuses rarely come to mind. But NAI has noted a growing need among higher learning institutions with vacant or underused assets, particularly as a result of growing online learning options, says Larry Gautier, senior vice president of NAI Miami | Fort Lauderdale. As a result, the brokerage is focused on finding solutions for schools. “NAI hasn’t historically been involved with higher institutions of learning — we’ve typically focused on conventional real estate transactions,” Gautier acknowledges. “But a few years ago, when students weren’t going in to class, colleges and universities were facing a challenge: what do you do with facilities — that were built for thousands of students — in a remote-learning setting? For many schools, remote learning is here to stay.” Options include leasing buildings to commercial users or entering a joint venture with, for example, an aerospace or engineering company for educational programs, he adds. Colleges that suddenly have vast unused parking lots could also enter into long-term leases with multifamily, office or mixed-use developers. “Our position is to help these schools create …
NEW YORK CITY — MetLife has signed a 400,000-square-foot office lease extension at 200 Park Avenue in Manhattan, a deal that keeps the insurance giant in its headquarters and namesake building through 2038. MetLife consolidated its New York City offices at the 58-story building in 2017 by occupying the entire third and sixth floors and parts of the fourth and fifth floors. Patrick Murphy and Peyton Horn of Cushman & Wakefield represented MetLife in the lease negotiations. Megan Sheehan and Sam Brodsky of Tishman Speyer, which owns the building in partnership with Irvine Co., represented the landlord on an internal basis.
RIVERHEAD, N.Y. — Chicago-based Bradford Allen Hospitality has acquired two hotels totaling 245 rooms in the Long Island community of Riverhead. The 131-suite Residence Inn by Marriott was built in 2017 and is located at 2012 Old Country Road, and the 114-key Hilton Garden Inn was constructed in 2008 at 2038 Old Country Road. Both hotels offer pools and fitness centers. The undisclosed seller in the off-market deals was the original developer of both hotels. Bradford Allen will retain New Castle Hotels & Resorts to manage the properties.
NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $6 million sale of a 12,780-square-foot mixed-use building located at 306-308 Graham Ave. in Brooklyn’s Williamsburg neighborhood. The building, which was fully occupied at the time of sale, consists of three retail spaces, one office suite and five apartments. Michael Ferrara of Brax Realty represented the seller, a family trust, in the transaction and procured the buyer, a private investor. Both parties requested anonymity.
WALL TOWNSHIP, N.J. — California-based design-build firm Ware Malcomb has completed a 30,000-square-foot healthcare project in Wall Township, located in coastal New Jersey. The project is a build-to-suit for The Arc of Monmouth, a nonprofit organization that serves individuals with intellectual or developmental disabilities. The facility features several specialty rooms for learning opportunities, including sensory rooms, quiet rooms, computer rooms, as well as a gym and three fully equipped kitchens.
MONTVALE, N.J. — New Jersey-based developer Walters has delivered Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground.
MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Monroeville, an eastern suburb of Pittsburgh. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Cambridge Square Apartments consists of eight three-story buildings in one-, two- and three-bedroom floor plans, with 97 percent (198) of the units subject to a 20-year Section 8 Housing Assistance contract. Residents have access to services such as healthcare education, financial and computer literacy, childcare, youth activities, nutritional services, disability services, tenant homeownership training and parenting programs. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank structured the tax-exempt bonds, which were marketed for sale by Sam Adams of KeyBanc Capital Markets. The sponsor is Community Preservation Partners.
WHITEHALL, PA. — Lecangs, a third-party logistics company and subsidiary of Loctek, has signed a 504,000-square-foot industrial lease at 3585 Church St. in the Eastern Pennsylvania community of Whitehall. According to LoopNet Inc., the single-tenant property was built in 2001. Del Markward and Mike Capobianco of locally based brokerage firm Markward Group represented Lecangs in the lease negotiations. JLL represented the undisclosed landlord. Jeff Collins of Commercial Florida Realty Inc. also assisted in closing the deal.