Northeast

Khosla Capital Acquires Apartment Community in New Rochelle, New York, for $200M

by Taylor Williams January 27, 2023

NEW ROCHELLE, N.Y. — Khosla Capital has acquired Halstead Station, a 408-unit apartment community located north of New York City in New Rochelle. Built in 2001, Halstead Station rises 24 stories and offers studio, one-, two- and three-bedroom residences. Communal amenities include a pool, fitness center with a yoga studio, resident lounge, courtyard with grilling and dining stations, dog park, business center with private conference pods and a children’s play area. JLL represented the seller, The DSF Group, in the transaction. California-based Pacific Urban Investors contributed an undisclosed amount of preferred equity to the deal.

January 27, 2023

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges Sale of 107,597 SF Shopping Center in Seekonk, Massachusetts

by Taylor Williams January 27, 2023

SEEKONK, MASS. — Atlantic Capital Partners, a division of Boston-based brokerage firm Atlantic Retail, has arranged the sale of Ann & Hope Plaza, a 107,597-square-foot shopping center located in Bristol County in southern Massachusetts. Harbor Freight Tools, Petco and Bed Bath & Beyond anchor the center, which was 86 percent leased at the time of sale, though Bed Bath & Beyond plans to shutter this store as part of a larger wave of closures. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the seller, Massachusetts-based Seekonk Mall Trust, in the transaction. The team also procured the undisclosed, Rhode Island-based buyer.

January 27, 2023

Acquisitions Hospitality Maine Northeast

Wardman Group Sells 65-Room Hotel in Southport, Maine

by Taylor Williams January 27, 2023

SOUTHPORT, MAINE — The Wardman Group, a Baltimore-based boutique investment firm, has sold Ocean Gate Resort, a 65-room hotel in Southport, located in the southern coastal part of Maine. Guestrooms offer private balconies, and the amenity package consists of a pool, tennis and basketball courts, a minigolf course, fire pits and canoe/kayak rentals. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.

January 27, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $2.2M Sale of Multifamily Building in Asbury Park, New Jersey

by Taylor Williams January 27, 2023

ASBURY PARK, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $2.2 million sale of a four-unit multifamily building located in the coastal New Jersey city of Asbury Park. The building consists of two one-bedroom units, two two-bedrooom units and 3,300 square feet of retail space. Daniel Lanni of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

January 27, 2023

Leasing Activity New York Northeast Office

HBK Capital Signs 16,428 SF Office Lease at 452 Fifth Avenue in Midtown Manhattan

by Taylor Williams January 27, 2023

NEW YORK CITY — HBK Capital Management has signed a 16,428-square-foot office lease at 452 Fifth Avenue in Midtown Manhattan. The alternative investment firm will occupy the entire 22nd floor at the 30-story building. Paul Glickman, Ben Bass, Kristen Morgan and Kate Roush of JLL represented the landlord, Property & Building Corp. Ltd., in the lease negotiations. Silvio Petrillo and Tamika Kramer of CBRE represented the tenant.

January 27, 2023

Industrial Loans New Jersey New York Northeast

M&T Capital Arranges $62.5M in Financing for Industrial Portfolio in Upstate New York, Southern New Jersey

by Taylor Williams January 26, 2023

BALTIMORE — Baltimore-based M&T Realty Capital has arranged $62.5 million in financing for a portfolio of industrial properties totaling approximately 1.9 million square feet that are located in various areas in Rochester, New York, and Southern New Jersey. An undisclosed life insurance company provided the nonrecourse financing, which was structured with a 10-year term and a fixed interest rate. The names and addresses of the properties, as well as the borrower, were also not disclosed.

January 26, 2023

Acquisitions Northeast Pennsylvania Retail

Agora Commercial Acquires Shopping Center in Mount Pocono, Pennsylvania, for $17M

by Taylor Williams January 26, 2023

MOUNT POCONO, PA. — Metro Philadelphia-based investment firm Agora Commercial has acquired Mount Pocono Plaza, a 195,735-square-foot shopping center located in northeastern Pennsylvania, for $17 million. Regional grocer Weis anchors Mount Pocono Plaza, and other tenants include Ollie’s Bargain Outlet, Harbor Freight, Planet Fitness and Dollar Tree. The center’s occupancy rate at the time of sale was roughly 90 percent. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, New Jersey-based Heidenberg Properties Group, in the transaction.

January 26, 2023

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $9.9M Sale of Shopping Center in Marshfield, Massachusetts

by Taylor Williams January 26, 2023

MARSHFIELD, MASS. — Marcus & Millichap has brokered the $9.9 million sale of The Shops at Ocean’s Gate, a 38,247-square-foot shopping center in Marshfield, about 30 miles south of Boston. The center was built on 1.3 acres in 2010 and was 90 percent leased to tenants such as Domino’s Pizza, The Genesis Fit and Sweetfrog Frozen Yogurt at the time of sale. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor. Both parties were Massachusetts-based entities that requested anonymity.

January 26, 2023

Leasing Activity New York Northeast Office

LargaVista Cos. Opens 23,784 SF Flexible Coworking Space in Queens

by Taylor Williams January 26, 2023

NEW YORK CITY — Locally based firm LargaVista Cos. has opened Gaseteria Works, a 23,784-square-foot coworking space in the Long Island City area of Queens. Gaseteria Works offers coworking memberships, fully furnished private suites, meeting rooms and virtual addresses, as well as an onsite team offering concierge and administrative services. JLL manages and leases the space via Flex by JLL, the real estate giant’s flexible office and coworking platform.

January 26, 2023

Leasing Activity New York Northeast Office

Novartis Signs 15,865 SF Office Lease at 452 Fifth Avenue in Midtown Manhattan

by Taylor Williams January 26, 2023

NEW YORK CITY — Novartis Inc. has signed a 15,865-square-foot office lease at 452 Fifth Avenue in Midtown Manhattan. The pharmaceutical corporation will occupy the entire 12th floor at the 30-story building. Paul Glickman, Ben Bass, Kristen Morgan and Kate Roush of JLL represented the landlord, Property & Building Corp. Ltd., in the lease negotiations. David Stockel and Christopher Menard of CBRE represented Novartis.

January 26, 2023

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