Northeast

PCCP Provides Loan for Refinancing of 36-Story Manhattan Office Tower

by Taylor Williams November 18, 2021

NEW YORK CITY — Los Angeles-based PCCP LLC has provided a loan of an undisclosed amount for the refinancing of 80 Broad Street, a 36-story office tower in Manhattan’s Financial District. The 423,777-square-foot building was originally constructed in 1931 and includes 12,385 square feet of retail space and private terraces on select floors. Ken Ziebelman, Grant Frankel and Ethan Pond of Eastdil Secured arranged the loan on behalf of the borrower, a joint venture between New York City-based Broad Street Development and Invesco Real Estate. Since 2018, ownership has invested more than $9 million in capital improvements to the property.

November 18, 2021

Acquisitions Industrial Northeast Pennsylvania

Devli Real Estate Acquires 461,433 SF Industrial Property in Bedford, Pennsylvania

by Taylor Williams November 18, 2021

BEDFORD, PA. — Devli Real Estate has acquired a 461,433-square-foot industrial property that sits on a 38-acre site at 550 Sunnyside Road in Bedford, located in the southern-central part of the state. According to LoopNet Inc., the property was built in 1967 and renovated in 2006. The property features clear heights of 21 feet, 32 dock positions, proximity to Interstates 70 and 76 and units that range in size from 100,000 to 200,000 square feet. Gerry Blinebury of Cushman & Wakefield represented the buyer and the undisclosed seller in the transaction. The property was fully leased at the time of sale.

November 18, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $36.3M Sale of Northern New Jersey Apartments

by Taylor Williams November 18, 2021

KEARNY, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $36.3 million sale of General Kearny Apartments, a 171-unit complex in Northern New Jersey. The seven-building property was originally constructed in 1939 and offers one-, two- and three-bedroom units ranging in size from 351 to 825 square feet. David Oropeza and Niko Nicolaou of Gebroe-Hammer represented the seller, an entity doing business as J & D General Kearny Associates LLC, in the transaction. Nicolaou also procured the buyer, a private investor. Brad Domenico of Progress Capital arranged acquisition financing for the deal.

November 18, 2021

Loans Multifamily New York Northeast

Gantry Arranges Three Loans Totaling $31.9M for Refinancing of Upstate New York Multifamily Properties

by Taylor Williams November 18, 2021

BUFFALO, N.Y. — San Francisco-based mortgage banking firm Gantry has arranged a trio of loans totaling $31.9 million for the refinancing of three multifamily properties totaling 426 units in Upstate New York. In the first deal, a correspondent agency lender provided a 10-year loan that carried a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule for a 181-unit property in Central New York. In the second transaction, a life insurance company funded a 20-year loan that was also structured with a fixed rate and multiple years of interest-only payments for a 176-unit asset in Buffalo. A Wall Street-based lender provided the final loan with similar terms for a 69-unit property in Rochester. Tom Grzebinski and Jack Stelianou of Gantry placed all three loans on behalf of undisclosed borrowers.

November 18, 2021

Utz-Quality-Foods-Sterling-Massachusetts

Acquisitions Industrial Massachusetts Northeast

Stan Johnson Co. Brokers Sale of 60,000 SF Industrial Building in Sterling, Massachusetts

by Taylor Williams November 18, 2021

STERLING, MASS. — Oklahoma-based Stan Johnson Co. has brokered the sale of a 60,000-square-foot industrial building in Sterling, located north of Worcester in the central part of the state. The property, which was built on 4.8 acres in 2006, was fully leased to Utz Quality Foods at the time of sale. Erik Lundberg of Stan Johnson Co. brokered the deal on behalf of the seller, a Massachusetts-based private investor. A Massachusetts-based institutional investor purchased the asset for $4.2 million.

November 18, 2021

Acquisitions California Company News New York Northeast Top Stories Washington Western

Sycamore Partners Management Acquires 30,000-Acre Wine Producer for $1.2B

by Katie Sloan November 18, 2021

NEW YORK CITY — Private equity firm Sycamore Partners Management has acquired Ste. Michelle Wine Estates for $1.2 billion. The transaction is the largest private equity purchase of a wine business in the U.S., according to Bank of the West, which led financing for the acquisition. Altria Group Inc. was the seller, according to reports by Bloomberg. Ste. Michelle Wine Estates is the third-largest premium winery in the U.S. with over 30,000 acres of vineyards spread across three states. Some of the company’s popular brands include Chateau Ste. Michelle, 14 Hands, Patz & Hall, Northstar, Erath and Stags Leap. Chateau Ste. Michelle is one of the largest brands in the Pacific Northwest, located roughly 18 miles northeast of Seattle in Woodinville, Wash. The winery — which produces 60 percent of Washington’s annual wine sales — also owns 3,900 acres of vineyards in the Columbia Valley of Eastern Washington, including Canoe Ridge Estate and Cold Creek. New York City-based Sycamore Partners specializes in consumer, distribution and retail-related investments. The firm has approximately $10 billion in aggregate committed capital. Bank of the West, headquartered in San Francisco, is one of the largest commercial lenders to the wine industry in the U.S. —Katie Sloan

November 18, 2021

Loans New Jersey Northeast Office

JLL Arranges $113.5M Acquisition Loan for Downtown Newark Office Portfolio

by Taylor Williams November 17, 2021

NEWARK, N.J. — JLL has arranged a $113.5 million acquisition loan for a portfolio of two downtown Newark office buildings totaling roughly 816,000 square feet. The portfolio also includes a 901-space parking garage. Originally built in the 1920s, the buildings are leased on a long-term basis to The State of New Jersey, which houses more than 3,500 employees across 35 departments at the site. Michael Klein, Jon Mikula and Matthew Pizzolato of JLL, along with Brad Domenico of Progress Capital, arranged the three-year, floating-rate loan through ACORE Capital. The borrower, a partnership between SHIFT Capital, The Hanini Group and CoInvestment Partners, will use a portion of the proceeds to fund capital improvements.

November 17, 2021

Extra-Space-Storage-New-Bedford-Massachusetts

Development Industrial Massachusetts Northeast Self-Storage

True Storage Completes 627-Unit Self-Storage Facility in New Bedford, Massachusetts

by Taylor Williams November 17, 2021

NEW BEDFORD, MASS. — New Hampshire-based developer True Storage has completed a 627-unit self-storage facility in New Bedford, located south of Boston, that will be operated under the Extra Space Storage brand. The facility totals 55,600 net rentable square feet. True Storage acquired the site, which previously housed a recycling distribution center for Parallel Products, in 2020 and converted it to self-storage use.

November 17, 2021

Acquisitions Healthcare Massachusetts Northeast

Newmark Brokers $29.5M Sale of Medical Office Building in Methuen, Massachusetts

by Taylor Williams November 17, 2021

METHUEN, MASS. — Newmark has brokered the $29.5 million sale of a 94,325-square-foot medical office building anchored by Dana-Farber Cancer Institute in the northern Boston suburb of Methuen. Robert Griffin, Frank Nelson, Michael Greeley and Allie Percoco of Newmark represented the seller, Marcus Partners, and procured the buyer, a joint venture between Celera Properties and AEW Capital Management. Newmark also arranged acquisition financing for the deal.

November 17, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 250-Unit Tannery Apartments in Glastonbury, Connecticut

by Taylor Williams November 17, 2021

GLASTONBURY, CONN. — CBRE has negotiated the sale of The Tannery, a 250-unit apartment community in Glastonbury, a southern suburb of Hartford. Built in 2017, The Tannery offers a pool, sundeck with grilling areas, fitness center with a yoga studio, dog park, gaming area and a resident lounge. Units feature stainless steel appliances, granite countertops and wood-style vinyl plank flooring. Jeffrey Dunne, Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a partnership between Lexington Partners LLC and a fund advised by UBS Realty Investors LLC, in the transaction. The team also procured the buyer, Jones Street Investment Partners.

November 17, 2021

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