NEW YORK CITY — Lument has provided three agency loans totaling $18.5 million for multifamily properties totaling 118 units in Brooklyn. The deals include a $3 million Freddie Mac Small Balance Loan for 900 East 18th Street, a $6 million Fannie Mae conventional loan for 1436-1438 Ocean Avenue and a $9.5 million Fannie Mae conventional loan for 991-993 President Street. The properties were all constructed between 1925 and 1927 and have undergone substantial capital improvements in recent years. All three loans carry 10-year terms and 30-year amortization schedules, while two of the loans feature interest-only payment periods. Kristian Molloy of Lument led the transactions on behalf of the undisclosed borrower.
PORTLAND, MAINE — Stan Johnson Co. has brokered the $11.8 million sale of an 80,683-square-foot office building in Portland. The three-story property was originally built on 18.3 acres in 1974 and was leased to a single tenant, Consolidated Communications, at the time of sale. Chris Adams and Jim Gibson of Stan Johnson Co. represented the seller, Vermont-based developer Pizzagalli Properties, in the transaction. Josh Soley of Maine Realty Advisors represented the buyer, an undisclosed investor based in California.
By Justin Brown, director of research, Cushman & Wakefield | Grant Street Associates Inc. While the last year has been extremely challenging, one bright spot within Pittsburgh’s commercial real estate markets has been the industrial sector, the resiliency of which cannot be overstated. Consistent increases in asking rents, flat vacancy rates and positive levels of absorption have been the norms for the past few quarters. Like many metros, the Pittsburgh industrial market saw very strong absorption in the fourth quarter of last year — about 391,000 square feet, to be exact. Net absorption slid to approximately 92,000 square feet in the first quarter of this year, but there rem ains ample reason to believe that leasing activity will stay steady, if not improve, in the coming months. Much of the new leasing activity has been concentrated within the airport corridor. This region features both considerable land for new development and exceptional access to key pieces of infrastructure, making it popular with tenants and landlords alike. Currently, there is approximately 1.8 million square feet of industrial space under construction throughout the metro, with more than half of those projects (about 1 million square feet) concentrated in the airport corridor. The average …
WILMINGTON, MASS. — Natixis has provided a $104.7 million loan for the Boston Infill Portfolio, a collection of industrial buildings totaling 687,000 square feet in Wilmington, located north of the state capital. The portfolio offers proximity to Interstates 93 and 95 and was leased to 20 tenants at the time of the loan closing. Tim O’Donnell and David Douvadjian Jr. of Newmark arranged the five-year, floating-rate loan on behalf of the borrower, a joint venture between Oliver Street Capital and an undisclosed global alternative investment firm. The joint venture originally acquired the portfolio in December 2020.
PHILADELPHIA — A partnership between Chicago-based investment firm Venture One Real Estate and investment advisory firm Kovitz Investment Group has acquired a 17-acre industrial outdoor storage facility at 6501 Essington Ave. in Philadelphia. The property, which was fully leased at the time of sale, consists of a 6,575-square-foot freestanding office building and a 34,520–square-foot repair/maintenance facility equipped with 15 drive-in repair bays and floor drains. The site can accommodate more than 475 trailers, 1,050 sprinter vans, fleet maintenance and outdoor storage. Chris Pennington of Binswanger represented the undisclosed seller in the transaction.
SOUTH BRUNSWICK, N.J. — Apparel importer Vandale Industries has signed a 207,021-square-foot industrial lease at 773 Cranbury South River Road in South Brunswick, located in the central part of the Garden State. The cross-dock property spans 488,884 square feet and is now fully leased. Chuck Fern and Jason Barton with Cushman & Wakefield represented the tenant in the lease negotiations. Michael Kimmel, Jason Goldman, Marc Petrella and Andrew Siemsen, also with Cushman & Wakefield, represented the landlord, Duke Realty.
FORT LEE, N.J. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has arranged the $55.3 million sale of The Pinnacle, a 142-unit high-rise apartment building in the Northern New Jersey community of Fort Lee. Built in 2020, the 15-story building features studio, one-, two- and three-bedroom units. Scott Davidovic of Kislak represented the seller and developer, 69 Main Street Fort Lee Urban Renewal, in the transaction. Justin Lupo of Kislak procured the buyer, a joint venture between Blue Diamond Equities and Skywood Properties. David Singer of Calloway Capital placed acquisition financing through MF1 Global on behalf of the buyer. The property was 70 percent occupied at the time of sale.
YONKERS, N.Y. — CBRE has negotiated the $37 million sale of 3 Executive Boulevard and 3 Odell Plaza, two office buildings totaling 130,607 square feet in Yonkers, located north of New York City. Both assets are leased on a long-term basis to a single tenant, Montefiore Health System. Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie of CBRE represented the seller, an entity managed by Robert Martin Co., in the transaction. The team also procured the buyer, a joint venture between Benedict Realty Group and Harbor Group International.
NEW YORK CITY — Meridian Capital has arranged a $107.7 million senior loan for the refinancing of 55 Broadway, a 32-story office building in Manhattan’s Financial District. The 356,059-square-foot building was 89 percent leased at the time of the loan closing to tenants such as The Kingdom of Morocco, Bank of Communications, Syscom and Assurant Inc. As part of the recapitalization, the borrower, Harbor Group International, also received a future funding component of up to $8.4 million for leasing costs. In addition, an undisclosed capital source invested new equity in the property to retire Paramount Group Inc.’s preferred equity and to fund costs associated with significant recent leasing activity at the building. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the financing through an undisclosed life insurance company.
NORWOOD, MASS. — Moderna Inc. will expand its Moderna Technology Center biomanufacturing campus in Norwood, a southern suburb of Boston, by about 350,000 square feet. The biotechnology and pharmaceutical giant plans to renovate and expand its existing production and lab space and has acquired a 240,000-square-foot building on the same campus, ultimately yielding a 50 percent expansion and a total footprint of 650,000 square feet. The expansion will support Moderna’s efforts to ramp up production of its COVID-19 vaccine in late 2021 and early 2022. Moderna originally opened this facility in 2018.