Northeast

Walmart-Bass-Pro-Shops-Hooksett-New-Hampshire

Horvath & Tremblay Negotiates $14.9M Sale of Retail Property in Hooksett, New Hampshire

by Taylor Williams June 22, 2021

HOOKSETT, N.H. — Horvath & Tremblay, an investment sales brokerage firm serving New England, has negotiated the $14.9 million sale of a two-unit retail condo in Hooksett, located just outside Manchester in Merrimack County. The property consists of a 153,430-square-foot building that was built on 25.2 acres in 2007 and is now occupied by Walmart and a 139,790-square-foot building that was constructed on 17 acres in 2008. The original occupant of the smaller of the two buildings, Lowe’s Home Improvement, has subleased the space to Bass Pro Shops since 2013. Bob Horvath of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.

June 22, 2021

Market Reports Multifamily New York Northeast Northeast Market Reports

Opportunities Abound for Buyers and Sellers in New York City’s Multifamily Market

by Taylor Williams June 22, 2021

By Lev Mavashev, founder and principal, Alpha Realty Last year in 2020 and even now well into 2021, the COVID-19 pandemic has many New York City property owners feeling like deer in headlights. Should I push forward? Take a step back? Or should I just freeze and brace for impact from the worst disaster to strike the world in living memory? While little is certain in these uncertain times, for New York’s multifamily owners considering their future beyond 2021, values might drastically be impacted by the following factors. Rising Property Taxes New York will never move forward unless its real estate industry moves forward. Next to finance and, increasingly, big tech, the industry is the biggest driver of the state economy, and its 12-month enforced hiatus has cost the state $1.6 billion in lost tax revenue. The state can’t just print money to make up that shortfall, so it is doing one of the only things that is certain in life: issuing taxes. From hikes in property taxes to capital gains, personal income to corporate tax, both the city and state are creating a clear roadmap to recouping what’s been lost. Property taxes will definitely be going up for the …

June 22, 2021

Acquisitions Industrial Maine Northeast

Marcus & Millichap Negotiates Sale of 793-Unit Self-Storage Portfolio in Maine

by Taylor Williams June 21, 2021

MAINE — Marcus & Millichap has negotiated the sale of the JMC Self-Storage Portfolio, which consists of four properties totaling 793 units in southern Maine. Three of the four properties in the portfolio, which spans 92,275 net rentable square feet, are located within 20 miles of Portland. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and sales price were not disclosed. James Koury of Marcus & Millichap assisted in closing the deal as the broker of record.

June 21, 2021

Acquisitions Connecticut Industrial Northeast

Vision Real Estate, Rialto Capital Buy 566,000 SF Industrial Portfolio in Connecticut

by Taylor Williams June 21, 2021

BLOOMFIELD AND WINDSOR, CONN. — A joint venture between Vision Real Estate Partners and a fund managed by Miami-based Rialto Capital Management has purchased the Bloomfield Logistics Portfolio, a collection of 18 industrial buildings totaling 566,000 square feet in Bloomfield and Windsor, Connecticut. The seller was Sponzo Properties. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Art Ross of Newmark brokered the deal. Ari Schwartzbard, Cliff Welden and Tom Lubeck of Newmark arranged acquisition financing through an undisclosed institutional lender on behalf of the buyer. The portfolio was 100 percent leased at the time of sale.

June 21, 2021

Healthcare Loans New York Northeast

CIT Group Provides $33.2M Acquisition Loan for Medical Office Building in Brooklyn

by Taylor Williams June 21, 2021

NEW YORK CITY — CIT Group Inc. has provided a $33.2 million acquisition loan for an eight-story medical office building located at 902 Quentin Road in Brooklyn. The property was built in 2013 and also features academic space. Tenants include NYU Langone Health and Touro College School of Health Sciences. Occupancy was 100 percent at the time of sale. The borrower was an affiliate of New York-based Seavest Healthcare Properties.

June 21, 2021

Acquisitions Massachusetts Multifamily Northeast

Township Capital, CC&F Acquire 66,964 SF Industrial Building in Cambridge

by Taylor Williams June 21, 2021

CAMBRIDGE, MASS. — A partnership between California-based Township Capital LLC and locally based developer Cabot, Cabot & Forbes (CC&F) has acquired a 66,964-square-foot industrial building in Cambridge. The property is situated in the Alewife area, adjacent to CC&F’s mixed-use campus that is in development and will include 575,000 square feet of lab space, 250 multifamily units and 6,000 square feet of retail space. The seller was not disclosed.

June 21, 2021

Acquisitions Hospitality New York Northeast

Muroff Hospitality Group Arranges Sale of Waterfront Resort in Lake George, New York

by Taylor Williams June 21, 2021

LAKE GEORGE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of Lake George Suites, a waterfront resort located in the Diamond Point area of Lake George in Upstate New York. The property includes a six-bedroom home, private beach, cottages, guestrooms, suites, pool and a marina with 20 docks and moorings. An entity doing business as Lake George Suites LLC sold the property to R.E. Hansen Industries Inc. for $3.2 million. Mitch Muroff of Muroff Hospitality Group represented both parties in the deal.

June 21, 2021

Loans Massachusetts Multifamily Northeast

Phillips Realty Capital Arranges $96.2M in Financing for Two Boston Multifamily Assets

by Taylor Williams June 18, 2021

BOSTON — Maryland-based Phillips Realty Capital has arranged two loans totaling $96.2 million for the refinancing and renovation of a pair of multifamily assets totaling 279 units in Boston. In the first transaction, Voya Commercial Mortgage LLC provided funds for Atrium on the Commonwealth, a 187-unit community near Boston University that was originally built in the 1920s as an assembly plant and dealership for Packard Motors. In the second deal, Hingham Institution for Savings provided financing for the 92-unit Longfellow Apartments near Harvard University in Cambridge. That property was originally built in 1917 and features studio, one-, two- and three-bedroom floor plans. Adam Bieber of Phillips Realty Capital led the debt placement efforts in conjunction with Harmon Handorf, Emily Beeler and Bill Wrench. The borrower was full-service real estate firm The Hamilton Co.

June 18, 2021

Connecticut Leasing Activity Northeast Retail

Floor & Décor to Open 100,000 SF Store in Fairfield, Connecticut, on June 21

by Taylor Williams June 18, 2021

FAIRFIELD, CONN. — Atlanta-based home improvement retailer Floor & Décor will open its 100,000-square-foot warehouse store and design center in Fairfield, located in the southern-coastal part of the state, on Monday, June 21. About 50 full- and part-time associates will work at the store, which is located at 300 Tunxis Hill Road. Brian Katz of retail brokerage firm Katz & Associates represented the retailer in its site selection and negotiations for the new store, which is one of two Floor & Décor outlets set to come on line in Connecticut this year.

June 18, 2021

Development Multifamily New Jersey Northeast

Blue Onyx Breaks Ground on 78-Unit Apartment Project in East Orange, New Jersey

by Taylor Williams June 18, 2021

EAST ORANGE, N.J. — Locally based developer Blue Onyx Cos. has broken ground on 14 Summit, a 78-unit apartment project located in the Northern New Jersey community of East Orange. Designed by Inglese Architecture & Engineering, the five-story property will comprise eight studio apartments, 51 one-bedroom units and 19 two-bedroom units. Amenities will include a coworking space, fitness center, pet washing station, community lounge, two rooftop terraces and bike storage rooms. Completion is slated for early 2023.

June 18, 2021

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