Northeast

CBRE Investment Management Agrees to Acquire Logistics Portfolio in US, Europe from Hillwood for $4.9B

by John Nelson January 4, 2022

NEW YORK CITY AND DALLAS — CBRE Investment Management has agreed to acquire a portfolio of logistics real estate assets in the United States and Europe from Hillwood Investment Properties, an industrial developer and owner based in Dallas. Under terms of the $4.9 billion acquisition agreement, affiliates of New York City-based CBRE Investment Management will purchase the 57-property, 28.4 million-square-foot portfolio from Hillwood. The transaction is subject to customary closing conditions, and CBRE Investment Management expects to close on the assets in stages. The portfolio includes 33 properties in the United States totaling 19.2 million square feet and 24 assets in Germany, Poland and the United Kingdom totaling 9.2 million square feet. “This milestone transaction reflects our ability to leverage the strong financial capacity of our parent company to secure compelling opportunities that help to drive strategic real assets solutions for our clients,” says Chuck Leitner, CEO of CBRE Investment Management. “Backed by a $35 billion AUM global logistics platform and a skilled team with deep domain expertise, we are positioned to be one of the world’s leading investors and operators of logistics assets.” The portfolio is one of several multi-market portfolio transactions in the industrial sector in the past …

January 4, 2022

Loans Massachusetts Multifamily Northeast

Berkadia Provides $64.1M Agency Loan for Refinancing of Boston-Area Multifamily Portfolio

by Taylor Williams January 3, 2022

BOSTON AND CAMBRIDGE, MASS. — Berkadia has provided a $64.1 million Freddie Mac loan for the refinancing of the Brookline Cambridge Portfolio, a collection of five multifamily properties in the Boston area. Two of the properties, Auburn Harris Courtyard and St. Paul Gardens, are located in the Brookline area. The other three — Wendell Terrace, Brattle Arms and John Harvard Apartments — are located across the Charles River in Cambridge. Robert Lipson of Berkadia originated the financing on behalf of the locally based borrower, Chestnut Hill Realty.

January 3, 2022

Development Hospitality Northeast Rhode Island

CV Properties Completes $55M Aloft Providence Downtown Hotel

by Taylor Williams January 3, 2022

PROVIDENCE, R.I. — Boston-based developer CV Properties has completed the $55 million Aloft Providence Downtown Hotel. The hotel consists of 175 rooms and meeting spaces, a fitness center, grab-and-go food market, a lobby bar with patio seating and a rooftop bar with views of the downtown skyline. Elkus Manfredi Architects designed the project, and Shawmut Design & Construction served as the construction manager. Construction began in January 2020.

January 3, 2022

Acquisitions Massachusetts Northeast Retail

Sterling Organization Buys Metro Boston Retail Center for $44.3M

by Taylor Williams January 3, 2022

BRAINTREE, MASS. — Sterling Organization, a Florida-based private equity real estate firm, has purchased Tedeschi Plaza, a 174,344-square-foot retail center in the southern Boston suburb of Braintree, for $44.3 million. A 66,124-square-foot Stop & Shop grocery store anchors the property, and other tenants include CVS, Crunch Fitness, Sherwin Williams, Dunkin’ and Citizens Bank. JLL represented the seller, Denver-based Black Creek Group, in the transaction.

January 3, 2022

Acquisitions Industrial Northeast Pennsylvania

JLL Negotiates $24.4M Sale of Central Pennsylvania Distribution Center

by Taylor Williams January 3, 2022

HARRISBURG, PA. — JLL has negotiated the $24.4 million sale of a 254,449-square-foot distribution center in the West Shore area of Harrisburg. The multi-tenant facility was fully leased at the time of sale. Building features include clear heights of 24 feet, 27 dock-high doors, early suppression fast response (ESFR) sprinkler systems and ample car parking. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller, a fund managed by Penwood Real Estate Investment Management, in the deal. The buyer was New York-based investment firm Brickman.

January 3, 2022

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $9M Loan for Refinancing of Boston Apartment Building

by Taylor Williams January 3, 2022

BOSTON — Cornerstone Realty Capital has arranged a $9 million loan for the refinancing of a 23-unit apartment building in Boston’s historic Washington Street Corridor. The newly constructed building houses studio, one-, two-, three- and four-bedroom units with quartz countertops, stainless steel appliances and tile backsplashes. Cornerstone arranged the loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the buyer, Boston Real Estate Collaborative.

January 3, 2022

Development Mixed-Use New York Northeast Top Stories

Howard Hughes Corp. Receives Municipal Approval for $850M Mixed-Use Project in Manhattan’s Seaport District

by Taylor Williams January 3, 2022

NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has received approval from the City of New York for the development of an $850 million mixed-use project in Manhattan’s Seaport District. The 26-story building at 250 Water St. will house office, retail and multifamily uses, with the housing component comprising 80 percent market-rate and 20 percent affordable units. The residential element of the project will also include for-sale and for-rent units. More specifically, current plans for the 324-foot-tall building call for 270 multifamily units to be developed above five stories of office and retail space. The site currently houses a parking lot that spans a full city block. Skidmore, Owings & Merrill is the architect of the project, which was originally announced in October 2020. The Dallas-based developer estimates that the project will generate more than $1 billion in economic impact, including the creation of more than 3,000 construction and permanent jobs. Howard Hughes Corp. plans to begin remediation of the site this year, with the commencement of vertical construction to occur after that process is completed. “This project will play a vital role in New York City’s recovery through the creation of a new mixed-income rental building, office …

January 3, 2022

Acquisitions New York Northeast Office

Boston Properties Acquires Midtown Manhattan Office Building for $300M

by Taylor Williams December 23, 2021

NEW YORK CITY — Boston Properties (NYSE: BXP) has acquired 350 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan. Enterprise Asset Management sold the 20-story building for approximately $300 million. The new ownership plans to implement a capital improvement program to enhance building systems, work suites and common areas. Boston Properties also secured a $220 million loan for the refinancing of the existing debt attached to the property.

December 23, 2021

Acquisitions New Jersey Northeast Office

CBRE Negotiates $16M Sale of Office Building in Roseland, New Jersey

by Taylor Williams December 23, 2021

ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.

December 23, 2021

Development Massachusetts Multifamily Northeast

Greystar Nears Completion of 126-Unit Multifamily Project in Boston

by Taylor Williams December 23, 2021

BOSTON — South Carolina-based Greystar is nearing completion of a 126-unit multifamily project in Boston’s historic Bay Village neighborhood. Designed by Sasaki and Höweler + Yoon, the property rises 19 stories and spans 150,000 square feet, including ground-floor retail space. Boston-based Transom Real Estate handled the permitting and entitlement processes prior to selling the site to Greystar. Construction began in March 2020, and full completion is slated for next summer.

December 23, 2021

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