Northeast

CBRE Negotiates $1B Sale of Hudson Commons Office Tower in Manhattan

by Taylor Williams December 20, 2021

NEW YORK CITY — CBRE has negotiated the $1 billion sale of Hudson Commons, a 697,958-square-foot office tower located at 441 Ninth Ave. in Manhattan. The 25-story building, which is a redevelopment of a warehouse, occupies a full city block in between 34th and 35th streets at the nexus of the Hudson Yards and Manhattan West neighborhoods. The building includes 16,000 square feet of ground-floor retail space. The seller, a partnership between locally based developer Cove Property Group and Boston-based The Baupost Group, acquired the warehouse in 2016. The partnership added 18 stories as part of the office conversion project. Other building features include 16,000- to 50,000-square-foot floor plates and 14- to 28-foot ceiling heights. A CBRE team comprising Darcy Stacom, Bill Shanahan, Doug Middleton and Alana Bassen represented the seller in the transaction. The buyer was Los Angeles-based CommonWealth Partners. At the time of sale, Hudson Commons was about 75 percent leased, with fitness provider Peloton and rideshare giant Lyft serving as the anchor tenants. The property features 30,000 square feet of amenities, including a conference facility, multiple tenant lounges, a bike room and 14 separate outdoor terraces. “This transaction is a bellwether for the resurgence of the office …

December 20, 2021

Industrial Leasing Activity New Jersey Northeast

J&J Snack Foods Signs 200,640 SF Industrial Lease in Woolwich Township, New Jersey

by Taylor Williams December 17, 2021

WOOLWICH, TOWNSHIP, N.J. — J&J Snack Foods, a food manufacturer known for brands such as Super Pretzel, ICEE and Luigi’s, has signed a 200,640-square-foot industrial lease in Woolwich Township, located in Gloucester County. The space is located within LogistiCenter at Woolwich, a 1 million-square-foot development by Nevada-based Dermody Properties that will be fully complete by late 2022. Drew Green, Paul Touhey and Dan McGovern of CBRE represented the landlord in the lease negotiations. The deal is expected to add about 90 new jobs to the local economy.

December 17, 2021

Acquisitions New Hampshire Northeast Retail

Atlantic Capital Partners Brokers Sale of 133,924 SF Retail Center in Portsmouth, New Hampshire

by Taylor Williams December 17, 2021

PORTSMOUTH, N.H. — Atlantic Capital Partners has brokered the sale of Durgin Square, a 133,924-square-foot retail center in Portsmouth, located in southern New Hampshire. Durgin Square was originally built in 1995. A 41,980-square-foot Whole Foods Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include T.J. Maxx and HomeGoods. Justin Smith, Scott Black, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller and buyer in the off-market deal. Both parties requested anonymity.

December 17, 2021

Healthcare Loans New York Northeast

Excelsior Orthopaedics Refinances 114,250 SF Healthcare Portfolio Near Buffalo

by Taylor Williams December 17, 2021

AMHERST AND ORCHARD PARK, N.Y. — Excelsior Orthopaedics has refinanced a portfolio of four healthcare properties totaling 114,250 square feet near Buffalo with a $35.2 million loan. Specifically, the portfolio comprises three medical office buildings in Amherst and a surgery center in Orchard Park. The buildings were constructed between 2008 and 2016 and are 100 percent owner-occupied. Daniel Turley, Anthony Sardo and Brannan Knott of JLL arranged the seven-year, fixed-rate loan through Northwest Savings Bank.

December 17, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 184-Unit Multifamily Property in Hartford

by Taylor Williams December 17, 2021

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Folly Brook Manor, a 184-unit multifamily property in Hartford. The seven-building community was built on 17 acres in 1961 and features two-bedroom units with an average size of 800 square feet. Eric Pentore, Victor Nolletti and Wes Klockner of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 17, 2021

Connecticut Loans Northeast Retail

Marcus & Millichap Capital Corp. Arranges $3.4M Acquisition Loan for Office, Retail Property in Wilton, Connecticut

by Taylor Williams December 17, 2021

WILTON, CONN. — Marcus & Millichap Capital Corp. has arranged a $3.4 million acquisition loan for Sun Plaza, an office and retail property in Wilton, located in Connecticut’s Fairfield County. The property was built in 2009 and houses a dental practice and a dance conservatory, among other tenants. The loan carried a seven-year term, 25-year amortization schedule and a 70 percent loan-to-value ratio. The borrower was not disclosed.

December 17, 2021

Affordable Housing Loans Multifamily New York Northeast

MF1 Capital Provides $100M Refinancing for Brooklyn Affordable Housing Portfolio

by Taylor Williams December 16, 2021

NEW YORK CITY — Direct lender MF1 Capital has provided a $100 million loan for the refinancing of a portfolio of eight affordable housing properties totaling 317 units in various areas of Brooklyn. Abe Katz and Jon Kushner of Walker & Dunlop arranged the financing on behalf of the borrower, Iris Holdings Group, a national developer of affordable housing. A portion of the proceeds will be used to fund capital improvements.

December 16, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $65M Construction Loan for Jersey City Multifamily Project

by Taylor Williams December 16, 2021

JERSEY CITY, N.J. — JLL has arranged a $65 million construction loan for 49 Fisk Street, a 337-unit multifamily project in Jersey City. The six-story community will be a redevelopment of an industrial building and will include 143 parking spaces. Units will come in studio, one- and two-bedroom floor plans, average 612 square feet and feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, game room, an 18,000-square-foot rooftop deck with grilling stations, community garden, coworking spaces, a 14,000-square-foot green park, a speakeasy-style bar and shuttle service to a nearby public transit station. Mike Tepedino, Michael Gigliotti, Thomas Didio Jr., Max Custer and Carlos Silva of JLL arranged the four-year, floating-rate loan through Bank OZK on behalf of the borrower, Halpern Real Estate Ventures. Completion is slated for late 2023.

December 16, 2021

600-E.-Crescent-Ave.-Upper-Saddle-River-New-Jersey

Acquisitions New Jersey Northeast Office

Wellington Negotiates Sale of 75,000 SF Office Building in Northern New Jersey

by Taylor Williams December 16, 2021

UPPER SADDLE RIVER, N.J. — New Jersey-based brokerage firm Wellington Real Estate has negotiated the sale of Sherbrooke Office Center, a 75,000-square-foot building in Upper Saddle River, located near the New York-New Jersey border. The four-story building is located at 600 E. Crescent Ave. Wellington represented the seller, Sherbrooke Holding Co. LLC, in the transaction. Additional terms of sale were not disclosed.

December 16, 2021

Acquisitions Multifamily New York Northeast

Fimida Enterprises Acquires Multifamily Portfolio in Queens for $7M

by Taylor Williams December 16, 2021

NEW YORK CITY — Locally based investment and management firm Fimida Enterprises, in partnership with a private investor, has acquired a portfolio of four multifamily properties totaling 13 units and 17,000 square feet that are located in various neighborhoods of Queens. The sales price was $7 million. Ben Normatov and Lev Mavashev of Alpha Realty represented the seller, Portela Realty, and Fimida Enterprises in the off-market transaction. ConnectOne Bank provided $4.9 million in acquisition financing. Jake Gluck of Fortune Capital Group arranged the debt.

December 16, 2021

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