Northeast

8-Federal-Street-Billerica-Massachusetts

Rhino Capital Advisors Buys Flex Portfolio in Metro Boston for $10.4M

by Taylor Williams March 2, 2021

BILLERICA, MASS. — Locally based investment firm Rhino Capital Advisors has purchased a two-building, 170,146-square-foot flex office/research and development portfolio in the northern Boston suburb of Billerica for $10.4 million. The buildings were constructed in 1984 on a 12-acre tract along Middlesex Turnpike (Route 3). Matt Daniels, Brian Tisbert, Christopher Lawrence and Zach Gramlich of JLL represented the undisclosed seller in the transaction. Brett Paulsrud, Amy Lousararian and Madeline Joyce of JLL arranged $16.1 million in financing for the acquisition and redevelopment of the portfolio.

March 2, 2021

Leasing Activity New York Northeast Office

Gannett Signs 24,195 SF Office Sublease at 1675 Broadway in Manhattan

by Taylor Williams March 2, 2021

NEW YORK CITY — Mass media publisher Gannett Co. has signed a 24,195-square-foot office sublease at 1675 Broadway in Manhattan. Gregg Rothkin, John Maher, Paul Myers, Mike Wellen, Alex Bennisato and Cara Chayet of CBRE represented the sublandlord in the 10-year deal. Gordon Ogden and Nick Gilman of Byrnam Wood represented Gannett, which plans to take occupancy of the space this month. Rudin Management owns the 800,000-square-foot building.

March 2, 2021

Features Finance Insight Midwest Multifamily Northeast Southeast Texas Western

Q&A with Trevor Koskovich, President of Investment Sales for NorthMarq

by Sarah Daniels March 2, 2021

NorthMarq has added a multifamily investment sales team to its Charlotte and Raleigh, N.C., offices. The new team, which consists of Andrea Howard, Jeff Glenn, John Currin, Allan Lynch and Caylor Mark, all formerly of JLL, brings NorthMarq’s investment sales locations to 18. This addition also allows NorthMarq to expand its visibility, Carolinas coverage and service offerings to clients as the firm sets its sights on high-growth markets. Trevor Koskovich, NorthMarq’s president of investment sales, sat down with Finance Insight to discuss the multifamily investment sales market and his new five-person team. Finance Insight: What does this new team and location add to the NorthMarq platform and breadth of services? Koskovich: The new Raleigh and Charlotte locations allow NorthMarq to be in lower-regulation, high-growth U.S. regions. From an investment sales perspective, we’re really targeting high-growth markets for population movement and investment sales transaction volume. Raleigh and Charlotte continue to be part of this conversation, and we’re super excited about our new team’s ability to service those markets. This new team will help us drive more business through the Southeast and in overlapping markets, including Nashville, Chattanooga and north Florida. These team members are an integral part of our growth platform, …

March 2, 2021

Acquisitions Multifamily New Hampshire Northeast

CBRE Arranges $69.2M Sale of Timberwood Commons Apartments in Lebanon, New Hampshire

by Taylor Williams March 1, 2021

LEBANON, N.H. — CBRE has arranged the $69.2 million sale of Timberwood Commons, a 252-unit apartment community in Lebanon, located in central New Hampshire. The property consists of five three-story buildings on a 42.6-acre tract. Units feature studio, one-, and two-bedroom floor plans with an average size of 847 square feet. Amenities include a clubhouse, business center, community room, fitness center and a dog park. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Philadelphia-based Merion Realty Partners, and procured the buyer, an affiliate of Boston-based Audubon Capital Partners.

March 1, 2021

Industrial Leasing Activity NAI New Jersey Northeast

NAI Mertz Negotiates 300,700 SF Industrial Lease in Florence, New Jersey

by Taylor Williams March 1, 2021

FLORENCE, N.J. — NAI Mertz has negotiated a 300,700-square-foot, full-building industrial lease at 839 Railroad Avenue, a project under construction in the Southern New Jersey city of Florence. Scott Mertz of NAI Mertz represented the tenant, auto parts supplier DNA Motoring, in the lease negotiations. Tony Rod of Lee & Associates represented the developer, Denver-based Black Creek Group. Building features include 36-foot clear heights, ample trailer parking and immediate proximity to the New Jersey Turnpike. DNA Motoring expects to take occupancy of the building in the second quarter.

March 1, 2021

Acquisitions Massachusetts Northeast Retail

Equity Industrial Buys Metro Boston Retail Building Leased to Stop & Shop for $35.5M

by Taylor Williams March 1, 2021

WATERTOWN, MASS. — Locally based investment firm Equity Industrial Partners has purchased a 69,000-square-foot retail building that is net leased to grocer Stop & Shop in Watertown, a western suburb of Boston. The sales price was $35.5 million. Stop & Shop has occupied the building for more than 25 years and recently extended its long-term lease. JLL represented the seller, a partnership between Winstanley Enterprises and Surrey Equities LLC, in the sale and procured Equity Industrial as the buyer. Equity Industrial Partners said it targeted the asset in response to intense competition for industrial properties that was pushing yields lower, and that the company believed it could find higher yield in retail deals for a similar risk profile.

March 1, 2021

Development Massachusetts Multifamily Northeast

Procopio Cos. Completes 30-Unit Multifamily Building in Beverly, Massachusetts

by Taylor Williams March 1, 2021

BEVERLY, MASS. — Locally based developer The Procopio Cos. has completed the 30-unit Building B at Sedna, a 3.5-acre waterfront multifamily development in Beverly, located northeast of Boston. The 32-unit Building A opened to residents in October. Units feature one- and two-bedroom floor plans, and amenities include two rooftop terraces, a fitness center, clubroom and wine bar, pet wash station and onsite parking for residents. Rents start at $2,450 per month for a one-bedroom unit, according to Apartments.com.

March 1, 2021

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers $8.1M Sale of Retail Center in Ellenville, New York

by Taylor Williams March 1, 2021

ELLENVILLE, N.Y. — Marcus & Millichap has brokered the $8.1 million sale of Shoprite Plaza, a 56,555-square-foot, grocery-anchored retail center that is located on an 11.7-acre tract in Ellenville, about 100 miles north of New York City. The seller and buyer were both private investors that requested anonymity. Joseph French, Kodi Traver and John Krueger of Marcus & Millichap brokered the deal. Steve Rock of Marcus & Millichap Capital Corp. arranged acquisition financing.

March 1, 2021

Development Multifamily New Jersey Northeast

KRE Group, NREA Near Completion of 68-Story Apartment Tower in Jersey City

by Taylor Williams February 26, 2021

JERSEY CITY, N.J. — Developer KRE Group and National Real Estate Advisors (NREA) are nearing completion of Journal Squared 2, a 68-story apartment tower in Jersey City that will consist of 704 units overlooking the Hudson River and downtown Manhattan. Designed by HWKN Architects, the property will offer studio, one-, two- and three-bedroom residences, including two penthouse floors, that are furnished with stainless steel appliances and quartz countertops. Residents will have access to approximately 70,000 square feet of indoor and outdoor amenity space that includes a pool, multiple lounges and coworking areas, a fitness center with a yoga studio, dog park and a sky lounge. Leasing is set to begin in March. The first residential building at Journal Squared consists of 538 units in a 53-story building.

February 26, 2021

Crossings-Industrial-Portfolio-Philadelphia

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $69.5M Acquisition Loan for Philadelphia-Area Industrial Portfolio

by Taylor Williams February 26, 2021

PHILADELPHIA — Cushman & Wakefield has arranged a $69.5 million acquisition loan for the Crossings Industrial Portfolio, a collection of 25 light industrial buildings totaling 1.2 million square feet in the Philadelphia area. John Alascio, Sridhar Vankayala, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan through Natixis on behalf of the borrower, Camber Real Estate Partners.

February 26, 2021

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