Northeast

Associated-Medical-Professionals-Syracuse

Colliers Arranges $13.5M Sale of Medical Office Buildings in Syracuse

by Taylor Williams October 13, 2020

SYRACUSE, N.Y. — Colliers International has arranged the $13.5 million sale of a 33,836-square-foot medical office building in Syracuse. The property is leased to regional healthcare provider Associated Medical Professionals, which houses its urology and oncology centers in the building. The sale also included a medical office building in Auburn, New York, that is also occupied by Associated Medical Professionals. Eric Grad of Colliers brokered the deal in conjunction with Britt Raymond and Kyle Fant of SRS Real Estate Partners. The seller was a locally based developer, and the buyer was a Missouri-based family office specializing in medical office properties.

October 13, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Brokers Sale of 151,220 SF Industrial Building Near Philadelphia

by Taylor Williams October 13, 2020

CHALFONT, PA. — Binswanger has brokered the sale of a 151,220-square-foot industrial building located at 90 Hamilton St. in Chalfont, about 30 miles north of Philadelphia. The sales price was approximately $6 million. The property sits on 13.7 acres and features 23-foot clear heights and 6,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gifts maker Harriet Carter, in the transaction. The buyer was not disclosed.

October 13, 2020

Industrial Leasing Activity New Jersey Northeast

NKF Negotiates 65,000 SF Industrial Lease Renewal in Pine Brook, New Jersey

by Taylor Williams October 13, 2020

PINE BROOK, N.J. — Newmark Knight Frank (NKF) has negotiated a 65,000-square-foot industrial lease renewal at 19 Chapin Road in Pine Brook, about 30 miles west of New York City. The property offers 20- to 22-foot clear heights, 76 dock-high doors and ample car parking space. Kevin Murphy and Trevor Patterson of NKF represented the tenant, global manufacturer Doosan Machine Tools, in the lease negotiations. The landlord, Cohen Asset Management, was represented internally.

October 13, 2020

Leasing Activity New York Northeast Office

Hodges Ward Elliott Signs 12,692 SF Office Lease at One Vanderbilt Avenue in Manhattan

by Taylor Williams October 13, 2020

NEW YORK CITY — Real estate investment sales specialist and capital markets advisor Hodges Ward Elliott has signed a 12,692-square-foot office lease at One Vanderbilt Avenue, a 1.7 million-square-foot skyscraper in Manhattan. The company will occupy part of the 50th floor of the 1,400-foot building, which is 70 percent leased to tenants such as TD Securities, The Carlyle Group, KPS Capital Partners and Oak Hill Advisors. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green Corp., in the lease negotiations.

October 13, 2020

Loans Multifamily New York Northeast

Greystone Provides $289M Loan for Refinancing of The Summit Apartments in Manhattan

by Taylor Williams October 12, 2020

NEW YORK CITY — Greystone has provided a $289 million Freddie Mac loan for the refinancing of The Summit, a 429-unit apartment community located at 222 E. 44th St. in Midtown Manhattan. About 25 percent of the residences are designated as affordable housing. Residential amenities include a fitness center, basketball and squash courts, indoor pool, sauna, theater room, game lounge and an outdoor entertainment area. Drew Fletcher, Matthew Klauer and Cassandra Connolly of Greystone originated the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, BLDG Management Co. Inc. Bank of China provided the original $251 million construction loan for the project in 2015.

October 12, 2020

Acquisitions Industrial Massachusetts Northeast

Cabot, Cabot & Forbes Acquires Industrial Flex Property in Cambridge for $49.6M

by Taylor Williams October 12, 2020

CAMBRIDGE, MASS. — Locally based developer Cabot, Cabot & Forbes has acquired a 66,964-square-foot industrial flex property located at 67 Smith Place in Cambridge for $49.6 million. The site is adjacent to The Quad, the firm’s master-planned development that includes 485 multifamily units, 60,000 square feet of retail space and 575,000 square feet of lab space. Cabot, Cabot & Forbes raised $21 million on CrowdStreet to help fund the acquisition and will implement a capital improvement program.

October 12, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Arranges Sale of 171,646 SF Industrial Property Near Philadelphia

by Taylor Williams October 12, 2020

MONTGOMERYVILLE, PA. — Binswanger Commercial Real Estate Services has arranged the sale of a 171,646-square-foot industrial property located at 425 Stump Road in Montgomeryville, a northern suburb of Philadelphia. The sales price was $8.5 million. Built on 9.8 acres in 1970, the property features 12 dock-high doors, 16-foot clear heights and 20,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gift maker Harriet Carter, in the transaction.

October 12, 2020

Leasing Activity New York Northeast Retail

Target to Open 130,000 SF Store at Former Sears Location in Yonkers, New York

by Taylor Williams October 12, 2020

YONKERS, N.Y. — Target plans to open a 130,000-square-foot store at Cross County Center, a 1.1 million-square-foot retail power center in Yonkers, located north of New York City. Target has signed a 40-year lease to backfill a space formerly occupied by Sears. A partnership between Marx Realty and Benenson Capital Partners owns Cross County Center, which features more than 80 retail and restaurant users. An opening date has not yet been determined.

October 12, 2020

Leasing Activity New Jersey Northeast Office

JLL Negotiates Two Office Leases Totaling 95,000 SF in Secaucus, New Jersey

by Taylor Williams October 12, 2020

SECAUCUS, N.J. — JLL has negotiated two office leases totaling 95,000 square feet at 500 Plaza Drive in the New York City metro of Secaucus. Hartz Mountain Industries signed a new lease for 54,000 square feet, and AXA Equitable Life Insurance Co. renewed its lease for 41,000 square feet at the Class A building. David Stifelman and Timothy Greiner of JLL represented the landlord, Manulife Investment Management, in both lease negotiations. Geoffrey Schubert of CBRE represented Hartz Mountain Industries, and Matthew Astrachan of JLL represented AXA Equitable Life Insurance. The 11-story, 461,525-square-foot building is located within the 200-acre Harmon Meadow development at the junction of the New Jersey Turnpike and State Route 3.

October 12, 2020

New York Northeast

Avison Young: Manhattan’s Volume of Commercial Investment Falls 74 Percent in Third Quarter

by Taylor Williams October 9, 2020

NEW YORK CITY — Total commercial investment activity in Manhattan totaled $1.1 billion across 21 transactions in the third quarter, a 74 percent decrease in the total dollar amount relative to that period in 2019, according to a new report from Avison Young. Both the number of transactions and the total volume of investment dollars represent 10-year quarterly lows for Manhattan. In addition, two deals that were put under contract prior to the outbreak of COVID-19, the sales of 1375 Broadway and 522 Fifth Avenue, accounted for nearly 70 percent of the total dollar volume. Among individual property types for the third quarter, Manhattan recorded nine multifamily transactions totaling $121 million, four office building or office condo deals totaling $847 million and six development site sales totaling $141 million. The market saw only one retail property trade hands, a vacant condo at 152 Franklin St. in Tribeca that sold for $1.5 million.

October 9, 2020

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