Northeast

EverWest Sells 303,000 SF Office Complex in Berkley Heights, New Jersey

by Alex Patton May 15, 2020

BERKLEY HEIGHTS, N.J. — EverWest Real Estate Investors, a Denver-based developer, has sold Mountain Heights Corporate Center, a Class A office complex totaling approximately 303,000 square feet in the western New York City suburb of Morristown. Located at 420 and 430 Mountain Ave., the two-building property offers convenient access to Manhattan and Newark Liberty Airport. The property was 80 percent leased at the time of sale. Jose Cruz and Kevin O’Hearn led a JLL team that represented EverWest in the transaction. The team also procured the undisclosed buyer. The sales price was undisclosed.

May 15, 2020

Acquisitions New York Northeast Retail

CBRE Brokers Sale of 165,499 SF Retail Building Leased to Walmart in Upstate New York

by Alex Patton May 15, 2020

NEWARK, N.Y. — CBRE has brokered the $9.2 million sale of a 165,499-square-foot retail building in Newark, a western suburb of Rochester. Located at 6788 NY-31 East, the single-tenant property is fully leased to Walmart. Walmart has occupied the space since 1992 and expanded its original lease by 72,011 square feet in 2006. Nearby retailers include Save-a-Lot, Wegmans, Tractor Supply, Dollar Tree, AutoZone and Walgreens. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, a private investor, in the transaction The team also procured an undisclosed institutional investor as the buyer.

May 15, 2020

Development Massachusetts Multifamily Northeast Seniors Housing

Casa Underway on 26-Unit Senior Living Community in Shrewsbury, Massachusetts

by Alex Patton May 15, 2020

SHREWSBURY, MASS. — Massachusetts-based Casa Builders and Developers is underway on construction of Wyman Farms, a 26-unit senior living community in Shrewsbury, an eastern suburb of Worcester. The property will feature 13 duplex-style residences with two bedrooms each that will be restricted to residents age 55 and older. The property is located near UMass Memorial Medical Center University Campus, multiple golf courses and retailers such as Wegmans, Walmart and Whole Foods Market. The project is slated for completion in 2022.

May 15, 2020

Loans New York Northeast Office

Greystone Provides $30.8M in Fannie Mae Loans for Refinancing of Adjacent Multifamily Properties in Queens

by Alex Patton May 15, 2020

NEW YORK CITY — Greystone has provided two Fannie Mae loans totaling $30.8 million for the refinancing of two adjacent multifamily properties in the Ridgewood neighborhood of Queens. The first loan totaled $14.2 million loan and was used to refinance a 49-unit property at 1635 Putnam Ave. The second loan totaled $16.6 million loan and was used to refinance a 48-unit property at 1625 Putnam Ave. Both Fannie Mae loans carry 12-year terms with 30-year amortization periods. The borrower was Adar Holdings USA. Anthony Cristi of Greystone originated the loan.

May 15, 2020

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $13M Sale of Office Building in Clark, New Jersey

by Alex Patton May 15, 2020

CLARK, N.J. — Marcus & Millichap has arranged the $13 million sale of a 76,000-square-foot office building in Clark, a western suburb of New York City. The property is located at 67 Walnut Ave. near the Garden State Parkway. The building is primarily leased to medical tenants, including Summit Medical Group, and is located near Robert Wood Johnson Hospital Rahway and Kindred Hospital. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

May 15, 2020

New Jersey Northeast

New Jersey Governor Says Curbside Pickup, Construction Can Restart on Monday, May 18

by Alex Patton May 14, 2020

TRENTON, N.J. — Retailers and construction projects in New Jersey will be allowed to resume operations while adhering to social distancing policies on Monday, May 18, according to Gov. Phil Murphy in a public statement. In response to the COVID-19 health crisis, the governor closed nonessential businesses and ordered all residents to stay home on March 21 and later ordered nonessential construction to stop on April 8. Restaurants have been allowed to provide pickup and delivery services, and essential businesses including grocery stores have been allowed to stay open with social-distancing restrictions in place. The governor’s new order applies to all retailers that were not originally deemed essential and are able to adhere to social distancing policies, including restricting customers from physically entering establishments. Similarly, the order applies to all construction projects not originally deemed essential. Gov. Murphy said in a public statement that the virus is less likely to spread in a construction environment, as projects are limited to workers rather than customers. As of May 13, the Centers for Disease Control and Prevention reported more than 140,700 cases of the virus in the state, and more than 9,500 deaths.

May 14, 2020

Loans Multifamily Northeast Pennsylvania

Greystone Provides $76.7 Million Fannie Mae Loan for Refinancing of Multifamily Property Near Philadelphia

by Alex Patton May 14, 2020

HUNTINGTON VALLEY, PA. — Greystone has provided a $76 million Fannie Mae loan for the refinancing of Meadowbrook Apartments, a 531-unit multifamily property in Huntingdon Valley, a northern suburb of Philadelphia. Located at 1700 Huntingdon Pike, the property was constructed in 1968 and features studio, one-, two- and three-bedroom units.. The borrower was Lindy Properties. Dan Sacks of Greystone originated the loan, which carries a 10-year term with interest-only payments.

May 14, 2020

Development Massachusetts Multifamily Northeast

Dolben Co. Underway on 331-Unit Waterfront Apartment Complex in Lynn, Massachusetts

by Alex Patton May 14, 2020

LYNN, MASS. — Dolben Co. Inc., a Massachusetts-based developer, is underway on Breakwater, a 331-unit apartment complex that will be located in the northern Boston suburb of Lynn. Dolben is constructing the 481,201-square-foot project on a site located at 254 Lynnway. The property overlooks Lynn Harbor and was previously vacant for 35 years. The community will feature studio, one-, two- and three-bedroom floor plans, ranging from approximately 560 square feet to 1,300 square feet. Amenities will include a fitness center, game room and an outdoor lounge and harbor walk. HDS Architecture designed the project, and Callahan Construction Managers is the general contractor. Construction is slated for completion in March 2022.

May 14, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Arranges $14M Sale of Multifamily Building in West New York, New Jersey

by Alex Patton May 14, 2020

WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $14 million sale of Jaclyn 40, a 40-unit multifamily building in West New York, New Jersey. Located at 5817 Jefferson Ave., the 36,000-square-foot property offers convenient access to Manhattan, Newark Airport and multiple rail stations. Fahri Ozturk, Richard Gatto and Joseph Belgiovine of Marcus & Millichap represented the seller, a private owner, in the transaction. The team also procured the buyer, another private investor. Both parties requested anonymity.

May 14, 2020

Acquisitions Northeast Pennsylvania Retail

Colliers Brokers Sale of 31,450 SF Shopping Center in Bethlehem, Pennsylvania

by Alex Patton May 14, 2020

BETHLEHEM, PA. — Colliers International has brokered the $4.5 million sale of Bethlehem Village Shoppes, a 31,450-square-foot retail center in Bethlehem, an eastern suburb of Allentown. At the time of sale, tenants included the Northampton County Court of Common Pleas, H&R Block and several restaurants. Jeff Algatt, Derek Zerfass and Scott Horner represented the seller, a locally based private investor, in the transaction. W.C. Weiss of Equis Commercial Real Estate represented the undisclosed buyer. QNB Bank provided acquisition financing.

May 14, 2020

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