Northeast

Ziegler Arranges $53M Construction Loan for Seniors Housing Expansions in Pennsylvania

by Taylor Williams July 20, 2020

MANHEIM AND LITITZ, PA. — Ziegler has arranged a $53 million construction loan for two seniors housing expansion projects in Pennsylvania. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing continuing care retirement community in the South Central Pennsylvania borough of Manheim. This community was originally built in 1954 and features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The second project, the Lofts at Lititz, will consist of 32 independent living units on the site of the historic Wilbur Chocolate Factory in downtown Lititz, a neighboring town. The borrower was Pleasant View Communities.

July 20, 2020

Acquisitions Northeast Office Pennsylvania

A&E Real Estate Sells 60,728 SF Office Building Near Philadelphia

by Taylor Williams July 20, 2020

UPPER DARBY, PA. — A&E Real Estate has sold a 60,278-square-foot office building located at 6800-6816 West Chester Pike in Upper Darby, located about five miles west of downtown Philadelphia. The property, which was originally built in 1929, is located across the street from the SEPTA 69th Street transit station and features a two-story atrium with a surrounding balcony corridor. Michael Barmash, Despina Belsemes and Eric Grad of Colliers International represented A&E Real Estate in the transaction. The buyer was not disclosed.

July 20, 2020

Leasing Activity New York Northeast Office

Transwestern Negotiates 14,889 SF Office Lease in Brooklyn

by Taylor Williams July 20, 2020

NEW YORK CITY — Transwestern has negotiated a 14,889-square-foot office lease at 626 Sheepshead Bay Road in Brooklyn. Stephen Powers, Lindsay Ornstein, Thomas Hines and Jake Cinti of Transwestern represented the tenant, Selfhelp Community Services, in the lease negotiations. David Ofman of The Lawrence Group represented the landlord, Cammeby’s International.

July 20, 2020

Acquisitions Multifamily New York Northeast

Westbridge Brokers $1.1M Sale of Residential Development Site in Brooklyn

by Taylor Williams July 20, 2020

13,556-square-foot residential development site at 3602 Holland Ave. in the Williamsburg neighborhood of Brooklyn. The property is zoned for the development of a 20-unit multifamily building. Menachem Babayov of Westbridge Realty represented the buyer, SHG 3602 LLC, and Steven Westreich represented the seller, Chukwuemeka Dike.

July 20, 2020

Northeast

Dodge Analytics: Nonresidential Construction Starts Increased 6 Percent from May to June

by Taylor Williams July 17, 2020

BEDFORD, MASS. — Total nonresidential construction starts across the United States increased by 6 percent from May to June, registering an aggregate value of about $641 billion, according to a new report from Massachusetts-based Dodge Data & Analytics. June marks the second consecutive month of elevated commercial construction activity; however, the volume of residential starts decreased by 6 percent from May to June. According to the report, total nonresidential construction starts were down 14 percent for the first six months of the year relative to that period in 2019, despite construction generally being considered an essential business during the COVID-19 shutdown. Richard Branch, Dodge’s chief economist, said that the uptick in construction activity in May was tied to a handful of very large projects, but June’s gains appeared to be “much more organic in nature.” Branch added that he expected the volume and monetary value of construction starts to grow in the coming months contingent upon the degrees of severity of new COVID-19 cases surges in states like Florida, Texas and California.

July 17, 2020

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $20.3M Refinancing of Industrial Asset in Mechanicsburg, Pennsylvania

by Taylor Williams July 17, 2020

MECHANICSBURG, PA. — Cushman & Wakefield has arranged a $20.3 million loan for the refinancing of 6345 Brackbill Boulevard, a 507,634-square-foot industrial asset in Mechanicsburg, located outside of Harrisburg. The property was fully leased at the time of sale and features proximity to several major thoroughfares, including Interstates 81, 76, 83 and 283. John Alascio, Sridhar Vankayala and Maya Steinberger of Cushman & Wakefield placed the loan through Univest Bank & Trust Co. on behalf of the borrower, Penwood Real Estate Investment Management LLC.

July 17, 2020

Acquisitions Multifamily New York Northeast

Global One Real Estate Acquires John Adams Apartment Building in Queens for $26.5M

by Taylor Williams July 17, 2020

NEW YORK CITY — Global One Real Estate Fund II, an affiliate of locally based investment firm Nelson Management Group, has acquired The John Adams, 115-unit apartment building in the Forest Hills neighborhood of Queens. The sales price was $26.5 million. The six-story building offers proximity to several public transit lines and amenities such as bike storage space, package lockers and onsite laundry facilities. The seller was not disclosed.

July 17, 2020

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $7.2M Sale of Urban Air Adventure Park Near New Haven

by Taylor Williams July 17, 2020

ORANGE, CONN. — Marcus & Millichap has brokered the $7.2 million sale of an 84,200-square-foot retail property in Orange, a southern suburb of New Haven. The property is situated on eight acres and is net leased to Urban Air Adventure Park, an entertainment concept that features trampolines, zip lines, laser tag and virtual reality games. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, Bull Hill Associates, in the transaction. Brian Kaplan, also with Marcus & Millichap, represented the buyer, a limited liability company.

July 17, 2020

Acquisitions Connecticut Healthcare Northeast

Pearce Negotiates Sale of 35,000 SF Medical Office Complex in Orange, Connecticut

by Taylor Williams July 17, 2020

ORANGE, CONN. — Locally based brokerage firm Pearce Real Estate has negotiated the sale of 70 percent of the medical condominium units at Springbrook Common, a 35,000-square-foot medical office complex in the New Haven suburb of Orange. The property was built in 2008 and is leased to tenants such as U.S. Renal Dialysis, Physical Therapy & Sports Medicine and the Connecticut Kidney Center. Carl Russell of Pearce Real Estate represented the seller, a partnership between Springbrook Common LLC and Lakehouse Properties LLC, in the transaction. Nick Mastrangelo and Tom Cavaliere of Coldwell Banker represented the buyer, Water Street Management LLC.

July 17, 2020

Development Industrial New Jersey Northeast Self-Storage

Metro Storage Opens 688-Unit Facility in South Brunswick, New Jersey

by Taylor Williams July 16, 2020

SOUTH BRUNSWICK, N.J. — Metro Storage LLC, a privately owned self-storage developer and manager, has opened a 688-unit facility at 3963 U.S. Route 1 in South Brunswick, a northern suburb of Trenton. The property features 75,000 net rentable square feet and consists of one climate-controlled building and three non-climate-controlled buildings. The facility is Metro Storage’s seventh in New Jersey.

July 16, 2020

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