Northeast

MGM Reopens Casino in Springfield, Massachusetts, at 25 Percent Capacity

by Taylor Williams July 14, 2020

SPRINGFIELD, MASS. — MGM Resorts International (NYSE: MGM) has reopened its casino in the western Massachusetts city of Springfield at 25 percent of its original capacity due to the COVID-19 pandemic. As of July 13, there were 112,000 confirmed coronavirus cases in the state of Massachusetts and 8,330 deaths. At this time, the resort’s 240-room hotel and spa remain closed, limiting the amenity options for guests to the 125,000-square-foot casino and three of the property’s food and beverage establishments, which will also operate at limited occupancies. Valet parking is also unavailable at this time. Employees and guests are required to wear masks in public settings, and plexiglass barriers have been installed in certain areas where social distancing is difficult to maintain. MGM has also set up handwashing stations throughout casino floor and will use digital menus as its restaurants to minimize sharing of surfaces.

July 14, 2020

Acquisitions Industrial Massachusetts Northeast

Investcorp Sells 1.8 MSF Industrial Portfolio in Boston, Chicago for $200M

by Taylor Williams July 14, 2020

BOSTON AND CHICAGO — Investcorp, a global private equity firm based in Bahrain, has sold a 1.8 million-square-foot portfolio of industrial buildings located in the Boston and Chicago areas for $200 million. The Boston component of the portfolio includes a warehouse, distribution center and flex building totaling roughly 1.1 million square feet. The Chicago component features three cold storage properties totaling approximately 700,000 square feet. Investcorp initially acquired the portfolio, which was 98 percent leased at the time of sale, in 2017. The buyer was not disclosed.

July 14, 2020

Loans New York Northeast Office

PGIM Real Estate Provides $100M Loan for Refinancing of 52 Broadway Office Building in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — PGIM Real Estate has provided a $100 million loan for the refinancing of 52 Broadway, a 19-story, 426,000-square-foot office building located two blocks from the New York Stock Exchange in Manhattan. The borrower was a joint venture between Jack Resnick & Sons and Ruben Cos. Resnick acquired the building, which was originally constructed in 1898, in 1978 and implemented an extensive renovation and expansion to add six more floors. Today, the building is net leased on a long-term basis to the United Federation of Teachers.

July 14, 2020

Development Multifamily New York Northeast

HAP Investments Nears Completion of 199-Unit Maverick Residential Project in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — Locally based developer HAP Investments is nearing completion of Maverick, , a 199-unit residential tower located at 215 and 225 W. 28th St. in the Chelsea neighborhood of Manhattan. Also known as Hap 8, the development consists of two 20-story towers spanning 312,500 square feet and offering a mix of 87 condominium residences and 112 rental units. The two buildings will share amenities such as a parking garage, pool, sauna, fitness center, children’s playroom and a roof deck with outdoor grilling stations. DXA studio designed the project, which is expected to be officially complete in early 2021.

July 14, 2020

Company News New Jersey Northeast

Colliers International Acquires New Jersey-Based Engineering Firm Maser Consulting

by Taylor Williams July 14, 2020

RED BANK, N.J. — Colliers International has completed its acquisition of Maser Consulting, a design and engineering firm based in Red Bank, New Jersey. Maser’s senior leadership team will continue to drive operations and will retain a significant equity stake in the business going forward. The operations will be rebranded as Colliers Engineering Services in the first half of 2021. Maser employs more than 1,000 people across 34 offices in 12 states.

July 14, 2020

Industrial Leasing Activity New Jersey Northeast

Terreno Realty Signs E-Commerce Tenant to 211,000 SF Industrial Lease in Kearny, New Jersey

by Taylor Williams July 13, 2020

KEARNY, N.J. — Terreno Realty, a California-based REIT, has signed an undisclosed e-commerce user to a 211,000-square-foot industrial lease at one of its facilities in Kearny, approximately 12 miles west of New York City. The lease term is 10 years. A wholesale drug distributor previously occupied the property. Additional terms of the deal were not disclosed.

July 13, 2020

Loans Multifamily New York Northeast

BridgeCore Capital Funds $16.5M Acquisition Loan for New York City Apartment Buildings

by Taylor Williams July 13, 2020

NEW YORK CITY — BridgeCore Capital, a California-based direct lender, has provided a $16.5 million bridge loan for the acquisition of two contiguous apartment buildings in the Greenwich Village area of New York City. Both properties contain retail spaces that are vacant, and the combined occupancy of the buildings was 47 percent at the time of sale. The loan was structured with a 24-month term, two six-month extension options and a floating interest rate. The borrower was not disclosed.

July 13, 2020

Loans Multifamily New York Northeast

Pembrook Capital Provides $12.4M Acquisition Loan for Multifamily Assets on Staten Island

by Taylor Williams July 13, 2020

NEW YORK CITY — Pembrook Capital Management has provided a $12.4 million acquisition loan for 100 Belmont Place and 101 Daniel Low Terrace, two multifamily assets totaling 112 units on Staten Island. Both properties were built in 1966. The undisclosed borrower will use a portion of the proceeds to fund capital improvements to the unit interiors and property exteriors.

July 13, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Arranges $7.9M Sale of Residential Property in Paterson, New Jersey

by Taylor Williams July 13, 2020

PATERSON, N.J. — Marcus & Millichap has arranged the $7.9 million sale of 61 Park Avenue, a 36-unit residential property located in the western New York suburb of Paterson. The newly constructed building consists of 24 one-bedroom units, 12 two-bedroom units and two commercial spaces. Richard Gatto, Daniel Aviles, Fahri Ozturk and Casey Egan of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors who requested anonymity.

July 13, 2020

Acquisitions Multifamily New York Northeast

Westbridge Realty Brokers $1.4M Sale of Multifamily Building in The Bronx

by Taylor Williams July 13, 2020

NEW YORK CITY — Westbridge Realty Group has brokered the $1.4 million sale of a multifamily building located at 2412 Webster Ave. in The Bronx. The property spans 9,240 square feet and totals eight units. Steven Westreich of Westbridge Realty represented the seller 2412 Webster Associates Inc., and procured the buyer, YSLW Webster LLC.

July 13, 2020

Newer Posts

Older Posts