Northeast

Colliers Negotiates $16M Sale of Industrial Portfolio in West Berlin, New Jersey

by Alex Patton March 3, 2020

WEST BERLIN, N.J. — Colliers International has negotiated the $16 million sale of a 21-building industrial portfolio in West Berlin, a southeastern suburb of Philadelphia. The portfolio totals 241,410 square feet and includes the 16-building Bloomfield Business Park and five buildings in Commerce Lane Business Park. The Bloom Organization developed Bloomfield Business Park in the late 1980s and early 90s in several phases. The portfolio housed 55 tenants and was 98 percent leased at the time of sale. Tenants included United Refrigeration, Cooper Electric and Ewing Irrigation & Landscape Supply. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller(s) in the transaction. Michael Brown Sr. represented the buyer, Industrial Investments Inc., on an internal basis.

March 3, 2020

Development Industrial New York Northeast Self-Storage

StorQuest Opens 1,092-Unit Self-Storage Facility in Brooklyn

by Alex Patton March 3, 2020

NEW YORK CITY — StorQuest Self Storage has opened a 1,092-unit facility in the Brownsville neighborhood of Brooklyn. Located at 507 Osborn St., the facility offers month-to-month rentals for climate-controlled units and business storage. StorQuest is a subsidiary of The William Warren Group Inc., an owner and operator of self-storage assets.

March 3, 2020

Development Maine Multifamily Northeast Seniors Housing

Confluent, Harbor Break Ground on 123-Unit Seniors Housing Community in Portland, Maine

by Alex Patton March 3, 2020

PORTLAND, MAINE — A partnership between Confluent Senior Living and Harbor Retirement Associates has broken ground on HarborChase of South Portland, a 123-unit seniors housing community in Portland. Located at 165 Running Hill Road, the 116,000-square-foot community will offer 83 assisted living units and 40 memory care apartments in one- and two-bedroom floorplans. Amenities will include multiple restaurants, a barbershop and a fitness center. EGA Architects is designing the project, and Whiting-Turner is the general contractor. The community is slated to open in summer 2021.

March 3, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $2.9M Sale of Multifamily Building in The Bronx

by Alex Patton March 3, 2020

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 1065 Summit Avenue, a 26-unit multifamily building in the Highbridge neighborhood of The Bronx. Spanning 40,500 square feet, the building offers one-, two- and three-bedroom units and close access to public transit lines. Peter Von Der Ahe, Seth Glasser, Michael Fusco and Isaac Lipton of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were private investors that requested anonymity.

March 3, 2020

Healthcare Market Reports Northeast Northeast Market Reports Pennsylvania

Healthcare Developers Adapt to Changing Landscape

by Alex Patton March 3, 2020

Anyone who has kept an eye on the healthcare real estate sector over the past several years is aware of the property type’s reliability amidst increasing economic uncertainty, which has resulted in growing interest among investors. However, for what has become one of the hottest investment sectors in recent years, transformations underway within the healthcare industry will bring changes to the asset class over the next decade. Bob Atkins, Managing Partner, Atkins Cos. The market fundamentals are easy to understand. According to a recent report from Real Capital Analytics, United States-based healthcare real estate assets account for over $1 trillion in market value. Physician visits by baby boomers are expected to nearly double in the next decade; it is also projected that by 2060, one in four people will be over 65 years old. These factors make it clear that this already large market is positioned for continued growth. However, in crowded regional healthcare markets like Philadelphia, which features several large competing healthcare systems and a variety of growing specialty networks, that growth will not just be more of the same. Changes in Delivery Traditionally, the American healthcare delivery model centered on hospitals, which meant that medical office buildings tended …

March 3, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Ready Capital: Making the Most of the Market Despite Election-Year Volatility

by Sarah Daniels March 3, 2020

The marketplace is wary in the lead-up to the 2020 election, but Anuj Gupta, president of Commercial Real Estate Lending with Ready Capital, says there’s opportunity for bridge lenders in the meantime as equity investors look for higher returns. Gupta believes rates will be lower for a longer period, although there is no telling what might happen after the election. Gupta feels confident about Ready Capital’s preferred strategy of focusing on small-to-medium loan sizes in secondary markets. In gateway cities, the company is supportive of creative solutions to high rent, like co-living, a sector that is expected to grow aggressively over the next few years. Meanwhile, Ready Capital is working to stay ahead of the curve by looking at more efficient ways to tackle lending in the small-to-medium sized real estate market with new technology. Watch the interview to learn more about how Ready Capital is taking advantage of the present while preparing for the future. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

March 3, 2020

Development Multifamily New York Northeast Seniors Housing

Renaissance Management Acquires Long Island Multifamily Property for $232.5M

by Alex Patton March 2, 2020

PATCHOGUE, N.Y. — Renaissance Management, a New York-based investment firm, has acquired La Bonne Vie, a 915-apartment community on Long Island for $232.5 million. The property features 626 market-rate apartments and 289 age-restricted (55-plus) apartments and amenities such as indoor and outdoor pools, a gym, libraries and tennis courts. The buildings were completed in the mid-1970s and 1980s and have been preserved in their original conditions. Jeffrey Dunne, Jeremy Neuer and Gene Pride led a CBRE team that represented the building owners, an undisclosed consortium of partnerships, in the transaction. Shawn Rosenthal, Jason Gaccione and Thomas Didio of the Midtown Manhattan Debt & Structure Finance group arranged the financing for Renaissance Management’s acquisition and future planned renovations of La Bonne Vie. The team secured a $200.7 million senior loan from TPG Real Estate Finance. The three-year loan includes the option for three one-year extensions.

March 2, 2020

Development Mixed-Use Northeast Pennsylvania

Keystone Tops Out 520,000 SF Mixed-Use Development in Conshohocken, Pennsylvania

by Alex Patton March 2, 2020

CONSHOHOCKEN, PA. — Keystone Property Group has topped out its 520,000-square-foot SORA West mixed-use development in Conshohocken, a northwestern suburb on Philadelphia. The development will include a 13-story, 429,000-square foot office building, which will house the corporate headquarters of AmerisourceBergen. The office building will also include a fitness center, a 16,000-square-foot rooftop terrace and an 80,000-square-foot parking facility. Other components of the development include a 165-room hotel with restaurant space and a 467,000-square-foot parking structure. The Harman Group is serving as structural engineers of the project. Gensler and The DLR Group are serving as the project architects, and Intech Construction Inc. is the general contractor. Keystone expects to complete construction in 2021.

March 2, 2020

Acquisitions New Jersey Northeast Retail

First National Acquires Walmart-Anchored Shopping Center in Hamilton, New Jersey, for $19.2M

by Alex Patton March 2, 2020

HAMILTON, N.J. — First National Realty Partners has acquired The Court at Hamilton, a 194,106-square-foot shopping center in the eastern Trenton suburb of Hamilton, for $19.2 million. A 150,000-square-foot Walmart Supercenter anchors the property, which was 99 percent leased at the time of sale. Other tenants include Burger King and apparel retailer Rainbow Shops. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Abrams Realty & Development. Nathanson also procured First National as the buyer.

March 2, 2020

Leasing Activity New York Northeast Office

Kayne Anderson Signs 11,000 SF Office Lease in Midtown Manhattan

by Alex Patton March 2, 2020

NEW YORK CITY — Kayne Anderson Capital Advisors L.P. has signed an 11,000-square-foot office lease in Midtown Manhattan. The company will occupy an entire floor at 477 Madison Avenue, a Class A office building, beginning later this year. Kayne Anderson is relocating from 655 Madison Avenue. Mitti Liebersohn, Brooks Hauf and Katie Richardson of Avison Young represented Kayne Anderson in the lease negotiations. A.J. Camhi, Rob Weller and Ryan Silverman led a team that represented the building owner, RFR Holding, on an internal basis.

March 2, 2020

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