Northeast

Gebroe-Hammer Associates Negotiates $65M Multifamily Portfolio Sale in New Jersey

by Alex Patton March 19, 2020

NEW JERSEY — Gebroe-Hammer Associates has negotiated the $65 million sale of the Golden Peak Portfolio, a collection of multifamily properties totaling 400 units in northern New Jersey. The portfolio’s 13 buildings are located throughout the North Hudson County cities of West New York (250 units), Union City (119 units) and North Bergen (31 units). Niko Nicolaou of Gebroe-Hammer Associates represented the seller, a partnership of Urban American Management and Dixon Advisory. Nicolaou also procured the buyer, Tuli Realty LLC. Elliot Treitel of Meridian Capital Group arranged financing through an undisclosed lender on behalf of the buyer.

March 19, 2020

Acquisitions Multifamily New Jersey Northeast

JLL Arranges $53M Sale of Bela Apartments in Jersey City

by Alex Patton March 19, 2020

JERSEY CITY, N.J. — JLL has arranged the $53 million sale of Bela Apartments, a recently developed, 104-unit luxury multifamily community in the Bergen-Lafayette neighborhood of Jersey City. The property features one- and two-bedroom apartments with amenities including a fitness center, yoga studio and a grilling area. The property also features approximately 2,600 square feet of ground-floor retail space. Jose Cruz, Michael Oliver and Kevin O’Hearn led a JLL team that represented the seller, a partnership between Alpine Development, Fields Development Group and Grade Development Co. Golden Glades Capital Management was the buyer.

March 19, 2020

Acquisitions Industrial Northeast Pennsylvania

Advanced Industrial Acquires 42,683 SF Property in York, Pennsylvania

by Alex Patton March 19, 2020

YORK, PENN. — Advanced Industrial Services Inc. has acquired a 42,683-square-foot industrial property in York, located approximately 25 miles south of Harrisburg. The sales price was $2.3 million. Located at 3250 North Susquehanna Trail, the property was constructed in 1994 and offers convenient access to Interstate 83 and State Route 30. Ted Turnbull and Jason Turnbull of Rock Commercial Real Estate represented the undisclosed seller in the transaction. The team also procured Advanced Industrial as the buyer.

March 19, 2020

Industrial Loans Northeast Pennsylvania

NKF Arranges $163M Acquisition, Refinancing Loan for National Industrial Portfolio

by Alex Patton March 18, 2020

PHILADELPHIA — Newmark Knight Frank has arranged a $163 million floating-rate loan for the acquisition and refinancing of a 12-property industrial portfolio located in various markets across the United States. A partnership of CIT Group and BlackRock provided the loan. The borrower, Philadelphia-based Arden Group, will use the proceeds to acquire assets located in Texas, Georgia and Ohio and to refinance assets located in Pennsylvania and North Carolina. Dustin Stolly and Jordan Roeschlaub led an NKF team that arranged the loan. The seller of the portfolio was California-based investment firm Avistone LLC.

March 18, 2020

Hospitality New Jersey Northeast Retail

Eldorado Resorts Temporarily Closes 2,379-Room Tropicana Atlantic City Casino, Hotel

by Alex Patton March 18, 2020

ATLANTIC CITY, N.J. — Eldorado Resorts has temporarily closed its 2,379-room Tropicana Atlantic City casino and hotel in New Jersey. In an effort to limit the spread of COVID-19, the disease caused by the coronavirus, the company is complying with an order from the governments of New Jersey, New York and Connecticut to temporarily close movie theaters, gyms and casinos in the Tri-State area. The property features 125,935 square feet of casino space, 20 restaurants, 18 bars and amenities including a fitness center, indoor and outdoor pools and full-service spa.

March 18, 2020

Acquisitions Industrial Northeast Pennsylvania

Rock Commercial Brokers Sale of 46,640 SF Industrial Property in York, Pennsylvania

by Alex Patton March 18, 2020

YORK, PA. — Rock Commercial Real Estate has brokered the sale of a 46,640-square-foot industrial property in York, approximately 25 miles south of Harrisburg. Located at 560 Maryland Ave., the property offers convenient access to Harrisburg International Airport, the Port of Baltimore and the Emons Logistics Services railroad. Greg Finkelstein and Jason Turnbull of Rock Commercial represented the buyer, Frasier-Campbell Properties LLC, in the transaction. The team also procured the buyer, 4300 NESC LLC.

March 18, 2020

Loans Multifamily Northeast Pennsylvania

Arbor Provides $3.4M Fannie Mae Refinancing Loan for Multifamily Asset in Kingston, Pennsylvania

by Alex Patton March 18, 2020

KINGSTON, PA. — Arbor Realty Trust Inc. has provided a $3.4 million Fannie Mae loan for the refinancing of Chapin Apartments, a 60-unit multifamily property in Kingston, located approximately 65 miles north of Allentown. The loan has a seven-year term and a 30-year amortization schedule. Chapin Apartments is a garden-style community that is located at 151 East Walnut St and features a fitness center, resident lounge, storage lockers and a covered parking garage across the street. Ryan Duff of Arbor originated the loan.

March 18, 2020

Acquisitions Northeast Pennsylvania Retail

The Boulder Group Negotiates $1.6M Sale of Retail Property in Reading, Pennsylvania

by Alex Patton March 18, 2020

READING, PA. — The Boulder Group has negotiated the $1.6 million sale of a single-tenant retail property net-leased to Dunkin in Reading, located approximately 60 miles northwest of Philadelphia. The property is located at 1350 Carbon St. in close proximity to the 910,000-square-foot Berkshire Mall, as well as a Walmart Supercenter, Home Depot and Best Buy. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the Pennsylvania-based seller in the transaction. The buyer was a private investor. Both parties requested anonymity.

March 18, 2020

Acquisitions New York Northeast Office

Amazon Acquires Lord & Taylor Office Building in Manhattan for $1.15B

by Alex Patton March 17, 2020

NEW YORK CITY — Amazon has acquired the Lord & Taylor office building in Midtown Manhattan for $1.15 billion, according to the New York Post. The e-commerce giant will use the 660,000-square-foot building at 424-434 Fifth Ave as its New York City headquarters, which will house several thousand employees. A partnership of investors including WeWork-owner Rhone Capital and Saks Fifth Avenue-owner Hudson’s Bay Co. sold the building. The Post reports that as part of the agreement, Amazon will pay $750 million in construction loans that WeWork borrowed to renovate the building. The acquisition follows Amazon’s scrapped plan to open a 4 million-square-foot HQ2 headquarters in Queens, which would have housed 25,000 employees.

March 17, 2020

Acquisitions New Jersey Northeast Office

JLL Brokers Sale of Two Office Buildings Totaling 550,000 SF in Parsippany, New Jersey

by Alex Patton March 17, 2020

PARSIPPANY, N.J. — JLL has brokered the sale of Morris Corporate Center 1 & 2, two Class A office buildings totaling 550,000 square feet in Parsippany, located approximately 30 miles west of New York City. The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the 31-acre Morris Corporate Center and feature four atrium lobbies, two cafés, two conference rooms and a 5,000-square-foot fitness center with locker rooms and a yoga studio. At the time of sale, the properties were 67 leased to tenants including Zurich Insurance, York Risk Services and market research company Ipsos. Jose Cruz, Kevin O’Hearn and Mark Mahasky led a JLL team that represented the seller, an affiliate of Brookwood Financial Partners LLC. The team also procured the buyer, P3 Properties. The sales price was undisclosed.

March 17, 2020

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