Northeast

BioMed, Cresset, Novaya Purchase 162,000 SF Office, Life Sciences Campus in Boston

by Taylor Williams July 6, 2020

BOSTON — BioMed Realty, an owner-operator of life sciences real estate, has entered into a partnership with Cresset Development and Boston-based Novaya Real Estate Ventures to acquire the XMBLY Campus at Assembly Square in the Somerville area of Boston. The campus spans 162,000 square feet of office and life sciences space and includes 7.5 acres for additional expansion. The new ownership plans to add lab, research and development and traditional office space. A timeline for construction has not yet been established.

July 6, 2020

Company News Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Acquires Beler Advisory Group, Expands NYC Capital Markets Team

by Taylor Williams July 6, 2020

NEW YORK CITY — Walker & Dunlop has acquired Beler Advisory Group (BAG), a locally based independent real estate finance firm. Mo Beler, former principal at BAG, will join Walker & Dunlop’s New York City capital markets debt and equity team, which is currently led by Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz. Beler, a 15-year industry veteran who has closed more than $6 billion in debt and equity transactions in his career, founded the company in 2019.

July 6, 2020

Loans Multifamily New York Northeast

Urban Standard Provides $1.3M Loan for Residential Redevelopment Project in Brooklyn

by Taylor Williams July 6, 2020

NEW YORK CITY — Urban Standard Capital, a New York-based lender, has provided a $1.3 million loan for the acquisition and pre-development of a 3,648-square-foot residential development site in Brooklyn. The property is located at 419 Manhattan Ave. and currently houses a retail and office building with a residential unit on top. The undisclosed borrower plans to redevelop the property to add two condos and a roof deck. Gerald Kray and Daria Benstead of Marcus & Millichap placed the loan.

July 6, 2020

Development Massachusetts Multifamily Northeast

CCF, Peak Campus Complete 555-Unit Multifamily Community in Boston’s Brighton Neighborhood

by Taylor Williams July 2, 2020

BOSTON — A partnership of Boston-based developer Cabot, Cabot & Forbes (CCF) and Georgia-based developer Peak Campus have completed The Overlook at St. Gabriel’s, a 555-unit multifamily community in the Brighton area of Boston. The luxury residential community is centered around the reimagined Church and St. Gabriel’s Monastery, which was originally built in 1909. The community consists of three residential buildings, more than 45,000 square feet of indoor and outdoor amenity space and seven acres of green space. The restored St. Gabriel’s church, now called Maker Hall, will be complete later this summer and will feature a fitness center, café, conference rooms and outdoor recreation space. Two residential buildings, Overlook Landmark and Overlook East, are complete. Construction is underway on The Overlook’s two additional apartment buildings, Overlook North and West, with Overlook North set to be delivered this fall and Overlook West set to be delivered early next year. This phase of the project will also include two pet spas, a pool and sundeck. Blue Vista Capital Management is a capital partner on the project. BH+A is the architect, and CUBE3 is the general contractor.

July 2, 2020

560-590-Bercik-Street-Elizabeth-New-Jersey

Industrial Leasing Activity New Jersey Northeast

NAI James Hanson Negotiates 49,300 SF Industrial Sublease in Elizabeth, New Jersey

by Taylor Williams July 2, 2020

ELIZABETH, N.J. — NAI James Hanson has negotiated a 49,300-square-foot industrial sublease for third-party logistics company Z Brothers Express Inc. in Elizabeth, a suburb of New York City. The space is located within a 143,756-square-foot, Class A industrial building at 560-596 Bercik St. The warehousing and distribution facility sits on 6.4 acres and features nine tailgates, one drive-in door and a clear height of 30 feet. Eric Demmers and Russell Verducci of NAI James Hanson represented the sub-landlord, RIM Logistics Ltd., in the lease negotiations. Rubicon Representation represented Z Brothers Express

July 2, 2020

Acquisitions Northeast Office Pennsylvania Retail

Marcus & Millichap Arranges $15.3M Sale of Retail, Office Portfolio in Philadelphia

by Taylor Williams July 2, 2020

PHILADELPHIA — Marcus & Millichap has arranged the $15.3 million sale of The Parkside Portfolio, a collection of retail and office buildings totaling 78,194 square feet in the West Parkside neighborhood of Philadelphia. The buildings are located at 5050, 4946, 4952-64 Parkside Ave. and are leased to national anchor tenants including Davita, Santander Bank and Goodwill. The office portion of the portfolio was fully leased to homecare, government and local professional tenants. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Rockland Capital, in the transaction. The team also represented the buyer, The Leser Group.

July 2, 2020

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers $10M Sale of Multifamily Building in The Bronx

by Taylor Williams July 2, 2020

NEW YORK CITY — Cushman & Wakefield has brokered the $10 million sale of a 50-unit multifamily building in The Bronx. Built in 1955, the six-story, 57,558-square-foot building is located at 1150 Pelham Parkway near Albert Einstein College of Medicine, The Bronx Zoo and Fordham University. The building includes six four-bedroom units, 18 two-bedroom units and 21 one-bedroom units, as well as a 22-space parking garage. The surrounding area offers proximity to major hospitals and private medical facilities. Robert Shapiro, Jonathan Squires and Michael Fioravanti of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.

July 2, 2020

Healthcare Leasing Activity New Jersey Northeast

North Jersey Dermatology Center Signs 1,343 SF Medical Office Lease in Parsippany

by Taylor Williams July 2, 2020

PARSIPPANY, N.J. — North Jersey Dermatology Center (NJDC) has signed a 1,343-square-foot medical office lease in Parsippany, approximately 35 miles west of New York City. The space is situated within Parsippany Commons, a three-story, 54,000-square-foot office building located at 3219 Route 46 East. The lease at Parsippany Commons marks NJDC’s fourth office location, joining its Rockaway, Clifton and Newfoundland offices. The company worked closely with Core Enterprises, the landlord’s in-house design and construction team, as well as Cerminara Architects, to design and execute the build-out of its new office space. Stephen Graziano of Colliers International represented the landlord, Larken Associates, in the lease negotiations.

July 2, 2020

Acquisitions Multifamily New York Northeast

SL Green Agrees to Sell Multifamily Building in Manhattan for $62M

by Alex Patton July 1, 2020

NEW YORK CITY — SL Green has agreed to sell a 126-unit multifamily building in the Sutton Place neighborhood of Manhattan for $62 million. Located at 400 E. 58th St., 16-story property also includes approximately 3,800 square feet of commercial space. The transaction is expected to close during the third quarter and generate net cash proceeds to SL Green of approximately $20 million. SL Green and an undisclosed joint venture partner acquired the building in 2012 as part of an eight-building portfolio of retail and multifamily properties. SL Green owns 90 percent interest in the joint venture. At the time of sale, the rental units were approximately 97 percent leased. Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group represented SL Green in the transaction.

July 1, 2020

Acquisitions Industrial Northeast Pennsylvania

Colliers Arranges Sale of 40,000 SF Warehouse in Levittown, Pennsylvania

by Alex Patton July 1, 2020

LEVITTOWN, PA. — Colliers International has arranged the sale of a 40,000-square-foot warehouse in Levittown, a southern suburb of Trenton, for an undisclosed price. The Class C building is located at 1901 Hartel St. and was constructed in 1969. The property offers immediate access to the Pennsylvania Turnpike and Interstate 95. Jim Scott of Colliers represented the buyer, family-owned tire service company McCarthy Tire. Scott also represented the undisclosed seller.

July 1, 2020

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