Northeast

constitution-professional-park-newington-conn

Jacobson Properties Arranges Sale of 31,198 SF Medical Office Complex in Newington, Connecticut

by Alex Patton January 9, 2020

NEWINGTON, CONN. — Jacobson Properties has arranged the $8.8 million sale of Constitution Professional Park, a 31,198-square-foot medical office complex in Newington, a southern suburb of Hartford. Hartford Hospital Eye Surgery Center anchors 55 percent of the three-building complex. Other tenants include Starling Physicians and Select Physical Therapy. Lisa Menin of Jacobson Properties represented the seller, Newington Realty, in the transaction. A national healthcare real estate investor was the buyer.

January 9, 2020

Loans New Jersey Northeast Retail

Procida Provides $10M Construction Loan for Amusement Pier in Seaside Heights, New Jersey

by Alex Patton January 9, 2020

SEASIDE HEIGHTS, N.J. — Procida Funding has provided a $10 million construction loan to The Mabie Group to finance the reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights. The coastal city is located about 65 miles east of Philadelphia. Dating back to the early 1920s, the pier was previously home to a number of small eateries, arcades, amusement games and rides but was ravaged by Superstorm Sandy in 2012 and finally destroyed by a fire in 2013. Proposed plans call for the transformation of the currently vacant boardwalk into an entertainment destination featuring a 17,500-square-foot multi-tier bar and restaurant, a concert venue and several small retail buildings. The construction schedule has not been disclosed.

January 9, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 10,008 SF Office Lease in Manhattan

by Alex Patton January 9, 2020

NEW YORK CITY — Newmark Night Frank has negotiated a 10,008-square-foot office lease on behalf of collegiate sports marketing firm Learfield IMG College in the NoMad neighborhood of Manhattan. The space is located on the 17th floor of 183 Madison Avenue, a 275,413-square-foot office building close to the Grand Central and Penn Station transit stations. Andrew Sachs, Tim Gibson, Josh Gosin and Brittany Silver of NKF represented the landlord, APF Properties, in the lease negotiations. Jack Senske and Brian Given of Colliers International represented Learfield.

January 9, 2020

Massachusetts Northeast Retail

Linear Retail Acquires 6,291 SF Retail Property in Cambridge, Massachusetts

by Alex Patton January 9, 2020

CAMBRIDGE, MASS. — Linear Retail Properties LLC has acquired a 6,291-square-foot retail store property comprising three adjacent buildings in the Porter Square Neighborhood of Cambridge, a northwestern suburb of Boston, for $3.6 million. Located at 1755-1761 Massachusetts Ave., the property is fully leased to The Abbey Irish Pub, One Ramen & Sushi, The Laundry Room and Judy Jetson hair salon. Anthony Bruno and Kerry Dowlin of Gibson Sotheby’s International Realty brokered the transaction. The seller was undisclosed.

January 9, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $123M Sale of Office Plaza in Hackensack, New Jersey

by Alex Patton January 8, 2020

HACKENSACK, N.J. — CBRE has brokered the $123 million sale of Continental Plaza, a 647,947-square-foot office complex in Hackensack, a northwestern suburb of New York City. The three-building complex was 91 percent leased at the time of sale and offers amenities including a fitness center, conference center, cafeteria and close access to two retail centers. Jeffrey Dunne, Jeremy Neuer and Steve Bardsley led a CBRE team that represented the seller, Capstone Realty Group and JD Companies, in the transaction. The team also procured the buyer, Lionstone Capital.

January 8, 2020

Loans Mixed-Use New York Northeast

Progress Capital Arranges $85M Refinancing Loan for Bronx Mixed-Use Development

by Alex Patton January 8, 2020

NEW YORK CITY — Progress Capital has arranged an $85 million loan to refinance Union Crossing, a 275,000-square-foot mixed-use development in the Port Morris neighborhood of the Bronx. LibreMax Capital provided the floating-rate loan, which will be used to replace the original construction loan and fund potential tenant improvements and leasing commissions during lease-up. Located at 825 East 141st St., the building was originally constructed in 1916 as a major baking facility for the Great Atlantic & Pacific Tea Company. A partnership of the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management purchased and redeveloped the property in 2016 to include retail, office and industrial space. Nonprofit affordable housing developer Westhab is the property’s first office tenant, taking 8,233 square feet of space. Brad Dominico of Progress Capital arranged the loan.

January 8, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

M&T Realty Capital Provides $79.5M Financing for Seniors Housing Facility in Blackwood, New Jersey

by Alex Patton January 8, 2020

BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a southeastern suburb of Philadelphia. The 30-year loan is fully amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.

January 8, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates Sale of 10,438 SF Office Condominium in Manhattan

by Alex Patton January 8, 2020

NEW YORK CITY — Avison Young has arranged the sale of a 10,438-square-foot office condominium in Manhattan to education union Local 372 for $9.2 million. The space is located on the 8th floor of a 13-story office building at 20 W. 33rd St. between Fifth Avenue and Broadway, walking distance from Penn Station, Herald Square and the Port Authority Grand Central Tunnel. Local 372 will use the office as its headquarters. James Nelson, David Lawrence and Carter Lovejoy represented the sellers, which included 60 Guilders.

January 8, 2020

Connecticut Loans Northeast

Coastal States Bank Funds $13.1M Acquisition Loan for Seniors Housing Community in Stratford, Connecticut

by Alex Patton January 8, 2020

STRATFORD, CONN. — Coastal States Bank has provided a $13.1 million acquisition loan to affiliates of Woodbine Senior Living to purchase a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.

January 8, 2020

Connecticut Market Reports New York Northeast Northeast Market Reports

Investors Like Fairfield, Westchester Counties

by Taylor Williams January 8, 2020

With a unemployment rate of 3.9 percent, strong demographics, transportation that provides direct access to New York City and a highly skilled workforce, Westchester County is seeing steady investor interest across all major property types. We have seen significant interest from institutional investors, including pension fund advisors, insurance companies and REITs. This same buyer class has continued to underwrite increased rent growth in the more urban markets of Westchester County — Yonkers, New Rochelle, White Plains — ranging from 2.5 to 4.5 percent depending on occupancy and development pipeline within the local submarkets. This investor group is targeting yields of 5.5 to 6.5 percent in return on cost metrics and purchasing existing assets for cap rates ranging from 4.4 to 5.3 percent, depending on the age, location and upside of the transaction. That spread has historically been between 150 and 200 basis points. Given the need to put capital to work, the spread is now closer to 100 basis points, reflecting more aggressive pricing for the market. This trend is evident in the Westchester market with new construction projects in the transportation-oriented towns. In addition, interest rates have helped keep investors motivated to buy. Low yields have helped to keep …

January 8, 2020

Newer Posts

Older Posts