Northeast

LCB Acquires Two Seniors Housing Communities in Massachusetts, Connecticut

by Alex Patton October 15, 2019

NORTH CHELMSFORD, MASS, AND ROCKY HILL, CONN. — LCB Senior Living LLC has acquired Brookdale North Chelmsford in Massachusetts and Brookdale Rocky Hill in Connecticut. The community in North Chelmsford, located approximately 30 miles northwest of Boston, will be renamed The Residence at Freeman Lake. The 73-unit community was built in 1996 and offers assisted living and memory care services. The community in Rocky Hill, approximately 10 miles south of Hartford, will be renamed The Residence at Ferry Park. The 73-unit community was built in 1997 and offers assisted living and memory care services. Both communities will undergo renovations over the next 12 to 18 months. The sales price was undisclosed.

October 15, 2019

Development Northeast Pennsylvania Retail

Cedar Realty Trust Underway on 18,000 SF Retail Redevelopment Project Philadelphia

by Alex Patton October 15, 2019

PHILADELPHIA — Cedar Realty Trust is underway on construction of Fishtown Crossing, a retail redevelopment project in the Olde Richmond neighborhood of Philadelphia. The project will convert a shopping center formerly known as Port Richmond Village into an 18,000-square-foot neighborhood center. The property currently houses more than 20 tenants, including grocer IGA, vitamin and supplement retailer GNC and footwear retailer Kicks USA, while tenants that have preleased space at the new center will include Starbucks and ‘50s-themed diner Nifty Fifty’s. Construction of Fishtown Crossing is slated for completion by early 2021.

October 15, 2019

Loans Multifamily New York Northeast

JLL Secures $119M in Fannie Mae Financing for Two Manhattan Multifamily Properties

by Alex Patton October 14, 2019

NEW YORK CITY — JLL has secured two Fannie Mae loans totaling $119 million to finance two apartment properties in Manhattan. On the Upper West Side, 33 West End Apartments offers 211 units in studio, one- and two-bedroom floor plans along with 7,191 square feet of ground-floor retail space. In Chelsea, Port 10 Apartments features 89 units in studio, one-, two- and three-bedroom floor plans. The loan for 33 West End Apartments totaled $80 million and the loan for Port 10 Apartments totaled $39 million. C.W. Early of JLL arranged the fixed-rate, long-term loans for the borrower and original developer of the properties, Atlantic Development Group.

October 14, 2019

Acquisitions Connecticut Multifamily Northeast Seniors Housing

CBRE Arranges $12.4M Sale of 10-Acre Parcel in Stamford, Connecticut

by Alex Patton October 14, 2019

STAMFORD, CONN. — CBRE has arranged the $12.4 million sale of a 10-acre parcel in Stamford, a northeastern suburb of New York City. The parcel currently houses a vacant 196,000-square-foot office building. The buyer, a partnership between National Development and Epoch Senior Living, plans to redevelop the property into a 150-unit independent and assisted living senior housing community called Waterstone on High Ridge. National Development intends to raze 110,000 square feet of the existing building as part of the redevelopment project. Jeffrey Dunne, Steven Bardsley, Gene Pride, Jeremy Neuer and David Gavin of CBRE represented the Seller, Steven Wise Associates LLC.

October 14, 2019

Acquisitions Connecticut Multifamily Northeast

NPCG Brokers $11.4M Sale of Multifamily Property in Glastonbury, Connecticut

by Alex Patton October 14, 2019

GLASTONBURY, CONN. — Northeast Private Client Group (NPCG) has brokered the $11.4 million sale of Addison Mill Lofts, a multifamily property in Glastonbury, a southeastern suburb of Hartford. The property formerly served as a historic mill and was converted into a multifamily building with 55 apartments in studio, one- and two-bedroom floor plans. Brad Balletto, Rich Edwards and Jeff Wright of NPCG represented the seller, Addison Mill LLC, in the transaction. The team also procured the buyer, a private investor based in New York.

October 14, 2019

Acquisitions Industrial Massachusetts Northeast

Berkeley Partners Acquires Two Industrial Flex Properties Near Boston for $14.5M

by Alex Patton October 14, 2019

MARLBOROUGH AND BILLERICA, MASS. — Berkeley Partners has acquired two industrial flex properties near Boston for $14.5 million. The two single-building properties, which include 734 Forest Street in Marlborough and 35 Dunham Road in Billerica, total 120,796 square feet. Both buildings were 100 percent leased at the time of sale. Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines of CBRE represented Berkeley Partners in the transaction. The team also represented the seller, The RAM Companies USA.

October 14, 2019

Leasing Activity Lee & Associates New York Northeast Office

Lee & Associates Negotiates Two Office Subleases Totaling 22,000 SF in Manhattan

by Alex Patton October 14, 2019

NEW YORK CITY — Lee & Associates has negotiated two office subleases totaling 22,000 square feet at 40 West 25th Street in Manhattan. Business intelligence software firm Looker Data Sciences signed an11,000-square-foot lease on the seventh floor, and Nonprofit medical technology company Gradian Health Systems also inked an 11,000-square-foot on the sixth floor. The sublessor, meal kit provider HelloFresh, will move its offices to a 43,000-square-foot space at 28 Liberty Street. Stephen Bellwood and Kevin Waldman of Cushman & Wakefield represented Looker Data in the lease negotiations. Robin Fisher and John Cilmi of Newmark Knight Frank represented Gradian. The landlord is Unizo Real Estate. Both companies are expected to take occupancy on December 1, and both terms are for approximately five and a half years.

October 14, 2019

Acquisitions California Florida Hospitality Illinois Midwest New York Northeast Southeast Top Stories Western

Queensgate Investments Acquires Freehand Hotels for $400M

by Kristin Harlow October 14, 2019

NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …

October 14, 2019

Development Massachusetts Multifamily Northeast

Gables, Drew Co. Near Completion of 307-Unit Apartment Building in Boston’s Seaport District

by Alex Patton October 11, 2019

BOSTON — Gables Residential and Drew Co. are nearing completion of Gables Seaport, a 307-unit apartment building in the Boston’s Seaport District. The 23-story building will offer studio, one- and two-bedroom units, as well as an outdoor terrace, lounge and pool. CBT Architects designed the building, and Halvorson Design served as the architect for the roof deck and amenity spaces. The property is slated to open in March 2020.

October 11, 2019

Acquisitions Industrial Northeast Pennsylvania

NAI Mertz Brokers Sale of 225,000 SF Industrial Property in Wilkes-Barre, Pennsylvania

by Alex Patton October 11, 2019

WILKES-BARRE, PA. — NAI Mertz has brokered the $4.2 million sale of a 225,000-square-foot industrial property in Wilkes-Barre, located approximately 120 miles west of New York City. The buyer, pipe distribution company PSI, plans to renovate the property to the tune of $9 million and add a new pipe mill. David Weaver and Stephen Cole of NAI Mertz represented the seller, Medley Investments, in the transaction. Elijah Miller of Hinerfeld Commercial Real Estate represented PSI.

October 11, 2019

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