Northeast

SL Green Agrees to Sell Manhattan News Building for $815M

by Alex Patton October 3, 2019

NEW YORK CITY — SL Green has agreed to sell 220 East 42nd Street, also known as The News Building, in Manhattan for $815 million. The 37-story building, originally the headquarters for The New York Daily News, was 97 percent occupied at the time of sale by tenants including the Visiting Nurse Service of New York, local television station WPIX and the United Nations. Adam Spies and Doug Harmon of Cushman & Wakefield facilitated the transaction along with Robert Verrone of Iron Hound Management. The deal is expected to close in the first quarter of 2020. Commercial Observer reported that the buyer was Jacob Chetrit of The Chetrit Organization. SL Green purchased the property in February 2003 for $265 million

October 3, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

SLIB Brokers Sale of Two Seniors Housing Communities in Wilkes-Barre, Pennsylvania

by Alex Patton October 3, 2019

WILKES-BARRE, PA. — Senior Living Investment Brokerage (SLIB) has brokered the sale of Little Flower Manor and St. Luke’s Villa, both in Wilkes-Barre, which is located approximately 100 miles north of Philadelphia. Little Flower Manor is a 133-bed skilled nursing facility with an attached 60-unit personal care building called St. Therese Residence. One mile away is St. Luke’s Villa, a 50-bed skilled nursing, 48-unit personal care, and 31-unit independent living community. The Diocese of Scranton sold the properties to a local nonprofit buyer for an undisclosed price. Toby Siefert and Ryan Saul of SLIB handled the transaction.

October 3, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $61.6M Financing for Seniors Housing Expansion Project in Abington, Pennsylvania

by Alex Patton October 3, 2019

ABINGTON, PA. — HJ Sims has arranged $61.6 million in financing for an expansion project at Rydal Park, a continuing care retirement community in Abington, located approximately 10 miles north of Philadelphia. The expanded property will be rebranded as Rydal Waters, and will sit on 33 acres and comprise 84 two-bedroom cottages. The project also includes a clubhouse, and the location is walking distance to restaurants, a grocery store and a rail station. The financing for the expansion is a draw-down, bank-held, tax-exempt loan with three years of interest-only payments and a 30-year amortization schedule. Presby’s Inspired Life, an affiliate of HumanGood, operates the community. The first phase of construction is scheduled for completion in 2020.

October 3, 2019

Leasing Activity New Jersey Northeast Retail

Goldstein Negotiates 7,372 SF Retail Lease in New Brunswick, New Jersey

by Alex Patton October 3, 2019

NEW BRUNSWICK, N.J. — The Goldstein Group has negotiated a 7,372-square-foot retail lease for Redd’s Biergarten Restaurant in New Brunswick, approximately 30 miles southwest of New York City. Located at 5 Easton Ave., the restaurant offers German cuisine and beer in a casual setting with long communal tables and an outdoor biergarten. Lew Finkelstein and C.J. Huter of Goldstein represented Redd’s in the lease negotiations. Greg Medvin of Pierson Commercial Real Estate represented the landlord, Parking Authority City of New Brunswick.

October 3, 2019

Leasing Activity New Jersey Northeast Office

Proserve-Consulting Signs 2,342 SF Office Lease in Hackensack, New Jersey

by Alex Patton October 3, 2019

HACKENSACK, N.J. — Proserve-Consulting Inc. has signed a 2,342-square-foot office lease in Hackensack, a northwestern suburb of New York City. The space is located within the 160,000-square-foot Court Plaza North, one of three office buildings that comprise the 335,000-square-foot Court Plaza Complex. The deal brings Court Plaza North to full occupancy. Steven Muller of Equity Real Estate Brokerage LLC represented Proserve-Consulting in the lease negotiations. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

October 3, 2019

Development Industrial New Jersey Northeast Self-Storage

Hampshire, Harrison Street Break Ground on 903-Unit Self-Storage Facility in Hillsborough, N.J.

by Alex Patton October 2, 2019

HILLSBOROUGH, N.J. — A joint venture between The Hampshire Companies and Harrison Street Real Estate Capital has broken ground on a 903-unit self-storage facility in Hillsborough, located approximately 20 miles north of Trenton. The 120,524-square-foot property is located at 141 US Highway 206. Extra Space Storage will manage the facility upon completion of construction, which is slated for early 2020.

October 2, 2019

Industrial Leasing Activity Northeast Pennsylvania

CBRE Negotiates 133,464 SF Industrial Lease in Middletown, Pennsylvania

by Alex Patton October 2, 2019

MIDDLETOWN, PA. — CBRE has negotiated a 133,464-square-foot industrial lease for e-commerce distributor Boxzooka Fulfillment & Global Ecommerce in Middletown, located approximately 25 miles north of Baltimore. The warehouse is part of a 1.5 million-square-foot logistics center at 300 Capital Lane. William Waxman, Kevin Dudley and Nicholas Klacik of CBRE represented Boxzooka in the lease negotiations. Colony Industrial is the landlord of the logistics center.

October 2, 2019

Acquisitions Massachusetts Multifamily Northeast

Capstone Brokers $28.8M Sale of Multifamily Property in Worcester, Massachusetts

by Alex Patton October 2, 2019

WORCESTER, MASS. — Capstone Apartment Partners (CAP) has brokered the $28.8 million sale of SkyMark Tower, a 206-unit apartment building in Worcester, located approximately 40 miles west of Boston. Completed in 1991, the property features one- and two-bedroom apartments and was 98 percent leased at the time of sale. Stasiu Geleszinski, Austin Green and A.J. Klenk of CAP represented the seller, VTT Management, in the transaction. The CAP team also represented the buyer, Benedict Canyon Equities.

October 2, 2019

Loans Massachusetts Northeast Office

EagleBridge Secures $5.2M Acquisition Loan for Office Building in Marlborough, Massachusetts

by Alex Patton October 2, 2019

MARLBOROUGH, MASS. — EagleBridge Capital has secured a $5.2 million acquisition loan for 33 Locke Drive, a 61,177-square-foot office building in Marlborough, located approximately 25 miles west of Boston. A regional financial institution provided the loan for an undisclosed borrower to purchase the two-story office building. At the time of the loan closing, the property was 95 percent occupied by tenants including Astellas Institute for Regenerative Medicine and Communication Technology Services. Ted Sidel of EagleBridge secured the loan.

October 2, 2019

Acquisitions Industrial New Jersey Northeast

Marcus & Millichap Arranges $4.6M Sale of Industrial Property in Hackensack, New Jersey

by Alex Patton October 2, 2019

HACKENSACK, N.J. — Marcus & Millichap has arranged the $4.6 million sale of a 37,465-square-foot industrial property in Hackensack, a northwestern suburb of New York City. Zaentz Hardware occupies the property, which is divided into storefront, warehouse and office space. Elsa Papanicolaou of Marcus & Millichap represented the seller, a limited liability company. Steve Lim of Marcus & Millichap represented the buyer, a private investor.

October 2, 2019

Newer Posts

Older Posts