Northeast

Grandbridge Arranges $34M Construction Loan for Seniors Housing Community in Pennsylvania

by Alex Patton September 9, 2019

LIMERICK, PA. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged a $34 million construction loan for Arcadia at Limerick Pointe, a seniors housing development in Limerick, approximately 30 miles northwest of Philadelphia. Vantage Pointe Retirement Living is the borrower. Upon completion, the property will feature 160 units of independent living, assisted living and memory care. BB&T provided the funds. The Grandbridge team leading the transaction included Richard Thomas, Meredith Davis and Kim Huffstutler.

September 9, 2019

Development New York Northeast Pennsylvania Retail

The Escape Game to Build Two Concepts Totaling $4.5M in New York and Pennsylvania

by Alex Patton September 9, 2019

NEW YORK CITY and KING OF PRUSSIA, PA. — The Escape Game has selected Sachse Construction to build two new concepts in a project totaling approximately $4.5 million. One concept will be located in New York City and the other in King of Prussia, a northwestern suburb of Philadelphia. The Escape Game is a popular interactive puzzle game with national locations, and construction will include movie-like sets. The construction timeline was undisclosed.

September 9, 2019

Acquisitions Massachusetts Northeast Office Top Stories

Boston Properties Acquires 392,600 SF Office Complex in Massachusetts for $106M

by Taylor Williams September 9, 2019

WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired 880 and 890 Winter Street, a two-building, 392,600-square-foot office complex in Waltham, a suburb of Boston. The all-cash deal fetched a sales price of $106 million. The complex was 82 percent leased at the time of sale to 24 tenants in the healthcare, technology and energy sectors. Amenities include a two cafés, an outdoor seating area, a fitness center and a conference center. The 28-acre property is situated adjacent to Bay Colony, Boston Properties’ 1 million-square-foot business park. Following this acquisition, Boston Properties owns more than 4 million square feet of Class A office space in Waltham. The company owns and manages more than 5 million square feet of commercial space along the Route 128/Interstate 95 corridor in the Boston suburbs. “Waltham continues to be one of the region’s most desirable urban edge locations for organizations that want to attract and retain highly educated associates,” says Bryan Koop, executive vice president at Boston Properties. “The 880 and 890 Winter Street campus provides both location and amenities that offer long-term value for current and prospective tenants.” Boston Properties is one of the largest developers and owners of Class A office space, …

September 9, 2019

Leasing Activity New York Northeast Office

Davis & Gilbert Signs 86,000 SF Office Lease in New York City

by Alex Patton September 6, 2019

NEW YORK CITY — Davis & Gilbert LLP, a New York City-based law firm, has signed an 86,000 square-foot office lease at 1675 Broadway in Midtown. The lease comprises the 31st through 34th floor and a portion of the 35th floor in the 850,000-square-foot building. Lewis Miller, Scott Gottlieb, Brian Gell and Michael Wellen of CBRE represented Davis & Gilbert in the lease negotiations. Robert Steinman of Rudin Management Co. represented the landlord, The Rudin Family.

September 6, 2019

Acquisitions Industrial Massachusetts Northeast

Steris Buys Warehouse in Northborough, Massachusetts, for $6.8M

by Alex Patton September 6, 2019

NORTHBOROUGH, MASS. — Steris Corp., a manufacturer of medical devices, has purchased a warehouse in Northborough, located about 30 miles west of Boston, for $6.8 million. The property, 425 Whitney St., is a 45,718-square-foot warehouse with office space. Steris already owns the neighboring property, 435 Whitney St. CBRE’s Bob Gibson, Rachel Marks and Chelsea Andre represented the seller, a fund managed by DRA Advisors LLC.

September 6, 2019

Benchmark-Senior-Living-on-Clapboardtree

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Sale of Two Seniors Housing Communities Totaling 177 Units in Metro Boston

by Alex Patton September 6, 2019

WOBURN and NORWOOD, MASS. — Cushman & Wakefield has arranged the sale of two seniors housing communities in the Boston suburbs. A joint venture between Benchmark Senior Living and Oz Real Estate sold Benchmark Senior Living at Woburn in Woburn as well as Benchmark Senior Living on Clapboardtree in Norwood. The communities offer a total of 177 assisted living and memory care units. Benchmark Senior Living will continue to manage the communities. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Tim Hosmer and Chris Remeika. The buyers and sales price were undisclosed.

September 6, 2019

Acquisitions Northeast Pennsylvania Retail

Middletown Income Purchases Walmart-Anchored Retail Property in Cranberry, Pennsylvania, for $14.1M

by Alex Patton September 6, 2019

CRANBERRY, PA. —Middletown Income Investors Cranberry LLC has purchased a single-tenant retail property in Cranberry, a northern suburb of Pittsburgh, for $14.1 million. A 24-hour Walmart Supercenter has fully occupied the property since 1999, and the retailer recently signed a 10-year lease extension. Patrick Luther of SRS, Phil Sambazis of Marcus & Millichap, along with Jeff Christian and Ryan Morita of First Street Brokerage, represented the seller, ACV Cranberry LLC, in the transaction. Zackary Hilgendorf of Quantum Real Estate Advisors represented Middletown.

September 6, 2019

Acquisitions New Jersey Northeast Retail

NAI James E. Hanson Negotiates Sale of 6,000 SF Retail Building in Lake Hopatcong, New Jersey

by Alex Patton September 6, 2019

LAKE HOPATCONG, N.J. — NAI James Hanson has negotiated the sale of a 6,000-square-foot retail building in Lake Hopatcong, located about 40 miles northwest of New York City. The retail center comprises seven rentable units, 50 feet of lake access and close proximity to Route 80 in Upstate New York. Joe Vindigni of NAI James Hanson represented the seller, BD Newhouse LLC in the transaction. The buyer was Gardners Shed. The sales price was undisclosed.

September 6, 2019

Leasing Activity New York Northeast Office

Kelley Drye & Warren Sign 103,000 SF Office Lease in Manhattan

by Alex Patton September 5, 2019

NEW YORK CITY — Kelley Drye & Warren LLP, a New York-based law firm, has signed a 103,000-square-foot office lease at 3 World Trade Center in Manhattan. The firm will move to the 66th, 67th and 68th floors of the building in 2020, and will be the first law firm in the building. Other tenants in the building include advertising company GroupM, beverage company Diageo, mattress retailer Casper, and Hudson River Trading. Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill of CBRE represented the landlord, Silverstein Properties, in the transaction. Patrick Heeg and Ryan McKinney of Transwestern represented Kelley Drye.

September 5, 2019

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Arranges Sale of 170,000 SF Industrial Asset in Rockaway, N.J.

by Alex Patton September 5, 2019

ROCKAWAY, N.J. — Cushman & Wakefield has arranged the sale of a 170,000-square-foot industrial asset in Rockaway, a city located about 30 miles west of New York City. The six-building complex at 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies. Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald, Jordan Sobel and Stephen Sander of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The team also procured the buyer, New York-based investor Davco Group.

September 5, 2019

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