Northeast

Rubenstein Acquires 450,000 SF Office Building in Stamford, Connecticut

by Taylor Williams June 7, 2019

STAMFORD, CONN. — Rubenstein Partners LP, an investment firm focused on the office sector, has acquired 600 Washington Boulevard, a 450,000-square-foot office building in Stamford, about 40 miles north of New York City. The sales price was not disclosed. The property was originally built in 2009 to serve as the headquarters of the Royal Bank of Scotland and was 85 percent leased at the time of sale. Tenants include UBS and Bank of America. JLL represented the seller, NatWest Markets, which is also a tenant at the building, in the transaction.

June 7, 2019

Acquisitions Multifamily New Hampshire Northeast

CBRE Negotiates $67M Sale of Apartment Community in Manchester, New Hampshire

by Taylor Williams June 7, 2019

MANCHESTER, N.H. — CBRE has negotiated the $67 million sale of Waterford Place, a 384-unit multifamily community in Manchester. Built in phases between 2004 and 2005, the property is situated on nearly 67 acres just off I-93 and I-293. Floor plans consist of one- and two-bedroom units averaging 998 square feet. Amenities include an indoor pool, fitness center, theater room, tennis court, resident clubhouse, walking trails and outdoor grilling stations. Simon Butler and Biria St. John of CBRE represented the seller, SMC Waterford Place Apartments Ltd., in the transaction. The buyer was an affiliate of Cambridge, Mass.-based Forest Properties.

June 7, 2019

Acquisitions Industrial Massachusetts Northeast

Stubblebine Arranges Sale of 142,000 SF Industrial Facility in Holbrook, Massachusetts

by Taylor Williams June 7, 2019

HOLBROOK, MASS. — The Stubblebine Co., an industrial brokerage firm that is active throughout New England, has arranged the sale of a 142,000-square-foot facility in Holbrook, located south of Boston. The sales price was approximately $5 million. The multi-tenant property features 19- to 27-foot clear heights and 25 loading docks. David Stubblebine and James Stubblebine represented the buyer and seller, both of which requested anonymity, in the transaction.

June 7, 2019

Development New York Northeast Office Retail

Cornell Tops Out 72,000 SF Retail, Office Building in Brooklyn

by Taylor Williams June 7, 2019

NEW YORK CITY — Cornell Realty Management has topped out 200 Kent Avenue, a 72,000-square-foot retail and office building located in the Williamsburg area of Brooklyn. The property spans 50,000 square feet of retail space that will be anchored by a Trader Joe’s, 22,000 square feet of office and restaurant space and 45,000 square feet of parking. Manhattan-based Madison Realty Capital originally provided a $64 million construction loan for the project in November 2017, and Bluestone Group recently provided $8 million in mezzanine debt to finance additional capital expenditures.

June 7, 2019

Development Multifamily New Jersey Northeast Seniors Housing

Walters Completes 91-Unit Seniors Housing Community in Seaside Heights, New Jersey

by Taylor Williams June 7, 2019

SEASIDE HEIGHTS, N.J. — Locally based developer Walters has completed Cornerstone at Seaside Heights, a 91-unit seniors housing community on the Jersey Shore. Apartments at the income-restricted community range from $995 per month for a one-bedroom unit and $1,250 per month for a two-bedroom apartment. In addition to quick access to the beach and boardwalk, residents can also enjoy a fitness center, clubroom, outdoor decks and other common gathering areas. An open house for the property will be held Saturday, June 15.

June 7, 2019

Development Massachusetts Northeast Office

Fallon Breaks Ground on 310,000 SF Office Project for MassMutual in Boston’s Seaport District

by Taylor Williams June 6, 2019

BOSTON — The Fallon Co., a locally based developer, has broken ground on a 310,000-square-foot office building for Massachusetts Mutual Life Insurance Co. (MassMutual) in Boston’s Seaport District. The build-to-suit property will be located within the $4 billion Fan Pier mixed-use development and is expected to be complete by late 2021. Approximately 1,000 employees will work at the 17-story building, which will serve as a hub for the company’s digital and technology divisions. MassMutual also plans to add about 1,500 jobs at its headquarters in Springfield, Mass., by the end of 2021.

June 6, 2019

Loans Multifamily New York Northeast

Merchants Capital Secures $51M Agency Construction Loan for New York City Homeless Shelter

by Taylor Williams June 6, 2019

NEW YORK — Mortgage banking firm Merchants Capital has secured $51 million in agency funding on behalf of Heights Advisors and Samaritan Daytop Village (SDV) for the permanent financing of 267 Rogers, a 165-unit property in New York City. The property offers transitional housing for homeless families. The Department of Homeless Services (DHS) has partnered with human services organization SDV on the project, which is located in the Crown Heights neighborhood. In addition to providing housing for these transitional families, 267 Rogers offers supportive services to all tenants, including employment and job readiness services, daily living workshops and personal financial management, plus education and child care assistance programs. The project was completed in 2018 and is fully occupied.

June 6, 2019

Acquisitions Healthcare Massachusetts Northeast

MLL Capital Acquires Two Medical Office Buildings Totaling 112,228 SF Near Boston

by Taylor Williams June 6, 2019

WOBURN, MASS. — MLL Capital has acquired two medical office buildings totaling 112,228 square feet in Woburn, a northern suburb of Boston. The seller and sales price were not disclosed. The property was 78 percent leased at the time of sale to tenants such as Beth Israel Lahey Health, Tufts Medical Center and Woburn Pediatrics. Boston-based MLL Capital plans to make approximately $4 million in capital improvements to the buildings. The program will include the remodeling of entrances, a renovation of common areas and a replacement of major building systems.

June 6, 2019

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 62,506 SF Shopping Center in Peckville, Pennsylvania

by Taylor Williams June 6, 2019

PECKVILLE, PA. — Marcus & Millichap has brokered the sale of Peckville Shopping Center, a 62,506-square-foot retail property, located just outside of Scranton in the northern part of the state. The sales price was $5.1 million. A 20,045-square-foot Planet Fitness anchors the center, which was built in 1953 and renovated in 2004. Total occupancy at the property at the time of sale was 76 percent. Christopher Burnham, Dean Zang, David Crotts and Steven Siegel of Marcus & Millichap represented the seller, a New York City-based investment bank, in the transaction. The group also procured the undisclosed buyer.

June 6, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges $3.2M Sale of Retail Property in The Bronx

by Taylor Williams June 6, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $3.2 million sale of an 8,874-square-foot retail property located at 2542-2550 Boston Road in The Bronx. The sales price for the two-building property equates to $361 per square foot. Cushman & Wakefield’s Jonathan Squires, Eric Roth and Addison Berniker represented the seller, 2550 Boston Post Road Corp., in the transaction. The undisclosed buyer will have the option to expand the property to add more shop space.

June 6, 2019

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