Northeast

Trinity Financial Receives $35.8M Loan for Multifamily Redevelopment Project in Worcester

by Taylor Williams May 29, 2019

WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and Manhattan, has received a $35.8 million loan for a redevelopment project in Worcester that will convert a former courthouse into a 117-unit multifamily building. Roughly 35 percent of the new units will be designated as workforce housing residences, while basic floor plans will consist of 23 studio apartments, 52 one-bedroom apartments, 31 two-bedroom apartments and 11 three-bedroom apartments. Amenities will include a fitness center, resident lounge and personal storage space. MassHousing provided the financing, which consists of a $12.2 million, tax-exempt permanent loan, a $19.1 million bridge loan and $4.5 million in funding from the agency’s Workforce Housing Initiative. An affiliate of Trinity will manage the project, with Tocci Building Corp. serving as general contractor and Bohler serving as the civil engineer. The courthouse was originally built in 1845.

May 29, 2019

Industrial Leasing Activity Massachusetts Northeast

Raytheon Signs 134,000 SF Industrial Lease in Tewksbury, Massachusetts

by Taylor Williams May 29, 2019

TEWKSBURY, MASS. — Defense contractor Raytheon has signed a 134,000-square-foot industrial lease at Center at Innovation Drive, a 706,000-square-foot facility located in the northern Boston suburb of Tewksbury. The lease term is seven years. Rubenstein Partners owns the property, which consists of four conjoined buildings and was recently renovated to deliver a new façade, entrances and common areas. Rubenstein’s renovation project also delivered a tenant amenity center complete with an amphitheater, fitness center, café and collaboration spaces. The property also enjoys proximity to I-495 and I-93.

May 29, 2019

Acquisitions Industrial New Jersey Northeast

STRO Acquires Two Industrial Properties Totaling 83,000 SF in Hackensack

by Taylor Williams May 29, 2019

HACKENSACK, N.J. — The Stro Companies (STRO), which specializes in industrial investment throughout Northern New Jersey, has acquired two industrial buildings totaling 83,000 square feet in Hackensack. One property is a 65,000-square-foot divisible building and the other is an 18,000-square-foot freestanding structure. The properties offer convenient access to I-80 and the New Jersey Turnpike. SB One Bank provided acquisition financing for the deal. Zach La Motta of STRO oversaw the acquisition in conjunction with Scott Perkins, Justin Allessio, and Andrew Somple of NAI James E. Hanson. The seller and sales price were not disclosed. With this transaction, STRO has now acquired 11 industrial properties within the last 18 months.

May 29, 2019

Market Reports Multifamily New York Northeast Northeast Market Reports

New York City Multifamily Market to Experience Reduced Supply in 2020

by Kristin Harlow May 29, 2019

As the second-largest city economy in the world, New York City continually retains its reputation as one of the most desirable locations for long-term real estate capital appreciation, both nationally and globally. In turn, increasing rent growth and decreasing vacancies have characterized the New York City multifamily market as the influx of supply in 2018 quickly gets absorbed. In the next 24 months, the city will see a dramatic reduction in the new supply of rentals, with current projections for 2019 to 2020 estimating 12,000 units to come on line. This figure represents a substantial decrease from the 20,680 units that were delivered in 2018. Of those 20,680 units, Queens and Brooklyn accounted for more than 50 percent of the new supply. Despite these deliveries, effective rent grew in 2018 by 2.9 percent in Manhattan, 2.2 percent in Brooklyn and 3 percent in Queens. Total multifamily sales volume in Manhattan for 2018 was $6.8 billion, an 83 percent increase from 2017’s total transaction volume of $3.7 billion. With 181 total transactions, properties that traded for more than $50 million made up 65 percent of the volume in 2018 across 22 trades. Similarly, sales in Brooklyn hit a record volume of …

May 29, 2019

Jackson-Distribution-Center-Zelienople-Pennsylvania

Development Industrial Northeast Pennsylvania

Al. Neyer Breaks Ground on 220,000 SF Distribution Center Near Pittsburgh

by Taylor Williams May 28, 2019

ZELIENOPLE, PA. — Commercial developer and design/build firm Al. Neyer has broken ground on Jackson Distribution Center, a 220,000-square-foot industrial project in Zelienople, located north of Pittsburgh. The Class A facility, which is being developed as a joint venture project with Bell Properties, will feature 32-foot clear heights, at least 22 dock doors, T-5 light fixtures and an advanced sprinkler system. Jackson Distribution Center will be located near I-80 and I-79, State Route 19 and the Pennsylvania Turnpike, as well as within 30 minutes of downtown Pittsburgh and Pittsburgh International Airport. Approximately 27 percent of the space is preleased. Completion is scheduled for the fourth quarter of this year.

May 28, 2019

Development Industrial New Jersey Northeast Self-Storage

Simply Self Storage Opens Two Long Island Facilities Totaling 1,945 Units

by Taylor Williams May 28, 2019

LINDENHURST AND HAUPPAUGE, N.Y. — Simply Self Storage has opened two facilities on Long Island totaling 1,945 units. The first property, located in Lindenhurst, totals 1,022 units and offers security cameras, a keypad entry, indoor and outdoor lighting, vehicle storage and packing supplies. The second facility, located in Hauppauge, includes 923 units and offers the same services and amenities as the Lindenhurst facility.

May 28, 2019

Acquisitions Healthcare Northeast Pennsylvania

HFF Negotiates $25.3M Sale of Healthcare Property in Metro Philadelphia

by Taylor Williams May 28, 2019

BROOMALL, PA. — HFF has negotiated the $25.3 million sale of a 57,320-square-foot cancer center and multi-specialty outpatient facility in Broomall, a western suburb of Philadelphia. At the time of sale, the facility was fully leased to healthcare provider Crozer-Keystone on an absolute triple-net basis. Ben Appel, Evan Kovac, Andrew Milne and Doug Rodio of HFF represented the seller, Pennsylvania-based investment firm Capital Solutions, in the transaction. The buyer was Anchor Health Properties, a full-service real estate firm focused exclusively on medical facilities. More than 330,000 people live within a five-mile radius of the property.

May 28, 2019

Development Massachusetts Multifamily Northeast Student Housing

Simmons University to Develop 1,100-Bed Student Housing Community in Boston

by Taylor Williams May 28, 2019

BOSTON — Simmons University has filed a 10-year plan with the city of Boston that outlines a series of campus upgrades, including the development of a 21-story, 1,100-bed residence hall on Avenue Louis Pasteur, according to reports by The Boston Globe. The newspaper notes that the school has been negotiating for at least a year with developers on a multi-phase plan that would include leasing its residential campus and funneling proceeds into the development of the new residential tower. The residence hall is still in the concept phase, according to the university, but plans are in motion to soon begin renovations to its main building and Lefavour Hall.

May 28, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $3M Sale of Retail Center in Hamilton, New Jersey

by Taylor Williams May 28, 2019

HAMILTON, N.J. — Marcus & Millichap has arranged the $3 million sale of Olden Plaza, an 11,500-square-foot retail center in Hamilton, located just east of Trenton. The property was fully leased at the time of sale to seven tenants, six of which have occupied their spaces for more than 10 years. Michael Lombardi, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller, a private investor, in the transaction, which drew 10 offers and closed at full asking price. The buyer was not disclosed.

May 28, 2019

Acquisitions New York Northeast Office Top Stories

Savanna Acquires Office Tower in Midtown Manhattan for $381M

by John Nelson May 28, 2019

NEW YORK CITY — Savanna, a real estate owner and developer based in New York City, has purchased a 39-story office tower in Midtown Manhattan for $381 million. The nearly 500,000-square-foot building is located at 521 Fifth Ave., which is near the corner of 43rd Street and one block from Grand Central Station in New York City. The seller is a joint venture between SL Green Realty Corp., Quantum Global Real Estate and LaSalle Investment Management. Bill Shanahan, Darcy Stacom, David Fowler and Doug Middleton of CBRE represented the joint venture in the sale. Built in 1929, the office tower is LEED Gold-certified and Energy Star-rated, but Savanna plans to make significant capital improvements to the asset. More specifically, the renovation includes a complete entrance and lobby overhaul, new signage, selective systems upgrades and common corridor work. “After we make a few select cosmetic improvements, we believe this property will be well-positioned for a successful leasing campaign,” says Andrew Fichte, managing director of Savanna. Savanna has selected a CBRE team led by Peter Turchin and David Hollander as the leasing agent for the office tower. At year-end 2018, the build was more than 96 percent leased to tenants including China …

May 28, 2019

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