Northeast

Cushman & Wakefield Brokers Sale of 88,910 SF Office Building in Morris Plains

by David Cohen March 7, 2019

MORRIS PLAINS, N.J. — Cushman & Wakefield has arranged the sale of a three-story office building in Morris Plains. The sales price was undisclosed. Located at 201 Littleton Road, the 88,910-square-foot property is set on a nearly 17-acre site. The property was 44 percent leased at the time of sale to a tenant roster that includes the State of New Jersey. Andrew Merin, Andrew Schwartz and Kubby Tischler of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was Chopp Holdings, a local investor.

March 7, 2019

Healthcare Loans New York Northeast

NorthMarq Arranges $4.5M Refinancing for Medical Center in the Bronx

by David Cohen March 7, 2019

NEW YORK CITY — NorthMarq has arranged a $4.5 million loan to refinance a 20,000-square-foot medical office property in the Bronx. Located at 3316 Rochambeau Ave., the property is currently occupied by Montefiore Medical Center. The tenant has occupied the site for more than 25 years. Charles Cotsala of NorthMarq secured the fixed-rate loan, which includes a 10-year term on behalf of the undisclosed borrower through lender 40|86 Capital.

March 7, 2019

Industrial Leasing Activity New Jersey Northeast Uncategorized

NAI Hanson Secures 7,791 SF Industrial Lease in New Providence, New Jersey

by David Cohen March 7, 2019

NEW PROVIDENCE, N.J. — NAI Hanson has secured a 7,791-square-foot industrial lease for United Brewing in New Providence. The microbrewery will occupy 140 Spring St., Unit C, at the 66,000-square-foot property. United Brewing plans to set up a full production brewery as well as a tasting room at the site. Barry Cohorsky of NAI James E. Hanson represented the landlord, Davanne Realty Co. & 19-25 Columbia Street Corp., in the transaction. Terms of the lease were not disclosed.

March 7, 2019

Acquisitions Connecticut Healthcare Northeast

HFF Negotiates Sale of Two-Property Medical Office Portfolio Near Hartford, Connecticut

by David Cohen March 7, 2019

VERNON, CONN. — HFF has negotiated the sale of a two-property medical office portfolio in the Hartford-area community of Vernon. The sales price was undisclosed. The properties are 460 Hartford, a 36,000-square-foot outpatient facility, and 8 Keynote, a 22,500-square-foot home health service facility. Both properties are fully leased to Eastern Connecticut Health Network, a subsidiary of Prospect Medical Holdings. Ben Appel, Evan Kovac, Andrew Milne, Bryan Rosenberg. Dana Brome and Ron Ott of HFF represented the seller, Bellevue Street Capital LLC, in the transaction. Global Medical REIT Inc. purchased the portfolio.

March 7, 2019

Acquisitions Mixed-Use New Jersey Northeast Uncategorized

Marcus & Millichap Orchestrates $1.2M Sale of Mixed-Use Building in New Jersey

by David Cohen March 7, 2019

MONTCLAIR, N.J. — Marcus & Millichap has arranged the $1.2 million sale of a 4,500-square-foot mixed-use property in New Jersey. Located at 413 Bloomfield Ave., the property consists of two apartment units and one retail unit. Alan Cafiero, Ben Sgambati, Chip Collins, David Cafiero, Michael DeVita and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a personal trust, in the transaction. The buyer was a limited liability company.

March 7, 2019

Loans Multifamily New York Northeast

HKS Secures $105M Refinancing for Apartment Building on Upper West Side

by David Cohen March 6, 2019

NEW YORK CITY — HKS Real Estate Advisors has secured a $105 million loan to refinance a pre-war apartment building on the Upper West Side of Manhattan. Located at 393 West End Ave., the 114-unit property was built in 1927. HKS secured the financing on behalf of the building ownership, a partnership between Simon Baron Development and Ascend Real Estate. The lender was undisclosed. The new loan refinances the existing debt of $70 million.

March 6, 2019

Loans Multifamily New York Northeast

Avison Young Orchestrates $35.5M Sale of Multifamily Portfolio in Manhattan

by David Cohen March 6, 2019

NEW YORK CITY — Avison Young has arranged the $35.5 million sale of three multifamily buildings in the Lenox Hill neighborhood of Manhattan. Located at 344,346 and 348 E. 62nd St., the properties total 40,612 square feet across 70 residential and two retail units. James Nelson, Brandon Polakoff and Bradley Rothschild of Avison Young represented the sellers, private investors William Koch and Shimmie Horn, in the transaction. The buyer was a private investor.

March 6, 2019

Acquisitions Northeast Rhode Island Seniors Housing

Cushman & Wakefield Arranges Sale of 371-Unit Seniors Housing Portfolio in Rhode Island

by David Cohen March 6, 2019

PROVIDENCE, R.I. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of three senior communities in metro Providence. An institutional investor sold the 371-unit independent living, assisted living and memory care portfolio for an undisclosed price. The buyer was Capital Health Group, a Baltimore-based investor seeking value-add opportunities in the area. Milestone Retirement Communities LLC, an affiliate of Capital Health Group, will take over operations at each community. The portfolio consists of Pocasset Bay, a 169-unit independent living and assisted living community in Johnston; East Bay, a 98-unit assisted living and memory care community in East Providence; and Greenwich Bay, a 104-unit assisted living and memory care community in East Greenwich. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Sam Dylag.

March 6, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $2.6M Sale of Retail Property in New Jersey

by David Cohen March 6, 2019

AVENEL, N.J. — Marcus & Millichap has brokered the $2.6 million sale of St. George Plaza, a 16,050-square-foot retail property in Avenel. Located at 1144-1162 St Georges Ave., the property is anchored by UPS and H&R Block. Jason Petrick of Marcus & Millichap’s New Jersey office represented the seller in the transaction, the original developer of the property. The buyer was an out-of-state investor.

March 6, 2019

Acquisitions Multifamily Northeast Pennsylvania

Colliers Negotiates Sale of Manufacturing Facility in Kutztown, Pennsylvania

by David Cohen March 6, 2019

KUTZTOWN, PA. — Colliers International has negotiated the sale of a manufacturing facility in Kutztown. The sales price was undisclosed. Located at 207 Rail Road St., the 17,000-square-foot property was built in 1863 as the Haeffner-Dietrich Feed Mill. The property most recently served as headquarters and manufacturing facility for the RADIUS Toothbrush brand. Ryan Dietrick and Kelly Berfield of Colliers International’s Allentown office represented the seller, Radius USA, in the transaction. The buyer was undisclosed.

March 6, 2019

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