NEW YORK CITY — Ariel Property Advisors has arranged the $4.5 million sale of an eight-unit apartment building in the Crown Heights neighborhood of Brooklyn. The four-story building measures 10,200 square feet and is near the Nostrand Avenue subway station, which provides access to the 2, 3 and 5 subway lines. Jonathan Berman and Michael A. Tortorici represented the undisclosed seller in the transaction. The buyer was also undisclosed.
Greater Boston’s industrial market continued its hot streak in 2018. Positive net absorption of 350,000 square feet in 2018 marked the eighth straight year of gains. Vacancies, which ended the year at 10.1 percent, have halved since peaking at the end of 2010. Over this time, the market absorbed 17.5 million square feet and is now poised for continued growth. Tenant demand remains strong and some of the larger tenants in the market— Albertsons, Premier Distribution, Trimark, Jofran, Amazon, Wayfair, and Harte Hanks— are seeking a total of 3.5 million square feet of space. Rents are at record highs, in aggregate topping $9.50 per square foot triple-net, which factors in a space-weighted asking rent on available product. Tenants looking for product in the Urban markets are seeing rents at or above $20 per square foot triple-net, while new product in the South and West is into the $7 per square foot triple-net range. Cheaper space can still be found, but landlords have never seen a stronger rental market. Absorption Slows Despite the gains, absorption was held back by several large blocks of space coming onto the market throughout 2018. The closing of the Necco factory in Revere opened up more …
CPHILADELPHIA — Comcast Spectacor and the Cordish Cos. have announced plans to develop Pattison Place, an $80 million office tower inside the Philadelphia Sports Complex. Designed by Beyer Blinder Belle and BLT Architects, the 200,000-square-foot Pattison Place will feature a 4,000-square-foot lobby with 35-foot ceiling heights and 20,000 square feet of ground-floor retail. The 12-foot floor-to-ceiling windows in the building will also provide views of the Philadelphia skyline, surrounding sports complex and neighboring Navy Yard. Pattison Place is expected to create 1,670 new jobs and generate $295 million in economic benefits to Philadelphia and Pennsylvania over a 30-year period, according to Cordish.
YORK, PA. — KeyBank has provided a total of $17.8 million to refinance two healthcare facilities in York. The properties are Autumn House East, a five-building, 141-bed healthcare facility; and Autumn House West, a three-building, 132-bed assisted living and memory care facility. The properties were built in 1958 with renovations each decade. Patrick Shearer of KeyBank’s Commercial Mortgage Group arranged the fixed-rate loans with 30-year amortization schedules on behalf of borrower Persimmon Ventures LLC and Big Bay Ventures LLC. The facilities operate as licensed personal care homes and are leased and operated by Cardinal Senior Management LLC.
MAHWAH, N.J. — CBRE has arranged the $10.2M sale and leaseback of an office property in Mahwah. Located at 1111 Macarthur Blvd., the two-story, 140,420-square-foot building was constructed in 1979 and fully renovated in 1990. Thomas Mallaney, Randy Eigen and Conor Dolan of CBRE represented the seller, Seiko Holdings Corp. in the sale and leaseback. The buyer was 1111 MacArthur Boulevard LLC. Seiko has agreed to lease 18,400 square feet at the property. Nuance Communications, a U.S.-based multinational software technology corporation already occupies 27,317 square feet of space at the property under a long-term lease.
NEW BRITAIN, CONN. — Northeast Private Client Group has brokered the $6.4 million sale of two mixed-use buildings in New Britain. Located at 99 W. Main St. and 160 Main St., the properties consist of a combined nine ground-floor retail suites with 30 residential units on the upper floors. The buildings are located within one block of each other. Rich Edwards and Jeff Wright in the firm’s Shelton office represented the seller, AKK Enterprises, in the transaction. The buyer was Melrose Solomon Enterprises.
HUDSON, MASS. — Cornerstone Realty Capital has secured a $2.2 million loan to refinance a 32-unit mixed-use property in Hudson. Located on Main Street, the property consists of 28 residential and four commercial units. Patrick Brady of Cornerstone secured the fixed-rate financing with 12 months of interest-only payments on behalf of the undisclosed borrower. An agency lender provided the financing.
NEW YORK CITY — Global coworking provider WeWork has closed on its $850 million purchase of the Lord & Taylor Building, a landmark Midtown Manhattan asset located at 424-434 Fifth Ave. The seller, Hudson’s Bay Co. (HBC), is the parent company of Lord & Taylor, which for 104 years had its flagship store on the ground level of the 11-story building. The retailer closed its doors and its famous Fifth Avenue display windows after the 2018 holiday shopping season. HBC and WeWork Property Investors (WPI), WeWork’s real estate division, originally announced the purchase back in October 2017. The final purchase price is consistent with the previously disclosed terms of the transaction. WeWork is in the midst of overhauling the property. The New York-based company is collaborating with architect BIG to restore the Lord & Taylor Building’s display windows on the street level, two-story entrance and its rooftop terrace. WeWork is preserving the basement, first and second floors for retail. “Preserving one of the most iconic buildings in New York City’s history is a monumental opportunity,” says Bjarke Ingels, founding partner at BIG. “Our design will honor Lord & Taylor’s past, building toward the future and ensuring this landmark continues to be …
NEW YORK CITY — HFF has secured a $165 million construction loan for One Boerum Place, a 21-story, mixed-use condominium development in Brooklyn. Located in Brooklyn’s Borough Hall district, the 122-unit project will include a two-story fitness center, entertainment lounge, children’s playroom, landscaped rooftop, 24/7 doorman and concierge service, as well as a fully automated parking garage. The project is slated for completion in the first quarter of 2021. Christopher Peck, Graham Stephens, Peter Rotchford and Alex Staikos of HFF secured the floating-rate construction loan on behalf of One Boerum Development Partners LLC. The lender was a foreign pension fund.
WESTPORT, CONN. — NKF has negotiated the $18.7 million sale of Westport Center for Health in Westport. Located at 323-329 Riverside Ave., Yale New Haven Health’s Northeast Medical Group anchors the 38,000-square-foot property. The property recently underwent an extensive renovation highlighted by the demolition of an entire building to convert the former five-building office campus into a four-building medical office complex with added parking to accommodate medical office tenants. Frank Nelson, Michael Greeley, James Tribble and Casey O’Brien of NKF’s Boston Capital Markets team represented the seller, The Davis Cos., in the transaction. The buyer was Healthcare Trust of America Inc.