Northeast

PUMA North America to Open 150,000 SF Office Headquarters Near Boston

by Taylor Williams January 21, 2019

SOMERVILLE, MASS. — Sports apparel and accessories company PUMA North America will open a new, 150,000-square-foot office headquarters at Assembly Row, a mixed-use destination in the northwestern Boston metro of Somerville. Federal Realty Investment Trust (NYSE: FRT) is developing Assembly Row. The new headquarters will be located at 455 Grand Union Blvd. The new building will total 300,000 square feet upon completion, and will bring together PUMA’s two nearby offices in Boston and Westford. The company expects the space to house about 550 employees across five floors beginning in 2021. The transit-served building also features a 19,000-square-foot roof deck complete with a recreational area and basketball court. Additional amenities include a fitness center, a kids’ room and bike storage. “We need to be faster than ever in the way we react and adapt,” says Adam Petrick, PUMA’s global director of branding and marketing. “Somerville is a city buzzing with creative, diverse energy that will help us live out our ‘Forever Faster’ mentality.” Assembly Row is a 40-acre project located along Interstate 93 and the MBTA Orange Line. The developer has launched Phase III of the project, which will feature more than $475 million in new development. Phase III will deliver a 500-unit …

January 21, 2019

Acquisitions Northeast Office Pennsylvania

IPA Brokers $17.5M Sale of Office Building in Norristown, Pennsylvania

by David Cohen January 18, 2019

NORRISTOWN, PA. — Institutional Property Advisors (IPA) has brokered the $17.5 million sale of a 102,894-square-foot office building in Norristown. Located at 1000 Madison Ave., five tenants fully occupy the three-story property, including the Commonwealth of PA, which occupies 37 percent of the building. The property was constructed in 1990 and includes 469 surface parking spaces. John Abuja and Robert Filley of IPA along with David Beyel, Lawrence Gariano and Robert Bechtel of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a regional investor.

January 18, 2019

Loans Mixed-Use New Jersey Northeast

Progress Capital Secures $10M Acquisition Loan for Mixed-Use Property in New Jersey

by David Cohen January 18, 2019

BRICK, N.J. — Progress Capital has secured $10 million in acquisition financing for a mixed-use building in Brick. Located at 101 Prosper Way, the four-story property consists of 20,000 square feet of ground-floor retail space and 44 residential units on the upper three floors. Kathy Anderson of Progress Capital represented the undisclosed borrower in the transaction. The lender was Lakeland Bank. Terms of the financing included a 4.6 percent fixed rate for seven years and a 30-year amortization schedule. The loan amount represents a 70 percent loan-to-value ratio.

January 18, 2019

Acquisitions Hospitality New York Northeast Rhode Island Southeast Virginia

Excel Group Acquires Three-Hotel Portfolio in New York, Rhode Island and Virginia

by David Cohen January 18, 2019

FARMINGVILLE, N.Y., SMITHFIELD, R.I., AND HERNDON, VA. — Washington D.C.-based real estate investment firm Excel Group has acquired three hotel properties in New York, Rhode Island and Virginia. The price and seller were not disclosed. The properties are the 161-room Hampton Inn Long Island Brookhaven in Farmingville; the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield; and the 151-room Hyatt Place Dulles Herndon-East in Herndon.

January 18, 2019

Development Industrial New Jersey Northeast Self-Storage

Metro Storage Opens 883-Unit Self-Storage Facility in New Jersey

by David Cohen January 18, 2019

WOOD-RIDGE, N.J. — Metro Storage LLC has opened an 883-unit self-storage facility in Wood-Ridge. Located at 765 Route 17, the 85,000-square-foot property features climate-controlled units, interior loading bays and elevator access to all floors. The facility is located on the former site of a manufacturing facility. It is Metro’s eigth self-storage facility in the New Jersey market.

January 18, 2019

Loans New York Northeast Retail

Houlihan-Parnes Arranges $1.7M Refinancing for Retail Property in Scarsdale, New York

by David Cohen January 18, 2019

SCARSDALE, N.Y. —Houlihan-Parnes Realtors has arranged a $1.7 million loan to refinance an 8,500-square-foot retail property in Westchester. Located at 58-72 Garth Road, the asset is nearby the Scarsdale Metro-North train station. Richard Hendey and Mike O’Neill ofHoulihan-Parnes secured a seven-year, non-recourse loan on behalf of the undisclosed borrower. Terms of the financing included a 4.87 percent fixed rate on a 30-year amortization schedule. The lender was a local bank.

January 18, 2019

Acquisitions Massachusetts Midwest Northeast Ohio Retail Top Stories

TravelCenters of America Agrees to Purchase 20 Assets from Hospitality Properties for $308.2M

by Alex Tostado January 17, 2019

NEWTON, MASS. AND WESTLAKE, OHIO — TravelCenters of America LLC (NASDAQ: TA) has agreed to purchase 20 truck stop locations from its primary landlord, Hospitality Properties Trust (NASDAQ: HPT), for $308.2 million. The 20 properties span 15 states. HPT will continue to own 179 properties that TA leases. The leases have been amended by both companies, which puts the 179 properties under five leases. The leases have all been extended by three years. Westlake-based TA expects to purchase nine of the travel centers for $140.5 million Jan. 17 and expects to complete the remaining purchases in two closings by the end of January. HPT expects to gain $160 million from the sale, which it plans to use to repay borrowings under its revolving credit facility and for general business purposes. When the sales are finalized, TA’s rent will fall by $243.9 million per year. Under the amended leases, TA’s rent will be reduced by $43.1 million per year. HPT will receive $70.5 million for backlogged payments in 16 quarterly payments from TA beginning April 1. The backlogged rent has been reduced from $150 million due to moving the payments up from June 2024. “As we move into the tenth year …

January 17, 2019

Acquisitions Northeast Office Rhode Island

NKF Arranges $71M Sale of Office Building in Providence, Rhode Island

by David Cohen January 17, 2019

PROVIDENCE, R.I. — NKF has arranged the $71 million sale of a 202,096-square-foot office building in downtown Providence. Located at 10 Memorial Boulevard, the 10-story property is currently 97 percent leased to a tenant roster that includes IGT, Columbia Threadneedle Investments, The Capital Grille and Rockland Trust. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team represented the seller, RJ Kelly Co., in the transaction. The buyer was Tritower Financial Group.

January 17, 2019

Acquisitions Multifamily New York Northeast

Hogdes Ward Elliott Brokers $43.8M Sale of Multifamily Tower in Brooklyn

by David Cohen January 17, 2019

NEW YORK CITY — Hodges Ward Elliott has brokered the $43.8 million sale of a 20-story multifamily tower in the South Williamsburg neighborhood of Brooklyn. Located at 424 Bedford Ave., the 63,866-square-foot property includes 66 units. Amenities include a fitness center, gardens, BBQ area, dog run and a rooftop deck. Will Silverman, Paul Gillen, Daniel Parker and Ariel Tambor of Hodges Ward Elliott represented the seller, East End Capital and KBS, in the transaction. The buyer was Global Holdings Group.

January 17, 2019

Acquisitions Hospitality New Jersey Northeast

HFF Negotiates Sale of 128-Room Hyatt House Bridgewater in New Jersey

by David Cohen January 17, 2019

BRIDGEWATER, N.J. — HFF has negotiated the sale of the Hyatt House Bridgewater in the central New Jersey community of Bridgewater. Located at 530 Route 22 East, the hotel comprises one two-story building and five three-story buildings. Amenities include a guest market, fitness center, outdoor swimming pool and hot tub, fire pit and 1,500 square feet of meeting space. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel, Matthew Enright and Kevin O’Hearn of HFF represented the seller, an institutional investor, in the transaction. HFF also secured a seven-year, fixed-rate acquisition loan for the buyer, Gulph Creek Hotels.

January 17, 2019

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