BOSTON — CBRE has arranged the $26.2 million sale of the building that houses The Skating Club of Boston. Located at 1240 Soldiers Field Road in Boston’s Brighton neighborhood, the figure skating club, which was founded in 1912, is the third oldest in the United States. Mark Reardon and Matt Furey of CBRE represented the seller, The Skating Club of Boston, in the transaction. The buyer was the Davis Cos.
WOODBRIDGE, N.J. — HFF has secured a $25.5 million acquisition loan for Woodbridge Crossing, a 285,210-square-foot retail center in Woodbridge. Located at 451-479 Green St., the property was built in 2001 and renovated in 2018. The center is approximately 80 percent leased to a tenant roster that includes Burlington Stores, Big Lots, Planet Fitness, Altitude Trampoline Park, Modell’s, Party City, Thomasville, Sprint, Miracle Ear and FedEx Office. Michael Klein and Rob Hinckley of HFF secured the financing on behalf of the borrower, PAG Investments. Citizens Bank provided the five-year, fixed-rate loan.
BRIDGEPORT, CONN. — Angel Commercial has negotiated the $2.1 million sale of the former Astoria Park Nursing Home in Bridgeport. Located at 725 Park Ave., the 61,344-square-foot building was acquired by the Bridgeport Rescue Mission, which will use the property for a new community care center. Founded in 1993, the Bridgeport Rescue Mission provides food, shelter, clothing, education, job training and counseling for the urban poor of Coastal Fairfield County. Jon Angel of Angel Commercial represented the seller, Laureate Astoria LLC, in the transaction.
NEW YORK CITY — The Moinian Group has closed on a $595 million CMBS loan from J.P. Morgan and Deutsche Bank to refinance 3 Columbus Circle, a 26-story office tower in Manhattan that also houses the real estate investment firm’s headquarters. Formerly known as the Newsweek Building and originally built as the headquarters of General Motors Corp., 3 Columbus Circle is situated along Broadway and occupies a full city block just south of the Merchant’s Gate entrance to Central Park. The CMBS financing includes 10 years of interest-only payments at a fixed interest rate of 3.91 percent. The Moinian Group is using the loan to replace an existing $350 million CMBS loan. The property is fully leased, according to Moinian Group. Anchor office and retail tenants include global marketing firm VMLY&R, Moinian, Nordstrom, Chase Bank and CVS/pharmacy. History of ownership The Moinian Group originally purchased 3 Columbus Circle in 1999. The company’s path back to full control of the tower began in 2011, when the company first partnered with SL Green on the property. In 2012, together with architectural firm Gensler, Moinian completed the redevelopment of the building, including the design of a new facade, lobby, elevator system and the …
PRINCETON, N.J. — Cronheim Mortgage has arranged a $10 million loan to refinance a mixed-use property in Princeton. Located at 277 and 281 Witherspoon St., the property consists of two adjacent retail and office buildings. The first, 277 Witherspoon, is a recently completed two-story building. The second, 281 Witherspoon, is a three-story building built in 1984 and renovated in 2015. Cronheim secured the 10-year loan with three years of interest-only payments on behalf of the borrower, HP Witherspoon LLC, an affiliate of Princeton-based Herring Properties. The lender was undisclosed.
CRANSTON, R.I. — CBRE has brokered the $6.9 million sale of a 234,600-square-foot industrial facility in Cranston. Located at 2700 Plainfield Pike, the property consists of 225,000 square feet of distribution space. The facility also includes a 9,600-square-foot truck maintenance facility with fueling area. Gerald Lavallee of CBRE represented the seller, First Bank and Trust Company of Illinois, in the transaction. The buyer was Equity Industrial Partners, which plans to update the facility with a new roof, LED lighting and parking lot.
PENNSYLVANIA — Capital Health Group LLC (CHG) has arranged the sale of a four-community, 534-bed seniors housing portfolio in southeastern Pennsylvania. Affiliates of CHG acquired the portfolio, which features a mix of independent living, assisted living and memory care units, in January 2017. CHG’s affiliated management company, Milestone Retirement Communities LLC, operated the communities during this time. Under CHG’s ownership, portfolio occupancy averaged over 93 percent and the operating margin was consistently above 38 percent. CHG sold the community on behalf of CHH Senior Housing LP, a CHG-sponsored operating company capitalized by Akard Street Partners, an investment venture with the Teacher Retirement System of Texas. The buyer, price and names of the communities were not disclosed. CHG is a private equity firm that was founded in 2006 to make capital investments in seniors housing facilities through acquisition and development. CHG’s current portfolio includes 41 operating communities and six communities under development. Milestone’s portfolio is located nationally across 20 states and consists of 89 communities with more than 7,800 units.
NEW YORK CITY — Alliant Insurance Services Inc. has signed a lease to occupy 48,500 square feet at 101 Park Avenue, a 49-story office asset owned by H.J. Kalikow & Co. LLC in Midtown Manhattan. The office lease is for a period of 11 years. Alliant will occupy two floors at the property. Situated at the corner of Park Avenue and 40th Street, the property offers proximity to Grand Central Station, the Chrysler Building and the New York Public Library. Amenities at 101 Park Avenue include a parking garage, bank, dining options and concierge services. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord in the lease negotiations. Joseph Cabrera and David Glassman of Colliers International represented Alliant.
YORK, PA. — Marcus & Millichap has negotiated the $1.6 million sale of a 3,640-square-foot, net-leased retail property in York. Located at 2650 S. Queen St., the property is currently occupied by KFC. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 percent, according to research from Colliers International. When you break down the numbers by region, the current downtown Boston office market has 71 million square feet, with a 9.2 percent vacancy rate. Cambridge has 23.6 million square feet of space and 3.8 percent vacancy and the suburbs total 123.5 million square feet with 16.6 percent vacancy. The entire Boston area absorption for lab and office space is 5.2 million square feet. While those stats are favorable compared to the last two years, (2017 with 1.8 million square feet and 2016 with 1 million square feet), they are dwarfed by 2015 which had absorption of 5.8 million square feet. It is also the first time that Class B rents have topped …
