Northeast

Reserve-atCopper-Chase-York-Pennsylvania

Larken Associates Acquires 132-Unit Apartment Community in York, Pennsylvania

by Taylor Williams April 26, 2019

YORK, PA. — New Jersey-based Larken Associates has acquired The Reserve at Copper Chase, a 132-unit apartment community in York, a southern suburb of Harrisburg. The property was 90 percent occupied at the time of sale and offered amenities such as a pool and a playground. The new ownership will expand the community by an additional 107 units and rebrand it as Larken Luxury Living Community. As part of the expansion, Larken plans to add a new clubhouse, fitness center and upgrades to units’ floors, cabinets, appliances and plumbing fixtures. The seller was not disclosed.

April 26, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of 44,500 SF Office Building in West Philadelphia

by Taylor Williams April 26, 2019

PHILADELPHIA — Marcus & Millichap has brokered the sale of a 44,500-square-foot office building located at 5548 Chestnut St. in west Philadelphia. The property, which sold for $5.8 million, is situated near multiple public transit lines. Fred Paisley of Marcus & Millichap represented the seller, a limited liability company that acquired the property in 2006, in the transaction. Paisley also secured the buyer, another limited liability company.

April 26, 2019

Leasing Activity New York Northeast Office

Gerber Finance Signs 6,667 SF Office Lease in Manhattan

by Taylor Williams April 26, 2019

NEW YORK CITY — Gerber Finance has signed a 6,667-square-foot office lease at 8 West 40th Street, a 22-story building located in Manhattan’s Bryant Park district. The company will relocate from 488 Madison Avenue this summer and will occupy the entire 14th floor. Brett Greenberg and Fran Delgorio represented the landlord, Jack Resnick & Sons, in the lease negotiations on an internal basis. Rob Silver of Newmark Knight Frank represented Gerber Finance.

April 26, 2019

Acquisitions Healthcare Massachusetts Northeast

Burgess Properties Negotiates $2.8M Sale of Medical Office Building in Malden, Massachusetts

by Taylor Williams April 26, 2019

MALDEN, MASS. — Burgess Properties Inc., a brokerage firm serving the greater Boston area, has arranged the $2.8 million sale of a medical office building located at 450 Pearl St. in Malden, a northern suburb of Boston. The property spans 11,790 square feet, features 70 parking spaces and formerly housed the headquarters of North Suburban Orthopedics Inc. Steve Nohrden of Burgess Properties brokered the deal between the undisclosed seller and the buyer, MIC Pearl Property LLC.

April 26, 2019

Development Massachusetts Multifamily Northeast

Carlyle, Procopio to Develop 259-Unit Multifamily High-Rise Project in Metro Boston

by Taylor Williams April 25, 2019

LYNN, MASS. — A joint venture between affiliates of global investment firm The Carlyle Group and local developer The Procopio Cos. will develop The Caldwell, a 259-unit multifamily high-rise project in the northern Boston suburb of Lynn. The 10-story, transit-served property will offer amenities such as a rooftop deck, pool, fitness center and a gaming lounge. Square Mile Capital Management LLC provided a $63.9 million construction loan for the project that was placed by CIT Group Inc. Jeff Black and Sean Burke of Colliers International also worked on behalf of Procopio to place the construction debt and arrange the equity partnership, resulting in an $84 million capital stack. The development team broke ground on The Caldwell in March 2019 and expects to complete construction by fall 2020.

April 25, 2019

Connecticut Loans Multifamily Northeast

Thorofare Capital Provides $53.5M Loan for Refinancing of Apartment Community in Connecticut

by Taylor Williams April 25, 2019

NORWALK, CONN. — Los Angeles-based Thorofare Capital has provided a $53.5 million loan for the refinancing of a 198-unit apartment community in Norwalk, located between Stamford and Bridgeport in coastal Connecticut. The name of the property, which includes 10,350 square feet of retail space and a 228-space parking garage, was not disclosed. The nonrecourse loan carries a five-year term and a floating interest rate. The borrower was also undisclosed.

April 25, 2019

Acquisitions Civic New Jersey Northeast

Township of West Orange Buys 138-Acre Golf Course, Future Development Site in New Jersey

by Taylor Williams April 25, 2019

WEST ORANGE, N.J. — The Township of West Orange, located just west of Newark in New Jersey, has acquired Montclair Golf Club at Rock Spring, a 138-acre course and future commercial development site. The sales price was $11.1 million. The site is located near Interstate 280 and is situated adjacent to South Mountain Reservation, a 2,000-acre park featuring a zoo, indoor ice skating rinks, walking trails and miniature golf. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented seller Montclair Golf Club in the transaction. The buyer did not disclose specific development plans.

April 25, 2019

Goodman-Industrial-Center-Murray-Hill-East-Rutherford

Industrial Leasing Activity New Jersey Northeast

Logistics Firm Signs 100,031 SF Industrial Lease in East Rutherford, New Jersey

by Taylor Williams April 25, 2019

EAST RUTHERFORD, N.J. — Global third-party logistics firm OmLog has signed a 100,031-square-foot industrial lease at Goodman Industrial Center Murray Hill in East Rutherford, N.J., located across the Hudson River from Manhattan. OmLog, which leased the entire facility, has its North American headquarters in nearby Seacaucus, N.J. Goodman Industrial Center Murray Hill, which is owned by California-based Goodman Group, features 20-foot clear heights and 7,000 square feet of office space. The property also offers convenient access to I-80, the New Jersey Turnpike and multiple international airports.

April 25, 2019

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Arranges $8.5M Sale of Two Apartment Complexes in Pennsylvania

by Taylor Williams April 25, 2019

HATFIELD, PENN. — Marcus & Millichap has arranged the $8.5 million sale of Applegate Apartments, a 72-unit complex located in Hatfield, Penn., and Applecore Apartments, a 12-unit property located in nearby Souderton. Both properties are located about 40 miles north of Philadelphia. Andrew Townsend, Clark Talone, Ridge MacLaren and Daniel Bernard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was a family trust. Both parties requested anonymity.

April 25, 2019

Acquisitions Multifamily New York Northeast

Greystar Acquires 266-Unit Multifamily Property in Manhattan

by Taylor Williams April 24, 2019

NEW YORK CITY — Greystar Real Estate Partners LLC has acquired 800 Sixth Avenue, a 266-unit multifamily community located in the NoMad neighborhood of Manhattan. Completed in 2003, the property offers quick access to major employment centers like Silicon Alley, which houses the offices of Google, Facebook, Twitter and IBM. The development is also in close proximity to Grand Central Station, the Hudson Yards mixed-use development and the World Trade Center. Greystar will implement a capital improvements program that centers on upgrading appliances, cabinetry, lighting, plumbing and hardware fixtures within the units. The new ownership will also overhaul the property’s amenity spaces, which include a fitness center, sky deck and a resident lounge with a chef’s kitchen and billiards room. The seller was not disclosed.

April 24, 2019

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