Northeast

Herring Properties to Break Ground on 248,500 SF Industrial Facility in Pennsylvania

by David Cohen October 22, 2018

BRISTOL TOWNSHIP, PA. — Herring Properties has announced it will break ground on a new 248,500-square-foot speculative industrial facility in Bristol Township. The facility will be located on 20 acres in the Bristol Commerce Center and will feature clear heights of 40 feet. The property is expected to be ready for occupancy by the second quarter of 2019. Herring Properties is the developer of the Bristol Commerce Center. Current tenants at 81-acre industrial park include XPO Logistics, AirGas Corp., Goodyear and PetValu.

October 22, 2018

Development New York Northeast Retail

Farmington Valley Opens First Tractor Supply Location in Long Island

by David Cohen October 22, 2018

MEDFORD, N.Y. — Developer Farmington Valley LLC has opened a 19,097-square-foot Tractor Supply retail store in Medford. The property, which also includes 20,000 square feet of outdoor display and sales space, is the first Tractor Supply location in Long Island. Farmington Valley is an operating company of New England Retail Properties Inc. Tractor Supply Co. owns and operates over 1,750 stores in 49 states, supplying basic maintenance products to home, land, pet and animal owners.

October 22, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Negotiates $1.2M Sale of Mixed-Use Property in New Jersey

by David Cohen October 22, 2018

CHESTER, N.J. — Marcus & Millichap has negotiated the $1.2 million sale of the Centennial Building, a 10,650-square-foot mixed-use property in Chester. The property was built in 1876 and is located at 18-28 Main St. Michael Lombardi of Marcus & Millichap represented the seller, a private invester, in the transaction. The buyer was also a private investor.

October 22, 2018

Development Loans Mixed-Use New York Northeast

Madison Realty Capital Originates $36.1M Construction Loan for Mixed-Use Development in Upper West Side

by David Cohen October 19, 2018

NEW YORK CITY — Madison Realty Capital has provided a $36.1 million construction loan for a mixed-use development in the Upper West Side neighborhood of Manhattan. Located at 214 W. 72nd St., a vacant, five-story building currently occupies the property. The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000-square-foot mixed-use project on the site that will include both residential and retail uses.

October 19, 2018

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Greystone Provides $19.5M Acquisition Financing for Skilled Nursing Facility in Pittsburgh

by David Cohen October 19, 2018

PITTSBURGH — Greystone has provided $19.5 million in bridge financing for the acquisition of Squirrel Hill Center for Rehabilitation and Health in Pittsburgh. The borrower is Squirrel Hill PA Realty LLC. The property is an eight-story, 178-bed skilled nursing facility, and will be renamed The Squirrel Hill Wellness & Rehabilitation Center. It was originally built in 1964 and is currently undergoing refurbishing and improvements. Fred Levine of Greystone originated the non-recourse, floating-rate loan. The financing features a 24-month term, two six-month extension options and interest-only payments for the life of the loan. The borrower intends to refinance the bridge loan with a fixed-rate, HUD-insured permanent takeout loan.

October 19, 2018

Acquisitions Massachusetts Northeast Retail

NKF Arranges $10.7M Sale of Retail Center in Cambridge

by David Cohen October 19, 2018

CAMBRIDGE, MASS. — Newmark Knight Frank has arranged the $10.7 million sale of a 12,128-square-foot retail strip center in Cambridge. Located at 351-359 Fresh Pond Parkway, the property is fully leased to a tenant roster that includes Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe. The retail center was built in 2013. NKF represented the seller, a joint venture between Spellman Ventures and Sydney Associates, in the transaction. The buyer was an affiliate of The Grossman Companies.

October 19, 2018

Acquisitions New Jersey Northeast Office

HFF Brokers Sale of 120,000 SF Office Building in New Jersey

by David Cohen October 19, 2018

CEDAR KNOLLS, N.J. — HFF has brokered the sale of a 120,000-square-foot office building in Cedar Knolls. Located at 240 Cedar Knolls Road, the four-story property is situated on 14 acres and is approximately two miles from downtown Morristown. HFF represented the seller, MB1 Capital Partners, in the transaction. The buyer was Highstone Equity Group. The building is currently 78 percent leased to a tenant roster that includes JAG Physical Therapy and P Value Communications.

October 19, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $6.7M Sale of Development Site in Brooklyn

by David Cohen October 19, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $6.7 million sale of a 14,000-square-foot development site in the Red Hook neighborhood of Brooklyn. Located at 153-161 Van Dyke St., the property includes 140 feet of frontage on Van Dyke Street. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

October 19, 2018

Acquisitions Northeast Pennsylvania

NKF Negotiates $108M Sale of Office Tower in Conshohocken, Pennsylvania

by David Cohen October 18, 2018

CONSHOHOCKEN, PA. — Newmark Knight Frank has negotiated the $108 million sale of Eight Tower Bridge, a 16-story, 346,659-square-foot office tower in Conshohocken. The property features a tenant roster that includes Marsh & McLennan Cos., Allied Universal, Penn Mutual, AMG Funds and Airgas. Edward Maher, Matthew Pullen and James Tribble of NKF represented the seller, Barings, in the transaction. The buyer was American Real Estate Partners. The property also includes a seven-level, 1,200-space parking garage.

October 18, 2018

Hospitality Loans New York Northeast

S3 Capital Partners Arranges $76M Construction Loan for 21-Story Hotel in Manhattan

by David Cohen October 18, 2018

NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an upscale boutique hotel brand.

October 18, 2018

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