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Quinn-35-Shrewsbury-Massachusetts
AcquisitionsMassachusettsNortheast

CBRE Negotiates Sale of 250-Unit Apartment Community Near Worcester

by Taylor Williams

WORCESTER, MASS. — CBRE has negotiated the sale of Quinn 35, a 250-unit multifamily community in Shrewsbury, an eastern suburb of Worcester. The Class A property is located near the Worcester MBTA (Massachusetts Bay Transportation Authority) Commuter Rail Station and was built between late 2017 and early 2018. Floor plans consist of one-, two- and three-bedroom units averaging 932 square feet. Amenities include a pool, fitness center, outdoor grilling stations and a 6,000-square-foot community room. Simon Butler and Biria St. John of CBRE represented the seller, Residences at Lakeway Commons Associates LLP, a joint venture between Criterion Development Partners and an international investment advisor, in the transaction. The duo also procured the buyer, an affiliate of New York City-based Bluerock Real Estate LLC. The sales price was not disclosed.  

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Pond-View-Corporate-Center
AcquisitionsConnecticutNortheastOffice

Colliers Arranges $19.9M Sale of Office Complex in Farmington, Connecticut

by Taylor Williams

FARMINGTON, CONN. — Colliers International has arranged the sale of Pond View Corporate Center, a 236,302-square-foot office complex in Farmington, a western suburb of Hartford. The sales price was approximately $19.9 million. The two-building campus is situated on 34 acres off I-84 and offers amenities such as a fitness center, café, walking trails and a new conference and technology center. Tenants include Comcast, New England Asset Management and KBE Building Corp. John Cafasso, Ian Hunt and Conor LeBlanc of Colliers represented the seller, New Haven-based Fusco Farmington Associates LP, which sold the property to an undisclosed buyer.

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Company NewsNew YorkNortheast

Consigli Building Group to Acquire T.G. Nickel & Associates on July 1

by Taylor Williams

NEW YORK CITY — Two construction management firms with offices in the Northeast will become part of the same operation on July 1. That’s when Consigli Building Group, a $1.6 billion company with five regional offices, acquires New York City-based T.G. Nickel & Associates. The acquisition will allow the new entity, which will be branded as Consigli, to take on new types of projects in the healthcare and academic spaces. Once the deal closes, Nickel CEO Thomas Nickel, who founded the company in 1998, will become CEO of Consigli’s New York City Metro Operations. Nickel co-founder Joseph Chiarelli will be promoted to president of the company’s New York City operations.

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AcquisitionsConnecticutHospitalityNortheast

Emerald Hospitality Buys 139-Room Hilton Garden Inn Near New Haven, Connecticut

by Taylor Williams

WALLINGFORD, CONN. — Emerald Hospitality Associates, an Ohio-based hotel development and management firm, has purchased Hilton Garden Inn Wallingford/Meriden, a 139-room hotel in Wallingford, about 14 miles northeast of New Haven. The property offers a lobby bar and restaurant, as well as a 24-hour fitness center, pool, business center and 4,400 square feet of meeting space. Emerald plans to implement a capital improvement program to enhance the outdoor spaces, lobby and other features. This acquisition was executed in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality and Core Real Estate Capital. The seller was not disclosed.

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80-Guest-Street-Boston
LoansMassachusettsNortheastOffice

HFF Arranges $111.5M Loan for Refinancing of Boston Office Building

by Taylor Williams

BOSTON — HFF has arranged a $111.5 million loan for the refinancing of 80 Guest Street, a 245,720-square-foot office building located in the Allston/Brighton neighborhood of Boston. Designed by Elkus Manfredi, the property was the second building to be completed in the Boston Landing mixed-use development, which houses 1.9 million square feet of retail, office, residential and hotel space, including the world headquarters of New Balance. The property, which also features lab space and a 55,000-square-foot ice rink complex, is fully leased to four office tenants, including the Boston Bruins, as well as three ground-floor restaurant tenants. John Fowler, Riaz Cassum, Sam Campbell and Henry Schaffer of HFF arranged the fixed-rate loan through MetLife on behalf of the borrower, NB Development Group.

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DevelopmentIndustrialNortheastPennsylvania

Endurance, DWS to Develop 352,000 SF Warehouse in York County, Pennsylvania

by Taylor Williams

SPRINGETTSBURY TOWNSHIP, PA. — A partnership between affiliates of locally based developer Endurance Real Estate Group LLC and asset manager DWS Group will develop a 352,000-square-foot warehouse and distribution center in Springettsbury Township, located in York County. Construction began recently with the demolition of the existing structures on the 28.1-acre, rail-served site, which is located less than half a mile from I-83. Delivery is slated for the first quarter of 2020. Building features will include 36-foot clear heights, an ESFR sprinkler system, a 185-foot truck court and ample space for automobile and trailer parking.

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LoansMultifamilyNew YorkNortheastSeniors Housing

Berkadia Provides $104.2M HUD Loan for Skilled Nursing Facility in The Bronx

by Taylor Williams

NEW YORK CITY — Berkadia has provided a $104.2 million HUD loan for the refinancing of Workmen’s Circle Multicare Center, a skilled nursing facility in The Bronx. In addition to skilled nursing care, the property offers mental health services, palliative care and social services. Gemma Geldmacher  and Richard Price of Berkadia negotiated the transaction through HUD’s 232/223(f) program, which specifically targets residential care facilities. The loan, which was provided for Woodbury, New York-based Cassena Care, was structured with a fixed interest rate and a 20-year, fully amortizing schedule.

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DevelopmentIndustrialMassachusettsNortheast

Cedar’s Foods to Open $100M Production Facility in Ward Hill, Massachusetts

by Taylor Williams

WARD HILL, MASS. — Cedar’s Foods, a supplier of Mediterranean foods, will soon open a $100 million, 125,000-square-foot production facility in Ward Hill, located near the New Hampshire border. The facility has been under construction for the past year and is scheduled to open in August in a move that will bring 125 new jobs to the area. Cedar’s also operates two other production facilities in the area totaling 174,000 square feet, as well as a 75,000-square-foot dry storage facility. With the completion of this project, the company’s regional footprint will total roughly 375,000 square feet.

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The-Watson-Quincy-Massachusetts
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

WinnCo, NeighborWorks Complete $44M Affordable Housing Project Near Boston

by Taylor Williams

QUINCY, MASS. — WinnCompanies and NeighborWorks Housing Solutions have completed construction of The Watson, a 140-unit affordable housing project in the southern Boston suburb of Quincy. Project costs were approximately $44 million. The Watson features 86 apartments available to residents earning 110 percent or less than the area median income (AMI). Twenty eight residences will be rented to households earning 50 percent or less of AMI, and 26 units are reserved for market-rate housing. The Watson was developed at the site of a former shipyard and is close to being fully preleased.

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IndustrialMarket ReportsNortheastNortheast Market ReportsPennsylvania

Attention Industrial Investors: Here’s Why You Should Consider Pittsburgh

by Taylor Williams

Industrial properties have experienced unprecedented growth in demand over the past several years as both new and old companies seek to find space. This shift has benefited industrial assets in many metros across the country, although investors may unintentionally limit their focus to the markets with the most outsized gains. Smaller cities can provide equally compelling investment opportunities due to some unique advantages. Multiple factors combine to create such a scenario in Pittsburgh. The city is home to several prominent educational institutions, healthcare providers and technology companies that are fueling job growth, thus dropping the unemployment rate to its lowest in two decades. Opportunities in these high-wage industries are bolstering the metro’s median household income and improving retail sales. Consumer spending is projected to jump 4.4 percent in 2019, about 100 basis points more than last year. As shopping activity expands, the need for distribution centers is becoming more acute. Together with an established manufacturing sector, both sources of demand are supporting the absorption of industrial space. More tenants moving in are enabling properties to perform at a greater level. The metro’s vacancy rate has declined 400 basis points since 2009 and is now under 6 percent. Availability is lowest …

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