Northeast

HFF Brokers Sale of Hotel Development Site in Portland, Maine

by David Cohen December 21, 2018

PORTLAND, MAINE — HFF has brokered the sale of a hotel development site at the former Rufus Deering Lumber Co. in Portland. The sales price was not disclosed. The planned six-story, 112,439-square-foot, Aloft-branded hotel will feature 155 rooms as well as restaurants, meeting space and a fitness center. The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous restaurants, art galleries and retail shops. The former Rufus Deering Lumber Co. property is being redeveloped into a 469,153-square-foot mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 square feet of retail space, 155 hotel rooms and 313 parking spaces. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Reger Dasco Properties, in the transaction. The buyer and developer was Norwich Partners.

December 21, 2018

Acquisitions Massachusetts Northeast Retail

Linear Retail Properties Acquires Retail Property in Boston for $5M

by David Cohen December 21, 2018

BOSTON — Linear Retail Properties has acquired a three-story, 8,131 square foot retail building in the Downtown Crossing neighborhood of Boston. The sales price was $5 million. Located at 19-21 School St., the entire building is currently vacant. Linear plans to lease up the property with a full-building retail tenant or restaurant operator. Mike Edward, Jake Golden and Jon Gifford of Perry Brokerage Associates represented the seller, Envision Bank, in the transaction.

December 21, 2018

Acquisitions Industrial New Jersey Northeast

Colliers Negotiates $3.1M Sale of Industrial Facilities in New Jersey

by David Cohen December 21, 2018

PENNSAUKEN TOWNSHIP, N.J. — Colliers International has negotiated the $3.1 million sale of two industrial properties inside the 2 million-square-foot Airport Industrial Park in Pennsauken Township. The two-buildings total 55,037 square feet and are located at 7203 and 7239 Browning Road. At the time of sale, the industrial park was fully leased. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was undisclosed.

December 21, 2018

Acquisitions Multifamily New York Northeast Property Type

Venture Capital Properties Orchestrates $1.3M Sale of Multifamily Building in Brooklyn

by David Cohen December 21, 2018

NEW YORK CITY — Venture Capital Properties has arranged the $1.3M sale of a multifamily building in the Bushwick neighborhood of Brooklyn. Located at 279-281 Evergreen Ave., the property contains six units, two of which were vacant at the time of sale. The remaining four units are rent stabilized. Jacob Stavsky, Kevin Darouvar & Roy Oskar of Venture Capital Properties represented the buyer, the Rosilio family, and the undisclosed seller in the off-market transaction.

December 21, 2018

Acquisitions New York Northeast Office Top Stories

SJP, PGIM Partner to Acquire Office Building in Manhattan for $245M

by Alex Tostado December 20, 2018

NEW YORK CITY — SJP Properties and PGIM Real Estate, the real estate investment business of PGIM Inc., have acquired 470 Park Avenue South in Manhattan’s Midtown South neighborhood for $245 million. Norges Bank Real Estate Management and TH Real Estate sold the 301,178-square-foot office and retail building. New York City-based SJP Properties will lease and manage the property. The partners plan to transform the property to accommodate the modern workforce with a boutique-style hotel lobby, outdoor garden, a game room, café, bar and enhanced rooftop terraces on the 14th and 18th floors, totaling 7,670 square feet. The new owners plan to gear the renovated workspace toward technology and creative sector tenants. The building takes up a city block between 31st and 32nd streets. It was 82 percent leased at the time of the sale with tenants including Priceline.com and Dstillery Inc., a data science firm. “In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries — technology, healthcare, media, hospitality and more — making it a vibrant live/work/play destination,” says Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We are pleased to collaborate again with our long-term …

December 20, 2018

Acquisitions Industrial New York Northeast

Metropolitan Realty Sells Industrial Property in Long Island City for $72M

by David Cohen December 20, 2018

LONG ISLAND CITY, N.Y. — Metropolitan Realty Associates has sold a 246,000-square-foot industrial building in Long Island City for $72 million. Located at 48-49 35th St., the property was originally constructed in 1949. Tenants at the building include international shipping company AirSea Packing as well as Housing Works Thrift Shop. The buyer was North River Co. Metropolitan Realty Associates acquired the property with equity partner TH Real Estate in 2017 for $55 million.

December 20, 2018

Industrial Loans Northeast Pennsylvania

HFF Secures $23.5M Acquisition Financing for Industrial Park near Philadelphia

by David Cohen December 20, 2018

EDDYSTONE, PA. — HFF has secured $23.5 million in acquisition financing for Eddystone Industrial Park, a four-building industrial park in the Philadelphia suburb of Eddystone. Located at 1001 Industrial Highway, the park totals 465,680 square feet and is spread across more than 43 acres. The property features clear heights ranging from 18 to 60 feet as well as 52 dock doors and 16 drive-in doors. Michael Pagniucci and Ryan Ade of HFF worked on behalf of the borrower, Foxfield Industrial, to secure financing through a regional commercial bank. Terms of the financing were not disclosed.

December 20, 2018

Acquisitions New York Northeast Office

American Exchange Time Acquires Office Condominium in Manhattan for $18.7M

by David Cohen December 20, 2018

NEW YORK CITY — Apparel manufacturer American Exchange Time has acquired an 18,000-square-foot office condominium in the Midtown South neighborhood of Manhattan. The company purchased the entire 15th floor office condo, which benefits from an open layout, full height windows on all four sides and 13-foot ceilings slab-to-slab. Located at 420 Fifth Ave., the building includes a three-story atrium lobby and a large plaza entry. John Ciraulo, Craig Waggner and Doug Blankrot of Cushman & Wakefield represented the seller, AM Property Holding & Quality Capital USA, in the transaction. American Exchange Time was represented by Wayne Siegel of Advisors Commercial Real Estate.

December 20, 2018

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Arranges Sale of Solana Marlboro Assisted Living Community in New Jersey

by David Cohen December 20, 2018

MARLBORO, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Solana Marlboro, a newly constructed, 79-unit assisted living and memory community in Marlboro. A joint venture between affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital sold the property for an undisclosed price. The buyer was Kayne Anderson Real Estate. Chelsea Senior Living, the current operator, will continue to manage the community. Located approximately 20 miles south of New York City, the community is within a quarter-mile of a variety of shopping and entertainment options. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Sam Dylag.

December 20, 2018

Leasing Activity New York Northeast Office

WeWork Signs 236,000 SF Lease in Manhattan

by David Cohen December 20, 2018

NEW YORK CITY — Coworking company WeWork has signed a 236,000-square-foot lease at 1440 Broadway, a 25-story, 747,000-square-foot office building in Manhattan. WeWork’s space will consist of a newly constructed private entrance and lobby. The company will occupy floors 14 through 21 at the building. New York-based owner and developer CIM Group acquired 1449 Broadway in December 2017 and is currently executing a capital improvement plan at the building. The plan includes the renovation of the existing street entrance and lobby as well as a new roof deck amenity that will offer views of Bryant Park, Times Square and the Hudson River.

December 20, 2018

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