Northeast

Horvath & Tremblay Negotiates $5.7M Sale of Walgreens Near Boston

by David Cohen September 17, 2018

WESTFORD, MASS. — Horvath & Tremblay has negotiated the $5.7 million sale of a retail building in Westford. The 14,820-square foot property is fully occupied by Walgreens pharmacy. Located at 145 Littleton Road, the building is approximately 25 miles northwest of Boston. Bob Horvath and Todd Tremblay represented the undisclosed seller in the transaction. The buyer was also undisclosed. Walgreens has 13 years remaining on the initial lease term with 10, five-year renewal options. Nearby retailers include Whole Foods, CVS, Rite Aid, Marshalls, Home Goods, Petco, Panera Bread, Chipotle and Five Guys.

September 17, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Orchestrates $3.4M Sale of Development Site in the Bronx

by David Cohen September 17, 2018

NEW YORK CITY — Ariel Property Advisors has arranged the $3.4 million sale of a development site located at 1408 Cromwell Ave. in the Bronx. The vacant lot is situated in the Jerome Avenue District, which was recently rezoned to residential under New York City’s affordable housing plan. The rezoning covers 92 blocks and is expected to generate approximately 4,600 new units of housing. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed.

September 17, 2018

Industrial Leasing Activity New Jersey Northeast

Humanscale Signs 155,000 SF Industrial Lease in Piscataway

by David Cohen September 17, 2018

PISCATAWAY, N.J. — Ergonomic office solutions provider Humanscale has signed a 155,000-square-foot lease at the Rockefeller Group Logistics Center, currently under construction in Piscataway. The 2.1-million-square-foot logistics center will be comprised of five buildings ranging in size from 200,000 to 725,000 square feet. Cushman & Wakefield represented the owners, Rockefeller Group and joint venture partner PCCP LLC, in the transaction. Humanscale was represented by Lennard Commercial Realty.

September 17, 2018

Acquisitions Delaware Illinois Industrial Midwest Minnesota Northeast Pennsylvania Texas Top Stories

Investcorp Acquires 56 Industrial Properties Across U.S. for $300M

by Taylor Williams September 17, 2018

NEW YORK CITY — The American investment team of Bahrain-based Investcorp has acquired 56 industrial properties totaling approximately 4.5 million square feet across seven major American markets. The purchase price was roughly $300 million. The portfolio includes nine warehouses in Minneapolis; 16 warehouse/flex buildings in Dallas; 14 warehouse/manufacturing buildings in Chicago; nine warehouse and flex buildings in Philadelphia and Delaware; five warehouse/manufacturing buildings in Phoenix; two industrial properties in Houston; and one industrial asset in San Antonio. All of the infill properties offer last-mile proximity to major population centers. The seller was not disclosed. “This acquisition gives us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the U.S.,” says Mohammed Alardhi, executive chairman of Investcorp. “This investment further reflects our commitment to growing Investcorp’s footprint in the U.S., which is a key driver of the firm’s overall growth strategy.” At the time of sale, the properties were collectively 90 percent occupied by tenants in the e-commerce, manufacturing, design, wholesaling and food services industries. The sale marks Investcorp’s ninth industrial portfolio acquisition in the last 36 months. Since 1996, Investcorp has purchased more than 550 properties with a total value in excess of $14 billion. …

September 17, 2018

Loans Multifamily New Jersey Northeast

Angelo Gordon Arranges $64M Construction Loan for Apartment Building in Hoboken

by David Cohen September 14, 2018

HOBOKEN, N.J. — Angelo Gordon has arranged a $64 million construction loan for the Wonder Lofts, an 89-unit apartment building in Hoboken. Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the project, dubbed the Wonder Lofts, will include five separate buildings and retain a significant amount of the property’s existing architectural detail. Angelo Gordon secured financing through Arkansas-based Bank OZK on behalf of Prism Capital Partners and Parkwood Development Corp. Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to begin in the fourth quarter of this year.

September 14, 2018

Acquisitions New Jersey Northeast Office

HFF Negotiates Sale of 538,107 SF Medical Office Complex in New Jersey

by David Cohen September 14, 2018

MORRISTOWN, N.J. — HFF has negotiated the sale of a 538,107-square-foot, three-building medical office complex in Morristown. The sales price was not disclosed. The three buildings are located at 435, 465 and 475 South St. and are currently 93 percent leased to Atlantic Health System. HFF represented the seller, National Business Parks Inc., in the transaction. The buyer was Harrison Street Real Estate Capital.

September 14, 2018

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $8.5M Sale of Office Building in Millburn, New Jersey

by David Cohen September 14, 2018

MILLBURN, N.J. — Marcus & Millichap has brokered the $8.5 million sale of a 21,830-square-foot office building in Millburn. Located at 90 Millburn Ave., the two-story office building is fully occupied by 11 tenants. Fahri Ozturk of Marcus & Millichap represented the buyer and seller, both private investors, in the transaction. The property is located less than one mile from downtown Millburn.

September 14, 2018

Loans New York Northeast

Progress Capital Secures $4.1M Construction Loan for Mixed-Use Property in the Bronx

by David Cohen September 14, 2018

NEW YORK CITY — Progress Capital has secured a $4.1 million construction-to-permanent loan for the development of three attached, four-story mixed-use buildings in the Mott Haven section of the Bronx. Located at 139-141 Alexander Ave., each building will consist of seven residential units and a ground-level retail space. Brad Domenico of Progress Capital represented the borrower, Maddd Equities, in securing the financing through an undisclosed lender. The loan includes an initial 18-month interest-only period followed by a seven-year permanent mortgage.

September 14, 2018

Leasing Activity New York Northeast Office

Spaces Signs 110,989 SF Lease at Chrysler Building in New York

by David Cohen September 14, 2018

NEW YORK CITY — Creative workspace provider Spaces has signed a 15-year, 110,989-square-foot lease at the Chrysler Building in New York City. Jim Wenk and Kirill Azovtsev of JLL represented Spaces in the transaction. Building owner Tishman Speyer was represented in-house by Gregory Conen and Robert Weller. Spaces will occupy the seventh through the ninth floors at the 1.2 million-square-foot Chrysler Building, which is located at 405 Lexington Ave. in Midtown Manhattan. The company currently operates three workspaces in New York with three more set to open by the end of this year.

September 14, 2018

Acquisitions New Jersey Northeast Office

CBRE Brokers $19.7M Sale of Office Building in Matawan, New Jersey

by David Cohen September 13, 2018

MATAWAN, N.J. — CBRE has brokered the $19.7 million sale of a 133,678-square-foot office building in Matawan. Located at 100 Matawan Road, the Class A office building is currently 85 percent leased. More than $1.6 million in capital improvements have been made to the property since 2015. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented the seller, a partnership led by Denholtz Associates, in the transaction. The buyer was Signature Acquisitions.

September 13, 2018

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