Property Type

CBRE Arranges Sale of 71,685 SF Einstein Medical Building in East Norrington, Pennsylvania

by Alex Patton December 19, 2019

EAST NORRINGTON, PA. — CBRE has arranged the sale of the Einstein Medical Building, a 71,685-square-foot medical office in East Norrington, located approximately 20 miles north of Philadelphia. The transaction was part of a 470,000-square-foot portfolio sale that included nine properties in Pennsylvania, Illinois, Minnesota and Virginia. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sabrina Solomiany of CBRE arranged financing for the acquisition from a mix of life insurance companies, banks and debt funds.

December 19, 2019

Connecticut Leasing Activity Northeast Office

Choyce Peterson Negotiates 41,417 SF Office Lease in Shelton, Connecticut

by Alex Patton December 19, 2019

SHELTON, CONN. — Choyce Peterson Inc. has negotiated a 41,417-square-foot office lease for the new headquarters of railway inspector and servicer Sperry Rail Inc. in Shelton, a western suburb of New Haven. The property is located at 5 Research Drive. A new, 11,000-square-foot building will be constructed on the site to accommodate needs for additional production space. The company is consolidating its new headquarters from its previous location in Danbury, where it occupied three buildings. John Hannigan of Choyce Peterson represented Sperry Rail in the lease negotiations. Rob Scinto represented the landlord, R.D. Scinto, on an internal basis.

December 19, 2019

Acquisitions Multifamily Northeast Rhode Island

Edgewood Group Acquires 42-Unit Multifamily Property in North Providence, Rhode Island

by Alex Patton December 19, 2019

NORTH PROVIDENCE, R.I. — Edgewood Group has acquired Smithfield Manor, a 42-unit multifamily property in North Providence, for $3.1 million. The community has since been rebranded as The Belmore and is located in close proximity to Providence College, Rhode Island College, Our Lady of Fatima Hospital and downtown Providence. Edgewood plans to renovate the property, which was built in 1968, with interior and exterior upgrades as well as new signage and landscaping. The seller was undisclosed.

December 19, 2019

Connecticut Development Industrial Leasing Activity Northeast

Angel Commercial Brokers Sale of 23.3-Acre Industrial Parcel in Orange, Connecticut

by Alex Patton December 19, 2019

ORANGE, CONN. — Angel Commercial LLC has brokered the $7.3 million sale of a 23.3-acre parcel zoned for industrial development in Orange, a western suburb of New Haven. The property is situated at 205 Indian River Road, adjacent to PEZ Manufacturing Inc.’s production facility and Interstate 95. A FedEx building is also under construction in the same area. The parcel was subdivided and sold to four different undisclosed buyers. Jon Angel of Angel Commercial represented the seller, Indian River Road LLC, in the transaction.

December 19, 2019

Acquisitions New York Northeast Office Top Stories

Munich Reinsurance America Agrees to Purchase 39-Story Madison Avenue Office Tower in Manhattan

by Alex Tostado December 19, 2019

NEW YORK CITY — Munich Reinsurance America Inc. has agreed to purchase 330 Madison Ave., a 39-story, 852,000-square-foot office tower in Manhattan. The building was originally constructed in 1963 and was renovated in 2012 to include a new glass curtainwall façade, upgraded lobby and updated systems that achieved LEED Gold certification. The asset is located adjacent to Grand Central Station and near the New York Public Library and Bryant Park. The sales price was not disclosed, although multiple news outlets reported the negotiations were in the range of $850 million to $900 million. At the time of the agreement, the building was 95 percent occupied by tenants including Guggenheim Partners, JLL and HSBC. “We are glad to invest in the United States, given the U.S. share of [the buyer’s] insurance portfolio,” says Hans-Joachim Barkmann, managing director of MEAG, which advised the buyer in the transaction. “The overall American real estate market is also currently outperforming continental Europe, especially Midtown Manhattan, which is really unique in the world in terms of status and prospects.” CBRE represented the seller, which was undisclosed, though several outlets report the seller was Abu Dhabi Investment Authority. Based in Princeton, N.J., Munich Reinsurance America is the …

December 19, 2019

Acquisitions Georgia Multifamily Southeast

NAP Sells New Mixed-Use Development Along Atlanta BeltLine to Connor Group for $110M

by Alex Tostado December 18, 2019

ATLANTA — North American Properties (NAP) has sold Edge, a mixed-use development that the firm recently delivered along the Atlanta BeltLine’s Eastside Trail, to The Connor Group, a multifamily owner based in Ohio. According to Atlanta Business Chronicle, Connor Group acquired Edge for $110 million. Located at 670 DeKalb Ave. NE in Atlanta’s Inman Park, Edge straddles both sides of the BeltLine’s Eastside Trail. The development offers studio, one-, two-, and three-bedroom apartments, as well as a pool, fitness center, parking garage and a clubhouse. The apartments are adjacent to Interstate 85 and the MARTA King Memorial station. The development also offers 29,000 square feet of retail, dining and loft office space. Current tenants include Shake Shack, Cold Beer and Rukus Cycling Studios. The property is less than two miles from Ponce City Market and less than one mile from Krog Street Market. Cincinnati-based NAP partnered with Atlanta BeltLine Inc. (ABI) and The Conservation Fund to transform the environmentally contaminated site.

December 18, 2019

Alabama Development Multifamily Southeast

Doster Breaks Ground on 279-Unit Eclipse Apartment Building in Downtown Huntsville

by Alex Tostado December 18, 2019

HUNTSVILLE, ALA. — Birmingham-based Doster Construction Co. Inc. has broken ground on Eclipse, a new 279-unit apartment development in downtown Huntsville. The multifamily project is the latest addition to the CityCentre development overlooking Big Spring Park. New Jersey-based Spring Bay Property Co. LLC is the lead developer in the residential component of CityCentre, which is being master developed by RCP Cos. Wakefield Beasley & Associates designed the five-story community, which will include an upscale restaurant and retail space on the ground floor. Doster Construction expects to deliver Eclipse in late 2021.

December 18, 2019

http://rebusinessonline.com/metro-storage-frc-open-785-unit-self-storage-facility-in-line-lexington-pennsylvania/

Development Industrial New York Northeast Self-Storage

Metro Storage, FRC Open 689-Unit Self-Storage Facility on Long Island

by Alex Patton December 18, 2019

WESTHAMPTON BEACH, N.Y. — A partnership between Metro Storage LLC and Fremont Realty Capital has opened a 689-unit self-storage facility in West Hampton Beach on the eastern part of Long Island. The two-story facility, located at 105 Old Riverhead Road, offers 77,000 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. Metro Storage opened a 785-unit facility in Line Lexington, Pennsylvania at approximately the same time. The Westhampton Beach property is Metro’s 5th self-storage facility in New York

December 18, 2019

Acquisitions Massachusetts Mixed-Use Northeast Retail

Finard Properties Acquires 308,863 SF Greendale Mall in Worcester, Massachusetts

by Alex Patton December 18, 2019

WORCESTER, MASS. — Finard Properties has acquired Greendale Mall, a 308,863-square-foot shopping mall in Worcester, located approximately 45 miles west of Boston. The mall was completed in 1987 and currently houses tenants such as TJ Maxx, Greendale Furniture and Reliant Healthcare. Located at 7 Neponset St., the mall offers immediate proximity to downtown Worcester and close access to metropolitan communities. Finard Properties plans to redevelop Greendale Mall as a mixed-use development. The project team includes architect Prellwitz Chilinski Associates and general contractor Bohler Engineering. Robert Griffin Jr. of Newmark Knight Frank represented the undisclosed seller in the transaction.

December 18, 2019

Acquisitions Multifamily New York Northeast

Trinity Place, TF Cornerstone to Acquire 234-Unit Apartment Building in Brooklyn

by Alex Patton December 18, 2019

NEW YORK CITY — Trinity Place Holdings and TF Cornerstone have entered into a joint venture agreement to acquire 250 North 10th Street, a 234-unit luxury apartment building in the Williamsburg neighborhood of Brooklyn. The six-story, 150,000-square-foot building features a mix of studio, one- and two-bedroom units and amenities such as a roof deck and fitness center. LCOR Inc. and the California State Teachers Retirement System developed the property in 2014 and sold it to Nuveen Real Estate in May 2015 for $169 million. A JLL team represented Nuveen Real Estate in the December 2019 acquisition agreement. The deal is expected to close by February 2020.

December 18, 2019

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