NEW YORK CITY — Locally based investment and development firm AmTrustRE has completed the acquisition of 260 Madison Avenue, a 22-story office building in Midtown Manhattan, for roughly $211 million. The approximately 570,000-square-foot building was constructed in 1952 and was roughly 68 percent leased at the time of sale. Tenants include Hanesbrands, MGM, Regus, McLaughlin & Stern and Marcus & Millichap. AmTrust plans to invest “significant capital” into interior and exterior improvements to the building. Darcy Stacom and William Herring of Stacom CRE, along with David Ash of Prince Realty Advisors, represented the seller, The Sapir Organization, in the transaction.
CHEEKTOWAGA, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have arranged the $31.8 million sale of U-Crest and Belvedere Manor, two multifamily assets totaling 340 units in Cheektowaga, located just outside of Buffalo. Pillar Real Estate Investors sold the properties to Chopp Holdings. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers of Cushman & Wakefield, in collaboration with Pyramid’s Jonathan Weinstein and Robert Stewart, brokered the deal on behalf of both parties. John Alascio, Brad Domenico, Brian Anderson and Chuck Kohaut of Cushman & Wakefield arranged acquisition financing for the deal.
EWING, N.J. — JLL has brokered the sale of 100 and 200 Princeton South Corporate Center, a pair of office buildings totaling 267,830 square feet in Ewing, located just outside of Trenton. The four-story buildings were completed between 2007-2008 as part of a larger, six-building campus and were 52 percent leased at the time of sale to tenants in industries such as finance, insurance, accounting, pharmaceutical and healthcare. Jose Cruz, Jeremy Neuer, Michael Kavaler and Tom Romano of JLL represented the undisclosed, institutional seller in the transaction. The buyer was Hilton Realty Co.
PISCATAWAY, N.J. — PPM America Inc. has provided a $27.1 million bridge loan for a 147,210-square-foot warehouse in the Northern New Jersey community of Piscataway. The borrower is Bridge Industrial, and the facility is known as Bridge Point Piscataway. Situated on a 12.8-acre site at 10 Constitution Road, the building features a clear height of 36 feet, 41 dock-high doors, two drive-in doors, 3,000 square feet of office space and parking for 118 cars and 57 trailers. Michael Klein, Jon Mikula and Kevin Badger of JLL arranged the loan.
PHILADELPHIA — Pharmaceutical giant Eli Lilly (NYSE: LLY) will open a 44,000-square-foot life sciences facility in Philadelphia. The space will span the first and second floors 2300 Market Street, an eight-story, 223,000-square-foot building located roughly midway between the University City and Center City districts. Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, owns 2300 Market Street, and the facility will be known as Lilly Gateway Labs at Breakthrough. An opening date has not yet been announced.
NEW YORK CITY — A partnership between national development firm Landau Properties, Third Millennium Group and Midtown Equities has received $213 million in financing for a mixed-use project in Brooklyn that represents Phase I of a larger, $500 million development. The predevelopment financing consists of a $113 million senior loan from Northwind Group and $100 million in equity (including $25 million in preferred equity) from Atlas Capital Group. Acting on behalf of the partnership, Raffi Landau of Estreich & Co. arranged the debt component, while Aaron Jungreis of Rosewood Realty Group secured the equity investment. “This financing milestone marks a major step forward for our team and underscores our long-term commitment to delivering design-driven, landmark properties in the country’s most competitive markets,” says Jonathan Landau, founder and CEO of Landau Properties. The development site at 205 Montague St. is located within the borough’s Brooklyn Heights neighborhood. Plans currently call for 46 condo residences, 90 rental residences and 40,000 square feet of retail and restaurant space. Demolitions and preliminary construction work are expected to begin early next year. — Taylor Williams
NEW YORK CITY — A partnership between two hospitality owner-operators, Gencom and Highgate, as well as New York City-based investment firm Argent Ventures, has acquired the 607-room InterContinental New York Times Square hotel in Midtown Manhattan. According to Hospitality Investor and The New York Business Journal, the sales price was $230 million. The 34-story hotel offers approximately 20,000 square feet of meeting and event space, multiple onsite food-and-beverage options and a 24-hour fitness center. The new ownership plans to renovate guestrooms, public spaces and dining venues. Eastdil Secured represented the seller, a joint venture between Tishman Realty and MetLife Investment Management, in the transaction and arranged acquisition financing for the deal through Monroe Capital.
GRAND ISLAND, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have arranged the $36.7 million sale of Country Glenn, a 336-unit apartment community in Grand Island, located just outside of Buffalo. According to Apartments.com, the property was built in 1974 and offers studio, one- and two-bedroom units that range in size from 425 to 1,340 square feet. Berkley Properties sold Country Glenn to NBM Equities. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers, in collaboration with Pyramid’s Jonathan Weinstein and Robert Stewart, brokered the deal on behalf of both parties. John Alascio, Brad Domenico, Brian Anderson and Chuck Kohaut of Cushman & Wakefield arranged acquisition financing for the transaction.
WOBURN, MASS. — Denver-based investment firm Sagard Real Estate has purchased a 66,970-square-foot warehouse located at 8 Roessler Road in Woburn, a northern suburb of Boston, for $17.8 million. The front-load building, which features a clear height of 24 feet, two dock-high doors and 55 car parking spaces, has housed the headquarters of Atlantic Plywood Corp. since 1987. Michael Restivo, David Coffman and Tommy Hovey of JLL represented the seller, a joint venture between Oliver Street Capital and Bain Capital Real Estate, in the transaction.
UNION CITY, N.J. — Marcus & Millichap has brokered the $7.8 million sale of a 22,000-square-foot retail strip center in the Northern New Jersey community of Union City. The center was fully leased at the time of sale to a pharmacy, laundromat and a physical therapy user. Alan Cafiero, Brent Hyldahl and Devin Perez of Marcus & Millichap represented the seller in the transaction. The team also procured the buyer in conjunction with Marcus & Millichap’s Dean Matuszewicz. Both parties requested anonymity.
Newer Posts