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Middle Market Digest: This Week in the Northeast

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NEWS & NOTABLES

FLORHAM PARK, NJ—Holliday Fenoglio Fowler has been named to market for sale a nine-property, 2.2 million-square-foot office portfolio located throughout Bergen County, NJ. HFF is marketing the portfolio on behalf of the seller, Mack-Cali Realty Corp. The portfolio is a collection of nine Class-A office buildings that are 71.78% leased to 115 tenants. The HFF investment sales team representing the seller is led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.

 

BUILDING BLOCKS

1213 walnut centerPHILADELPHIA—The Goldenberg Group of Philadelphia, international real estate firm Hines, and ASB Real Estate Investments, announced today the structural topping out of the new Class A residential tower at 1213 Walnut St. in Center City, PA. The project represents the first venture by the partnership of Goldenberg, Hines and ASB.

MONEY MOVES

NEW YORK CITY—On behalf of West End Manor, Cushman & Wakefield has arranged the sale of 315-317 W. 102nd St., a 36,000-square-foot, nine-story pre-war apartment building between West End Avenue and Riverside Drive. The transaction was valued at $23.5 million or approximately $648 per square foot. The purchaser was a private real estate investor with an existing portfolio of multifamily and mixed-use properties in Manhattan and Queens. Senior managing director Paul Smadbeck represented both sides of the transaction, along with Hall Oster, Teddy Galligan, Rob Stufano and Bryan Smadbeck.

Manyunk-15 (1)PHILADELPHIA—Marcus & Millichap announced the sale of a mixed-use building located in the Manayunk neighborhood here. The asset sold for just over $2 million, equating to $231,666 per unit. Investment specialists Phil Sharrow and Jonathan Massaro in the brokerage firm’s office here presented the seller and secured the buyer.  The brokers worked closely with Matthew Rosenberg, director of Marcus & Millichap Capital Corp., to arrange the financing with favorable terms for the buyer. The loan was a maximum leverage, 10-year fixed, non-recourse, agency loan with 24 months interest-only and amortized over 30 years.  

Parallel 41STAMFORD, CT—Paredim Partners has acquired Parallel 41 Apartments, a 124-unit Class A luxury apartment building here. The recently constructed Class-A property is nearly 100% occupied.

BOSTON—Bob Horvath, Todd Tremblay, and Brian Ahrens of Horvath & Tremblay, have completed the sale of a free standing Family Dollar in Providence, RI and Burger King in Portland, ME. In Providence, the property is less than one mile from the downtown area and easily accessible off of Interstate 95. The existing 10,920-square-foot building is fully leased to Family Dollar, which operates under a new 10-year double net lease with six five-year options. The same Horvath and Tremblay team also represented the buyer of the ground lease to a free standing Burger King on Riverside Street in Portland. The property closed at a sale price of $1.5 million, a 5.96% cap rate. Burger King fully occupies the 2,622-square foot building and has over 12 years remaining on the original 20-year ground lease.

DEALTRACKER DAILY

44 WallNEW YORK CITY—Funny Or Die, a comedy brand, has signed a 3,131-square-foot lease at 44 Wall St. The firm is relocating from 276 Fifth Ave. to the 355,000-square-foot office tower Downtown that is owned Blackstone Group-affiliate Equity Office. The tenant was represented in the transaction by Jordan Gosin and Josh Gosin of Newmark Grubb Knight Frank. The landlord was represented in-house by Zachary Freeman and Scott Silverstein, as well as by Adam Foster, Michael Rizzo, Zachary Price, and Caroline Merck of CBRE.

HARTFORD, CT—HFF has closed the $30.25 million sale of the 72,022-square-foot Medical Arts Center at The Hartford Healthcare Cancer Institute. HFF marketed the property exclusively on behalf of the seller, Tomasso Group, and procured the buyer, a publicly-traded medical office REIT.  Tomasso Group affiliate, Tunxis Management Company, will continue to manage the property post-closing. The HFF investment sales team representing the seller was led by Ben Appel, Phil Mahler, Evan Kovac, and Doug Rodio.

 

 

 

 

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