24 Hour Local Real Estate News

Middle Market Digest – The Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

Deal Tracker Daily

NEW YORK, NY—CBRE arranged several leases in Manhattan. CBRE’s Stuart Siegel represented SY Partners in an 18,849-square-foot, 11-year lease at 395 Hudson Street on the partial eighth floor. CBRE’s Clyde Reetz represented Stifel Financial Corp. at 640 Fifth Avenue in a 16,000-square-foot renewal for the entire ninth floor. Jared Solomon of Vornado represented the landlord in-house. CBRE’s Sam Mann and Reetz represented The Week Publications in a 12,538-square-foot renewal at 55 West 39th Street, encompassing the entire fifth and partial second and sixth floors. Steinberg & Pokoik represented the landlord. James C. Ackerson, Paul J. Amrich, William Burchfield and Neil King represented Rockwood Capital Corporation in a 7,576-square-foot 7-year lease with Mesirow Financial Holdings at 140 East 45th Street for the partial thirtieth floor.

Independence-Regal616x372

HAMILTON TOWNSHIP, NJ—A 12-screen Regal Multiplex Theatre has opened at Independence Plaza Shopping Center, 2465 South Broad St., Hamilton Township, NJ. The site, now owned by IP Associates, had been the scene of an extremely long foreclosure.  The property was acquired in early 2015 by a partnership made up of members of Houlihan-Parnes Realtors and the Jemal family.

Yardley, PA—The Hampton Inn & Suites Newtown, PA, has sold to Yardley Hospitality Holdings for $10.762 million. Colliers International brokers Carl Neilson (Philadelphia) and Rich Lillis (South Florida) represented the seller, lender’s entity MLMT 2005-CIP1 Stony Hill Lodging Limited Partnership, an asset managed by LNR Partners. The property is located at 1000 Stone Hill Road in Newton-Yardley, PA. The new owner plans to roll out a comprehensive property improvement plan, which would extend the Hilton-brand license for 15 years.

Yardley, PA—Colliers International concluded a long-term office lease with ICON Clinical Research at The Tannery, 19 W. College Avenue, Yardley, PA. ICON will occupy 12,923 square feet in the 68,000-square-foot complex. The Tannery underwent a major redevelopment in 2016 transforming the former industrial facility into a creative office environment, providing an alternative to the generic corporate setting.

CopleyWolff616x372

BOSTON, MA—Copley Wolff Design Group, a Boston-based landscape architecture and planning firm, in partnership with project developer The Davis Cos. and project architect SGA, has broken ground for 5 Cambridge Park Drive, adjacent to MBTA’s Alewife Station in Cambridge. The existing 147,000 -square-foot building will be transformed into a 222,800-square-foot modern and environmentally conscious class A laboratory building with ground floor retail. The project will also include the renovation of an existing parking structure, providing 331 onsite parking spaces.

Money Moves

KallenbergBryan616x372

RIVERHEAD, NY—Meridian Capital Group arranged $22.6 million in financing for the refinance of a five-property retail and office portfolio located in Long Island. The seven-year loans, provided by a local balance sheet lender, were negotiated by Meridian Associate and Long Island specialist, Bryan Kallenberg, who is based in the company’s New York City headquarters. The portfolio consists of four retail strip centers and one office property, located across Long Island and includes Riverhead Commons, Marshalls Center, Wading River Square and Dogwood Professional are single-story retail properties and one three-story office building, occupied by single tenant, Cablevision. The combined square footage of the properties total 140,000 square feet.

PARAMUS, NJ—The Goldstein Group arranged the sale of 164 Route 35 in Eatontown, NJ. The 11,200 square-foot building on approximately 1.5 acres was previously the home of a medical user. Before that, Ethan Allen Furniture formerly occupied the property. Located near the intersection of Route 35 and Route 36, it has excellent highway visibility and is located near Monmouth Mall. Mark Handwerker, vice president of The Goldstein Group, and Hugh J. Magee of Magee Realty Consultants, brokered the transaction on behalf of the owner, Eatontown Investments. The new owner has hired The Goldstein Group to handle the leasing of the property.

FLORHAM PARK, NJ—Holliday Fenoglio Fowler has arranged a $9.5 million refinancing for a 91,297-square-foot light industrial building located at 930 North Riverview Drive in Totowa, NJ. HFF worked on behalf of the borrower, Tulfra Real Estate (Tulfra), to place the five- year, fixed-rate loan with Lakeland Bank. Tulfra purchased the larger 225,336-square-foot light industrial building in February 2015, which was 46 percent leased at the time.  Tulfra redeveloped the building into a commercial condominium, with one unit being repositioned into a 100,000-square-foot, class A self-storage facility co-developed with the Hampshire Companies.  HFF arranged construction financing in October 2016 for this venture, and the balance of the property is being financed in this transaction.

 

 

Copyright 2017. ALM Media Properties, LLC. All rights reserved.