24 Hour Local Real Estate News

Middle Market Digest: This Week in the Northeast

Mid Mkt Tri-State & NE-2

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

NEWS & NOTABLES

NEW YORK CITY—Witkoff’s 150 Grand St. condominium building at 150 Charles St. has been awarded LEED certification by the US Green Building Council and Green Business.

nyc-150 Charles 1-MMD

The USGBC highlighted the 338,000-square-foot luxury condominium property’s energy and water efficiency, regionally sourced materials and indoor air quality in its selection process, and recognized the Company for its dedication to sustainability and leadership in transforming the building industry.

Steve Witkoff, chairman and CEO of Witkoff, says, “The prestigious LEED certification is something we are very proud to have achieved and is a reflection of our ability to positively impact the environment and our communities.”

150 Charles St. opened in December 2015 and features 91 individually designed high-end condos overlooking the Hudson River and Hudson River Park, with more than 33,000 square feet of private green space. The property, designed by Cook + Fox Architects and Alan Wanzenberg Design, includes a 3,000-square-foot fitness center complete with two private exercise studios, a 75-foot lap pool with adjoining hot tub, an entertainment lounge, a children’s playroom, a doorman and concierge.

BOSTON—Alex Magyar has been promoted to project manager of project and development services in Boston for Cushman & Wakefield.

Specializing in commercial real estate, facility operations, and real estate development, he joins Cushman & Wakefield with more than six years of experience. Prior to his new position, Magyar has held roles at Samuel & Associates, Liberty Mutual Insurance, and Dana-Farber Cancer Institute.

STAMFORD, CT—Cushman & Wakefield reports it has been selected as the exclusive leasing agent for 260 Long Ridge Road in Stamford on behalf of ownership, Building and Land Technology.

The totally renovated property, which recently leased more than 60,000 square feet to Greenwich Hospital and Yale New Haven Medical system, is now offering 130,000 square feet of Class A medical and office space. Long Ridge Health & Science is a 17.5-acre campus offering nearly 200,000 square feet of medical space. Next door, Stamford Hospital leases the entire adjacent building at 292 Long Ridge Road, where it opened a state of the art outpatient facility in 2015.

NEW YORK CITY—Scott Broder, a former director of acquisitions for Sunstone Hotel Investors has been hired as senior vice president—head of hotel investments for Witkoff. Broder will oversee both future and current hotel investments for the global real estate development and investment firm

At Sunstone, he was involved in more than $1.5 billion of transactions, including the acquisitions of Boston Park Plaza, Hyatt Regency San Francisco and the Wailea Beach Marriott Resort & Spa.

ACQUISITIONS/DISPOSITIONS

WOODMERE, NY—The recent sale of The Woodmere Club here from its membership to a joint-venture real estate investment entity has paved the way for a much-needed capital infusion to secure the property’s upgrade and continued operation as a golf and country club for five years.

The Woodmere Country Club The Woodmere Country Club

Cushman & Wakefield’s Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., orchestrated the recapitalization deal. Cushman & Wakefield’s Andrew Merin headed the assignment with David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd.

Weiss Properties and 2020 Acquisitions purchased the 110-acre Woodmere Club, which sits on the south shore of Long Island in the Nassau County hamlet of Woodmere. Located at 99 Meadow Drive, the club features an original 1908 colonial clubhouse, 18 award-winning holes of golf, six hard-tru tennis courts, an elevated swimming pool complex complete with sweeping golf course and bay views, a newly renovated fitness center, and a variety of dining options.

“The Woodmere Club for several years, like many golf clubs across the country, has experienced a shrinking membership,” noted John Wiener, club president. “This sale is our solution to sustain the club in its current form without sacrificing service and amenities through 2022. The purchasers are investing millions of dollars to upgrade the facility and the golf course, and they have brought in Troon, the country’s leading golf management organizations, to operate the club.”

FAIRFIELD, NJ—NAI James E. Hanson has brokered the sale of a 23,200-square-foot industrial building at 8 Kulick Road here. The property was purchased for an undisclosed price by an affiliate of Saddleback Realty II, LLC, a New Jersey based commercial real estate development and management company, as an investment property.

8 Kulick Road 8 Kulick Road

Currently occupied by Solbern, a manufacturer of food processing equipment, the space provides the new owner with an ideal value-add investment opportunity in a highly desirable location. NAI Hanson’s Scott Perkins, SIOR, and Chris Todd represented the seller, Kulick Eisenberg, L.P., and Garden State Realty represented the buyer, 8 Kulick Road, LLC, in the transaction.

NORTHVALE, NJ—The Hampshire Companies has sold 140 Legrand Ave., an 82,524-square-foot industrial/flex building here to Trasco Realty, LLC. The multi-tenant building is currently partially leased by Abon Pharmaceuticals. Trasco will occupy the remaining available space.

The free-standing industrial/flex building boasts 72,524 square feet of industrial space with 10,000 square feet of office space on 5.07 acres. Andrew Somple, SIOR, and Michael Walters, SIOR, of NAI James E. Hanson represented The Hampshire Companies in the transaction.

MONEY MOVES

LANCASTER, PA—Eastern Union Funding has arranged approximately $14.2 million in acquisition financing for Hawthorne Gardens Associates LLC’s purchase of Hawthorne Gardens located at 99 Dickens Drive in Lancaster, PA.

Hawthorne Gardens Hawthorne Gardens

Eastern Union senior managing directors David Metzger and Nate Hyman worked with Greystone on behalf of a New Jersey-based private investor, securing a 12-year, fixed-rate loan with six years of interest-only payments.

Hawthorne Gardens features six, three-story garden-style apartment buildings. All apartments are two-bedroom, two-bathroom units. The 144-unit community was built in 2014 and is 97% occupied. Robert Holland, president of The Kislak Co., represented the seller in the transaction.

 

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