24 Hour Local Real Estate News

Middle Market Digest: This Week in the Northeast

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

NEWS & NOTABLES

BRONX, NY—Lease deals totaling more than 26,000 square feet have brought the BankNote Building in the Hunts Point section of the Bronx to 92% occupancy.

The JRT Realty Group brokerage team led by president Greg Smith and executive managing director Ellen Israel represented the landlord, Lafayette Avenue LLC and owner, Madison Marquette in the transactions.

Lightbox-NY, LLC, a daylight film/photography studio and event space company, renewed 11,500 square feet on the third floor of the Barretto Wing. Stuart Romanoff, Amy Fox and Franklin Speyer of Cushman & Wakefield represented the tenant in the transaction. America Works of New York, Inc., a job networking company, leased a total of 14,564 square feet on two floors of the building at 890 Garrison Ave. The brokerage team Alexander Lubinand of Norman Bobrow & Co., Inc. represented America Works in the transaction.

Built in 1909, the six-story BankNote Building was originally home to the American Bank Note Co., a currency printing facility. It was designated a New York City landmark in 2008. Madison Marquette and Perella Weinberg acquired the BankNote Building in September 2015.

LOWELL, MA—Calare Properties recently staged a groundbreaking of MACOM Technology Solutions Inc.’s new global headquarters on Chelmsford Street in Lowell. The state-of-the-art property will join MACOM’s current R&D and manufacturing facilities, at 100 Chelmsford St. and 121 Hale St., to create a world-class corporate campus environment owned and developed by Calare Properties.

Following Calare’s acquisition of the 150,000-square-foot 100 Chelmsford St. in January 2017, the firm partnered with MACOM, a leading supplier of high-performance analog RF, microwave, millimeterwave, photonic semiconductor products and components, to develop the adjacent property at 144 Chelmsford St. on the 15-acre site where MACOM has secured a 20-year lease for the entire campus. The new 58,000 square-foot Class A office building is anticipated for a 2018 delivery and will feature a sleek, modern design with high-end finishes and floor-to-ceiling windows enhancing natural light. With the development of the new property, MACOM and Calare report that they plan to collaborate to remodel the existing manufacturing facilities.

DEALTRACKER DAILY

WEST ROXBURY, MA—NAI Hunneman recently brokered the $2.6-million sale of 1455-1457 VFW Parkway. The 33,219-square-foot retail property is located on the southbound side of the VFW Parkway here.

NAI Hunneman EVP Carl Christie and assistant VP Dan McGee represented the seller Fisher VFW, LLC, and procured the buyer.

“The seller was a long-term owner that was moving on from the property while the new buyer plans to partially occupy space in the plaza,†says McGee. “There were numerous groups interested in this site including owner-users and developers. Out of the multiple offers we received, we were able to find the best fit for the seller in terms of both price and conditions.â€

Offering direct frontage along the VFW Parkway and the Charles River, the site is improved with four commercial buildings built in stages between the 1940s and 1970s. The buildings contain 33,219 square feet and are occupied by Party City and Lumber Liquidators. The property was the original first store for both Lumber Liquidators and iParty before iParty was sold to Party City in 2013.

WESTPORT, CT—Cushman & Wakefield’s Connecticut office has closed a long term, 5,420-square-foot lease with HighTower Advisors at the newly renovated 8|10 Wright St. complex in Westport, CT, owned by an affiliate of Marcus Partners.

A Cushman & Wakefield team of Steven Baker and Adam Klimek represented the owner, MCP II Wright Street, LLC, while Dave Fugitt and Bruce Wettenstein of Vidal/Wettenstein and CBIZ’s Chicago team jointly represented the tenant. The 84,000-square-foot Class A office complex—consisting of 8 and 10 Wright St.—is currently more than 90% leased.

MONEY MOVES

LONG ISLAND CITY, NY—Greystone reports it has provided $82.3 million in total Fannie Mae DUS loans for the refinance and acquisition of properties in Hempstead, NY and in Astoria in Queens. Avrom Forman of Greystone, on behalf of KRCM Astoria Portfolio Corp. and 590-600 Realty Corp. originated the loans.

Total financing included two, seven-year Fannie Mae loans with one-year of interest-only and 30 years amortization. The transactions included the refinance of Fulton Manor Apartments for $47.6 million. The 337-unit multifamily property is located in Hempstead. A beneficiary of Hempstead’s IDA Tax Pilot, the loan on the property required formal approval from the town, adding a layer of complexity to the transaction timeline, Greystone notes.

With the proceeds from the refinancing transaction, the borrower acquired a multifamily portfolio in Astoria. Greystone financed three mixed-use, non-contiguous properties totaling 119 units, including retail space for $34.7 million. Prior to acquisition, the properties were significantly rehabbed with more than $10 million in renovations.

 

 

 

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