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Middle Market Digest – The Northeast

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

This week by the numbers

The property tax numbers are in for Philadelphia, and while CommercialCafé.com says no Philadelphia buildings ever made the firm’s Top 100 Nationwide, Philly’s commercial propertie s have some of the lowest taxes in the nation. Among the study’s key highlights: The twin high-rise complex, Center Square topped the list, generating $3.4 million in taxes last year; built on the site of the former Greyhound bus terminal, the 54-story 1735 Market Street came in second, with slightly more than $3 million in contributions; the iconic One Liberty Place nabbed third place, at $2.9 million in 2016; its sister office and residential tower, Two Liberty Place came in last, just topping $2 million; the sixth largest Marriott in the US and the only hotel to have made the list is Philadelphia Marriott Downtown, coming in on the 4th position with a $2.8 million tax bill; with $2.2 million in tax contributions, the Philadelphia Mills took the 8th position and is the only retail asset to have made the list, overtaking Three Logan Square and Two Liberty Place.

Deal Tracker Daily

JERSEY CITY, NJ—Fields Construction Company has announced that construction is underway on a five-story, 63-unit apartment building at 16 Bennett Street in Jersey City. Fields is serving as general contractor for the development, which includes a mix of market-rate units and apartments reserved for moderate-income residents. The project is being developed by 16 Bennett Street Urban Renewal, and Casa Blanca Management is the construction manager. Designed by architecture firm Minervini Vandermark, the building will also feature 3,286 square feet of courtyard space, a 2,178-square-foot roof deck, and a parking garage. It’s estimated construction will be complete by winter 2018.

ENGLEWOOD, NJ—RSC Architects has completed the design of a newly renovated medical-surgical unit serving cardiopulmonary patients at New Jersey’s Englewood Hospital and Medical Center. The renovations upgraded single-occupancy patient rooms, new waiting areas, family and patient lounges, and Care Team stations. RSC Architects first redesigned a 13,000-square foot nursing unit on the hospital’s third floor. This northwest wing saw 14 double-bed semi private rooms and eight private patient rooms converted into 20 modern, private rooms each approximately 225 square feet. Phase one of the renovation, completed in late 2016, utilized the hospital’s own construction crew which allowed the hospital to have more control over the process and brought the final construction cost in under budget.  

PLYMOUTH MEETING, PA–CBRE has been named exclusive leasing agent for One Plymouth -  a 180,000 square-foot office building located at 502 West Germantown Pike in Plymouth Meeting, Pennsylvania. Owned by Keystone Property Group, the 9-story structure will undergo a complete redevelopment and become a LEED-certified class-A office property. One Plymouth sits on the Plymouth Meeting Mall Campus at the intersection of I-476 and the Pennsylvania Turnpike. Its preeminent location offers employees walkable access to a Whole Foods supermarket and more than 50 restaurants, shops and amenities, as well as plentiful on-site parking. CBRE’s team of Scott Gabrielsen, Mike Barker and Cody Lehrer have been tapped to manage all of the leasing for the property.

Money Moves

NEW YORK, NY—Ariel Property Advisors’ Capital Services Division recently arranged cash-out, refinance loans for two multifamily properties at 213 and 215 Ralph Avenue in the Bedford-Stuyvesant section of Brooklyn, totaling $3.75 million.  For 213 Ralph Avenue (pictured), Ariel arranged a $1.55 million, five-year non-recourse, fixed-rate loan at 3.68 percent for the eight-unit, 5,720 square-foot multifamily property. For 215 Ralph Avenue Ariel arranged a $2.2 million, five-year non-recourse, fixed-rate loan at 3.75 percent for the eight-unit, 5,720 square-foot multifamily property.

YARDLEY, PA—Inland Institutional Capital says an institutional fund that it advises has acquired Lower Makefield Shopping Center, a grocery and drug store-anchored property in Yardley, PA. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the purchase on behalf of the fund.

NEW YORK – Witkoff, a global real estate development and investment firm, says 150 Charles Street, its 338,000 square foot LEED Gold-certified luxury condominium building located in the West Village neighborhood of Manhattan, received a 2017 Professional Design Award from the Society of American Registered Architects – New York Council. The property was selected for its impressively-designed 30,000 square feet of landscaped space that spans over eight floors through expansive rooftops, public and private terraces and intimate courtyards.

NEW YORK, NY—Cushman & Wakefield has been retained on an exclusive basis to sell a mixed use property at 44 Carmine Street. Located on the South side of Carmine Street between Bedford and Bleecker Streets in Manhattan’s West Village neighborhood. The asking price is $6.95 million. A Cushman & Wakefield brokerage team led by Vice Chairman James Nelson and Director David Shalom will be exclusively marketing the property.

NEW YORK, NY—VCS Group signed a new lease at 1407 Broadway for 42,748 square feet. The firm is consolidating at the building from two Midtown locations, 148 West 37th Street and 141 West 36th Street. CBRE’s Peter Turchin, Gregg Rothkin, Brett Shannon, Ben Fastenberg, Keith Caggiano and Ross Zimbalist represented owner Shorenstein Properties.

PHILADELPHIA, PA—Jill Sommer Lesher has joined Pennrose as vice president of asset management. She will lead the organization’s activities related to monitoring the physical and financial condition of more than 200 Pennrose owned assets and 14,000 units. Lesher has more than 15 years of asset management expertise with diverse knowledge of asset types and property classes.  She has overseen real estate portfolios for REIT, pension fund and high net worth clients.

PARSIPPANY, NJ—New Jersey chapter of the Building Owners and Managers Association has recognized 300 Kimball Drive in Parsippany with its highest honor, the Grand TOBY award. Transwestern, which provides leasing and management services for the 400,147-square-foot property, received the prestigious honor during an awards banquet at the New Jersey Performing Arts Center in Newark. Bestowed by BOMA annually, The Outstanding Building of the Year (TOBY) awards recognize excellence in building management, operational efficiency, tenant retention, emergency planning and community impact across numerous categories. The prestigious Grand TOBY is given to the winning property that scores highest overall across all criteria.



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