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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.

This Week by the Numbers

 WALTHAM, MA—The Massachusetts Association of Realtors reported recently that single-family pending home sales were up more than 9% in June from last year. Pending condominium sales were also up more than 12%.

The median price for both single-family homes and condos saw a hike, with the single-family median price rising over the $400,000 mark. Realtors confidence both in the market and in home prices dipped slightly in June, MAR states.

Source: Massachusetts Association of Realtors Source: Massachusetts Association of Realtors

“The increase in homes put under agreement this month may be a positive sign for a spring market that has suffered plummeting inventory,” says 2017 MAR president Paul Yorkis, president of Patriot Real Estate in Medway, MA. “However, median prices have continued to rise, which can push some buyers out of the market.”

Yorkis continues, “We see prices continue to go up, but there is still a segment of buyers who are paying all cash when buying a home. It’s good for sellers, but can be especially hard on first-time homebuyers who need to use a mortgage.”

Deal Tracker

BOSTON—Grand Coast Capital Group, a national real estate investment and private lending firm based here has acquired Skerries Point Town Centre, a 69,000-square-foot retail and office property located in Skerries, County, Fingal, Ireland.

Located 1.2 miles from Skerries town center and 20 miles from Dublin, this mixed-use property presents a valuable opportunity for significant positive positioning and includes a variety of up-and-coming local and national tenants including Boylesports, Eurospar, Fresh Kitchen, Well Fit, and Brady’s Pharmacy, among others.

This acquisition advances Grand Coast Capital’s tactical investment strategy in Ireland, providing the firm with a prime opportunity to build value and drive occupancy in partnership with a local operator.

“Grand Coast’s investment strategy for Skerries Point centers around maximizing the asset’s potential for growth in an effort to bring the space to its full value and capacity,” says Jeff Carter, CEO and founder of Grand Coast Capital Group. “Our partnership with local operators will ensure the successful management of Skerries Point going forward, benefitting current and future tenants and positioning the property as an invaluable resource for the surrounding community.”

NEW YORK CITY—RKF has arranged a 2,914-square-foot lease with Cellini, an independent luxury watch and fine jewelry retailer, at Midwood Investment and Development’s 430 Park Ave. in Midtown.

RKF senior director Ike Bibi represented Cellini, while RKF EVP Beth Rosen and associate Benjamin Zack represented the landlord, Midwood Investment and Development.

The 2,914-square-foot corner space, formerly the home of Mercedes-Benz Manhattan, features 107 feet of wraparound frontage as well as an all-glass storefront. Cellini will be relocating from its location at the Waldorf Astoria New York that it has been in for more than 40 years. 430 Park Ave. is a 19-story office building located on the southwest corner of East 56th Street.

CHERRY HILL, NJ—Eastern Consolidated has arranged the $8.9-million sale of a free-standing Walgreens with a long-term NNN lease. The property is located on 1.3 acres at 504 Kings Highway North in Cherry Hill, NJ.

Director Evan Street and Associate Director Matthew Leist represented the buyer, a private investor. Horvath & Tremblay represented the seller, Phoenix Realty Group.

“We were happy to assist our client with a 1031 exchange by finding a NNN property with a strong national tenant in place that will provide long-term stable cash flow for 18 plus years,” Street says.

NEW YORK CITY—Cushman & Wakefield reports it has arranged the sale of a three-story, 4,788-square-foot, multifamily property at 12-15 119th St. in the College Point section of Queens for $1.2 million.

The building, which attracted substantial market interest, is a three-floor walk-up, plus basement. Its eight units, all rent-stabilized, include two studios and six one-bedroom apartments, the brokerage firm states. The sellers were Ted and Ana Bednarek. The property, located three blocks west of College Point Boulevard, was acquired in an all-cash transaction by Queens Residential Properties, Inc.

TANNERSVILLE, PA—HREC Investment Advisors has arranged the sale of the 152-guestroom Chateau Resort & Conference Center located in Tannersville, PA in the Pocono Mountains.

Ketan Patel and Mark von Dwingelo, both senior vice presidents with HREC Investment Advisors’, exclusively represented the seller. No financial terms of the transaction were released.

News & Notables

 NEW YORK CITY—CetraRuddy has been selected to design a new commercial office building on Staten Island. Expected to break ground this summer, Corporate Commons Three is the newest addition to the Corporate Park of Staten Island. The seven-story, 320,000 –square-foot Class-A office community is designed with all of the top features and amenities found in Manhattan office buildings, CentraRuddy states.

Rendering of Corporate Commons Three Rendering of Corporate Commons Three

Unique to the existing Staten Island office market, Corporate Commons Three will feature a 40,000-square-foot green roof with an organic farm, including beehives to make honey, all of which will supply the building’s non-profit on-site restaurant.

NEEDHAM, MA—NAIOP Massachusetts announced hat AEW Capital Management has been selected to receive its 2017 Distinguished Real Estate Award for achievements in real estate, charitable activities and community betterment.

The award will be presented by Tom Alperin of National Development at NAIOP’s Annual Awards Gala on Nov. 9 at the Westin Waterfront Hotel in Boston.

“This award is a testament to AEW’s ability to maintain its role as a leader in real estate investment and asset management services, while continuing to strategically adapt over the years to the changing markets,” says David Begelfer, CEO of NAIOP Massachusetts. “In addition, the company is committed to environmentally responsible investing, sustainability and charitable giving.”

NEW YORK CITY—Architectural firm Ted Moudis Associates has been recognized by CoreNet Global New York City Chapter for its design of Foot Locker’s new headquarters. The project was recently awarded the 2017 Commercial Interior Project of the Year over 75,000 square feet.

A rendering of Foot Locker's new headquarters space. A rendering of Foot Locker’s new headquarters space.

The award was presented at CoreNet NYC’s Annual Meeting & Volunteer Appreciation Reception on June 21st. Foot Locker enlisted TMA’s services to design a new 145,000-square-foot space over three floors at 330 West 34th Street that reflected its brand, creativity and corporate culture.

ROSLINDALE, MA—The Cooperative Bank, a full-service community bank specializing in commercial real estate and business lending throughout Eastern Massachusetts, has hired Chaz Berkeley as senior vice president and chief financial officer.

In this role, Berkeley will oversee the accounting and finance division, and report on all accounting and financial matters. Berkeley will also be responsible for managing the bank’s financial position including interest rate risk management, liquidity, and funding needs. Berkeley is a certified public accountant and has more than 10 years of experience with a focus on community banks. Prior to TCB, Berkeley held positions at both public accounting and private industry organizations including Citizens Bank, KPMG, and RSM.

Money Moves

NEW YORK CITY—Michael J. O’Neill of Houlihan-Parnes, Realtors, LLC / Q10 l NY Realty Advisors have placed a $1.3 million $first mortgage on the 1,900-square-foot Kentucky Fried Chicken restaurant building and CleanCity laundry facility located at 1959 and 1979 Bruckner Blvd. in the Bronx.

1959 and 1979 Bruckner Blvd. in the Bronx. 1959 and 1979 Bruckner Blvd. in the Bronx.

The seven-year, non-recourse loan is fixed at 4.2% interest on a 30-year amortization schedule. The lender, a local bank, also agreed to three-year option to extend. Elizabeth Smith of Goldberg Weprin Finkel & Goldstein represented the borrower in the transaction.

On the Market

NEW YORK CITY—Ariel Property Advisors has been exclusively retained to sell 2151 and 2155 Ocean Ave., a package of two multifamily elevator buildings located in the Southern Midwood section of Brooklyn. The asking price for the two eight-story properties is $13 million.

The pair of buildings, which contain 26 units spanning 25,461 square feet, are located between Kings Highway and Quinten Road. Both properties boast laundry rooms and underground parking garages that total 10 spaces, while 2155 Ocean Avenue houses two medical office units. Exclusive agents Alexander McGee, Jonathan Berman and McNally S. Lee are representing the seller, a private owner.

The developer built the properties under the 421-a tax benefit program, with the incentive expiring for 2151 Ocean Ave. & 2155 Ocean Ave. in the years 2027 and 2024, respectively.

STAMFORD, CT—Cushman & Wakefield of Connecticut, Inc. reports that a real estate investment fund managed by Black Diamond Capital has tapped the firm as the exclusive leasing agent for its 2187 Atlantic St. office building located at the edge of Stamford’s Harbor Point development.

Stamford-based Cushman & Wakefield team of senior director Jodie Dostal and executive managing director Steve Baker will lead the property’s leasing and marketing efforts. The waterfront office building offers a contiguous block of 100,000 rentable square feet of Class A office space.

The waterfront building features an 18,000 rentable-square-foot floor plate, prebuilt suites, and on-site management. It has recently undergone a multi-million dollar renovation including a new lobby, café, common area finishes, and renovated bathrooms.

BOSTON—Skanska has named its 1350 Boylston development as The Harlo, the firm’s second luxury multi-family development in Boston, which is scheduled to deliver this fall.

The 17-story, 183,000-square-foot tower, targeting LEED Gold certification, will bring 212 boutique apartments and lofts to the Fenway neighborhood. When completed later this year, The Harlo will bring additional vitality to the burgeoning neighborhood with its distinct architecture, and three casual destination restaurants including Tatte Bakery & Café and Oath Craft Pizza.

NEW YORK CITY—Holliday Fenoglio Fowler has been named to market for sale 120 North 6th St., a 7,500-square-foot, fully leased mixed-use retail and office building located in Williamsburg, Brooklyn.

HFF is marketing the property exclusively on behalf of the seller, a joint venture between ASB Real Estate Investments and L3 Capital.

120 North 6th Street is 100% leased to high-end fragrance retailer Le Labo, a subsidiary of The Estée Lauder Companies Inc., which recently commenced a 10-year initial lease term at the property to serve as its U.S. headquarters and New York flagship location.

The HFF investment sales team representing the seller is led by managing directors Rob Rizzi and Jeffrey Julien and associate director Chris Masi.

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