24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of recent deals, leases, executive moves, and other news from the past week.

Deal Tracker

ALBANY, NY—KeyBank Community Development Lending & Investment has partnered with Riverside Capital to provide a $12.7 million LIHTC equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments, an existing affordable housing development for families in Albany, NY. Skyline Gardens Apartments features 188 LIHTC regulated units serving families that earn up to 60% AMI. Of these units, 131 will be covered by a 20-year Housing Assistance Payments contract allowing families who are eligible for the HAP subsidized units to pay no more than 30 percent of their income toward rent. Skyline Gardens Apartments was originally built in 1973. It was last renovated more than 20 years ago. The project will be financed with a combination of LIHTC equity and tax-exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a House NY Mitchell Lama subsidy loan and existing reserves. Tori O’Brien of KCDC arranged the financing.

WALPOLE, MA—NAI Hunneman has completed a ten-year, 10,000-square foot lease with Mass Machine at Walpole Park South (Building 2) in Walpole, MA. Mass Machine is relocating from Wilson Way in Westwood. With the completion of this transaction, there is now only one remaining unit available (5,105 square feet) at the 600,000-square-foot industrial park. Executive vice president Cathy Minnerly and vice president Ovar Osvold represented the landlord, J.D. Murphy Real Estate, in the transaction, while Mass Machine was represented by Taryn Wilson of Newmark Knight Frank. Located along U.S. Route 1 in Walpole, Walpole Park South has eight office/warehouse and flex buildings.

BROOKLYN, NY—Kalmon Dolgin Affiliates has arranged a new, 15,000 square-foot, long-term lease for American Tool & Equipment Rental at 185 2nd Avenue in the Gowanus neighborhood of Brooklyn, NY. Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates, made the announcement. The one-story industrial property on 2nd Avenue between 14th and 15th streets was the home to the family-owned business of F. Ranieri + Sons, a mason and building materials provider, for more than 100 years. The site is on a prime corner with great visibility and more than 250 feet of frontage on two streets, with exposure to the Gowanus Expressway and Hamilton Avenue. Ranieri will continue to own the building and lease it out to American Tool & Equipment Rental.

PARAMUS, NJ—The law firm of Cole Schotz represented Onyx Equities and its partner Garrison Investment Group in the recent acquisition from Mack-Cali Realty of four office building campuses located in Bergen County, NJ, totaling more than 826,000 square feet. Cole Schotz represented Onyx Equities in the joint venture and as co-counsel on the acquisition from Mack-Cali. The deal closed on August 30. The Cole Schotz team was comprised of members Jordan Metzger and John Park, associates Danielle Pasquariello and Samantha Epstein, and paralegals Rosanne Cohen and Basira Miah.

SUMMIT, NJ—Holliday Fenoglio Fowler brokered the sale of a two-building, mixed-use portfolio comprising a fully-leased retail building and an adjacent office building with redevelopment potential in Summit, NJ. The HFF team executed an off-market transaction between the seller, Gramercy Property Trust, and the buyer, Saxum Real Estate. Built in 1926, the historic bank building at 367 Springfield Avenue is fully leased to Bank of America. The adjacent two-story office building located at 40 Beechwood Road is connected via a skybridge and features 31 private, on-site parking spots.  Saxum Real Estate is marketing 40 Beechwood Road for lease and will be completing a significant capital improvement program, repositioning the building into a class-A suburban asset. The HFF investment sales team representing the seller comprised director Marc Duval and senior managing director Jose Cruz.

CRANBURY TOWNSHIP, NJ—Sales are underway at The Gateway, the highly anticipated new collection of 54 luxury townhomes situated at the intersection of South Main Street and Old Trenton Road in Cranbury Township. Developed by a partnership of High Point Development and Robertson Douglas Group, the opening of The Gateway represents the culmination of a years-long process of transforming an underutilized tract of land – three adjacent parcels that had been deemed by the Township of Cranbury as an “area in need of redevelopment” because of obsolete uses – into an aesthetically pleasing residential enclave that serves as a connection between Cranbury’s downtown and its outlying neighborhoods.

HAMILTON, NJ—Hercman Properties has named Colliers International as exclusive leasing agent for its University Office Plaza II building, a 120,000-square-foot office building on Quakerbridge Road in Hamilton, NJ. Vinny DiMeglio, based in the firm’s Princeton, NJ, office, is heading the assignment. UOP II is home to tenants in various industries, including professional services, non-profit organizations and national companies.

HAMMONTON, NJCBRE, through its FHA lending platform, refinanced Heritage Assisted Living, a 79-unit residential care facility at 45 Route 206, Hammonton, NJ. The loan was funded through HUD’s Section 232/223(f) Program, providing a 35-year, fully-amortizing, fixed rate and non-recourse loan structure. The loan will refinance existing debt and provide funds for moderate capital improvements to the project. In addition to refinancing the project’s 1st and 2nd mortgage, the FHA insured financing will also pay off an ownership note returning equity to the borrower.

FORT LEE, NJ—Tucker Development says its Hudson Lights development’s 276 luxury apartments are 75-percent leased. Tucker, which developed the nearly one-million-square-foot residential, retail and entertainment complex in partnership with Kushner Real Estate Group and funds managed by Ares Management, opened Hudson Lights less than a year ago. Tucker says the strong summer demand for the upscale residences is a testament to the highly anticipated project’s revitalization of Fort Lee’s downtown as a destination for residents of Bergen County and the greater region.

BENSALEM, PA—Mrani Eyebrow Threading & Spa is now open at Centre Plaza in Bensalem, PA. Located at Galloway and Hulmeville roads, the 43,550-square-foot property features an appealing mix of retail, restaurant and service-oriented businesses. Centre Plaza is exclusively leased and managed by Levin Management Corporation of North Plainfield, NJ. The property also includes Brady’s Irish Pub, Domino’s Pizza, LabCorp, Penn Community Bank, Smoker’s Express, A&S Bagels, Salon 724, Philly It Cheesesteak and Tako Japanese Restaurant.

Notables

NEW YORK, NY—Jack Howard has been promoted to executive vice president of CBRE’s National Loan and Portfolio Sale Advisors, based in New York. As a senior partner on CBRE’s national loan and portfolio sale advisors team, Howard oversees the sale and marketing of large, national portfolios of commercial real estate and mortgage loans, mostly on behalf of financial institutions and private equity firms. A seasoned loan-sale professional, Howard has participated in the advisory and placement of more than $22 billion in loan and property sales and has served as a transaction manager or co-project manager on more than 250 large assignments.

NEW YORK, NY—Marcus & Millichap named Nelson Lee a Senior Associate–Investment Sales based in the Manhattan office. Lee will provide investment advisory services with Pan-Asian Family Offices and Institutional Investors transacting in New York City Hospitality. He has been responsible for identifying scores of real estate opportunities throughout New York with leading American and international investors, retailers, developers and institutional clients providing services ranging from owner representation to advisory and investment sales. He has 20 years of real estate experience with approximately $1.6 billion in aggregate real estate transactions to his credit.

 

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