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

NEW YORK, NY—Greysteel has been named exclusive advisor and agent by a private local investor for the sale of 373 South 4th Street, a 30-unit apartment building located in Williamsburg, NY. Greysteel senior investment associate Michael Stimler from the firm’s New York office is marketing the property. Built in 1925, the building is a 30 unit, 50-foot wide multifamily building totaling 19,968 square feet, with a secure lobby. The property consists of 17 one-bedrooms, 8 two-bedrooms and 5 three-bedrooms.

NEW YORK, NY—Oestreicher Properties and GPB Capital Holdings have closed construction financing for 211 Schermerhorn, a new ground-up boutique condominium building by acclaimed architect Morris Adjmi. CapitalSource, a national middle market lender and a division of Pacific Western Bank, provided a $47.9 million condominium construction loan for this luxury residential building and Jones Lang LaSalle’s Aaron Niedermayer, Aaron Appel and Brandon Krupetsky coordinated financing. 211 Schermerhorn is located in Brooklyn’s historic Boerum Hill neighborhood. The mixed-use 14-story residential development will feature 48 condominiums ranging from one to three-bedroom homes with custom interiors by Adjmi and top-of-the-line appliances.

NEW YORK, NY —Cushman & Wakefield has been appointed exclusive sales agent for the sale of a net-leased retail property located at 1492 Rockaway Park in the Canarsie section of Brooklyn, NY. The asking price is $3.95 million. A Cushman & Wakefield team consisting of vice chairman Thomas A. Donovan, senior director Edward Gevinski, director Tommy Lin, director Eugene Kim and associate director Robert A. Rappa will be leading the marketing efforts for the property. The single-story retail property is 36 feet wide and totals 3,172 square feet. The property is currently leased to T-Mobile, with a corporate guarantee. T-Mobile signed a new seven-year lease that begins in February 2018. Situated in an R5D/C1-3/R4-1 zoning district, the property has a future development potential of approx. 8,558 buildable square feet.

OLD BRIDGE, NJ—R.J. Brunelli & Co. has been selected by Modern Acupuncture as its exclusive real estate broker for all of New Jersey, and by I Love Kickboxing as exclusive broker for its central New Jersey franchisee. Modern Acupuncture, a franchise-operated chain of acupuncture clinics, is seeking 1,200- to 1,500-square-foot units located primarily in grocery-anchored neighborhood centers, notes R.J. Brunelli president/principal Danielle Brunelli. Preferred locations will have a mix of grocery, coffee shops, service users and wellness-oriented users in areas with an average household income of at least $100,000. Headquartered in Scottsdale, AZ, Modern Acupuncture opened its initial location there in January 2017. Clinics are scheduled to open soon in Charlotte, NC; Colorado Springs, CO; and Houston and Austin, TX.  Along with its move into New Jersey, the company is also expanding into California, Washington, Missouri, Kansas, Florida, Louisiana, Georgia, Tennessee, Nevada, and South Carolina, with 150 franchised locations expected by 2020.

NEW YORK, NY—Fisher Brothers has signed a 10-year, 59,613-square-foot lease with Informa at 605 Third Avenue, a 1.1 million square foot, class A office tower in Manhattan. Occupying three full floors, the 20th through 22nd, at 605 Third Avenue, Informa will relocate in the first quarter of 2018 from multiple locations. Informa is an international academic publishing, business intelligence, exhibitions and events business. Informa recently acquired US-based Penton Information Services, adding to its footprint and scale across the country.

NORTH ANDOVER, MA—KeyBank Real Estate Capital has secured a $36.2 million Freddie Mac, fixed-rate loan for Berry Farms, located in North Andover, MA. The class-A, 196-unit property was completed in early 2016 and is expected to be fully stabilized by September 2017. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the financing with an 11-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.

BROOKLYN, NY—Kalmon Dolgin Affiliates has arranged a new, 2,100-square-foot lease for BSH Woodwork, a woodworker/cabinet maker, at 109 Hausman Street in a heavily industrial area of Greenpoint in Brooklyn, NY. Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates, made the announcement. Fred Rufrano and Berel Nagel of Kalmon Dolgin Affiliates represented both the tenant, BSH Woodwork, as well as the landlord, MNH Realty, in the lease negotiations.

IRVINGTON, NJ—CB3, a new division of Candlebrook Properties that serves as a platform to create superior housing choices, social services and high-end management in the affordable housing industry, has acquired its first affordable housing property.  CB3 has acquired Berkeley Terrace Apartments; a two-story, 152-unit garden-style, Section 8 property situated on 5.73 acres in Irvington, NJ. The purchase and financing of Berkeley Terrace was made possible using tax exempt bonds and low-income housing tax credits, which will permit CB3 to implement an extensive renovation of the property, breathing new life into an asset that had received a failing score under HUD’s Real Estate Assessment score.

MUHLENBERG, PA—The Missionary Sisters of the Most Sacred Heart of Jesus are exploring the sale of their property in Muhlenberg Township, Berks County, PA. The Sisters’ 34.7-acre property includes approximately 135,407 square feet of buildings located at 51 Seminary Avenue, 2811 Moyers Lane and 55 Rothermel Street. The primary building on the campus is Sacred Heart Villa, which is 117,990 square feet and operates as an independent living and personal care home for the Sisters and lay people. The other buildings include the Sisters’ Province Center and Convent, the vacant Monastery and several utility buildings. The decision to consider the disposition of the properties resulted from the challenges religious communities across the country are facing because of the decline in membership and the aging of their members.

MOUNT LAUREL, NJ—Colliers International’s Southern New Jersey office arranged the sale of a fully leased 106,000-square-foot industrial building at 116 Gaither Drive in Mount Laurel, NJ for $5.65 million. The building is occupied by Food Sciences Corporation with a long-term lease in place. The building features 24-foot-clear ceilings, 13 loading docks, one drive-in door, heavy electric service, and expansion capabilities. Colliers’ brokers Ian Richman and Marc Isdaner were the sole brokers in this transaction between The Bloom Organization and a private investor.

Notables

BOSTON, MA—Perry Brokerage has named Jake Golden as broker associate. Jake will specialize in business development and leasing requirements for Landlords and Tenants as a key member of Perry’s Downtown Boston Team. Jake joins Perry Brokerage’s expanding platform with extensive sales experience and his Massachusetts Salespersons License. Formerly, Jake was responsible for a large sales territory on New York City’s East Side for Anheuser-Busch InBev. Jake holds a BA in American Studies from Trinity College.

CORRECTION, 8/31/2017, 10:20 a.m.: Because of inaccurate information provided to GlobeSt.com, an earlier version of this Middle Market Digest included a news item about a lease agreement between C&K Properties and Minno & Wasko Architects and Planners. The lease has not been completed.

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