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—Holliday Fenoglio Fowler arranged a $12.5 million refinancing of 135 Bowery, a newly built, 21,308-square-foot boutique creative office building in Manhattan’s Midtown South technology corridor. The HFF team worked on behalf of the borrower, a joint venture between Caspi Development and RWN Real Estate Partners, to secure the five-year, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used refinance a construction loan on the property. Earlier in 2017, HFF arranged a $15 million financing for the adjacent 161 Bowery on behalf of Caspi Development through BBVA. Originally built in 1900 and redeveloped in 2016, 135 Bowery is an eight-story elevator building with ground floor retail occupied by a high-end restaurant, and full-floor loft office units above. The HFF debt placement team representing the borrower included managing director Steven Klein and associate Alex Staikos.

SECAUCUS, NJ—Kimmerle Group has been retained for the final phase of Vitamin Shoppe’s new corporate headquarters at 300 Harmon Meadow Blvd. in Secaucus. The multi-faceted project, which began in 2015, encompasses 80,000 square feet of office space on four floors and in two buildings. Vitamin Shoppe outgrew its former headquarters in North Bergen, and in 2015 sought new office space to accommodate its expanding staff. The retailer engaged several of KG’s affiliate divisions as partners for the four-phase project, including architecture design services provided by Kimmerle Newman Architects; furniture, fixtures and equipment  purchasing and placement through Kimmerle Workspace, KG’s procurement division; and KG Branding. KG has worked closely with CBRE, VSI’s exclusive broker, for the headquarters relocation.

EDISON, NJ—Herb Zimmerman, senior vice president, Bussel Realty Corp., closed two industrial real estate transactions totaling 43,500 square feet in Hillside, NJ. CNC Warehousing leased 26,000 square feet at 487 Hillside Avenue, a 192,000 square-foot property, and 17,500 square feet at 100 Hoffman Place, a 550,000 square-foot facility in Hillside, NJ. Zimmerman represented CNC Warehousing and the owner for each respective property was represented in-house. CNC Warehousing will utilize the spaces for distribution of its routers, mills, lasers, fiber lasers, plasma cutters and water jets to its local customer base.

LAWRENCE TOWNSHIP, NJ—Holliday Fenoglio Fowler arranged acquisition financing for Avalon Run East, a 312-unit, Class A garden-style apartment community in Lawrenceville, Mercer County, NJ. The HFF team worked exclusively on behalf of the borrower, a joint venture between Rockpoint Group and The Brooksville Company, to secure the seven-year, floating-rate loan through a national bank. Avalon Run East, 100 Avalon Way, encompasses 16 three-story buildings on 69 acres of land. Avalon Run East consists of a mix of one-, two- and three-bedroom units averaging 1,094 square feet, more than one-third of which are townhomes and loft apartments. The HFF debt placement team representing the borrower included managing director Michael Klein and director Matthew Pizzolato.

SUSSEX, NJ—STREAM Capital Partners executed the $19.5 million sale of a two-tenant medical office building attached to the Hackettstown Community Hospital in Sussex, NJ. The off-market property had two long-term leases in place with the tenants at the time of sale. Phil DiGennaro, Jonathan Wolfe, and Jordan Shtulman of STREAM Capital Partners represented the Buyer, HC Realty, on the transaction.

NEW YORK, NY—Maltz Auctions will auction the 25,000-plus square-foot prime redevelopment site located at 24 First Avenue & 99-101 East 2nd Street, in the East Village of Manhattan, New York on Wednesday, January 24, 2018 at 1:00 pm at The Hotel on Rivington, 107 Rivington Street, New York. “This mortgagee approved auction consists of a rare L-shaped property with prime frontage on both First Ave. and East 2nd Street,” said Richard Maltz, president of Maltz Auctions. “It’s currently Improved with a mixed-use building as well as a retail building- and is just blocks from the 2nd Avenue Station (F & M Trains), Bleeker Street Station (4 & 6 Trains), and Broadway-Lafayette Station (B, D, F & M Trains). It’s a terrific opportunity for the right buyer.

ITHACA, NY—KeyBank Community Development Lending & Investment (CDLI) has provided $10.4 million in financing to Ithaca Neighborhood Housing Services, for the acquisition and rehabilitation of Ithaca City Apartments, a 98-unit complex located in Ithaca, NY. Ithaca City Apartments will be permanently restricted as affordable housing, and create high-quality, energy efficient options in one of the strongest housing markets in upstate NY. Lynne Callis-Wilson of Key’s CDLI group arranged the financing.

Notables

NEW YORK, NY—The law firm of Tarter Krinsky & Drogin promoted four lawyers, three to partner and one to counsel. Brian Beller and Scott Schneider in the real estate and Dr. Jing Xia (pictured), co-chair of the Pharmaceutical and Biologics Practice and China Practice, were named partners, and John Rondello in the Construction Practice was named Counsel.

 

MOUNT LAUREL, NJ—Fred Meyer, SIOR, executive vice president and director of brokerage/corporate services, NAI Mertz, has been named the 2018 Corporate Services Council Chair for NAI Global. The NAI Global Councils focus on elevating the qualified competency of its professionals and ensuring consistent service delivery across the organization. Meyer has won numerous national real estate awards for his leadership, skills and transaction volume, and was previously inducted into the NAI Global Hall of Fame. Meyer previously served as Chairman to the NAI industrial and logistics councils.

JERSEY CITY, NJ—Vantage, the upscale 45-story rental building in Jersey City’s Liberty Harbor North, has leased more than half of its 448 luxury apartments, according to Fisher Development Associates. The developer, along with exclusive marketing and leasing agent, The Marketing Directors, achieved the milestone in the first five months of availability.

 

EVESHAM TOWNSHIP, NJ—Davis Enterprises marked the opening of Jackie’s Crossing, a four- story, 55 apartment complex with an amenity area, fitness center, and garage parking in the heart of Evesham, NJ. Jackie’s Crossing is a vital part of the community’s 2020 Vision Plan for the redevelopment of its downtown into a more vibrant community boasting walkable shops, restaurants and civic gathering places.

NORRISTOWN, PA—Westrum Development Company completed the revitalization and official integration of 770 Sandy Street into the luxury apartment campus of its Luxor Lifestyle Apartments. For more than a decade before Westrum Development Company took ownership, the property at 770 Sandy Street was embroiled in construction, legal, and financial turmoil that cost Norristown taxpayers up to $4 million for repairs, and legal expenses. The completed renovation promotes continued economic growth for Norristown. The residents at Luxor Building ll have full access to the amenity-rich, technologically advanced, and socially integrated main building, Luxor Main, next door with an open air courtyard with bocce, grilling and firepits, an infinity pool, a BYOB bar, fitness center and panoramic views of Norristown and Philadelphia’s skyline.

 

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