$109M for Stamford/LA Multifamily
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| A multi-city deal-the Boston office of HFF arranged refinancing totaling $109M for two Class A multi-housing communities for Cornerstone Real Estate Advisors. The property in our area,Glenview Housing Apartments, is located at 25 Glenbrook Rd. in Stamford, Conn. and contains 145 units and 14.8k SF of retail space. And the 430-unit Pacific Place Apartments (pictured), is located at 5211 Pacific Concourse Dr. in Los Angeles, if you couldn't tell from the palm trees. HFF's Dana Brome, Tina Derderian, and Carlos Febres-Mazzei arranged the floating-rate loan for Glenview through Freddie's capped adjustable-rate mortgage program, while the five-year, fixed-rate loan for Pacific Place was placed through MetLife Real Estate Investments.Sales Transactions HFZ Capital Group purchased an undeveloped site at 14-20 W. 40th St. for $52M after the previous owners defaulted on its $44M loan from lender Petra Capital. Platinum Properties' Raymond Cecora brokered the deal. HFZ plans to build a 189k SF hotel condo development.*** |
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| Terreno Realty Corp. purchased the 208k SF 200 Maltese Dr., a warehouse/light manufacturing/distribution property, in Totowa, NJ from High Street Equity Advisors for $16.5M. Cushman & Wakefield's Gary Gabriel, Paul Torosian, Andrew Merin, and David Bernhaut brokered the deal. ***Massey Knakal sold two buildings: a five-story, nine-unit townhouse at 356 W. 20th St. for $2.1M cash (broker: Brock Emmetsberger); and a development site at 2854-2858 Stillwell Ave. in Brooklyn, which has 29k buildable SF for residential, for $1.4M cash (brokers:Brian Hanso n and Stephen Preuss). *** Oticon purchased the 163k SF 580 Howard Ave. in Somerset, NJ for an undisclosed price and will consolidate two local facilities to create its new US HQ in the building. CBRE's Jeffrey Dunne, Kevin Welsh, and Brian Schulz repped the seller, while CBRE's Geoffrey Schubert and Sean Morley repped the buyer. *** Lowes Home Centers purchased the former Suffolk Life Building on Rt. 58 in Riverhead, Long Island after two years of negotiations and approvals. The property site contains over 17 acres with 500' of frontage on Old Country Rd. Island Associates' Chris Nicholson and Roger Delisle Jr. repped Lowes in the deal. Lease Transactions Two Brooklyn-based companies have cross the Hudson, relocating to Heller Industrial Parks' Somerset Park in Somerset, NJ. Broadway Photo inked a 99.6k SF lease, while Elico Ltd. signed for 61.1k SF. Heller's David Paster repped the owner in house, while Bussel Realty's Leo Esses repped Elico. *** A deal that doesn't stink: Diapers.com subleased 32.3k SF at 10 Exchange Pl. in Jersey City. NAI James E. Hanson's Michael Walters repped the sublessee, and CBRE repped sublessor B2X Corp. *** Despite its name, Micro Office Solutions isn't a small tenant at 1375 Broadway-it just inked its second long-term expansion at the building, taking 20k SF and bringing its total footprint to 40k SF. Colliers International's Perry Mesmer and Marty Meyer repped the landlord. *** Ripco's Brad Cohen and Patricia Garcia brokered five deals, including: Kidville's long-term, 7.1k SF at 515 W. 51st. St. (tenant rep: Esquire Properties' Craig Hantgan; landlord : Clinton Green South); Cellar 53 Wine & Spirits' 2.3k SF lease at 785 Tenth Ave. (tenant rep: Coldwell Banker Commercial's Hariklia Koundourakis; landlord: Clinton Green South); Litter & Leashes' long-term, 1.9k SF lease at 1100 Second Ave. (tenant rep: Winick's Michael Gleicher and Annie Shinn; landlord: Excel Associates); Brick-Run Sports' 1.5k SF lease at 730 Columbus Ave. (tenant rep: Winick's Kelly Gedinsky; landlord: ASN Westmont); and Chop't's long-term, 3.8k SF lease at 525 W. 42nd St. (with Jason Pennington; tenant rep: Esquire Properties' Craig and Robert Hantgan; landlord: 520 West 43rd Street Partners). *** Two bank deals this week: Capital One's 6k SF lease at 2003 Smith Haven Plaza (tenant rep: Northwest Atlantic's Steve Gillman; landlord rep: Bob Delavale on behalf of Fred Colin and Wilbur Breslin); and TD Bank's 4k SF lease at 1240 First Ave. (tenant reps: Cushman & Wakefield's Joanne Podell and Matthew Siegel; landlord rep: Robert K. Futterman & Associates' Sal Ferrigno on behalf of Alexico Group). *** 555 Fifth Ave. saw two deals: Ostrow Kaufman & Frankl's 6.8k SF lease in its penthouse duplex (tenant reps: Newmark Knight Frank's Corey Borg and Moshe Sukenik); and Floyd Advisory's 3.9k SF HQ lease (tenant rep: Vicus Partners' Waite Buckley). ATCO Property Services' John Lord repped the landlord internally for both deals. *** What a sweet deal: Crumbs Bake Shop signed a 10-year, 4.6k SF lease at 110 W. 40th St. Adams & Co.'s David Levy and Brett Maslin repped both tenant and landlord. David and Brett also repped Lola Jo Sales Group-East's three-year, 1k SF lease and Mayra's Collection's four-year, 1k SF lease at 34 W 33rd St. *** Now available at the iPhone app store: a seven-year, 3.6k SF lease for digital application company Sideways at 212 W. 35th St. Newmark Knight Frank's Matthew Feigen repped the tenant, while The Kaufman Org.'s Steven Kaufman and Barbara Raskob repped the owner. *** Q Communication, publisher of Passport Magazine, can now get a stamp for 243 W. 30th St., where it will be taking 2.8k SF for five years. Savitt Partners' Tim Bennett repped the tenant, while Brian Adams repped owner Adams and Miller No. 247 LLC in-house. *** Samuelsohn signed a 2.2k SF lease for its first US showroom at 140 W. 57th St. PBS Real Estate's Laura Pomerantz and John Brod repped the tenant. *** RadioShack inked a five-year, 2.2k SF deal at North Haven Pavillion, 70-200 Universal Dr. in North Haven, Conn. RHYS Commercial's Dominick Musilli repped both the tenant and landlord,National Realty & Development Corp. *** Style-Licious signed a long-term, 1.1k SF lease at 1418 Second Ave., where it will open its first location. Winick's Elie Dayan repped the tenant, while Menkin Realty Services' Victor Menkin repped the landlord. *** |
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| Air China's flying high, taking a pre-built on the 69th floor of the Empire State Building for its NY home. JLL's Aaron Ellison and Ruth Wang repped the tenant, while Newmark Knight Frank's Billy Cohen, Lauren Davidson, Ryan Kass, and Julie Christiano repped owner W&H Propertie s. Financing SCS Strategic Capital Solutions closed two senior bridge loan facilities for the refinancing of debts totaling $42.3M. This involved the acquisition of two recently matured senior construction loans, and the bridge loans rep an approximate 60% LTV investment. The loans are separately secured by seniors independent living facilities in NY and Georgia. SCS's Gary McEntee was the lead manager on the deal. *** Meridian Capital Group negotiated $31M in financing, including:$12M for a two-story retail building on Broadway (arranged by Morris Diamant and Joe Klein); $7M for a four-building multifamily portfolio comprising 215 units (arranged by Michael Kesselman);$4M for a 45-unit multifamily building on W. 87th St. (arranged by Carol Shelby); $3.3M each for a 71-unit multifamily building on Ocean Pkwy. in Brooklyn and a 76-unit building on Linden Blvd., Brooklyn (arranged by Avi Weinstock); and $1.1M for a 17-unit multifamily building on Fairview Ave. (arranged by David Hamm). *** GCP Capital Group's Paul Greenbaum arranged $26.5M in mortgage financing for a package of seven multifamily properties comprising 442 units and five commercial units, throughout the Bronx. Construction & Development |
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| Coca-Cola Enterprises broke ground on its new 225k SF build-to-suit in Monmouth Junction, NJ. Studley's Daniel Foley and Tom Carragher repped Coca Cola. Above: Coca-Cola's Seena Ferrara-Cushman, NJ Lieutenant Governer Guadgno and Governer Christie; Coca-Cola's Mike Sullivan, South Brunswick mayor Frank Gambatese, and Studley's Daniel Foley. Executive Moves Andrew Stein joined Savills US as managing director and leader of the firm's hospitality practice. He was most recently president and CEO of Makopastreet Partners, and also held positions at Chase Securities and WestLB's investment banking division. He's a UVA grad. *** Trinity Wall Street promoted Jason Pizer to president of Trinity Real Estate. He's been with the firm since '99, serving as SVP and director of leasing and transforming Hudson Square from light industrial to office space. Leases he brought in include Viacom, CBS Radio, WNYC Radio, and the Guggenheim Foundation. He will develop, manage, and oversee 6M SF of space in 17 buildings, among other duties. He succeeds Carl Weisbrod, who plans to leave the firm in January. *** The Community Preservation Corp. promoted three: Christopher O'Keefe to chief information office, Andrew Giglio to mortgage officer, and Danielle McCombs to neighborhood mortgage officer. Christopher joined CPC in '96 and was formerly director of information management and security. He's a Cornell grad. Andrew was previously a neighborhood mortgage officer and loan administrator for CPC, and is an Iona grad. Danielle will be working out of the Brooklyn office, and is a Delaware and NYU grad. *** Jones Lang LaSalle Hotels promoted to Amelia Lim to EVP. Prior to working at JLL, she held positions at Insignia/ESG and HVS International. She's a graduate of Cornell and NYU. *** Warren Sorgen has affiliated with Walter & Samuels, providing third-party commercial brokerage and working with the firm's partners to manage assets and assist in acquisition/disposition initiatives. He was most recently at Helmsley-Spear and is an NYU grad. |
