● AVISON YOUNG
Village property goes to market after 70 years
Avison Young’s Tri-State Investment Sales Group has been named exclusive agent for the sale of 29 Fifth Avenue, a 14,884 s/f elevator building located on Fifth Avenue between Ninth and Tenth streets in Greenwich Village.
The property consists of 12 multi-family units, one super unit and two ground-floor professional units and has an asking price of $15,000,000.
The building is being marketed by an Avison Young group comprised of James Nelson, Principal and Head of Tri-State Investment Sales, Directors Mitchell Levine, and David Shalom, and Associates Carter Lovejoy and Hannah Bryon-Staples.
The elevator building is comprised of eight free-market units and four rent-regulated units that span the top six stories and will be delivered fully-leased including the two professional offices which are leased through 2021 and 2022. This also marks the first time in 70 years that 29 Fifth Avenue, which has been under long-term ownership, will be available for purchase.
ConEd sells Williamsburg development site
JLL has sold 500 Kent Avenue in Brooklyn on behalf of Con Edison. The partners at 500 Kent LLC acquired the 2.65-acre South Williamsburg commercial development site for $50 million.
The JLL Capital Markets professionals representing Con Edison included Stephen Palmese and Brendan Maddigan, Vice Chairmen; and Michael Mazzara and Ethan Stanton, Managing Directors.
The 2.65-acre site at 500 Kent Avenue carries up to 230,500 of buildable s/f. It is located in a M3-1 zoning district, which allows the development site to be designated for a variety of commercial development projects, including retail, office space, light manufacturing and mixed-use.
The lot is adjacent to the up-and-coming area of the Brooklyn Navy Yard and the Brooklyn tech triangle.
● COLONY INDUSTRIAL
NJ last mile warehouse sold
Colony Industrial announced the purchase of a Class A building in Northern NJ with 271,176 s/f and two Class A light industrial buildings in Las Vegas totaling 423,786 s/f.
Located at 100 Performance Drive in Mahwah, NJ, the warehouse building was constructed in 2018 and is 100% leased to Snow Joe with a long-term lease. This acquisition is the second and final tranche of closing for the Northern New Jersey Last Mile Logistics Portfolio. This will bring Colony Industrial’s holdings in Northern New Jersey to 910,857 s/f.
The building is located in Bergen County, NJ, directly off Route 17, with convenient access to I-287 and I-87, near the border of New York and New Jersey.
CBRE National Partners Brian Fiumara, Michael Hines and Brad Ruppel acted as real estate brokers on the transaction.
Colony Industrial also acquired the Northern Beltway Portfolio at 5402 and 5406 East El Campo Grande Avenue, consisting of two Class A light industrial buildings that are 92% leased to four high quality tenants, including General Electric, the Department of Veterans Affairs, and Bed, Bath & Beyond.
JLL’s Bo Mills, Mark Detmer and Ryan Sitov acted as real estate brokers on the transaction.
● ONE WALL PARTNERS
Pennsylvania portfolio sold
One Wall Partners acquired a portfolio of four Pennsylvania properties including 996 rental apartments.
The Lehigh Valley portfolio, which is at 98 percent occupancy, features three garden complexes and a rental townhome community. Each property offers amenities like outdoor pools, fitness centers and clubhouses.
One Wall Partners was represented in-house, while the seller was represented by CBRE, which also arranged financing for the transaction with Freddie Mac and MF1, a JV led by Berkshire Residential Investments and Limekiln Real Estate.
The properties are located the LANTA mass transit system and multiple highways connecting them to Pennsylvania’s and New Jersey’s largest employment hubs.
● CAMBER REAL ESTATE/ADVANCE REALTY INVESTORS
Camber expands in NJ industrial market
A joint venture partnership between Camber Real Estate Partners and Advance Realty Investors has acquired a three-building, 400,000 s/f light industrial portfolio in Mahwah, New Jersey.
The Mahwah Industrial Park is located immediately off Route 17 in Bergen County, five minutes south of the intersection of major interstate highways 87 and 287.
They are 100-percent leased to a tenant roster that spans various industries, most notably, Prestige Toyota, Lincoln Technical Institute, Flyte Tyme and EDAX.
Camber said it plans to expand on the overall tenant experience at the park.
“This is an excellent risk-adjusted investment given the market constraint and flexible nature of the improvements, as well as the strong occupancy history of these consistently institutionally owned assets,” stated Dave C. Surti, principal of Camber Real Estate Partners.
“The park’s desirability is evidenced by its ability to continually attract and retain tenants with lengthy tenure.”
The three buildings that encompass the portfolio were built to an institutional standard in 1966, with all units featuring individual entrances and dedicated loading. The buildings are divisible and suitable for a variety of manufacturing, distribution and office tenants.
Alexander Cocoziello, principal and managing director of Advance Realty Investors, added, “The portfolio exhibits excellent supply and demand characteristics and our partnership plans to hold it as a long-term investment.”
The sale was arranged by the New Jersey Investment Sales team of Cushman and Wakefield. The team was led by Vice Chairman Gary Gabriel and included Managing Director Kyle Schmidt and Associate Director Ryan Larkin.
John Alascio, executive managing director of Cushman and Wakefield’s Equity, Debt and Structured Finance group, arranged mortgage financing with a team that included Senior Director Sri Vankayala, Capital Markets Associate Noble Carpenter III and Analyst Emily Johansen.
The acquisition financing of $31.2 million was provided by People’s United Bank.
● LEXERD CAPITAL MANAGEMENT
Jersey fund gets some southern exposure
Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has acquired Greystone at the Crossings, a multifamily property in Columbus, GA.
The property, renamed The Lory of Columbus, consists of 292 units across 15 three-story multifamily apartment buildings, a community building, and 12 detached garage structures.
The property was originally constructed in 2011 and 2012, on 22.41 acres featuring a gross area of 343,570 square feet.
This is the first acquisition in Columbus, GA for a Lexerd-sponsored fund.
Albert Lord III, Founder and CEO of Lexerd, said, “We are very excited to announce this acquisition, as we continue to search for strategic investments throughout the Southeast US. This property is located in a growing neighborhood with easy access to schools, shopping and restaurants.”