AGENTS
Cushman & Wakefield has been retained on an exclusive basis to arrange for the disposition of 37-10 114th Street, a Holiday Inn Hotel in Flushing, and the leasehold sale of 92-77 Queens Boulevard, a site housing a Wyndham Garden Hotel, in Rego Park.
A Cushman & Wakefield team led by Vice Chairman Stephen R. Preuss with Denise Prevete and Kevin Louie will be marketing the properties.
“Queens is continuing to see an abundance of interest within the New York market,” said Preuss. “With proximity to major New York airports, these properties present prime long-term investment opportunities.”
37-10 114th Street, located in Flushing, is a Holiday Inn hotel with potential for conversion to alternate uses. The existing building square footage is approximately 107,000 s/f. The property includes 217 units, recreational space, conference rooms, a pool and banquet rooms. It is located in proximity to LaGuardia Airport, SkyView Parc, Grand Central Parkway and Citi Field, as well as the 7 train at Roosevelt Avenue.
92-77 Queens Boulevard, located in Rego Park, is a long-term leasehold opportunity with an attractive cap rate. It is a newly-constructed multi-story commercial building that is currently 100 percent leased, built in 2015. Current tenants at the property include Wyndham Garden Hotel, Starbucks, Retro Fitness, ImPark Garage and Boulevard Bistro.
SALES
CBRE has announced the $10.5 million acquisition of a 120,000 s/f. industrial property located at 10-50 Charles Street in Westwood, New Jersey by Treetop Development. The purchase is the third transaction arranged by CBRE on behalf of Treetop. In addition to the sale, CBRE has been retained to oversee the leasing at the property.
The CBRE Tri-State Investment Properties team of Elli Klapper and Charles Berger, along with colleagues from the Advisory and Transaction Services team, Kevin Dudley, William Waxman and Justin Passaretti, represented Treetop Development in the negotiations.
“This property is in an incredibly robust submarket, with a strong demand for smaller units due to companies downsizing,” said Klapper, senior vice president, CBRE. “It is ideal for a town like Westwood, which is in close proximity to major transportation hubs. This asset provided our client with a tremendous value-add opportunity to meet this demand in one of the nation’s hottest industrial markets.”
10-50 Charles Street is a 120,000 s/f single-story industrial facility that features 10,000 s/f of office space, parking for 100 cars, 14’-22’ clear ceilings, dock seals and eight tailgate doors, all on 6.5 acres. Ownership intends to repurpose the property into smaller spaces: one with 40,000 s/f and an additional seven flex spaces with 10,000 s/f each.
The CBRE Investment Properties Team is serving as the exclusive advisor for Treetop Development. Thomas Nuara of Resource Realty represented the seller during the transaction.
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Gebroe-Hammer Associates has announced the sale of the 11-unit Valley West Apartments, located at 245 Valley Rd. in Wood-Ridge, at a per-unit price of $250,000. The transaction was arranged by Executive Vice President Greg Pine, who exclusively represented the owner – the original developer of the circa-1974 building comprised of one medical office and all one-bedroom/one bath layouts – and procured the buyer, a private investor. Senior Vice President Debbie Pomerantz also served as a member of the brokerage team.
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NAI James E. Hanson has negotiated the sale of a 5,000-s/f office building at 425 Sand Shore Road in Mount Olive, N.J. NAI James E. Hanson’s Joseph Vindigni represented the seller, Mendham Associates, LLC, and the buyer, SNAP Creative Marketing, LLC in the transaction.
Formerly the site of a Montessori school, 425 Sand Shore Road is a two-story 5,000-s/f office building with proximity to Route 46. After sitting vacant for several years, the property was eventually bought by an investment group.
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NAI James E. Hanson has negotiated the sale of a 130,000-s/f industrial building at 7300 West Side Avenue in North Bergen, N.J. NAI James E. Hanson’s Scott Perkins, SIOR, Greg James, and Chris Todd represented the buyer, Roman Real Estate Holdings, Inc., in the transaction with Link Industrial Properties, Blackstone’s US industrial real estate operating platform. Bonnie Heller of Cushman and Wakefield represented the seller.
Situated less than ten miles from Midtown Manhattan, 7300 West Side Avenue features easy access to both the George Washington Bridge and Holland Tunnel as well as Interstates 78, 80, and 95 and Routes 3, 4, and 46. The 130,000-s/f industrial building boasts 22’ ceilings, 19 tailgates, and ample car parking.
“We continue to see a surge in industrial acquisition activity in the New York City area as available industrial space has been all but spoken for over the past several quarters,” said Todd. “As a result, deals of this size have become increasingly rare and expensive in this type of market.”
The sale of 7300 West Side Avenue marks Perkins’ and Todd’s second recent deal on the street as they negotiated the sale and leaseback of 7777 West Side Avenue in 2017.
Following the sale, Perkins, James and Todd, will be joined by their colleagues Tom Vetter, SIOR and Jeff DeMagistris, SIOR as the exclusive leasing brokers for the building.
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The Metro North sales team of investment sales broker Northeast Private Client Group has announced the sale of five New Haven, Connecticut properties in transactions totaling $14,225,000. Bradley Balletto, VP of Investments, and Rich Edwards and Jeff Wright, Investment Associates, represented the sellers and procured the buyers for all the transactions.
• 1476 Chapel Street. The 19-unit property consists of nine one-bedroom, four two-bedroom, four three-bedroom, and two four-bedroom apartments. Local seller, 1476 Chapel Apartments, LLC, sold the property to New Haven based Sherman Chapel Properties LLC for $1,750,000. This sale closed at a capitalization rate of 6.88 percent on the current net operating income of the property.
• 725 Whitney Avenue. The 26-unit property consists of twelve studio and fourteen one-bedroom apartments. A confidential seller sold the property to a local buyer, with interests in New Haven and Boston, for $3,150,000. This sale closed at a capitalization rate of 5.39 percent on the current net operating income of the property.
• 1495 Ella Grasso Boulevard. The 24-unit property is located in a tight-knit, active New Haven neighborhood. NavCapMan LLC sold the property to ABCD Properties LLC for $2,475,000. This sale closed at a capitalization rate of 7.42 percent on the net operating income of the property.
• 90 Norton Street. NHR Properties sold the property to a New York City based investor for $2,900,000. This sale closed at a capitalization rate of 6.81 percent on the current net operating income of the property.
• 70 Terrace Street. The 41-unit property consists eight one-bedroom lofts, 24 one-bedroom apartments, and nine two-bedroom apartments. A Waterbury based seller sold the property to a Fairfield County based buyer for $3,950,000. This sale closed at a capitalization rate of 6.55 percent on the current net operating income of the property.
90 Norton Street and 1476 Chapel Street are both situated in close proximity to Yale New Haven Hospital’s St. Raphael’s Campus, which recently announced an $838 million, 500,000 s/f Neuroscience Center expansion. In the cases of 1495 Ella Grasso Boulevard and 70 Terrace Street, the buyers plan to improve the overall condition and operation of each property and provide rental options.
