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Deals & Dealmakers

SELLING POINTS: $53M Gowanus site sold, Denholtz buys NJ office property

Two Trees closes on $53M Gowanus purchase

Two Trees Management Company has closed on the purchase of a Gowanus site from Forest City Ratner for $53 million.

The four lots totaling 392,073 s/f at 118-136 2nd Avenue, 73 12th Street and 1 11th Street are net leased to Lowe’s and include two buildings and a parking lot.

TerraCRG’s Ofer Cohen, Dan Marks, and Daniel Lebor brokered the sale.

“While most of the Gowanus area is being slated for immediate redevelopment, this asset provides solid, long-term cash flow, while giving the purchaser a nice footprint in one of the last industrially-zoned enclaves in Brooklyn,” said Cohen.

The four, M2-1 zoned block-through lots are directly on the border of the Gowanus Canal, two blocks from the 4th Avenue subway station.

It’s also near the Whole Foods supermarket that opened in 2013 and is now one of the most active Whole Foods in the country.

According to a report in Crain’s earlier this year, Two Trees is also buying a 70,000 s/f at 1-37 12th Street formerly anchored by a Pathmark grocery store.

Two Trees had no comment on the deal.

Mixed-use Murray Hill property offered after 30 years

Larry Link, president at Level Group, is marketing a Murray Hill apartment building being offered for sale for the first time in 30 years.

The seven-story brick property at 109 East 31st Street, just off Park Avenue has an elevator, ground floor retail, and open column-free floors.

The lower four floors are currently used as office space with the upper three floors each full-floor apartments.

Maintained by the current owner for over 30 years, it will be delivered vacant at closing.
The property is being offered for $15,950,000 .

Denholtz buys Mack-Cali office portfolio

Denholtz Associates has purchased The Horizon Center, a 236,284 s/f six-building and two development site portfolio in Hamilton, NJ, from Mack-Cali realty Corporation.

NKF Capital Markets executives Steven Schultz and Tony Georgiev represented Mack-Cali Realty Corporation, while NKF’s Steve Tolkach and Robert Loderstedt, represented Denholtz. NKF Senior Managing Director Dan Fromm aided Denholtz in securing financing.

The Horizon Center, institutionally owned, managed and maintained since 2007, is currently 86 percent leased to 18 tenants. The properties included in the portfolio are 2 South Gold Drive, 100 Horizon Drive, 200 Horizon Drive, 300 Horizon Drive, 500 Horizon Drive, and 3 AAA Drive, a two-story office building; as well as the two additional land sites at 5 and 6 AAA Drive with more than 12-acres combined and prime development potential.

Denholtz intends to lease-up the property in an area desired by corporate users seeking to tap in to the skilled employment base.

Stephen Cassidy, president of Denholtz Associates, said, “With a limited supply of quality office buildings in the area, the acquisition of this property will enable us to apply our in-house capabilities to bring the portfolio to full occupancy and provide strong returns to our investors.”

Lincoln offloads Long Island property

New Jersey-based Lincoln Equities has sold it’s Class A, transit-oriented office building on Long Island.
Holliday Fenoglio Fowler announced the sale of 100 Merrick Road, a 141,000 s/f, two-building office complex in Rockville Centre, Nassau County.

The HFF team represented the seller and procured the buyer, Valley East Management, LLC.

100 Merrick Road is the largest office complex in the downtown area and within walking distance of the LIRR Rockville Center train station.

The property is 93 percent leased to a variety of tenants in the legal services, medical/healthcare and accounting industries. The most notable tenant is Northwell Health, which recently leased a portion of the first floor in the east building. The five-story property includes an on-site café, tenant storage and on-site parking.

The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing directors Kevin O’Hearn and Jeffrey Julien and senior directors Stephen Simonelli and Michael Oliver.

“This successful transaction demonstrated the continued demand for suburban office product that has a competitive advantage within it’s submarket and provides a strong and dependable yield,” stated O’Hearn.

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