● prism capital partners
Prism partners with Angelo, Gordon on $121M buy
Prism Capital Partners LLC has teamed up with Angelo, Gordon & Co. to acquire Princeton Pike Corporate Center for $121 million, which factors out to $151 psf.
The eight-building, class A office park, situated in Lawrenceville in Central New Jersey’s Mercer County, totals 800,000 s/f. The seller was Brandywine Realty Trust.
“This was a strategic acquisition and an expansion from northern New Jersey into the Princeton marketplace,” said Eugene Diaz, principal of the Bloomfield, N.J.-based Prism Capital Partners.
“Princeton Pike is a high quality set of assets in a cohesive office park environment, one that also offers future development opportunities on approved land. We are also very familiar with the asset, dating back to a relationship with the original developer, DKM, so this acquisition made complete sense.
“We are very pleased to begin a new relationship with our investment partner, Angelo, Gordon & Co., and we anticipate a long-term relationship with this well-respected investment advisor,” said Diaz.
The eight-building complex was approximately 90 percent leased at the time of sale. Situated on 100 acres at the intersection of U.S. Route 1 and I-195, Princeton Pike Corporate Center is just minutes from downtown Princeton.
Among the buildings, which were completed between 1984 and 1990, is the 112,055 s/f 989 Lenox Drive, featuring such tenants as Wells Fargo, Langan Engineering and Sirius XM Radio.
Totaling 111,124 s/f, the adjacent 993 Lenox Drive is tenanted by Stark & Stark and the Princeton Healthcare System. Fox, Rothschild, Celsion are among the tenants of the 97,277 s/f 997 Lenox Drive.
Prism is handling the leasing of Princeton Pike Corporate Center. Edwin Cohen, principal of Prism, said, “We anticipate a great deal of interest in the property’s remaining availabilities.”
●savills hospitality group
MAve Hotel for sale
The Savills Hospitality Group — a US-based unit of Savills international real estate services firm — has been retained to market the fee-simple interest in the MAve Hotel located at 62 Madison Avenue on the corner of 27th Street.
The MAve is a 72-room boutique hotel catering to both business and leisure guests.
Fully renovated in 2009, the 12-story hotel stands in the NoMad submarket of the Flatiron district, one block north of Madison Square Park and the Flatiron Building.
Formerly known as the Madison Hotel, the MAve has an attractive lobby on the first floor that includes a vacant, 2,200 s/f corner retail space suitable for a café, bar or retail.
The retail area has store frontage on both Madison Ave and 27th Street, and a separate entrance off Madison Avenue.
Floors two through twelve include aguestrooms as well as a penthouse suite, along with a fitness center and roof access.
In July 2009, approximately $7 million was invested in a gut renovation of the hotel’s infrastructure, building systems, lobby and guest rooms.
“Because of The MAve’s relatively small size, this hotel presents a unique opportunity to the investment community to purchase a Manhattan property, free of flag and management,” said Marc Magazine, executive managing director of the Savills Hospitality Group.
“Moreover, the sales process represents a clear path to ownership for the buyer.”
After several years of going through the court system, the hotel is now being sold post-bankruptcy on a fee-simple basis.
● lee & associates
Meadowlands facility a hot property
Jeffrey M. Miller, senior vice president of Lee & Associates New Jersey has closed a $12 million industrial deal at 5 Empire Blvd.
Miller represented both the seller, AKK International LLC, and buyer, Sitex Group, in the transaction involving the transfer of the 180,000 s/f industrial facility on seven acres.
“The Meadowlands submarket is one of the most sought-after industrial markets in the U.S. because of its strategic location relative to the NYC metro area and the Teterboro Airport hub,” said Miller.
“The scarcity of buildable land within the market provides SRG an opportunity to rebrand this asset into a trophy quality facility.”
● eastern consolidated
Polsinelli offers buyers full course of retail offerings
Eastern Consolidated’s Adelaide Polsinelli has brought three, highly-visible retail properties to market.
Home to Tribeca restaurant favorites The Harrison at 355 Greenwich Street (28-30 Harrison Street); Flor de Sol at the adjacent 361 Greenwich Street; and soon-to-vacate Five Guys Burgers and Fries at 496 LaGuardia Place — are on the market priced at $11 million.
Polsinelli is spearheading the marketing efforts for the retail condominiums on behalf of the seller, a foreign investor. They may be purchased as a package or separately.
The ground floor and basement at 355 Greenwich Street will be occupied by The Harrison — a Mediterranean-inspired modern-American bistro with a wine bar and outdoor table space along Greenwich Street — until 2016.
Popular Spanish-Mediterranean restaurant Flor de Sol, a chic tapas restaurant and bar known for its signature sangria and homemade patatas, will remain at 361 Greenwich until 2023.
496 LaGuardia Place features 1,304 s/f of above grade restaurant space near New York University’s main campus.
When Five Guys Burgers & Fries lease expires in July 2013, the new owner will have a “rare opportunity to install another restaurateur or retail tenant in the space, for which there is a long queue, given the area’s desirability,” according to Polsinelli.
● cohen commercial properties
Cohen makes second
retail play
As retail surrounding the Bronx “eds and meds” corridor continues to gain momentum, Cohen Commercial Properties (CCP), has acquired 1800 Williamsbridge Road, a 12,212 s/f, two-tenant net-leased corner retail property in the Morris Park submarket.
It was acquired from seller, Rock City MC, LLC for $11.425 million.
The property is 100% occupied by a 4,669 s/f Citibank and a 7,543 s/f Walgreens. The building os close to the Bronx Municipal Hospital Center, a sprawling medical center populated by several city and private hospitals.
The deal marks the second strategic retail acquisition for CCP in recent months.
The company also recently acquired 2481 Adam Clayton Powell Boulevard in West Harlem, a 7,492 s/f single-tenant retail asset occupied by Citibank.
In addition, the site benefits from 30,051 s/f of air rights, where the company plans to develop multifamily as-of-right in the future.
Sam Catton, Senior Director of Acquisitions at CCP, along with Paul Trupia, Director of Acquisitions, represented CCP in-house on the Bronx acquisition, while Ken Zakin & Randall Liberman of Newmark Grubb Knight Frank represented Rock City MC, LLC on the deal.
● ghp office realty
Lab work pays off
GHP Office Realty has sold a 185,000 s/f office and laboratory at 8 King Road in Rockleigh, Bergen County, NJ, for $15.553 million.
The property is fully leased to Spectra East, a division of Fresenius Medical Care Holdings, the world’s largest integrated dialysis company.
GHP’s Andrew Greenspan and James J. Houlihan represented the sellers, a joint venture of principals of GHP Office Realty and a group of private investors who purchased the property in 2000.
“8 King Road is a great property in a terrific location and Spectra is an excellent Tenant. As active owners and opportunistic investors, we felt it was time to identify other investment opportunities,” Greenspan said.
The purchaser was MCP 8 King Road LLC. a Boston, MA-based real estate investor and developer.
