●CUSHMAN & WAKEFIELD
Lincoln Equities buys $80M office portfolio
New Jersey-based Lincoln Equities has paid $80 million for three Morris Ccunty office buildings.
Cushman & Wakefield arranged the sale of the class-A buildings totaling 410,000 square feet. The sale price factors out to $195 psf for the portfolio.
Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of the firm’s Metropolitan Area Capital Markets Group (CMG) represented the seller, Edison, N.J.-based Alfieri, LLC.
“The sale is part of a strategic repositioning of the seller’s portfolio,” said Merin.
“Alfieri, LLC had held these prime assets for a substantial period of time and has done very well with them. They are assets that will continue to grow in value over time with attentive management and the ability to raise rents.”
The just-sold assets include:
Harding Plaza, situated at 1200 Mt. Kemble Avenue in Morristown. The 106,000 s/f building is home to Morgan Stanley, Regent Atlantic Capital and LG Electronics;
The three-story 100 Southgate Parkway in Morris Twp. totals 151,400 s/f on 19 acres and is 100 percent leased to Verizon Wireless and Porzio, Bromberg and Newman;
Patriot’s Plaza, is 151,000 s/f in two three-story buildings at 60 Columbia Turnpike in Morristown.
Joel Bergstein, president of Lincoln Equities, said, “Patriot’s Plaza provides the opportunity to reposition an asset that has shown its age. Our plans call for a new HVAC system, lobby and elevator renovations and repaving the parking lot.
“Patriot’s Plaza will have a 75,000-square-foot block available this summer in a fully renovated building,” said Bergstein. “The repositioned, renovated building is in a location that is irreplaceable.”
● EASTERN CONSOLIDATED
UES buildings take market bow
Eastern Consolidated has been named the exclusive agent to sell two adjacent, mixed-use buildings at 1435-1437 First Avenue on the Upper East Side.
The asking price is $24 million for the properties, which are being offered for sale for the first time in 50 years.
The five-story walk-ups total 21,395 s/f and feature 55 feet of frontage along First Avenue between East 74th and East 75th Streets.
The buildings contain four retail stores, 36 apartments with future upside, and a rooftop antenna that generates additional income.
“The current ownership has maintained the buildings in impeccable shape and invested in major capital improvements,” said Ronda Rogovin, senior director and principal with Eastern Consolidated, who is exclusively representing the seller along with associate director Jamie Rogovin and financial analyst Wade Hazelton.
●TERRA CRG
Partners to develop ‘creative community’ in Bushwick
A partnership of Normandy Real Estate Partners, Royalton Capital and Sciame Development plans to turn a former Bushwick print house into a “creative community” for office, retail and restaurant tenants.
TerraCRG announced that they closed on the sale of the site at 333 Johnson Avenue in Bushwick neighborhood of Brooklyn.
Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers. Sydney Blumstein of Corcoran represented the seller. The property sold for $26,750,000.
Located on Johnson Avenue at White Street, the now vacant building once housed AJ Bart, one of the largest printing companies in Brooklyn, which has since relocated out-of-state.
The M-zoned property totals 160,000 s/f and the buyers intend to develop a commercial complex that will include 40,000 s/f of outdoor space.
The restaurant tenants will be clustered on the White Street-facing courtyard with the opportunity for rooftop dining as well as on-site artisanal food production space.
“We are highly confident about Bushwick’s long term prospects and certain that 333 Johnson will play an important role in fulfilling the growing need for creative office and retail space, with atmospheric amenities, that are a key component of a true live-work-play community,” said Princeton’s CEO Joseph Tabak.
● LRC PROPERTIES / CORNERSTONE RE ADVISERS
Independence costs $108M
LRC Properties, LLC, in a joint venture with Cornerstone Real Estate Advisers, LLC, on behalf of a firm-managed fund, purchased 101 Independence Center in downtown Charlotte.
The 20-story office tower was purchased for $ 107.75 million.
With the completion of this deal, LRC Properties now manages more than 3.4 million square feet of space in Charlotte and approximately four million square feet of space on the East Coast valued at nearly a half billion dollars.
101 Independence Center is a 565,694 s/f Class A office Tower situated on 1.83 acres at The Square. The building, which is currently more than 82 percent occupied, features a three-story underground parking garage, concierge, foot court, restaurants, and a three-story atrium connecting the office tower with the adjacent Charlotte Center City Marriott Hotel.
Current tenants include Bank of America, Northwestern University, Clifton Larson Allen LLPO, and G4S Solutions, as well as retail tenants such as Newsk’s Eatery, Starbucks, Uptown Sundries, Subway, and Showmar’s.
“We are excited to have been able to purchase 101 Independence Center. It is a well-known and well-located building, but it needs a little TLC to bring it up to the high Class A standards requested by businesses looking for space in downtown Charlotte,ˮ said Howard Lavitt, principal and co-founder of LRC Properties, LLC.
LRC plans to announce details of the improvement plans w later this summer.
●CBRE
Shopping center fetches $22M
The Trolley Square shopping center an East Haven has been sold for $22 million.
Jeffrey Dunne, David Gavin, Chris Angelone and Nat Heald of CBRE’s National Retail Investment Group represented TS East Haven LLC, an entity controlled by Ceruzzi Properties, in the sale.
The team was procured the buyer, a private investor based out of Manhattan that acquired the property as part of a 1031 exchange.
Robert Von Ancken of Newmark Grubb Knight Frank was the advisor to the buyer and secured a mortgage to complete the purchase.
Trolley Square is a 100 percent master leased, 107,921 s/f center located at the intersection of Hemingway Avenue and Main Street.
Stop & Shop master ground leases the entire property on a long-term NNN basis.
●NEPCG
Multi-family portfolio trades
Northeast Private Client Group announced the sale of a 203-unit, four-building multifamily portfolio in New Haven and West Haven, CT.
David Almeida, senior associate in the firm’s Connecticut office, and Bradley Balletto, the firm’s regional manager, represented the seller and the buyer in the $14,200,000 transaction.
The portfolio consists of Diamond Ridge Apartments, a 92-unit property located at 115-277 Diamond Street in New Haven; Crestview Apartments, a 63-unit property located at 62 Treat Street in West Haven; Boulevard Apartments, a 24-unit property located at 1495 Ella T. Grasso Boulevard in New Haven; and Tamarack Apartments, a 24-unit property located at 169 West Spring Street in West Haven.
The properties traded at a price that equates to nearly $70,000 per unit, which represents a capitalization rate of seven percent on the current net operating income.
The seller, Harvest Apartments, is a national multifamily investor based in Wethersfield, CT.
The buying entity is affiliated with Navarino Capital Management of Bridgeport, CT, an owner/operator of southern New England multifamily and commercial assets.
●MNS INVESTMENTS
Greenpoint parcel prime for development
A 13,000 s/f development parcel at 79 Quay STreet in Greenpoint is being marketed for sale through MNS Investment Sales & Advisory.
Listed at $12.95 million, the site is located one block from the neighborhood’s recently rezoned waterfront, and prime for residential development.
MNS parnet David Behin said, “There is demand for residential development in Greenpoint and the property’s location, steps away from the waterfront, presents forward thinking developers the potential to construct a premier waterfront development.”
Recent new development projects in the area are averaging more than $1,300 psf and average price-per-square-foot in similar rental developments are renting at more than $60 psf.
● HK GROUP
Klein family sells building
Matthew Keefe, David Lindland and Franco Fellah of HK Group completed the sale of 44 Main Street in Westport, Connecticut for $22,500,000.
The 22,873 s/f three-story building was built in 1909 and tenants include Banana Republic on the first floor.
The second and third floors face the future entrance of the new $130 million Bedford Square development. The Klein family owned the building and operated their retail store for many years.
The seller was 44 Main Street, Inc. and the buyer is an affiliate of CT-based Paragon Realty in a partnership with Clarion Partners.
John A. Nelson, managing principal of Paragon said, “44 Main Street is outstanding real estate and we are excited to be part of Westport’s continued development.”
