●MRC / USAA Real Estate
Partners plan Clinton Hill apartment development
Madison Realty Capital announced plans to construct a 170,918 s/f, 80/20 multifamily building on a development site in Clinton Hill, Brooklyn.
MRC is leading development of the site in partnership with USAA Real Estate Company.
MRC has acquired four properties, plus additional development rights from neighboring properties, through two off-market transactions in order to assemble a 27,466 s/f site with 170,918 s/f of development potential.
Initially, MRC purchased 551 Waverly Avenue for $23.5 million, and has now closed on three adjacent properties for $7.5 million to complete a large assemblage with frontage along Atlantic Avenue supporting ground floor retail. MRC also purchased development rights to increase the buildable area for its project.
MRC and USAA expect a total investment of approximately $88.5 million to complete the development project.
Josh Zegen, co-founder and managing Principal of MRC, said, “Limited supply coupled with enormous demand for quality market rate and affordable housing product in this area, and the development’s 421a tax benefit, makes this project an ideal fit for our overall investment strategy, and exemplifies our ability to identify and maximize quality long-term investments with strong upside.”
The development will consist of an 8-story residential building with a total of 191 apartments. The building will also have retail storefronts on Atlantic Avenue, amenity space, storage space and 96 parking spaces.
● chambers street properties
Firm recycles some capital
Chambers Street Properties has completed the sale of two office properties for aggregate proceeds of $44.9 million.
The properties sold include the 124,500 s/f 12650 Ingenuity Drive office building in Orlando, Florida for $26.5 million and the 40,468 s/f Thames Valley Five office building in Reading, United Kingdom for approximately $18.4 million.
“These dispositions, together with our recent industrial portfolio acquisition, represent a continuation of the Company’s strategy to transition from non-core office assets and into U.S. industrial assets,” said Martin A. Reid, executive vice president and CFO of Chambers Street.
“We believe this recycling of capital will improve the profile of our portfolio and create lasting shareholder value.”
Pharma giant follows the money
JLL completed the purchase of Monroe Corporate Center, 4275 Corporate Center Drive in Monroe, NC, for Glenmark Pharmaceuticals Ltd.
The global pharmaceutical company acquired the 102,000 s/f facility from the city of Monroe, NC, for an undisclosed amount.
Glenmark will establish its first North American pharmaceutical manufacturing plant at the 15-acre site.
Glenmark was represented by John Buckley and Shawn Straka of JLL in New Jersey, and John Cashion and Matt Treble with JLL in Charlotte, N.C. The seller, the city of Monroe, was represented in-house.
“Glenmark was looking to establish its first North American manufacturing facility and begin production by mid-2015, which put the firm on a very tight deadline,” said Buckley.
“We conducted a search for appropriate sites in New Jersey, North and South Carolina, Virginia and Maryland, pulling together JLL resources from all those markets. Monroe Corporate Center was one of the few locations that met all the pharmaceutical firm’s needs — it offered a superior facility, proximity to a quality labor pool, easy access to transportation and generous expansion capabilities. Glenmark has the potential to double its operations on the site.”
“We focused specifically on those five states as they were known to offer attractive incentive packages to incoming business looking to invest significantly in the area,” said Cashion.
● MASSEY KNAKAL
New Bushwick rental for sale
Massey Knakal Realty Services is selling Colony 1209, a newly-developed rental building at 1209 Dekalb Avenue in Bushwick. The asking price is $81,500,000.
The five-story building contains approximately 119,681 s/f consists of 127 residential units, 42 parking spaces, and 11 storage units.
It has a lobby lounge, private gym, screening room, residents lounge with rehearsal studios, pinball arcade, and billiards tables. The property has a 15-year 421a tax abatement and is currently in year three. “Colony 1209 differentiates itself from other new construction buildings in Brooklyn. Easy access to Williamsburg and Manhattan coupled with unique amenities provide for an all-inclusive lifestyle to support both families and young professionals,” said Massey Knakal’s Stephen P. Palmese, who is exclusively marketing the property with Michael Amirkhanian.
The building was most recently bought by a group of investors for $58 million, according to city records. Before that, it was bought out of receivership in 2012.
● RIPCO REAL ESTATE
Waterbridge buys Broadway building
The mixed use commercial building at 2307 Broadway, between West 83rd and 84th Streets, has been sold by Ripco for $26 million to Waterbridge Capital.
The property contains 12,000 S/Fof combined retail and office space, and was one of the few free-standing commercial buildings on Broadway available to trade on this part of the Upper West Side.
The building currently houses a now-closed Duane Reade store, which presents the buyer with a great opportunity to re-tenant the property and take advantage of the surging rents in one of the most vibrant and densely populated areas of Manhattan. The sellers were a private family that had been long term owners of the property.
Doug Kleiman and Lee Spiegelman of Ripco Real Estate were the sole brokers involved in the transaction.
Rye Corporate Center fetches $40M
HFF announced the $39.5 million sale of International Corporate Center at Rye, a Class A office property in Rye, Westchester County, New York, totaling approximately 180,000 s/f.
HFF exclusively represented the seller, Faros Properties, LLC, in the transaction.
International Corporate Center at Rye is located at 555 Theodore Fremd Avenue. It is the only Class A office building in Westchester County within walking distance of the Metro-North Railroad, which provides access to Manhattan in 35 minutes.
The HFF investment sales team representing the seller included managing director Jeff Julien, senior managing directors Jose Cruz and Andrew Scandalios. Richard Goldstein with Goldstein & Associates Realty, Inc represented the buyer.
● eastern consolidated
LIC site for sale
Eastern Consolidated has been retained as the exclusive agent to market a residential development site at 22-12 Jackson Avenue in Long Island City, Queens for $53.5 million.
Zoned for 169,500 s/f of residential development, the property at 22-12 Jackson Avenue is ideally situated across from MoMA PS1.
The existing 33,900-square-foot lot at 22-12 Jackson Avenue is currently occupied by a taxi company.
“This offering is a tremendous investment opportunity and aligns with the immediate growth pattern of Long Island City’s transformation,” said Ronald A. Solarz, Principal and Executive Managing Director at Eastern who, along with Chris Matousek, exclusively represents the seller, Diamond Service Corporation.
Cohen on $100M shopping spree
Cohen Equities, a New York City-based commercial real estate firm, has acquired six retail properties across the U.S., contributing to a total of $100 million in new assets in 2014.
In total, the firm has purchased 26 properties in 13 states across the U.S. since its launch in 2012.
“We are looking to increase the quality of life for local communities by bringing in retail elements that are sorely needed,” said Meir Cohen, president and founder, Cohen Equities.
“To achieve this goal, we find well-located, under-utilized retail properties and create proper town center destinations with all the amenities of a downtown, including quality shopping, dining and recreational activities.”
To date, the company has acquired properties in Missouri, Pennsylvania, North Carolina, South Carolina, Georgia, Arizona, New York and Maryland, among others.
The most recent acquisitions include The Meadows at Lake St. Louis, in St. Louis, Mo, Penn’s Purchase Factory Outlets, in Lahaska, Pa., Hemlock Plaza in Cary, NC, and The Shoppes at Twin Oaks in Richmond, Va.