Source: Massachusetts Association of Realtors
“The increase in homes put under agreement this month may be a positive sign for a spring market that has suffered plummeting inventory,” says 2017 MAR president Paul Yorkis, president of Patriot Real Estate in Medway, MA. “However, median prices have continued to rise, which can push some buyers out of the market.”
Yorkis continues, “We see prices continue to go up, but there is still a segment of buyers who are paying all cash when buying a home. It’s good for sellers, but can be especially hard on first-time homebuyers who need to use a mortgage.”
Deal Tracker
BOSTON—Grand Coast Capital Group, a national real estate investment and private lending firm based here has acquired Skerries Point Town Centre, a 69,000-square-foot retail and office property located in Skerries, County, Fingal, Ireland.
Located 1.2 miles from Skerries town center and 20 miles from Dublin, this mixed-use property presents a valuable opportunity for significant positive positioning and includes a variety of up-and-coming local and national tenants including Boylesports, Eurospar, Fresh Kitchen, Well Fit, and Brady’s Pharmacy, among others.
This acquisition advances Grand Coast Capital’s tactical investment strategy in Ireland, providing the firm with a prime opportunity to build value and drive occupancy in partnership with a local operator.
“Grand Coast’s investment strategy for Skerries Point centers around maximizing the asset’s potential for growth in an effort to bring the space to its full value and capacity,” says Jeff Carter, CEO and founder of Grand Coast Capital Group. “Our partnership with local operators will ensure the successful management of Skerries Point going forward, benefitting current and future tenants and positioning the property as an invaluable resource for the surrounding community.”
NEW YORK CITY—RKF has arranged a 2,914-square-foot lease with Cellini, an independent luxury watch and fine jewelry retailer, at Midwood Investment and Development’s 430 Park Ave. in Midtown.
RKF senior director Ike Bibi represented Cellini, while RKF EVP Beth Rosen and associate Benjamin Zack represented the landlord, Midwood Investment and Development.
The 2,914-square-foot corner space, formerly the home of Mercedes-Benz Manhattan, features 107 feet of wraparound frontage as well as an all-glass storefront. Cellini will be relocating from its location at the Waldorf Astoria New York that it has been in for more than 40 years. 430 Park Ave. is a 19-story office building located on the southwest corner of East 56th Street.
CHERRY HILL, NJ—Eastern Consolidated has arranged the $8.9-million sale of a free-standing Walgreens with a long-term NNN lease. The property is located on 1.3 acres at 504 Kings Highway North in Cherry Hill, NJ.
Director Evan Street and Associate Director Matthew Leist represented the buyer, a private investor. Horvath & Tremblay represented the seller, Phoenix Realty Group.
“We were happy to assist our client with a 1031 exchange by finding a NNN property with a strong national tenant in place that will provide long-term stable cash flow for 18 plus years,” Street says.
NEW YORK CITY—Cushman & Wakefield reports it has arranged the sale of a three-story, 4,788-square-foot, multifamily property at 12-15 119th St. in the College Point section of Queens for $1.2 million.
The building, which attracted substantial market interest, is a three-floor walk-up, plus basement. Its eight units, all rent-stabilized, include two studios and six one-bedroom apartments, the brokerage firm states. The sellers were Ted and Ana Bednarek. The property, located three blocks west of College Point Boulevard, was acquired in an all-cash transaction by Queens Residential Properties, Inc.
TANNERSVILLE, PA—HREC Investment Advisors has arranged the sale of the 152-guestroom Chateau Resort & Conference Center located in Tannersville, PA in the Pocono Mountains.
Ketan Patel and Mark von Dwingelo, both senior vice presidents with HREC Investment Advisors’, exclusively represented the seller. No financial terms of the transaction were released.
News & Notables
NEW YORK CITY—CetraRuddy has been selected to design a new commercial office building on Staten Island. Expected to break ground this summer, Corporate Commons Three is the newest addition to the Corporate Park of Staten Island. The seven-story, 320,000 –square-foot Class-A office community is designed with all of the top features and amenities found in Manhattan office buildings, CentraRuddy states.
Rendering of Corporate Commons Three
Unique to the existing Staten Island office market, Corporate Commons Three will feature a 40,000-square-foot green roof with an organic farm, including beehives to make honey, all of which will supply the building’s non-profit on-site restaurant.
NEEDHAM, MA—NAIOP Massachusetts announced hat AEW Capital Management has been selected to receive its 2017 Distinguished Real Estate Award for achievements in real estate, charitable activities and community betterment.
The award will be presented by Tom Alperin of National Development at NAIOP’s Annual Awards Gala on Nov. 9 at the Westin Waterfront Hotel in Boston.
“This award is a testament to AEW’s ability to maintain its role as a leader in real estate investment and asset management services, while continuing to strategically adapt over the years to the changing markets,” says David Begelfer, CEO of NAIOP Massachusetts. “In addition, the company is committed to environmentally responsible investing, sustainability and charitable giving.”
NEW YORK CITY—Architectural firm Ted Moudis Associates has been recognized by CoreNet Global New York City Chapter for its design of Foot Locker’s new headquarters. The project was recently awarded the 2017 Commercial Interior Project of the Year over 75,000 square feet.
