Middle Market Digest: This Week in the Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

NEWS AND NOTABLES

BOSTON, MA—NGKF Capital Markets here has overseen the transaction of over $230 million in industrial sales year-to-date. In total, the group’s transactions encompassed 15 assets comprising 2.5 million square feet. Among these, NGKF orchestrated the highest price per-square-foot for an institutional Class A, multi-tenant industrial warehouse product in the market year-to-date. The team sold 275 John Hancock Rd.—a best-in-class, 238,846-square-foot high-bay industrial asset in Taunton—on behalf of Exeter Property Group for just over $24 million, or $102 per square foot.

NEW YORK CITY—Ariel Property Advisors has been retained to sell 1058 Pacific St., an industrial warehouse in Brooklyn’s Northern Crown Heights neighborhood that is slated for rezoning in the near future. The asking price for the prime single story building is $9 million, or $125 per buildable square foot, pursuant to the new proposed zoning. The expected rezoning of this industrial zone potentially will allow the construction of a 72,072 square foot residential property. Agents Jonathan Berman, Daniel Tropp, and Alexander McGee are representing the seller.

DEALTRACKER DAILY

BURLINGTON, MA—Nordblom Co. and Rubenstein Partners, owners of 55 Walkers Brook Dr. in Reading, MA have signed a seven-year, 25,000-square-foot lease with Eliassen Group. The IT staffing, recruiting and consulting company will move from its corporate headquarters from Wakefield.

NEW YORK CITY—Jupiter Entertainment has signed a 10-year, 20,343-square-foot lease in Midtown South, at 136 Madison Ave. The company is expanding its local headquarters and will occupy the entire fourth floor. A Cushman & Wakefield team of Adam Nelson and Mitch Arkin represented the tenant. A Colliers International team, led by Andrew Roos, vice chairman, and Michael Cohen, president, tri-state region, represented the landlord.

STAMFORD, CT—GAIA Real Estate—with institutional partners Menora Mivtachim Insurance, Amitim Senior Pension Funds, Psagot Investment House, and CAPSSA—has acquired a portfolio of five Class A residential buildings at Harbor Point from a joint venture of Building and Land Technology and the Lubert-Adler Real Estate Funds. The portfolio consists of Postmark, 111 Harbor Point, Vault, The Key at Yale & Towne, and The Lofts at Yale & Towne, and comprises 1,214 apartment units in total.

BUILDING BLOCKS

YONKERS, NY—RXR broke ground Wednesday on Larkin Plaza, a $190 million mixed-use development project here. Among the largest private developments in downtown Yonkers in decades, Larkin Plaza will consist of 439 apartments, 35,000 square feet of on-site space for shops, restaurants and other retailers, and parking for 539 vehicles.  The residential units will be in two towers, both offering views of the Hudson River, the Palisades Cliffs and the Manhattan Skyline.  Retail space will be mostly in a separate, two-story building.

MONEY MOVES

RUTHERFORD, NJ—NGKF Capital Markets National Loan Sale Advisory Group has sold a $24 million loan pool from the OceanFirst Bank loan portfolio. The pool was collateralized by a variety of industrial, retail and mixed-use assets. The loan sale advisory team of NGKF Capital Markets, led by executive managing director Steven Schultz and managing directors Josh Malka and Tony Georgiev, represented the seller in the sale to Castlelake/Midwest Capital. The average loan size was $500,000.