Here is a weekly roundup of middle market transactions and activities in the Northeast.

Deal Tracker

PHILADELPHIA, PA—Post Brothers says five retailers have signed leases at Hamilton Court, the historic apartment complex in the city's University City neighborhood. Post Brothers is upgrading Hamilton Court, which was one of Philadelphia's first apartment buildings when it was constructed at 39th and Chestnut streets in 1901. The renovations include the conversion of vacant ground-floor space into modern commercial retail spaces, which will be occupied by five dining establishments: Steve's Prince of Steaks, one of Philadelphia's most famous cheesesteak restaurant chains, which has signed a lease for 2,277 square feet; Bon Chon, an international Korean fried chicken restaurant chain, which has signed a lease for 8,238 square feet, its second location in Philadelphia; Halal Guys, a 25-year old, New York-based culinary institution, which has signed a lease for 1,710 square feet, its second location in the region; Tea Do, a bubble tea house, which has signed a lease for 1,207 square feet, its second location in Philadelphia; and I-CE NY, a Thai rolled ice cream shop, has signed a lease for 933 square feet, marking its first location in Philadelphia following its success in New York and abroad.

HACKENSACK, NJ—The Kislak Company brokered the sale of Rose Garden Apartments, a 40-unit apartment complex at 401-407 Passaic Street in Hackensack, Bergen County, NJ for $6.1 million. The seller was JGSR Realty, and the buyer was J&D 339 Broadway, according to Real Capital Analytics, a proprietary research database. Kislak sales associate Andrew Scheinerman marketed the property on an exclusive basis, representing the seller, while vice president Jonathan Greenberg represented the purchaser. Rose Garden Apartments consists of 40 residential units in two brick, two-story apartment buildings with pitched roofs, 22 garages and 27 on-site parking spaces. Tenants have access to on-site laundry rooms and storage units, and they are responsible for electricity and heat. The property is situated in the quiet Fairmont neighborhood near Prospect Avenue. The property was fully occupied at closing. Financing was provided by Oritani Bank.

SLATINGTON, PA—Marcus & Millichap brokered the sale of Victory Estates, a 58-unit multifamily community located in Slatington, PA. The $3.6 million sales price equates approximately $62,069 per unit.

ETTERS, PA—The KLNB Retail Investment Sales Group has brokered the $17 million sale of Newberry Commons, a 246,000 square-foot grocery-anchored community retail center located at 10 Newberry Commons, Etters, PA, near Harrisburg. Andy Stape and Vito Lupo of KLNB Retail exclusively represented the seller, Newberry Commons, and also procured the buyer, Vastgood Properties, in the transaction. The center was 95% leased at the time of the sale.

CLIFTON, NJ—A 7,000-square foot office building at 42 Chestnut Street in Clifton has been leased to Public Service Electric & Gas by Sheldon Gross Realty. The building will be used by PSE&G related to a three-year, $905 million program – already approved by the New Jersey Board of Public Utilities – that's focused on replacing aging gas pipes.

INDIANA, PA—Marcus & Millichap brokered the sale of Absolute NNN 10-Year Chipotle, a 2,240-square foot net-leased property located in Indiana, PA, according to Michael L. Glass, regional manager of the firm's Columbus, OH, office. The asset sold for $1.8 million, representing a 5.1% cap rate.

FAIRFIELD, NJ—The Stro Companies acquired 18-20 Industrial Road in Fairfield, a 30,000 square foot flex industrial building featuring three units, abundant parking and 20' ceiling heights. The building was acquired for approximately $2.5 million vacant from a long time owner. The building had been leased to a single user. Stro will reposition the building as a multi-tenanted asset.

LINDEN AND NEWARK, NJ—Seagis Property Group has acquired two industrial buildings totaling 101,000 square feet, including a 79,000 square foot, multi-tenant building located at 1026 West Avenue in Linden, NJ and a 22,000 square foot single-tenant building at 136-158 Paris Street in Newark, NJ. Both buildings are fully leased.

PHILADELPHIA, PA—Colliers Philadelphia Capital Markets team led by John Banas and Kris Wood arranged $12 million in financing for the acquisition and completion of Blue Course Commons into a 276-bed student housing complex in State College, PA. Located on a bus route within one mile of the Penn State campus, Blue Course Commons is also adjacent to an 87-acre park and within walking distance to many local shops and restaurants, as well as a major grocery store. The team secured the financing for a 3-year, fixed rate loan with a 2-year interest-only period.

Notables

NEW YORK, NY—Kramer Levin Naftalis & Frankel promoted Inge Hindriks to special counsel. Hindriks advises and represents developers, property owners, lenders and investors in real estate development and construction in a comprehensive range of matters related to office buildings, industrial facilities, hotels, and retail and mixed-use projects. Ms. Hindriks earned her JD from Universteit Utrecht (Utrecht University), and was a member of the Foreign Trained Lawyers Program at Brooklyn Law School.

HACKENSACK, NJ—Alexander Anderson Real Estate Group has launched Alexander Anderson Capital Group, a real estate syndication arm, to sponsor, acquire and redevelop projects in downtown areas that are undergoing a revitalization in conjunction with small or individual real estate investors.

PLYMOUTH MEETING, PA–Metro Commercial Real Estate has been hired by Cedar Realty Trust to lease their Pennsylvania portfolio of 23 properties as well as one New Jersey location. Cedar's portfolio contains primarily grocery-anchored centers, and offers leasing opportunities from small spaces to anchors to pad sites.

HACKENSACK, NJ–Alfred Sanzari Enterprises recently held its annual “Operation Holiday” gift and toy drive. Working in conjunction with Eva's Village in Paterson, a non-profit social service organization, Sanzari collected almost 500 toys and other gift items – including winter accessories and gift cards – from its generous tenants, employees and vendors.

Here is a weekly roundup of middle market transactions and activities in the Northeast.

Deal Tracker

Notables

Instant Insights /

Middle Market Digest: The Northeast

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