26A — August 17 - 30, 2012 — Mid Atlantic Real Estate Journal
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O utside the R egion
Lynch and Margolick join company A&G Realty Partners goes coast to coast
Newark, NJ based company expands New York City Treetop Development acquires 52-unit rental building
Melville, NY — Com- mercial real estate consult- ing, advisory and investment group A&G Realty Partners announced that noted in- dustry leaders Peter Lynch and Andrew Margolick have joined the firm as partners, bringing toA&G coast-to-coast geographic penetration as well as further deep industry experience in dealmaking, real estate dispositions, lease renegotiations and strategic planning. Both Lynch and Margolick come to A&G from positions of leadership in the field, Lynch as a principal and senior managing director at DJM Realty, and Margolick as president of his own firm, ATLANTA, GA — Hudson Realty Capital (Hudson) has funded a $2.5 million bridge loan secured by a 106,000 s/f office building in the Buckhead community of Atlanta. The borrower is utilizing the loan proceeds to acquire the under- lying debt and implement a comprehensive property reposi- tioning as part of the long-term business plan. Atlanta’s economy and com- mercial real estate market have gained steadymomentum in the early part of 2012. Unemploy- ment is expected to continue its decline, translating into a gradually improving office sec- tor where jobs are returning to the city and its outer-districts. Multi-family occupancies also continue to fortify city-wide. QUEENS, NY — Hudson has funded a $5.9 million Lexington, KY — Den- holtz Associates, a New Jer- sey-based real estate devel- opment company announced that the Cabinet for Health and Family Services (CHFS) signed a 49,275 s/f, long-term lease extension at the 307,953 s/f Lexington Business Center in Lexington, KY. With nearly 8,000 full and part-time employees, CHFS is home to most of the State’s health and human services programs, includingMedicaid, the Department for Com- munity Based Services and the Department for Public Health. “Having a well-known state
ARM Consulting, and as a vice president at Hilco Real Estate. Says A&G co-president Emilio Amendola, “Having Andrew join us in Chicago, and having his extensive ex- perience in the Midwest at our disposal, we’ll have even more access to the detailed and vital on-the-ground information necessary to stay on top of the national real estate mar- ket. Adds Margolick, “I never thought I would make a move frommy own firm -- until I saw the platform that A&G Realty Partners was planning to offer. At that point, the decision to work with Andy and Emilio was an easy one to make.” n agency on premises is a boost for Lexington Business Cen- ter,“ said Stephen Cassidy, president of Denholtz Associ- ates. “We are pleased that CHFS recognized that the facilities here support the Agency’s long-term require- ments.” Bob Cole of Coleman Group represented both parties in the transaction. Situated on 21.4 acres, Lex- ington Business Center con- sists of five flex/industrial buildings. The site features units ranging from 900 to 49,000 square feet, including a 157,400s/f bulk distribution facility, and ample parking. n The six adjoining circa 1925- 1930 buildings feature a total of 42 apartment-rental units and 11,250 square feet of com- mercial space. Located in the heart of the Middle Village sec- tion of Queens, the two-story property will be renovated by the borrower, an experienced real estate owner and investor, who plans to lease up the va- cant units in the next six to 12 months. Current occupancies are 83 percent and 20 percent, for the residential and commer- cial units, respectively. n first-mortgage loan secured by a 50,040 s/f multi-fam- ily property with ground-floor retail along Woodhaven Blvd. The borrower will utilize the proceeds for a discounted first- mortgage payoff and to estab- lish reserves to stabilize the property.
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anhattan/Har- lem, NY — Adam Mermelstein, princi-
pal of Treetop Development, has purchased a 52-unit rental building located at 165 West 127th St. The six-story build- ing also features 6,000 s/f of second floor commercial space and 6,000 s/f of ground floor retail spaces. Treetop Development – which owns and self manages over 3,000 residential homes throughout New York and New Jersey -- plans to com- plete one of its “trademark” renovation programs at the building, Mermelstein points out. A mix of 30 one-, two- and three-bedroom apartment homes are currently vacant and will be renovated. “The current housing mar- ket in New York City has al- lowed real estate developers and investors the opportunity to tap into new markets,” said Mermelstein. “As a result, traditional neighborhood lines are being expanded. We’re certainly seeing this in Upper Manhattan where neighbor- hoods from 100th Street and north have more of an Up- per West Side feel with new investors and development McAllen, TX—FD Stone- water has sold a recently-de- livered, build-to-suit facility under long-term lease to the U.S. Government in McAllen, TX. The buyer of the 24,000 s/f U.S. Immigration and Cus- toms Enforcement (ICE) facil- ity was a NewYork City-based investment group focused on buying Government assets with long term leases in place. New York City, NY — Greg Kraut, Avison Young prin- cipal and managing director of the company’s NYC office, announced the completion of three transactions. AvisonYoung principal Justin Piasecki and Aaron Iskowitz, a VP in the NYC office, recently completed the following loan sale transactions: • The sale of a nine-asset portfolio located throughout New England on behalf of a Boston based real estate invest- ment firm. The assets included
Hudson Realty Capital funds $2.5 millionAtlanta bridge loan
heels of the purchase of four properties in NewYork City lo- cated at 1917 7th Avenue, 110 St. Nicholas Avenue, 110 West 116th Street and 120 West 116th Street. The properties consist of over 80 apartment homes and eleven retail spaces totaling 10,000 s/f. These transactions are the first of several large portfolio- type deals Treetop Develop- ment is planning in New York City to significantly increase its presence throughout Man- hattan in 2012, according to Mermelstein. n dously experienced owner and operator of Government leased properties - has purchased an asset that will provide stable returns to their investors. And, FD Stonewater was able to successfully deliver this important building to the Gov- ernment and also capitalize on the current market demand for quality investment oppor- tunities.” n collateralized by a multi-family property in San Jose, CA. Work- ing on behalf of client First Na- tional Bank of America in East Lansing, MI, Piasecki and Is- kowitz negotiated the transfer of the loan to Provident Bank, located in Riverside, CA. “The diverse geography of these transactions reflects our team’s longstanding relation- ships with leading players across the country, as well as the strength of Avison Young’s reputation and national net- work,” said Piasecki. n
activity is raising the level of the neighborhood’s housing inventory. “Located on 127th Street and 7th Avenue with great ac- cess to subways and transpor- tation, this building lies in a neighborhood that is dramati- cally improving with more re- tail, condos and high-end rent- als popping up and is a great option for young professionals, families and students to lease a really nice apartment at an affordable price.” The purchase of 165 W. 127th Street comes on the The facility, which houses ICE’s Office of Investigations at the U.S.-Mexico border, is under a 10 year lease to the Government. Claiborne Wil- liams, FD Stonewater’s lead development principal, said “This is a great result for all parties. GSA and ICE have received a state-of-the-art fa- cility to meet their long term needs. The buyer - a tremen-
FD Stonewater sells McAllen, Texas build-to-suit facility under long-term lease to Gsa Investor Grp.
Denholtz Associates signs 49,275 s/f lease in KY at Lexington Business Ctr.
Piasecki & Iskowitz of Avison Young complete 3 transactions one real-estate owned site, one non-performing loan, and seven performing loans. The collateral consisted of a mix of multi-family, office and retail properties.
• The sale of a first mort- gage collateralized by a 76,168 s/f multi-tenant retail property located in Rancho Mirage, CA. On behalf of a Midwest-based commercial lender, Avison Young successfully negotiated the transfer of the loan to a Boston-based bank. • The sale of a first mortgage
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