REBusinessOnline

Weiss Realty Acquires Industrial Facility in Northern New Jersey for $30M

FAIRFIELD, N.J. — Weiss Realty has acquired the Fairfield Business Center, a seven-building industrial/flex complex totaling 336,220 square feet and located on 16.8 acres in Fairfield. The sales price was $30 million. Fairfield Business Center was 88 percent leased to 61 tenants at the time of sale. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, Denholtz Associates, in the transaction. Denholtz …

Madison Realty Capital Provides $55M Construction Loan for Mixed-Use Development in Brooklyn

NEW YORK CITY — Madison Realty Capital has provided a $55 million construction loan for a mixed-use development underway at 948 Myrtle Ave. in Brooklyn. The loan will be used to complete construction of the project and to refinance existing debt, as well as cover any additional costs associated with the transaction. Meridian Capital previously provided a $15 million bridge loan to the borrower, an experienced local builder, for the project in late 2017. The developer plans to construct a …

Stream Capital Partners Arranges $12M Sale of Walgreens Near Newark

SHORT HILLS, N.J. — Stream Capital Partners has arranged the $12 million sale of a Walgreens property in Short Hills, located about 25 miles west of Manhattan. Phil DiGennaro, Jordan Shtulman and Jonathan Wolfe of Stream Capital represented the undisclosed seller in the transaction. The buyer was a private investor. The 14,963-square-foot property has 19 years remaining on the triple-net lease, which expires in

Cushman & Wakefield Negotiates Sale-Leaseback of 318,389 SF Industrial Facility in South Brunswick

SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has negotiated the sale-leaseback of 473 Ridge Road, a 318,389-square-foot warehouse and distribution facility in South Brunswick. The sales price was not disclosed. Located on a 28-acre parcel, the property includes clear heights of up to 28 feet, 20 trailer spaces, 582 parking spaces and 38,207 square feet of office space. Cushman & Wakefield represented the seller, sportswear manufacturer Central Mills, in the transaction. The buyer was …

HFF Brokers Sale of 7,000 SF Advance Auto Parts in Browns Mills, New Jersey

BROWNS MILLS, N.J. — HFF has brokered the sale of a 7,000-square-foot retail building leased to Advance Auto Parts in Browns Mills, about 40 miles east of Philadelphia. The sales price was not disclosed. HFF represented the seller, a family trust, in the transaction. A private investor purchased the property. Advance Auto Parts has occupied the building since 2004 and has six years remaining on the

CBRE Negotiates $18M Sale of Industrial Facility in New Jersey

KEASBEY, N.J. — CBRE has negotiated the $18 million sale of a 133,032-square-foot industrial facility in Keasbey. The building is located at 100 Crows Mill Rd. William Waxman, Mindy Lissner, Steven I. Beyda and Robert Pine of CBRE represented the seller, TA Realty, in the transaction. Dorothy Chuang of CBRE represented the buyer, California-based Seville Gateway Investments. Built in 1971, the property is located at the crossroads of the New Jersey Turnpike and the Garden State Parkway. The …

Houlihan-Parnes Arranges $17M Refinancing for Independence Plaza in Central New Jersey

HAMILTON, N.J. — Houlihan Parnes Realtors has arranged a $17 million refinancing for Independence Plaza, a shopping center in Hamilton. Located at 2465 South Broad St., the center is currently 75 percent occupied with a tenant roster that includes Regal Cinemas, Crunch Fitness, Save-a-lot, and Dollar Tree. The property is owned by Samuel Jemal of JJ Operating Inc., which acquired the asset in 2014 for $7 million. The property was recently appraised for $28.5 million, according to Houlihan …

EagleBridge Capital Secures $21.5M Acquisition Loan for Multifamily Portfolio in Southern New England

SOUTHERN NEW ENGLAND — EagleBridge Capital has secured a $21.5 million acquisition loan for a 370-unit multifamily portfolio in Southern New England. The portfolio is made up of multiple buildings ranging in size from two to 18 units. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing through an agency lender. The borrower was undisclosed. The 10-year non-recourse mortgage carries a long-term fixed interest rate with a 30-year

Knotel Signs 23,800 SF Office Lease in Midtown Manhattan

NEW YORK CITY — Flexible workspace provider Knotel has signed a 10-year, 23,800-square-foot lease at 6 West 48th St. in Midtown Manhattan. Knotel will occupy the entire second floor through the fourth floor at the 12-story office building as well as the top floor and penthouse. Amanda Bokman and Lloyd Desatnick of JLL represented the building owner in the transaction. Knotel was represented by Elie Reiss of Skylight Leasing. Constructed in 1919, the boutique office building features a …

Marcus & Millichap Brokers $2.9M Sale of Apartment Building in Brooklyn

NEW YORK CITY — Marcus & Millichap has arranged the sale of 934 Sterling Place, an eight-unit apartment property in Brooklyn. The sales price was $2.9 million. Shaun Riney of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor, in the transaction. The four-story property was built in 1905 and is located in the Crown Heights neighborhood of