REBusinessOnline

Marcus & Millichap Negotiates $2.5M Sale of Office Building in Montclair, New Jersey

MONTCLAIR, N.J. — Marcus & Millichap has negotiated the $2.5 million sale of a 70 Park Montclair, a 12,000-square foot office property located in Montclair. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a partnership, in the transaction. 70 Park Montclair is located at 70 Park St. and currently 83 percent

Arbor Provides $25M Refinancing for Multifamily Community in Trenton

TRENTON, N.J. — Arbor Realty Trust has provided a $25 million loan through Fannie Mae for the refinancing of an apartment property in Trenton. The borrower was undisclosed. The 169-unit multifamily property is known as The Village at Lambert Green. Built in 2017, the community features amenities that include chef-style kitchens, 24-hour emergency maintenance, a clubhouse and fitness center. Ronen Abergel of Arbor Realty originated the 12-year, fixed-rate

Fantini & Gorga Arranges $20.5M in Construction Financing for Seniors Housing Community in Massachusetts

CHICOPEE, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for Chicopee Assisted Living at RiverMills, an assisted living community in the Western Massachusetts city of Chicopee. Once completed in Spring 2019, the three-story, 80,000-square-foot community will include 95 units. The development will be located along the Chicopee River in the city’s historic RiverMills District. Approximately 20 percent of the units will offer memory care services. An additional 20 …

NAI James E. Hanson Negotiates Sale of 244-Acre Land Parcel in Lebanon Township

LEBANON TOWNSHIP, N.J. — NAI James E. Hanson has arranged the sale of a 244-acre parcel of land in Lebanon Township. The sales price was undisclosed. The property features open and wooded land and is currently occupied by Pelio Farms. John J. Schilp and Sigmund Schorr of NAI James E. Hanson represented the buyers, New Jersey Conservation Foundation, New Jersey Green Acres Program, Lebanon Township, Hunterdon Land Trust, The Nature Conservancy, Victoria Foundation, 1772 Foundation, Leavens …

Marcus & Millichap Brokers $2.3M Sale of Retail Property in New Jersey

SOMERVILLE, N.J. — Marcus & Millichap has brokered the $2.3 million sale of a 13,000-square-foot retail property in Somerville. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The two-story building is located at 130 W Main St. in downtown Somerville and is currently occupied by Stickley Furniture

Atlantic Plywood Corp. Signs 46,000 SF Industrial Lease in Farmingdale, New York

FARMINGDALE, N.Y. — Lumber supplier Atlantic Plywood Corp. has signed a 46,161-square-foot industrial lease in Farmingdale. Located on a 2.2-acre site at 220 Smith St., the facility features 18-foot clear heights, multiple loading docks and is fully fenced. Barry Cohorsky, Brian Pinnola and Matthew Giugliano of NAI represented Atlantic Plywood in the transaction. The landlord was represented by Brian Lee and Dan Marcus of Newmark Knight

BET Investments Breaks Ground on $200M Mixed-Use Project Near Philadelphia

UPPER DUBLIN, PA. — BET Investments Inc. (Bruce E. Toll Co.) has broken ground on The Promenade at Upper Dublin, a master-planned, mixed-use project in the Philadelphia suburb of Upper Dublin. Development costs are estimated at $200 million. The project’s residential component will include 402 units and 114 active adult homes. Amenities will include a resort-style pool, gourmet kitchens with quartz countertops, stainless steel appliances and a fitness center. A planned retail component …

CBRE Brokers $65M Sale of Apartment Community in Boston

BOSTON — CBRE has brokered the $65 million sale of Fairlawn Apartments, a 347-unit apartment community in the Mattapan neighborhood of Boston. Simon Butler and Biria St. John of CBRE represented the seller, AP Fairlawn LLC, an affiliate of ARES Management. The buyer was an affiliate of the DSF Group. The property consists of 12 four-story apartment buildings built between 1965 and

Maverick Commercial Arranges $47M Refinancing for Office Portfolio in Pittsburgh

PITTSBURGH — Maverick Commercial Mortgage has secured $47 million in refinancing for a six-building office portfolio in Pittsburgh. Located within the Parkway West Corridor submarket, the property features 585,000 rentable square feet. Maverick Commercial secured a 10-year, fixed-rate loan with a 30-year amortization schedule through a national lender for the borrower, a joint venture between JDI Realty and Market Street Real Estate Partners. The borrowers acquired the property in 2014. Since …

PREIT Signs Three Tenants to Backfill Former Macy’s at Plymouth Meeting Mall in Philadelphia

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has inked leases with three new tenants at Plymouth Meeting Mall in Philadelphia. Burlington, Dick’s Sporting Goods and Edge Fitness will open locations at the mall in spring 2019, backfilling the space formerly occupied by Macy’s. PREIT is also negotiating leases with an arts and crafts purveyor and a craft brewery. Current tenants at Plymouth Meeting Mall include LEGOLAND Discovery Center, Dave & Buster’s, Bath …