NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of an industrial building located at 315 Liberty Ave. in the Brownsville section of Brooklyn. Beldex Realty sold the property to 315 Liberty Avenue LLC for $5 million. The buyer plans to redevelop the two-story, 28,000-square-foot industrial building into office space. The building features gas heat, heavy power, drive-in doors and a loading dock. Allison Chambers of KDA represented the buyer, while Samuel Zupnick and Nathan Friedman, also of KDA, represented the seller in the transaction.
Coastal Ridge Real Estate Launches Third-Party Management Platform, Awarded Three-Property Portfolio
BUFFALO, N.Y. — Columbus, Ohio-based Coastal Ridge Real Estate has launched a third-party property management platform and has been awarded management of three student housing communities owned by DHD Ventures. The properties are Monarch 716, a 592-bed community located at 100 Forest Ave. in Buffalo; Monarch 815, a 576-bed community located at 1109 University Parkway in Johnson City, Tenn.; and Monarch 544, 440-bed community located at 650 SC-544 in Conway, S.C. The firm expects to grow its third-party property management portfolio to 2,500 units by the end of 2018.
ROCHESTER, N.Y., AND CLEVELAND — HFF has secured $33.7 million for the refinancing of a 21-building retail portfolio located in the greater Rochester and Cleveland metro areas. The borrower is FX Net Lease Holdings LLC. Chris Hew, Dan Martin and Evan Parker of HFF arranged the 18.5-year, fixed-rate loan with Allegiant Real Estate Capital. Totaling 65,588 square feet, the properties are all triple-net leased to Wendy’s.
NEW YORK CITY — Integra Real Estate Capital has secured $16 million in financing for a retail condominium located at 1809 Emmons Ave. in Brooklyn. Located at the base of The Vue, the two-story condominium features 26,000 square feet of retail space. The Vue is a newly constructed residential tower developed by Rybak Development. Igor Goldenberg of Integra negotiated the 10-year interest-only loan with a CMBS lender for the undisclosed borrower.
HUNTINGTON, N.Y. — NAI Long Island has arranged the sale of an office building located at 187 E. Main St. In Huntington. Home Energy Solutions acquired the property from an undisclosed seller for $1.3 million. The building features 4,750 square feet of office space, as well as a large storage area. Gary Pezza of NAI Long Island represented the buyer and seller in the deal.
NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.
NEW YORK CITY — Cignature Realty Associates has facilitated the sale of a six-story multifamily building located at 221 Wadsworth Ave. in the Washington Heights section of Manhattan. An undisclosed buyer acquired the building for $13.2 million. Built in 1928, the 41,736-square-foot building features 54 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the undisclosed seller and buyer in the transaction.
PORT CHESTER, N.Y. — Marcus & Millichap has arranged the sale of an industrial property located at 330 N. Main St. in Port Chester. A limited liability company sold the property to an undisclosed buyer for $1.8 million. The 10,800-square-foot property features 2,000 square feet of retail store front space along North Main Street. John Sala of Marcus & Millichap represented the seller in the deal.
NEW YORK CITY — Mizuho Americas has signed a lease with the Rockefeller Group to occupy 270,000 square feet of office space at 1271 Avenue of the Americas in Manhattan. The long-term lease, which follows the June announcement of Mizuho’s lease of 141,000 square feet in the building, brings the company’s total commitment for 1271 Avenue of Americas to 411,000 square feet. The new lease nearly triples the size of the company’s future U.S. headquarters in the building. Mizuho, a subsidiary of Mizuho Financial Group, will begin to take possession of its space in 2019. The company plans to relocate employees from multiple locations to the 2.1 million-square-foot tower. Mitchell Steir, Matthew Barlow, Steve Berliner and David Goldstein of Savills Studley represented Mizuho, while Mary Ann Tighe, Howard Fiddle, John Maher, Sarah Pontius, Evan Haskell and Dave Caperna of CBRE, in coordination with Ed Guiltinan, Jennifer Stein, Yoshinori Nakamura, Yoko Yamada and Eden Jeon of Rockefeller Group’s in-house leasing team, represented Rockefeller Group in the lease transaction.
NEW YORK AND NEW JERSEY — HFF has arranged 16 financings totaling $663 million secured by 15 retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey. Scott Aiese, Jon Mikula and Mike Tepedino of HFF secured the 16 separate loans with two CMBS lenders, three life company lenders and one bank for the borrower, Urban Edge Properties. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower’s maturity schedule. The portfolio comprises 98.1-percent-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; The Home Depot; Lowe’s Home Improvement Warehouse; Costco; BJ’s Wholesale Club and Walmart; and one multi-tenant warehouse property in East Hanover, N.J. The 16 properties are in dense submarkets with affluent demographics, including 15 located in New Jersey and one in New York.