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Northeast

Marcus & Millichap Arranges $34.4M Sale of Multifamily Property in Camden, New Jersey

CAMDEN, N.J. — Marcus & Millichap has brokered the sale of Crestbury Apartments, a multifamily property located at 2552 S. Eighth St. in Camden. An affiliate of Lincoln Avenue Capital acquired the property from Tryko Partners for $34.4 million. Situated on 18 acres, the property features 392 one- and two-bedroom units. Andrew Townsend, Ridge MacLaren and Clarke Talone of Marcus & Millichap represented the seller in the deal. J.D. Parker of Marcus & Millichap is the firm’s broker of record..

October 20, 2017

Greystone Provides $54.2M in Financing for Two Skilled Nursing Facilities in Queens

NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and..

October 20, 2017

Hampshire Cos., First Westwood Realty Open Self-Storage Facility in Westwood, New Jersey

WESTWOOD, N.J. — A joint venture between The Hampshire Cos. and First Westwood Realty has opened an Extra Space Storage location at 15 Madison Ave. in Westwood. Designed by SNS Architects, the 100,000-square-foot facility features 916 self-storage units, 24/7 access, elevators, full climate control, a covered loading area and a state-of-the-art security system. Extra Space Storage will manage the property. This facility is the 37th Extra Space Storage property that The Hampshire Cos. has..

October 20, 2017

Gebroe-Hammer Facilitates $5.7M Sale of Apartment Community in Belmar, New Jersey

BELMAR, N.J. — Gebroe-Hammer Associates has arranged the sale of Silver Lake Garden Apartments, a multifamily community located at 104 Fifth Ave. in Belmar. A private investor acquired the property from Anza Inc., the original developer/owner, for $5.7 million, or $190,000 per unit. The 30-unit property features six two-bedroom and 24 one-bedroom units with updated kitchens and bathrooms. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.

October 20, 2017

Farmingdale State College Completes $12M Renovation of Conklin Hall Student Center

EAST FARMINGDALE, N.Y. — Farmingdale State College has re-opened Conklin Hall after completing a $12 million redevelopment and renovation of the building. Stalco Construction and BRB Architects transformed the two-story, 19,701-square-foot building — which was originally built as a power plant in 1914 — into a student center. The 11,115-square-foot lower level features a newspaper room, a yearbook room, a student lounge, student club offices and four private offices, while the..

October 20, 2017

Hood Park LLC Breaks Ground on 177-Unit Residential Project in Boston Suburb

CHARLESTOWN, MASS. — Hood Park LLC has broken ground for 480 Rutherford Avenue, a multifamily project located in Charlestown, a suburb of Boston. The development is the first residential project at Hood Park, a 20-acre development permitted for more than 1.1 million square feet located at the former H.P. Hood Plant. The 177-unit multifamily development will feature a mix of studio, one- and two-bedroom units, including 23 affordable units. On-site amenities will include garage parking, bike..

October 19, 2017

CenterPoint Acquires Distribution Center in Northern New Jersey

WAYNE, N.J. — CenterPoint Properties has purchased a new distribution center, located at 95 Demarest Drive in Wayne, for an undisclosed price. Located on 14 acres and built in 2016, the 163,253-square-foot property features 90 trailer parking spaces, 219 car parking spaces, 44 dock-high doors and 28-foot clear heights. The facility is fully leased on a long-term basis to one of the largest delivery companies in North America. Britton Burdette of Stan Johnson Co. represented the undisclosed..

October 19, 2017

HFF Secures $9.5M in Acquisition Financing for Three Philadelphia-Area Industrial Facilities

MOUNT LAUREL, N.J. — HFF has arranged $9.5 million in combined acquisition financing for three industrial facility totaling 254,496 square feet in Mount Laurel, a suburb 20 miles east of Philadelphia. The borrower is Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures. Mike Pagniucci and Ryan Ade of HFF arranged the separate floating-rate loans for each property through Webster Bank. The properties are 600 and 601 Delran Parkway and 116 Gaither..

October 19, 2017

Day Kimball Healthcare Sells Three-Building Medical Office Portfolio in Connecticut

PLAINFIELD AND DANIELSON, CONN. — A national healthcare real estate company has purchased a medical office portfolio occupied by Day Kimball Healthcare Inc. for an undisclosed price. The 45,000-square-foot portfolio includes three properties located in Plainfield and Danielson. Two of the properties were sold by Day Kimball Healthcare as part of a sale-leaseback transaction, while the third property was sold by an unaffiliated seller with Day Kimball Healthcare executing a long-term lease..

October 19, 2017

CBRE Negotiates Sale, Arranges Acquisition Financing for 100,250 SF Retail Center in Easton, Pennsylvania

EASTON, PENN. — CBRE has arranged the sale of Fork Town Center, a shopping center located at 301 Town Center Blvd. in Easton. Retail Properties of Americas sold the 100,250-square-foot property to a joint venture between Triple Crown Corp. and J.C. BAR Properties. Thomas Gorman of CBRE’s Debt & Structured Finance procured $18 million in acquisition financing for the buyer. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal. Built in 2002,..

October 19, 2017