MONTICELLO, N.Y. — Middletown Medical Group has signed a lease for 8,413 square feet of medical office space at Thompson Square Shopping Center in Monticello. The combined three-tenant space will be the medical group’s new location. The new location will allow Middletown Medical to consolidate two existing Monticello physician offices. The new facility will offer 20 exam rooms, an X-ray unit, a CAT scan machine and urgent care services. With the addition of Middletown Medical Group, the 242,000-square-foot shopping center will be 95 percent leased. Additional tenants include Catskill Hudson Bank, Brother Bruno’s and GameStop. A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group owns the property.
NEW YORK CITY — NKF Capital Markets has arranged an $81 million loan for the acquisition and redevelopment of 25-11 49th Avenue, a 135,000-square-foot warehouse located in the Long Island City area of Queens. The borrower is a partnership between New Jersey-based development and management firm Normandy Real Estate Partners and two New York-based investment firms, Keystone Equities and Drake Street Partners. Dustin Stolly and Jordan Roeschlaub of NKF Capital Markets secured the loan through Deutsche Bank. The redevelopment calls for a full repositioning of the two-story, loft-style warehouse, which will be converted into an 11-story office building totaling 238,000 square feet. Nine stories will be built atop the existing structure, which is located within the area’s factory district. “This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood,” says Stolly. “This is an excellent opportunity for tenants that will allow them to recruit and retail quality talent.” The financing will also be used to implement a capital improvement plan, which will target the office entrances, lobby and common areas and outdoor roof deck. New elevators and HVAC systems, as well as new security and electronics system, are also included in …
NEW WINDSOR, N.Y. — Island Associates has arranged the acquisition of a retail property located at 170 Windsor Highway in New Windsor. An undisclosed buyer purchased the property for $5.7 million. Situated on 2.9 acres, the 7,254-square-foot property is net-leased to QuickChek and features 10 gas dispensers and a drive-thru car wash. Roger Delisle of Island Associates represented the buyer, while Matthew Gorman of CBRE represented the undisclosed seller in the deal.
MIDDLETOWN, N.Y. — Concord Capital New York has purchased Playtogs Shopping Plaza, a mixed-use shopping plaza situated on 18 acres at 130-138, 144-146 and 156 Dolson Ave. Concord Capital plans to renovate the existing structure, rename the property Middletown Plaza and Playtogs Corporate Center and lease the mall. The property is a 203,000-square-foot four-building community retail center with more than 40 retail spaces. At the time of sale, the property was 40 percent leased to a variety of tenants, including Family Dollar, TD Bank, Rent-A-Center, Mavis Discount Tire, Carvel and Middletown Cinemas.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty has secured a $13 million first mortgage for an office property located at 400 Westchester Ave. in White Plains. The loan was placed for a period of 20 years and self-liquidating basis at a rate of 4.06 percent. Fordham University occupies the property with a net lease through 2038. Christie Houlihan, Bryan Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors and GHP Office Realty arranged the loan. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower and the title was ensured by The Great American Title Agency in White Plains.
MOUNT VERNON, N.Y. — Marcus & Millichap has brokered the sale of an industrial property located at 888 S. Columbus Ave. in Mount Vernon. A private investor sold the property for $3.2 million. The property features 39,000 square feet of industrial space. John Sala of Marcus & Millichap represented the seller in the transaction.
NEW YORK CITY — Madison Realty Capital has provided $45.5 million in financing to a New York-based developer to complete the construction of 22 Bond Street, a mixed-use condominium development in the Noho neighborhood of Manhattan. The 11-story, 34,035-square-foot development features a 4,245-square-foot commercial condominium on the cellar and grade levels and six residential condominiums on the upper floors. The residential condominiums are three-bedroom, 3.5-bath duplex units with private elevator access and terraces. On-site amenities include an outdoor garden, storage and a resident lounge. Completion is slated for spring 2018.
NEW YORK CITY — The Vorea Group has purchased a development site, located at 45-57 Davis St. in the Long Island City neighborhood of Queens, for $21.6 million. Stephen Preuss of Cushman & Wakefield represented the seller, 45-57 Realty Corp., in the transaction. The site comprises three contiguous tax lots and offers 108,000 buildable square feet within multiple zoning districts, allowing for mixed-use, residential and commercial development.
NEW YORK CITY — KeyBank Community Development Lending & Investment has provided $5.2 million acquisition financing for Grand Crossing, an affordable housing property located in Central Harlem. Built in 1910, the five-story property features five studio units, 35 two-bedroom units and 15 three-bedroom units. The undisclosed borrower plans to invest in unit upgrades, including green renovations. Tom Peloquin and John Gilmore of KeyBank arranged the financing through Freddie Mac. Paul McCormick and Matt Dzbanek of Ariel Property Advisors represented the borrower in the financing.
LONG ISLAND, N.Y. — Cushman & Wakefield has arranged the sale of a 50 percent interest in a 3.6 million-square-foot industrial portfolio in Nassau and Suffolk counties. The properties had been owned in a joint venture comprising Cammeby’s and FBE. Cammeby’s acquired the 50 percent of the portfolio owned by FBE for $135 million. The 38-building portfolio is close to 90 percent occupied. Tenants include Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday. The portfolio offers a mix of industrial, office and research and development space. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Stephen Palmese of Cushman & Wakefield brokered the transaction.