NEWARK, N.J. — Progress Capital has arranged $6.3 million in permanent mortgage financing for the acquisition of a 2.2-acre paved parking lot located at 296-305|308-320 Mulberry St. and 12-14 Cottage St. in Newark. The property also includes a double-sided billboard currently subject to an annual lease. The undisclosed borrower purchased the property for $9 million and is entering into a lease with L.A. Parking Corp. The borrower’s property management firm will maintain the leasing and management of the billboard. Brad Domenico of Progress Capital arranged the financing. The loan is non-recourse and accompanied by a fixed rate of 4.5 percent and a seven-year term amortized over 25 years.
UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.
Amherst, N.Y. — China-based real estate private equity fund OC Ventures has acquired Twenty 91 North, a 640-bed student housing community located near the University at Buffalo in Amherst. TSB Realty brokered the acquisition of the property from University Student Living and Harrison Street Real Estate. The community was built in 2016, and offers shared amenities including a resort-style pool; a game area with a pool table, ping-pong and shuffleboard; a study lounge; computer lab; fitness center; and private shuttle service.
NEW YORK CITY — Meridian Capital Group has arranged the $25 million refinancing of a retail and parking facility in Brooklyn. The 10-year CMBS loan features a rate of 4.86 percent and full-term, interest-only payments. Steven Ribiat, Morris Diamant and Tzvi Krieger of Meridian’s New York office arranged the financing for the transaction with the undisclosed borrower. Located at 236 Atlantic Ave., the 69,000-square-foot property was constructed less than 10 years ago and features 24,000 square feet of ground-floor retail space as well as a parking garage. Current tenants include PetSmart and PM Pediatrics. The building also includes 42 residential condominiums on the upper floors that were not part of the collateral.
RIVER EDGE, N.J. — NAI James E. Hanson has negotiated the sale of a 3,112-square-foot office condo in River Edge. The condo is located at 63 Grand Ave., a three-story, 10,000-square-foot office building. Darren Lizzack, Randy Horning, and Michael Guerra of NAI Hanson represented the buyer, Dr. Dan S. Landmann, in the transaction. Joe Tormen of Lee & Associates represented the seller, 63 Grand Ave LLC. The buyer was searching for an opportunity to purchase space as a long-term home for his surgery practice currently based in Maywood.
NORWALK, CONN. — Fairfield County-based Angel Commercial has arranged the sale of an 18,500-square-foot flex building at 507 Westport Ave. in Norwalk. The sales price was $2.2 million. Brett Sherman of Angel Commercial represented the undisclosed buyer in the transaction. The seller was also undisclosed. The buyer plans to put capital improvements into the property and will occupy part of the building for its own use. The property is located in between Westport and Norwalk and is accessible from I-95 and Route 7.
PARAMUS, N.J. — NIA National Realty has arranged five lease transactions totaling 20,000 square feet at a retail and office building in Paramus. Located at 66 Route 17 North, the two-story, 40,000-square-foot building recently underwent a $1 million renovation that included a new façade and windows. A high-end rug company signed a new 10-year lease for 5,000 square feet on the ground floor; Lois Law Firm has signed a 12,500-square-foot lease and Primerica has signed a 1,500-square-foot lease. Educational consultant Shift New Jersey and the Forman Holt law firm both extended their current leases. NIA is also headquartered at the property.
NEW YORK CITY — Columbia Property Trust has sold 222 E. 41st St., a 390,000-square-foot office tower in Midtown Manhattan, for $332.5 million. Commerz Real, the real estate investment management arm of German Commerzbank, purchased the property. CBRE’s capital markets team represented Columbia in the transaction. The building was originally constructed in 2001. Law firm Jones Day occupied the 25-story building from 2007 until 2016. When the Jones Day lease expired, Columbia signed NYU Langone Medical Center to a full-building, 30-year lease. The building has since been converted into a multi-specialty ambulatory care facility that began accepting patients last month. “We were very pleased to secure an esteemed tenant on a long-term lease, which significantly increased the value of the property,” says Nelson Mills, president and chief executive officer of Columbia. “Proceeds will further strengthen our balance sheet in the near term and will eventually be recycled into higher growth investment opportunities.” Following this disposition, Columbia’s portfolio now includes seven New York City properties after the recent purchase of 149 Madison Ave. in November and the acquisition of 245-249 W. 17th St. and 218 W. 18th St. in October. — David Cohen
NEW YORK CITY — Newmark Group Inc. (NASDAQ: NMRK) has agreed to acquire RKF Retail Holdings LLC, a real estate firm specializing in retail leasing, for an undisclosed price. The acquisition is expected to close later this year, and will grow New York-based Newmark’s already robust retail business, which includes leasing, investment sales and retail occupier services alongside Excess Space Retail Services Inc., a Newmark company specializing in real estate disposition and lease restructuring. Robert K. Futterman will serve as chairman of Newmark RKF, Newmark’s retail leasing division, and will be responsible for leading the growth of the company’s retail real estate business throughout North America.
NEW YORK CITY — Meridian Investment Sales has brokered the $22.5 million sale of three contiguous mixed-use buildings in the Williamsburg neighborhood of Brooklyn. The Williamsburg neighborhood underwent gentrification starting in the late 1990s mostly due to low rents. Average rents today range from $1,400 for a studio apartment to $2,600 to $4,000 for a two-bedroom unit. Located at 119-123 Kent Avenue, the buildings contain 17 fully renovated residential apartment units and three ground-floor retail units. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction. The buyer was a private family via a 1031 exchange. Meridian also arranged $12 million in acquisition financing through a local savings bank.