YONKERS, RYE AND LARCHMONT, N.Y. — Harrison, N.Y.-based Stillman Property Management has acquired three multifamily properties in the greater New York City metropolitan area totaling 406 units for an undisclosed price. The properties are Hudson View Owners Corp., a 249-unit cooperative located at 632, 650 and 678 Warburton Ave. in Yonkers; Milton Harbor House, an 88-unit cooperative located at 720 Milton Road in Rye; and Larchmont Hills Owners Corp., a 69-unit cooperative located at 17 N. Chatsworth Ave. in Larchmont. Terms of the transactions were not disclosed.
COLLEGEVILLE, PA. — HFF has arranged $32.9 million in financing for Global Data Center, a purpose-built, Tier III+ data center facility located at 1000 Black Rock Road in Collegeville. The borrower, GI Partners, will use the financing to acquire the property. Kevin MacKenzie, Ryan Ade, Jamie Kline and Christian Tober of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank for the borrower. Completed in 2009, the 203,702-square-foot facility features an available power load of 4.6 MW and the capacity to be expanded to 7 MW with additional capital investment.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a development site located at 2433 Pitkin Ave. in Brooklyn. A private investor acquired the site for $1.1 million. The buyer plans to develop a mixed-use property featuring 32 residential units and ground-floor retail space on the site. Jakub Nowak, Jim McGuckin and Thomas Brennan of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
WARWICK, R.I. — HFF has arranged $75 million in refinancing for Warwick Mall, a super regional mall located at 400 Bald Hill Road in Warwick. The borrower is a joint venture between Bliss Properties, Mark T. Brennan & Co. and Lane Family Trust. Jennifer Keller and Andrew Gray of HFF arranged the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s and renovated in 2011, the 978,659-square-foot mall is occupied by 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces.
FAIRLESS HILLS, PA. — Cronheim Mortgage has arranged a $33.5 million mortgage loan for Fairless Hills Towne Center, a retail center located in Fairless Hills. The borrower is a joint venture between Larken Associates and Red Starr Investment. The loan was placed with an investment bank and structured with a seven-year term and 30-year amortization schedule after an 18-month interest-only payment period. The permanent loan refinanced the bridge loan used to acquire and reposition the property. The borrowers acquired the 294,000-square-foot center, which is anchored by Giant Food/Pharmacy, in 2015.
NEW PALTZ, N.Y. — The State University of New York (SUNY) at New Paltz, along with PC Construction, has broken ground on a $14 million Engineering Innovation Hub, located on the university’s campus in New Paltz. The two-story structure will add to the school’s growing mechanical engineering program, house the headquarters and laboratories of the university’s Hudson Valley Advanced Manufacturing Center, provide space for potential business partners under the state’s START-UP NY program, and serve as a business incubator for technology and engineering startups in the mid-Hudson Valley. Urbahn Architects designed the 19,500-square-foot facility, which allows for potential expansion. The project team includes Vanderweil Engineers, CSA Group, Leslie E. Robertson Associates, YR&G, BET Engineering Consultants, Edgewater Design, Lumen Architecture and Ellana Inc.
DUNMORE, PA. — Hinerfield Commercial has arranged the sale of an industrial property located at 150 Grove St. in Dunmore. A coffee manufacturer from New Jersey acquired the property for an undisclosed price. The buyer plans to move its operations to the 166,499-square-foot facility. The facility was originally constructed in 1919 as a silk mill. The name of the seller and acquisition price were not released.
NEW WINDSOR, N.Y. — Island Associates has brokered the acquisition of a retail property located at 170 Windsor Highway in New Windsor. An undisclosed buyer purchased the property for $5.7 million. QuickCheck occupies the 7,254-square-foot property, which is situated on 2.9 acres. Roger Delisle of Island Associates represented the buyer, while Matthew Gorman of CBRE represented the undisclosed seller in the deal.
Despite the maturing commercial real estate cycle, Boston’s thriving economy continues to generate positive momentum for the metro’s multifamily property marketplace. Over the 12-month period ending June 30, 2017, area employers added 55,700 positions, growing the employment base by 2.1 percent. Job creation was driven by the typically high-wage healthcare and professional fields, and more than 30 percent of the new roles created were in office-using sectors. This healthy growth has supported a surge in household formation, which — along with the high cost of homeownership — is sustaining substantial demand for rental units. The significant affordability gap between renting and homeownership favors renting over homeownership by $591 per month. This, in combination with rising office-using employment, continues to boost apartment demand, which will support this year’s robust construction pipeline. Developers are on track to deliver more than 9,500 units to the marketplace in 2017, marking the highest point of the current cycle. Builders have focused their efforts in the urban core, particularly in the Fenway, Brookline and Brighton submarkets, and in first-ring suburbs. Nearly two-thirds of incoming units will be inside the city limits or in the closest suburban markets like Cambridge and Revere. The two largest deliveries each …
MOUNT LAUREL, N.J. — Prestige Properties has purchased Centerton Square, a shopping center located at 2 Centerton Road in Mount Laurel. Black Creek Diversified Property Fund sold the property for $130 million. A 426,436-square-foot Wegman’s grocery store anchors the more than 700,000-square-foot regional shopping center. At the time of sale, the property was fully leased to a variety of tenants, including DSW Shoes, TJ Maxx, Bed Bath & Beyond and Burlington, which is slated to open soon.