OAKLYN, N.J. — Marcus & Millichap has brokered the $1.8 million sale of a 7,480-square-foot retail property net-leased to Dollar General in Oaklyn. Located at 301 White Horse Pike, the property is situated on a busy retail corridor nine miles east of Philadelphia. Nearby retailers include CVS, 7-Eleven, Dunkin’ Donuts and Wawa. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented both the buyer and seller, both developers, in the transaction.
PHILADELPHIA — Apartment Investment and Management Co. (Aimco) (NYSE: AIV) has agreed to purchase six apartment communities in the metropolitan Philadelphia area for $445 million. The seller is the portfolio’s developer, Philadelphia-based Dranoff Properties Inc. “The timing is right to sell six of our premier properties to Aimco and become a major investor in the company,” says Carl Dranoff, founder and CEO of Dranoff Properties. “Aimco’s expansion and commitment to Philadelphia make it an ideal steward of these trophy assets that we carefully built, owned and managed. I am incredibly enthusiastic about the future of Dranoff Properties as we begin our third decade.” The portfolio comprises 1,006 existing apartment homes, 110 apartment homes under construction and 185,000 square feet of office and retail space. Three of the properties are situated in Philadelphia’s Center City district, and the others are located in University City, Lower Merion Township and Camden, N.J. The acquisitions are expected to close in the second quarter, except for the purchase of the Lower Merion asset, which is under construction and expected to close in the first half of 2019 following its completion. Aimco is initially funding the acquisition with $290 million of existing property debt, $65 million …
NEW YORK CITY — Madison Realty Capital and an investment fund managed by an affiliate of Apollo Global Management LLC have provided a $155 million loan to Sumaida + Khurana and LENY Equities for the construction of a 35-story condominium in the Hudson West neighborhood of Manhattan. Located at 611 West 56th St., the building will feature 83 units as well as a landscaped roof garden and sundeck. The building, which was designed by Pritzker Prize-winning Portuguese architect Alvaro Siza, is being co-developed by Sumaida + Khurana and LENY Equities. Carl Schwartz and Susan Saslow of Hunton Andrews Kurth LLP provided legal representation for the joint venture. Adi Chugh of Maverick Capital Partners arranged the financing.
EAST BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a 41,500-square-foot warehouse and retail facility in East Brunswick. New Jersey based HSJE Realty purchased the property, which is located at 2 Claire Road, for an undisclosed amount. Jonathan Glick and Glenn Jaffe of Sheldon Gross Realty represented the undisclosed seller in the transaction. Corporate America Realty & Advisors represented HSJE Realty. The facility, which is located approximately halfway between New York City and Philadelphia, currently has three tenants, each of which uses a portion of the building for warehousing and retail.
KING OF PRUSSIA, PA. —The Bozzuto Group has completed the development of Canvas Valley Forge, a 231-unit active adult community in the Philadelphia suburb of King of Prussia. KTGY Architecture + Planning designed the apartment property, which targets residents over age 55. The community is part of King of Prussia Town Center, a mixed-use development. Residents of the community are within walking distance of a variety of grocery stores, restaurants, retail shops and other amenities.
ORANGE, N.J. — Marcus & Millichap has brokered the sale of a 13,500-square-foot retail property in Orange, about 18 miles west of Manhattan, for $1.5 million. The property, which is located at 206 Main St., is currently occupied by Kicks USA on a net-lease basis. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Kicks USA has 41 stores in the United States.
WARREN, R.I. — Sitar Realty Co. has arranged the sale of a 451-unit, climate controlled self-storage facility located at 130 Franklin St. in Warren. The purchase price for the 63,000-square-foot property was $7.4 million. Warren is located approximately 13 miles southeast of Providence. Storage Acquisition Group purchased the property from Warren Self Storage. William Sitar Jr. and John Cranley of Sitar Realty represented the buyer in the transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the $287 million sale of Stonehenge Village, a 420-unit, three-building apartment community on the Upper West Side of Manhattan. Aaron Jungreis of Rosewood Realty represented both the buyer, A&E Real Estate Holdings, and the seller, Ofer Yardeni’s Stonehenge Partners. The seller acquired the property for $115 million in 2005. Signature Bank and Mesa West Capital provided $145 million in acquisition financing to A&E for the purchase of the property. The buildings, which were built in 1968, total 69,605 square feet. At the time of sale, the buildings were 98 percent occupied, with a mix of free-market and rent-stabilized tenants.
MERRIMACK, N.H. — CBRE has secured $17.5 million in acquisition financing on behalf of Calare Properties for 57-59 Daniel Webster Highway, a two-building industrial property in Merrimack. The two warehouses total 511,000 square feet. Kyle Juszczyszyn and Matthew Machiros of CBRE secured the financing from Harbor One Bank. Calare Properties is a real estate manager and operator. The tenant roster at the property currently includes Law Logistics, Nanocomp Technologies, Raymer’s Express and XPO Logistics.
MORRISTOWN, N.J. — NorthMarq Capital has arranged a $30 million loan to refinance the DeMattheis Multifamily Portfolio, which includes eight apartment properties in New Jersey. Four properties are located in Morristown with the other four located in Highland Park, Woodbridge and Edison. In total, the portfolio includes 307 units. The borrower is a full-service real estate investment company. Gary Cohen of NorthMarq arranged the refinancing, which was structured with a 15-year term and a 30-year amortization schedule. The lender was a national life insurance company.