MALVERN, PA. — HFF has negotiated the sale of a 299,809-square-foot office building in Malvern. The sales price was undisclosed. Located at 1400 Atwater Drive, the five-story property is approximately 30 miles southeast of Philadelphia. Built in 2013, the building is fully leased to Endo Pharmaceuticals as its North American headquarters. HFF represented the seller, Gramercy Property Trust, in the transaction. The buyer was Equus Capital Partners.
IRVINGTON, N.J. — Progress Capital has arranged a $4.4 million refinancing for the Irvington Medical Office in Irvington. Located at 40 and 50 Union Ave., the property consists of two buildings. 40 Union Ave. is a four-story, 19,982-square-foot medical office building built in 1962. The adjacent building, 50 Union Ave., is an eight-story, 50,638-square-foot building built in 1969. The property is currently subject to a ground lease. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower, who will use $1.5 million of the proceeds to acquire the land at 50 Union Ave. The five-year, fixed-rate loan includes a 4.5 percent interest rate and a 10-year term with a 25-year amortization. The lender was undisclosed.
RIDGEWOOD AND MONTCLAIR, N.J. — Evans Senior Investments (ESI) has arranged the sale of a two-property skilled nursing portfolio in New Jersey for $31.5 million. Totaling 161 beds, the two Van Dyk Health Care facilities are located in Ridgewood and Montclair, approximately 15 miles apart from each other and just west of Manhattan. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was a New York-based private equity group, and a New Jersey-based operator will manage both communities.
HARTFORD, CONN. — The Hampshire Cos. Has acquired a 106,500-square-foot self-storage facility in Hartford. The sales price was undisclosed. The property is located at 1407 Park St. in the Parkville neighborhood of Hartford. After acquiring the facility, the Hampshire Cos. completed renovations and capital improvements to the property that included a new elevator, roof, floor and façade repairs as well as upgraded security and fire/life safety systems. Self-storage REIT Extra Space Storage has been selected to manage the new location.
EATONTOWN, N.J. — HFF has secured an $8.8 million refinancing for a 79,258-square-foot office building in Eatontown. Located at 4 Industrial Way W., the three-story property is 98 percent leased to nine tenants in a variety of industries ranging from technology to medical practice. The tenant roster includes Wayside Technology Group Inc., Clinilabs Inc., Polaris Alpha and The Memory Enhancement Center of America. HFF represented the borrower, The Donato Group, which originally developed the property in 1988. The lender was First Bank.
MALDEN, MASS. — Encore Real Estate Investment Services has negotiated the $5.3 million sale of a net-leased Walgreens Pharmacy in Malden. The property is located three miles from the massive Encore Boston Harbor casino project that is currently under construction. Danny Samona and James Roberts of Encore Real Estate represented the undisclosed seller in the transaction. The buyer was also undisclosed.
PAULSBORO, N.J. — Marcus & Millichap has brokered the sale of a 4,854-square-foot retail property occupied by Wawa in Paulsboro. The property, which is located at 51 Berkley Road, sold for $3.5 million at a 4.69 percent capitalization rate. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
CINNAMINSON, N.J. — NorthMarq Capital has secured a $38 million refinancing for Camelot at Cinnaminson, a 405-unit multifamily community in Cinnaminson. The property is located at 198 Camelot Court. NorthMarq arranged the financing for the borrower, Kaplan Cos. The lender was a life insurance company. The permanent, fixed-rate loan was structured with a fully amortizing, 30-year term.
BOREDENTOWN TOWNSHIP, N.J. — JLL Capital Markets has brokered the $19 million sale of Interchange 7 Business Park, a two-building industrial office complex in Bordentown Township. The complex totals 225,164 square feet across one existing two-story building and one existing warehouse. John Plower of JLL represented the seller, Equus Capital Partners, in the transaction. The buyer was undisclosed. The 33-acre property is located less than one mile from Exit 7 on the New Jersey Turnpike and less than one mile from Exit 56 of Interstate 295 in Bordentown Township.
WARMINSTER, PA. — PB Warminster Plaza LLC has acquired Warminster Plaza, a 128,544-square-foot shopping center in Warminster. The sales price was undisclosed. The property is located approximately 27 miles from Philadelphia and is home to a tenant roster that includes SMG SportsPlex at Warminster, AAA, Lee’s Hoagie House, YMCA of Buck’s County, Kid’s First Swim Schools, Pearle Vision Center and Grand Buffett. Chris Munley and Michael DiCosimo of HFF represented the seller, Liberty Capital III, in the transaction.
