LATHAM, N.Y. — RD Management has completed the disposition of a retail center, situated on 12 acres in Latham. The Lia family acquired the 118,863-square-foot property for an undisclosed price. Formerly anchored by Kmart, the property consists of an unoccupied 96,805-square-foot big-box space, more than 800 parking spaces, an available out lot and a 22,058-square-foot Vent Fitness. RD Management owns 26 properties in New York and more than 150 properties in its national portfolio.
HAUPPAUGE, N.Y. — CBRE has brokered the sale of Hauppauge Office Park, a three-building office complex located between Long Island Expressway and Northern State Parkway in Hauppauge. Colin Development sold the property to Signature Associates for $61 million. The 282,656-square-foot complex is occupied by Allstate, Bridgehampton National Bank, Crawford & Co., Urban Financial America and Morgan Stanley. Jeffrey Dunne, Steven Bardsley and Philip Heilpern of CBRE represented the seller and procured the buyer in the deal.
NEW YORK CITY — HFF has arranged $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story transit-oriented mixed-use development located at 71-17 Roosevelt Ave. in the Jackson Heights neighborhood of Queens. Steven Klein and Geoff Goldstein of HFF secured the floating-rate construction loan through Principal Global Investors for the borrower, an affiliate of Werber Real Estate. Being developed by Werber Real Estate and Socius Development Group, the property will feature 154 residential units, 16,577 square feet of retail space, 23,074 square feet of community facility space and a 186-space parking garage. Additionally, the property is within one block of the Jackson Heights – Roosevelt Avenue subway station. Designed by Marvel Architects, the development will feature 40,000 square feet of amenity space, including a rooftop deck, a movie screening room, a fitness center, a children’s playroom, a courtyard, lounge areas and a 24-hour concierge. Units will feature a mix of studio through four-bedroom floor plans with stainless steel appliances, granite countertops, wood flooring and in-unit washers and dryers.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell 600 Lexington Ave. in Midtown Manhattan for $305 million. The 36-story, 303,515-square-foot office building is located on the corner of 52nd Street and Lexington Avenue in the heart of the Plaza District. The property is 99 percent leased to tenants such as MKP Management, Element Capital Management and Hawkins Parnell Thackston & Young. The sale is expected to close by the first quarter of 2018, and generate net cash proceeds of approximately $292 million, according to a news release. Darcy Stacom of CBRE represented SL Green in the transaction. The buyer was not disclosed. SL Green acquired 600 Lexington Ave. through a joint venture in May 2010 for $193 million, and took full ownership of the property in December 2015. SL Green is a fully integrated real estate investment trust, focused on acquiring and managing retail and office properties in Manhattan. The company’s stock price closed on Thursday, Nov. 16 at $100.81 per share, down from $104.49 per share one year ago. — Kristin Hiller
MONTVILLE, N.J. — Natixis has originated a $40 million floating-rate loan to a joint venture between Camber Real Estate Partners, Advance Realty and an institutional investor for the acquisition of 19 Chapin Road, an industrial campus located in Montville. The four-building campus features 529,110 square feet of light industrial space. Current tenants include Pitney Bowes, Doosan, Trane and Samsung. The loan includes an initial funding of $35 million plus an additional $5 million that is earmarked for future leasing and capital improvement work. Greg Nalbandian of HFF arranged the financing for the borrower.
SOUTH BURLINGTON, VT. — KeyPoint Partners has negotiated a lease with Target Corp. to open a location at University Mall (UMall) in South Burlington. The new Target store will occupy the 60,000-square-foot anchor space, which is currently occupied by The Bon-Ton. Construction for the new Target is slated to begin in February with the opening planned for October. Located on Dorset Street, UMall features more than 610,000 square feet of retail space. Current retailers and restaurants include Kohl’s, JCPenney, Sears, Charlotte Russe, American Eagle, Zumiez, Christopher & Banks and Applebee’s. Don Mace of KeyPoint Partners arranged the lease on behalf of the landlord.
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.