PHILADELPHIA — US Storage Centers has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self-storage facility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first US Storage Centers location in Pennsylvania and will be rebranded as a US Storage Centers self-storage facility. Terms of the sale were not disclosed.
BOSTON — NAI Hunneman’s Capital Markets Group has arranged the sale of a 10-unit brownstone building in Boston’s South End neighborhood at 665-667 Massachusetts Ave. for $4.3 million. The property is made up of five one-bedroom and five two-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the undisclosed seller and procured the buyer, High Street Properties. The property features access to public transportation via the Silver Line stop on Washington Street.
WAYNE, N.J. — Toys ‘R’ Us is taking the next step in what the Wayne-based retailer is calling an “orderly wind down” of it’s U.S. business. In a U.S. Bankruptcy Court filing early this morning, Toys ‘R’ Us is requesting approval to begin the liquidation of inventory in all 735 of its remaining stores across the country, including stores in Puerto Rico. The closures threaten up to 33,000 American jobs in the coming months, according to the Wall Street Journal. “I am very disappointed with the result, but we no longer have the financial support to continue the company’s U.S. operations,” said David Brandon, chairman and CEO of Toys ‘R’ Us, in an official statement. In January, the toy chain announced plans to shutter up to 182 underperforming stores, including those under the Babies ‘R’ Us banner, as part of its restructuring efforts to revive business. The 70-year-old retailer filed for Chapter 11 Bankruptcy last September. Toys ‘R’ Us was facing $5 billion in debt, largely stemming from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Continued debt, combined with poor holiday sales, forced the retailer’s latest move. For …
YORK, PA. — Cushman & Wakefield has arranged the sale of 57 Grumbacher Road, a 278,582-square-foot, one-story industrial property in York. STAG Industrial Inc. purchased the single-tenant, functional distribution facility from High Street Realty Co. LLC for $18 million. Located in the Interstate 83 Industrial Park, the property provides access to Interstate 83 via the exit 24 interchange, which is home to nearly 10 million square feet of industrial and manufacturing facilities.
NEW YORK CITY — Avison Young Tri-State has arranged the $32.5 million sale of the Canterbury, a pre-war 42,186-square-foot, 48-unit rental building located at 204 W. 108th St. in Manhattan’s Upper West Side. Sam Schertz of Avison Young was the sole broker in the transaction between the seller, The Orbach Group, and the buyer, Arkar Inc. Built in 1915, the six-story Canterbury building is a low-rise elevator-served rental property featuring two- to five-bedroom units. The property is situated near Columbia University and both Riverside Park and Central Park as well as several major transportation lines. A number of the units in the building have been recently renovated.
RUTHERFORD, N.J. — Cushman & Wakefield has closed a lease on behalf of Bergen Logistics for a 404,000-square-foot fully automated distribution center at 299 Thomas E. Dunn Memorial Highway in Rutherford. It is the largest Meadowlands industrial deal since mid-2016, according to Cushman & Wakefield. The long-term lease of the recently renovated Murray Metro Distribution Center closed in December and was handled by Bonni Heller of Cushman & Wakefield. The landlord, Murray Construction Co. Inc., was represented in house by Michael Nachtome and Thomas Monahan of CBRE. Located off exit 16W of the New Jersey Turnpike, the 25.5-acre property offers easy access to commuter rail lines and is about 15 minutes from Newark Liberty International Airport. The transaction will result in the creation of around 200 new jobs, according to Ron Roman, CEO of Bergen Logistics.
TOMS RIVER, N.J. — Cronheim Mortgage has arranged $6 million in financing for a 106,290-square-foot retail property in Toms River. The State Life Insurance Co. provided the 17.5-year, self-liquidating loan. The interest rate was locked six months prior to closing at 3.93 percent. The property, built in 1994, is situated on an 11.3-acre site just off the Garden State Parkway in Ocean County. Currently, the property is fully leased to Home Depot, which shadow anchors a 130,000-square-foot retail development. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim arranged the loan.
NEW YORK CITY — Arch Cos. and its partners have secured a construction loan from Maxim Capital Group to fund a mixed-use development project at 11 Greene St. in the SoHo neighborhood of Manhattan. Neither the amount nor terms of financing were disclosed. Once complete, the development will offer 31 loft inspired rental apartments and 11,650 square feet of ground-floor retail space along Greene Street, a popular SoHo shopping destination. Designed by Gene Kaufman, the building is slated for completion in 2019.
NEW YORK CITY — Certes Partners, along with Metropolitan Acquisitions and United Management, have secured $71.5 million in financing from Goldman Sachs for the construction of 212 W. 95th St., a 19-story luxury condo development two blocks away from Central Park. The project will consist of 38 units as well as parking, retail and amenities. New York-based architecture firm CetraRuddy designed the project in collaboration with RKTB Architects. The development team consists of United Management’s Arthur Wiener, Meir Bouskila of Metropolitan Acquisitions and Elan Hakimian, Eitan Bouskila and Sunder Jambunathan of Certes Partners. Construction is scheduled to begin this month with project completion slated for early 2020.
NEW YORK CITY — Equicap has arranged a $14.6 million construction loan on behalf of New York-based privately held development firm Winchester Equities. The financing will be used to build 2222 Ocean, a 49-unit luxury multifamily building in Sheepshead Bay, Brooklyn. Equicap obtained a 70 percent loan-to-cost construction loan from a major bank. The building is slated for completion by fall 2019.
