NANTUCKET, MASS. — Strategic Storage Growth Trust (SSGT), a public non-traded REIT sponsored by SmartStop Asset Management, has purchased an 840-unit self-storage facility in Nantucket. Located at 6 Sun Island Road, the 93,000-square-foot facility was constructed in 2002 on 1.7 acres of land. The property was approximately 91 percent occupied at the time of acquisition. The property includes 17 climate-controlled wine storage units that serve the Nantucket Wine & Food Festival. The SSGT portfolio currently consists of 21 operating self-storage facilities located in 10 states comprising approximately 13,700 self-storage units and approximately 1.6 million net rentable square feet of storage space.
PENNSYLVANIA — Happy Home Communities (HHC), the mobile home park and RV park investment arm of Los Angeles-based Gelt Inc., has acquired a mobile home park portfolio in central and northeast Pennsylvania for $13 million. HHC acquired the three-property 439-space portfolio from Horizon Land Company. Jonathon McClellan of Marcus & Millichap brokered both sides of the transaction. The company plans to bring in affordable manufactured homes to fill approximately 48 empty lots and will upgrade common areas and add amenities, including playgrounds, to the properties over the next 36 months. A. Hunter Property Management, a firm focused on the management of manufactured housing communities throughout Pennsylvania, has been retained to take over management responsibilities for the portfolio, which includes: Birchwood Village Estates, a 209-space, 26.26-acre mobile home park located at 1946 Wyoming Avenue in Exeter. It is currently 82 percent occupied. Timberend Mobile Home Community, a 153-space, 70.6-acre mobile home park located at 528 Ruben Lehrer Road in Muncy just outside of Williamsport. It is currently 85 percent occupied. Wedgewood Mobile Homes Community, a 77-space, 19.16-acre mobile home park located at 23 Minton Drive in Selinsgrove. It is currently 90 percent occupied.
BUFFALO, N.Y. — A REIT has sold the McKinley Plaza shopping center to a private real estate investment firm. The price was not disclosed. The 95,544-square-foot retail center at 3670 McKinley Parkway is 98 percent leased to 12 tenants and has 503 parking spaces. T.J. Maxx and A.C. Moore Arts & Crafts anchor the center, occupying 32,000 and 22,000 square feet, respectively. Built in 1991, the center underwent extensive renovations in 2015. Cushman & Wakefield’s Metropolitan Area Capital Markets Group was the agent for the property and procured the buyer as well as the seller. Brian Whitmer, Andrew Merin, Seth Pollack, and Kubby Tischler of Cushman & Wakefield worked in conjunction with Joyce MacKnight and Ben Borruso of Pyramid Brokerage Company.
NEW YORK CITY — Greystone has closed a $550 million permanent Freddie Mac loan made to joint venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences in Manhattan. The Greystone Bassuk debt advisory team, led by Richard Bassuk and Drew Fletcher, represented the borrower. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg, Billy Posey, Joe Mosley, and Jeff Englund of Greystone collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone. Sky Residences, located at 605 West 42nd Street, is one of New York City’s iconic luxury rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. The property was developed by Moinian and designed by Rockwell Group. Amenities include an exclusive multi-level fitness club; water club; spa; lap pool; NBA regulation-size basketball court; two outdoor pools; café; kids’ club; and a private outdoor park design by Thomas Balsley. The property is the largest single-tower residential building in the United States, with 25 percent of its …
NEW YORK CITY — Oestreicher Properties, a fully integrated real estate, development and construction company, and GPB Capital Holdings, an asset management firm, have closed on construction financing for 211 Schermerhorn, a new ground-up boutique condominium building designed by architect Morris Adjmi. CapitalSource, a division of Pacific Western Bank, provided a $47.9 million condominium construction loan for this luxury residential building. JLL’s Aaron Niedermayer, Aaron Appel and Brandon Krupetsky coordinated financing. The property is located in Brooklyn’s historic Boerum Hill neighborhood. The 14-story mixed-use building will feature 48 condominiums ranging from one to three bedrooms. The building includes 10,000 square feet of ground-floor retail space. Amenities will include a 1,138-square-foot communal rooftop terrace, a lounge and media room, fitness center and children’s playroom. Other services include bike storage and private storage units available for purchase. Stribling Marketing Associates is the exclusive sales and marketing firm for 211 Schermerhorn.
WEST ORANGE, N.J. — Rockledge Realty has sold Crest Ridge Apartments, a 178-unit garden-style apartment community in West Orange to Sela Realty Investments for $40.5 million. Built in 1964, the property is located at 200 Mt. Pleasant Ave., which offers views of the Manhattan skyline. The property features one-, two- and three-bedroom units with private entrances. Community amenities include a free-form swimming pool, clubhouse and sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller, which was the original developer/owner, and procured the buyer in the transaction.
PHILADELPHIA —Morris Iron & Steel Co. has acquired a 58.12-acre industrial waterfront site and a 13-acre site in Philadelphia. The properties are located at 7777 State Road and 7777R State Road. Morris Iron & Steel is a family-owned, fourth-generation company that has operated since 1938. The company serves the scrap metal and recycling needs of the eastern part of Pennsylvania and plans to use 10 acres of the land for barge loading. Chris Pennington of Binswanger represented the buyer in the acquisition. Binswanger has also been hired to lease the additional acreage, which offers barge access.
PHILADELPHIA — The University of Pennsylvania has completed the $80 million renovation of Hill College House, a 261-unit on-campus residence hall. The five-story, 195,000-square-foot property offers student lounges, seminar rooms and a 300-seat dining area. Mills + Schnoering Architects of Princeton, N.J., led the design and construction team for the project. The property was originally designed by Eero Saarinen and built in 1960 as a women’s dormitory. Renovations at the property included the restoration of the building’s ‘drawbridge’ entrance and landscaped ‘moat’; the removal, restoration and refitting of over 400 windows; an expansion of the dining facilities; the addition of new furniture and finishes; and the conversion of all bathrooms to individual restrooms and shower rooms.
CLIFTON, N.J. — Holliday Fenoglio Fowler (HFF) has arranged a $23.35 million loan for a partnership between Tulfra Real Estate and The Hampshire Companies to refinance a 204,000-square-foot industrial building. The 10-year, fixed-rate loan with Citizens Bank will be used to refinance the existing construction financing on the property, which is located at 65 South Industrial Street in the Passaic County community of Clifton. Situated on 11 acres, the property is located just off Route 3, less than two miles from the Garden State Parkway and seven miles from the New Jersey Turnpike. The industrial building recently underwent a multi-million dollar renovation that included raising the roof to provide a 27-foot ceiling height, new exterior skin, adding six new loading docks (for a total of 24), refinishing the warehouse floors, installing new lighting and sprinklers, adding new mechanical and electrical systems and fitting out 28,000 square feet of office space. The speculative redevelopment project is now fully leased to Damascus Bakeries, which will use the building as a second manufacturing facility and its corporate headquarters. Damascus will lease its space for a 15-year term and will also take a 50-percent ownership interest in the borrower entity. The HFF team included …
Paterson, N.J. — Cushman & Wakefield has assisted a joint partnership between Camber Real Estate Partners and Advance Realty in procuring $15.34 million of financing for the acquisition of 1200 Madison Avenue, a 245,529-square-foot institutional quality industrial building located immediately off Interstate 80 in Paterson. First Bank provided the financing. The property is currently 100 percent leased, with M. Tucker and SupplyOne serving as the anchor tenants. The building features 30-foot ceiling heights and 21 loading positions as well as ample car and trailer parks. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala and Noble Carpenter III represented the joint partnership between Camber Real Estate Partners and Advance Realty. Ryan Larkin of Cushman & Wakefield represented the seller and procured the buyer, working with Cushman & Wakefield’s Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt, as well as industrial leasing specialist Andrew Siemsen.