PITTSBURGH — A joint venture led by Washington, D.C.-based Carderock has acquired Caste Village, a 221,284-square-foot shopping center in the South Hills area of Pittsburgh. Grocer Giant Eagle anchors the center, which is also home to tenants such as Banfield Pet Hospital, St. Clair Health, Fitness 19 and Princess Lanes Bowling Center. The new ownership plans to upgrade the center via a revitalized gathering area, improved façade and systems and a re-tenanted former Shell gas station and recently vacated Rite Aid store. Adam Bieber of BWE arranged financing for the acquisition. The seller and sales price were not disclosed.
BENSALEM, PA. — Colliers has brokered the sale of a 106,045-square-foot industrial property in Bensalem, a northeastern suburb of Philadelphia. The site at 1211 Ford Road spans 7.9 acres, and the facility can support both manufacturing and distribution uses. Building features include a clear height of 18 feet, 6,000 square feet of office space, 17 tailgate loading docks and five drive-in doors. Richard Gorodesky, Andy McGhee and Adam Gorodesky of Colliers represented the seller, Faropoint, in the transaction. The buyer was UniCup International. The sales price was not disclosed.
JERSEY CITY, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved approximately $90 million in tax credit equity for a 360-unit multifamily project in Jersey City. A developer doing business as 701 Newark Ave LLC will develop a 34-story building in the Journal Square neighborhood with affordable housing units and roughly 3,000 square feet of ground-floor retail space, as well as a public promenade. The NJEDA awarded the tax credit allocation, which represents about 60 percent of the total project cost, through its Aspire program, which provides gap financing for mixed-use, transit-oriented residential developments.
NEW YORK CITY — S3 Capital, the lending arm of New York City-based investment firm Spruce Capital Partners, has provided $80 million in financing for the development of a 131-unit multifamily project that will be located in Midtown Manhattan’s Turtle Bay area. The borrower is local developer David Halberstam. The doorman- and elevator-served building at 303 E. 44th St. will offer studio, one- and two-bedroom units and amenities such as a fitness center, rock climbing wall, rooftop pool, coworking lounge and a clubhouse. A portion of the residences will be earmarked as affordable housing. Sitework is underway, and completion is slated for the third quarter of 2027.
NEW YORK CITY — JLL has brokered the $49.5 million sale of 640 Broadway, a nine-story apartment building in Manhattan’s NoHo neighborhood. The building houses loft-style residential units and 4,200 square feet of retail space that is fully leased to tenants such as UPS, Two Hands Café and Van Leeuwen Ice Cream. Steven Rutman, Jeffrey Julien, Rob Hinckley and Ethan Stanton of JLL represented the seller, Acadia Realty Trust, in the transaction, and procured the buyer, a partnership between New York-based investment firm Pamera North America and local operator Targo Capital. Michael Gigliotti, Stephen VanLeer and John Flynn, also with JLL, arranged a $30.5 million acquisition loan for the deal through Citi Private Bank.
WATCHUNG, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged $26 million in financing for the redevelopment of the 420,000-square-foot Blue Star Shopping Center in Watchung, located in Northern New Jersey. David Fryer of G.S. Wilcox arranged the loan, which features full-term, interest-only payments, through an undisclosed life insurance company. Phase I of the project, which centered on the redevelopment and expansion of a ShopRite grocery store, was completed earlier this year. Phase II will involve transforming the former ShopRite space to welcome Burlington and the relocation of Marshalls. Levin Management Corp. manages and leases Blue Star Shopping Center.
BELMONT, MASS. — Zelco Properties & Development, in partnership with AGW Partners, has purchased a 34,000-square-foot retail condo in Belmont, a western suburb of Boston. The space is located within The Bradford, a newly constructed development that houses 115 apartments across three buildings in addition to the retail condo. Retail spaces range in size from 450 to nearly 20,000 square feet. Starbucks currently anchors the condo, which also includes purpose-built restaurant space. The partnership has tapped Connecticut-based Charter Realty to lead leasing efforts.
NEW YORK CITY — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $34.5 million loan for the refinancing of a mixed-use building on Manhattan’s Upper West Side. The 23,300-square-foot building at 2875 Broadway houses retail and healthcare uses. Tremont funded the floating-rate loan, which has a two-year initial term with three one-year extension options, through its affiliate, Seven Hills Realty Trust (NASDAQ: SEVN). Meridian Capital Group arranged the debt on behalf of the sponsor, a partnership between TPG Angelo Gordon and Premier Equities.
WAYNE, N.J. — The hospitality affiliate of locally based financial intermediary Cronheim Mortgage has arranged a $19.5 million acquisition loan for the Home2 Suites by Hilton hotel in Wayne, located in Northern New Jersey. The hotel was built in 2020. The room count was not disclosed. Amenities include an indoor pool, fitness center, complimentary hot breakfast and an onsite restaurant. Cronheim arranged the five-year, floating-rate loan on behalf of the borrower, hospitality owner-operator Spark GHC. The direct lender was also not disclosed.
PISCATAWAY, N.J. — Lee & Associates has brokered the $19.4 million sale of two industrial buildings totaling 101,454 square feet in the Northern New Jersey community of Piscataway. The buildings at 121 and 131 Ethel Road W. were fully leased at the time of sale to tenants in the distribution, food production and research-and-development sectors. Drew Maffey and Joseph Komitor represented the buyer, national investment firm Longpoint, in the transaction. The seller was not disclosed.