FRANKLIN PARK, N.J. – Marcus & Millichap has arranged the sale of Somerset Plaza Shopping Center, a retail property located on 8.99 acres at 3151 Route 27 retail corridor in Franklin Park. A private investor acquired the property for $12.8 million. Eleven tenants, including Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank, occupy the 67,530-square-foot shopping center. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the buyer in the deal.
NEW YORK CITY – Media iQ Digital, a global analytics and technology company, has leased more than 23,000 square feet comprising the entire 25th and 26th floors of 261 Fifth Avenue in Manhattan. The company is nearly tripling its space by relocating from 8,013 square feet at 853 Broadway. The lease brings the 405,000-square-foot building to more than 87 percent occupancy. Other tenants at the building include Himatsingka USA, Richloom Fabrics Group, Dan Klores Communications and Tumi Inc. The Feil Organization owns the property. The asking price for the 10-year lease was $85 per square foot.
LIVERPOOL, N.Y. – Chicago Pacific Founders (CPF) has acquired Parkrose Estates, a 100-unit independent living community in the Syracuse suburb of Liverpool, for an undisclosed price. CPF made the purchase along with its subsidiaries, Grace Management and CPF Living Communities. Grace Management will take over operations at the community. CPF plans to make improvements to the campus, but further details were not disclosed.
MAHWAH, N.J. – NAI James E. Hanson has brokered a lease with Snow Joe DC LLC for Sitex Group’s new industrial facility located at 100 Performance Drive within Stateline Business Park in Mahwah. Situated on 20.7 acres, the warehouse offers a 36-foot clear height, 54-by-60-foot column spacing, 36 dock doors, ESFR sprinklers, two drive-in doors and parking for 25 trailers and 184 cars. Snow Joe is a manufacturer of innovative, eco-friendly and affordable land and garden tools. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the landlord, while Brian Scheuer of Chaus Realty represented the tenant in the lease transaction.
GALLOWAY, N.J. – Lancaster Pollard has arranged a $23.1 million refinancing for Seashore Gardens Living Center, a nonprofit seniors housing community in the Atlantic City suburb of Galloway. The community first opened in 1916 and has expanded to a 20-acre campus over the years. It offers assisted living, memory care, skilled nursing, rehabilitation, long-term care and home health services. The loan will convert the community’s existing bond debt into FHA financing. The refinancing will save the borrower more than $750,000 in debt-service payments each year. The loan features a fixed interest rate and 35-year term. Tony Ruberg led the transaction for Lancaster Pollard.
HAMPTON, PA. – Marcus & Millichap has arranged the sale of a retail property located at 5161 William Flynn Highway in Hampton. A private investor acquired the property from a developer for $2.3 million. Dunkin’ Donuts and Heartland Dental occupy the 4,200-square-foot property. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, while David Cafiero, Sgambati and Cafiero represented the buyer in the deal.
NESCONSET, N.Y. – Monticello Asset Management has provided $45.3 million in bridge-to-HUD financing to Nesconset Property NY LLC. The borrower will use the funds to acquire two adult daycare facilities and a 242-bed skilled nursing facility in New York State. Although the names and locations of the properties were not disclosed, the borrower is named for Nesconset, a town on Long Island. The adult daycare facilities can house up to 165 seniors and were built in 1993 and 1994. The skilled nursing facility was built in 1984. The borrower plans to convert the financing to HUD debt before the end of the loan term.
ROCHELLE PARK, N.J. — Colliers International has brokered the sale of a 218,500-square-foot multi-tenant office property, located at 365 West Passaic St. in Rochelle Park, for an undisclosed price. Rochelle Park is about three miles northwest of Hackensack. Colliers represented the seller, Onyx Equities and Garrison Investment Group in the transaction. The buyer was a structured joint venture between TAK Group and Bergman Real Estate Group. The property was 77 percent occupied at the time of sale to a tenant roster that included healthcare, financial services, engineering, retail and transportation.
NEW YORK CITY — Cushman & Wakefield has arranged a 99-year ground lease for 311 West 42nd Street in the Midtown West neighborhood of Manhattan. Terms of the lease were not disclosed. Taconic Investment Partners and National Real Estate Advisors have leased the property from owners 1199SEIU United Healthcare Workers East and plan to demolish the existing building and construct a 350,000-square-foot rental building with ground-floor retail. The planned development will include an affordable rental housing component. Cushman & Wakefield represented the owner in the transaction. 1199SEIU will remain in the current space until 2020, when the union will relocate to its new headquarters.
CONCORD, MASS. — HFF has arranged the $11 million sale and $7.1 million financing of a 104,527-square-foot office property in Concord, about 20 miles northwest of Boston. HFF represented the undisclosed seller and arranged a five-year, fixed-rate acquisition loan through East Boston Savings Bank for the buyer, Azad Legacy Partners. Located at 696 Virginia Road, the property was originally constructed in 1962 and expanded in 1977. In 1997, it was completely rebuilt. The asset consists of two interconnected buildings on 28 acres of land. At the time of sale, the asset was 100 percent leased to the U.S. General Services Administration and is home to the New England District of the Army Corps of Engineers.
