NEW YORK CITY — Leviathan Capital has secured an $8 million refinancing for a 33,000-square-foot office building in the Bronx. The property is currently net leased to the NYC Department of Education. Leviathan secured a non-recourse loan for the undisclosed borrower with a fixed rate of 10 years at 4.9 percent. The loan provided the borrower with a $5 million cash-out.
NEW PROVIDENCE, N.J. — Erickson Living has unveiled plans for an expansion at Lantern Hill known as Bell Pavilion. Lantern Hill is a 26-acre continuing care retirement community (CCRC) in New Providence, approximately 30 miles west of New York City. Bell Pavilion will add 169 units of independent living to the property. In addition to the new units, Bell Pavilion will add a new restaurant, fitness center, two bocce courts, courtyard with fireplaces, and resident community gardens to the campus. A climate-controlled walkway will connect Bell Pavilion to Union Square, where multiple dining venues, an all-season pool and fitness center, medical center, library, theater and salon are located. Erickson has been rolling out a phased expansion at the property for several years, heavily focused on adding independent living units. Earlier this year the company completed Phase II of the expansion, which included Maple Glen and Oakwood Court, collectively adding 114 independent living units to the community. In 2016, Erickson opened Phase I of the expansion, which added 161 independent living units.
FAIRVIEW, N.J. — Marcus & Millichap has brokered the $2.8 million sale of a mixed-use building in Fairview. The property consists of eight residential and five commercial spaces as well as a parking garage. Daniel Aviles and Andrew M. Zuckerman of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a limited liability company in a 1031 exchange.
PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …
NORWALK, CONN. — Avison Young has arranged the sale of the Matrix Corporate Center in Norwalk. The sales price was not disclosed. Located at 535 Connecticut Ave., the five-story property is currently 74 percent leased to a tenant roster that includes Crius, UBM and Belvoir. Sean Cahill, Gary Lyons and Blake Thomas of Avison Young represented the seller, Matrix Norwalk LLC, in the transaction. The buyer was Hanover Norwalk Investors LLC.
GILBERTSVILLE, PA. — HFF has brokered the $5.9 million sale of a single-tenant retail building in Gilbertsville. The building was completed in 2015 and is leased to convenience retail store chain Wawa. The 2.7-acre property is located at 1111 Grosser Road, approximately 42 miles northwest of Philadelphia. Marc Mandel and Steve Schrenk of HFF represented the buyer, a private investor, in the transaction. The seller was undisclosed.
WESTFORD, MASS. — Horvath & Tremblay has negotiated the $5.7 million sale of a retail building in Westford. The 14,820-square foot property is fully occupied by Walgreens pharmacy. Located at 145 Littleton Road, the building is approximately 25 miles northwest of Boston. Bob Horvath and Todd Tremblay represented the undisclosed seller in the transaction. The buyer was also undisclosed. Walgreens has 13 years remaining on the initial lease term with 10, five-year renewal options. Nearby retailers include Whole Foods, CVS, Rite Aid, Marshalls, Home Goods, Petco, Panera Bread, Chipotle and Five Guys.
NEW YORK CITY — Ariel Property Advisors has arranged the $3.4 million sale of a development site located at 1408 Cromwell Ave. in the Bronx. The vacant lot is situated in the Jerome Avenue District, which was recently rezoned to residential under New York City’s affordable housing plan. The rezoning covers 92 blocks and is expected to generate approximately 4,600 new units of housing. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed.
PISCATAWAY, N.J. — Ergonomic office solutions provider Humanscale has signed a 155,000-square-foot lease at the Rockefeller Group Logistics Center, currently under construction in Piscataway. The 2.1-million-square-foot logistics center will be comprised of five buildings ranging in size from 200,000 to 725,000 square feet. Cushman & Wakefield represented the owners, Rockefeller Group and joint venture partner PCCP LLC, in the transaction. Humanscale was represented by Lennard Commercial Realty.
NEW YORK CITY — The American investment team of Bahrain-based Investcorp has acquired 56 industrial properties totaling approximately 4.5 million square feet across seven major American markets. The purchase price was roughly $300 million. The portfolio includes nine warehouses in Minneapolis; 16 warehouse/flex buildings in Dallas; 14 warehouse/manufacturing buildings in Chicago; nine warehouse and flex buildings in Philadelphia and Delaware; five warehouse/manufacturing buildings in Phoenix; two industrial properties in Houston; and one industrial asset in San Antonio. All of the infill properties offer last-mile proximity to major population centers. The seller was not disclosed. “This acquisition gives us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the U.S.,” says Mohammed Alardhi, executive chairman of Investcorp. “This investment further reflects our commitment to growing Investcorp’s footprint in the U.S., which is a key driver of the firm’s overall growth strategy.” At the time of sale, the properties were collectively 90 percent occupied by tenants in the e-commerce, manufacturing, design, wholesaling and food services industries. The sale marks Investcorp’s ninth industrial portfolio acquisition in the last 36 months. Since 1996, Investcorp has purchased more than 550 properties with a total value in excess of $14 billion. …