SAUGUS, MASS. — CBRE/New England has arranged the sale of the Hilltop Steak House site on Route 1 in Saugus. High Country Investors sold the property to AvalonBay Communities for $17.2 million. The buyer plans to develop the site into a 280-unit luxury rental apartment community with 25,000 square feet of retail space. Community amenities of the mixed-use property will include a landscaped courtyard, pool, fireplaces, grills, a dog park and a clubhouse with a fitness facility. Simon Butler, Biria St. John and Rob Robledo of CBRE/NE represented the seller and procured the buyer in the transaction.
NEEDHAM, MASS. — NAI Hunneman has brokered the acquisition of two retail properties, located at 1257 and 1299 Highland Ave. in Needham. South Street 4414 Holdings LLC purchased the properties from DWM Interests and LGM Interests for $11.6 million. Situated on 1.4 acres, the buildings total 21,252 square feet and share a parking lot. David Ross of NAI Hunneman represented the buyer, while Craig Barker of Boston Real Estate Advisors represented the seller in the deal.
WARMINSTER, PA. — J.G. Petrucci Co. has developed Jacksonville Station, a 151-unit apartment community located at 375 Jacksonville Road in Warminster. The property features 74 one-bedroom and 77 two-bedroom apartment units with modern amenities, including stainless steel kitchen appliances, quartz countertops and full-size washer/dryers in each unit. Situated on 10 acres, the community features on-site surface parking, a fitness center, a swimming pool and a clubhouse. Minno & Wasko designed the property.
MORRISTOWN, N.J. — G.S. Wilcox & Co. has arranged a $19 million loan for 1776 On the Green, an office building located at 67 Park Place in Morristown. The 10-story building features 145,358 square feet of rentable Class A office space and 1,136 square feet of storage space. At the time of financing, the property was 79 percent leased. The loan, which was provided by Mutual of Omaha, features a 10-year term. Gretchen Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox secured the loan for the undisclosed borrower.
LEWISBERRY, PA. — Cushman & Wakefield has brokered the sale of Fairview Industrial Park, a six-building industrial park located in Lewisberry. Richmond, Va.-based Allegiancy sold the 270,168-square-foot park to Louisville, Colo.-based Real Capital Partners for $11.7 million. The buildings are located at 509, 515 and 540 Industrial Drive and 621, 629 and 631 Distribution Plaza. Gerry Blinebury, Robert Yoshimura, Joseph Hill Jr. and Pat McBride of Cushman & Wakefield represented the seller in the deal.
FORKED RIVER, N.J. — Walters Group has completed the first phase of Cornerstone at Lacey, a 118-unit income-restricted housing development located in Forked River. Designed to achieve LEED and Energy Star status, the first phase of the development comprises 70 units in nine buildings. Construction is underway for the second phase, which will add 48 units in six buildings. Units range from one- to three-bedrooms and 835 square feet to 1,247 square feet. Community amenities will include a clubhouse with computer workstations and a fitness center, as well as a children’s tot lot, barbecue and picnic areas, and a half-court basketball court.
POMPTON LAKES, N.J. — Marcus & Millichap has arranged the sale of Pompton Mall, a retail property located at 14 Wanaque Ave. in Pompton Lakes. A private investor sold the 7,870-square-foot property for $2.3 million. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller. The buyer was an undisclosed private investor.
EXTON, PA. — A joint venture between Pembroke IV and Ten Capital Management has acquired Valley Creek Corporate Center, an office complex located in Exton. A California-based real estate investment management and advisory company sold the three-building asset for $45.3 million. Located at 220, 222 and 224 Valley Creek Blvd., the 259,163-square-foot property was 95.2 percent leased at the time of sale. Doug Rodio, Brett Segal, Ben Appel and Jose Cruz of HFF represented the seller in the deal. Additionally, Ryan Ade and Neil Campbell of HFF secured a 10-year, fixed-rate acquisition loan through Barclays Capital for the buyer.
PARSIPPANY, N.J. — Savills Studley has arranged the acquisition of a 102,000-square-foot headquarters property, located at 339 Jefferson Road in Parsippany. MANE USA, a global fragrance and flavor design company, purchased the property from Prism Capital Partners for an undisclosed price. The company will relocate its headquarters from Wayne, N.J., to 70,000 square feet of the facility. Prism will fit out MANE’s new space, which will include office and research and lab space, as well as construct a new cafeteria and fitness center. Situated on five acres, the property features underground parking and surface lots. The two existing tenants, Hollister Construction Services and Ascend Laboratories, will remain in the building. Thomas Carragher, Adam Petrillo, Filomena Pinto and Christopher Koeck of Savills Studley represented the buyer in the deal.
NEW YORK CITY — Mission Capital Advisors has arranged $41.6 million in financing for the construction of Kingswood Plaza II, an office and retail development located at 1715 E. 13th St. in the Midwood section of Brooklyn. Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras of Mission Capital arranged the loan with a foreign bank for the borrower, a joint venture between Infinity Real Estate and The Nightingale Group. The 106,000-square-foot development, which is 56 percent pre-leased to Target and Marshalls, will offer three floors of professional/medical office space in addition to its retail component.