FRANKLIN, MASS. — Novaya Real Estate Ventures has signed a lease with defense contractor Qinetiq North America for 100 percent of the space at 130 Constitution Blvd. in Franklin. Novaya acquired the 59,970-square-foot industrial building in 2013 and launched a capital improvement program. Transwestern’s John Lashar represented Novaya and Bill Bailey of JLL represented Qinetiq North America in the transaction.
NEW YORK CITY — Urban Edge Properties (NYSE: UE) has purchased a seven-property retail portfolio primarily within the New York City metro area and Missouri for $325 million. The portfolio contains a total of 1.5 million square feet. The acquisition includes Yonkers Gateway Center in Yonkers, N.Y.; Manchester Plaza in Manchester, Mo.; and The Plaza at Woodbridge in Woodbridge, The Plaza at Cherry Hill in Cherry Hill and 21 E. Broad Street/One Lincoln Plaza in Westfield, all in New Jersey. The portfolio is currently 83 percent leased. The tenant rosters contain a mix of big-box stores such as Burlington, Best Buy, DSW and Toys “R” Us; grocers like Aldi and Trader Joe’s; furniture outposts like Raymour & Flanigan and Bob’s Furniture; and restaurants like Five Guys, Cake Boss and Alamo Drafthouse Cinema, among others. Occupancy rates range from 74 percent for The Plaza at Cheery Hill to 100 percent for the Westfield asset. New Jersey-based Acklinis Realty Holding LLC owned the portfolio for more than 30 years. The contributors exchanged their property interests for about $122 million of Urban Edge operating partnership units, which were valued at $27.02 per unit. Urban Edge assumed about $33 million of existing mortgage debt, …
PHILADELPHIA — Penn Medicine and IMC Construction have broken ground on the new Center for Healthcare Technology in Philadelphia. Located on Civic Center Boulevard, the first phase of the project will be a 250,000-square-foot, eight-story office building. The facility will be used for information technology and human resources. A second phase of the project will add an additional 10 stories totaling 290,000 square feet, bringing the tower to a total height of 18 stories and 540,000 square feet.
NEW YORK CITY — Clipper Realty has entered into an agreement to acquire a multifamily property located at 10 W. 65th St. in New York for $79 million. The 82-unit property spans 82,000 square feet plus 53,000 square feet of air rights located near Lincoln Center and Central Park in the Upper West Side submarket of Manhattan. Clipper plans to invest incremental capital to enhance the property. The company expects to finance the acquisition with property level mortgage debt and cash on hand, with expected closing by fourth quarter 2017.
NEW YORK CITY — Meridian Capital Group has secured $65 million to refinance The Blake, a multifamily property in the Upper East Side of Manhattan, on behalf of BLDG Management. A national life insurance company provided the 10-year loan, which features a fixed rate of 4.2 percent and seven years of interest-only payments. Meridian’s Carol Shelby negotiated the transaction. The Blake, located at 220 E. 63rd St., is a 14-story, 181-unit apartment building including one-, two- and three-bedroom units. Building and neighborhood amenities include a 24-hour doorman, valet services, a lounge, fitness center, on-site parking and a subway station one block away.
WALTHAM, MASS. — King Street Properties has broken ground on a 144,910-square-foot office and laboratory property at 828 Winter St. in Waltham, Mass. The speculative building is scheduled for completion in mid-2018. King Street Properties also owns 830 Winter St., a 100 percent leased, 185,000-square-foot building adjacent to the new development. When 828 Winter St. is complete, the two-building campus will encompass 330,000 square feet in total. On-campus amenities will include two cafeterias, a central courtyard, conference facilities, structured parking, bicycle storage and showers with changing facilities. HFF provided debt financing services for the construction of 828 Winter St. The project team includes architect Perkins+Will and general contractor BW Kennedy & Co.
MILFORD, MASS. — Ted Sidel and Brian Sheehan of EagleBridge Capital have arranged $3.5 million in permanent mortgage financing to refinance Milford South Plaza in Milford. A Massachusetts-based thrift institution was the lender. The property is a 44,270-square-foot retail plaza with 237 parking spaces on 5.1 acres. Milford South Plaza is located at 146 S. Main St. The plaza is 100 percent leased to four tenants including Big Lots, Dollar Tree, The Milford National Bank and Dunkin’ Donuts. An affiliate of Summit Realty Partners manages the property.
NEW YORK CITY — The Gehr Group has arranged $20 million in financing from MidFirst Bank for the leasehold interest in the Fairfield Inn & Suites Manhattan/Times Square, completing a $181 million recapitalization of the New York assets held by its newly formed subsidiary, Gehr Hospitality. The first phase of the recapitalization took place in July 2016, when the company secured a $60 million loan from French bank Natixis for the fee interest in the Fairfield Inn & Suites Manhattan/Times Square, a $46.7 million loan from Wells Fargo for the fee interest in the Four Points by Sheraton/Midtown Times Square, and a $54.5 million loan from Guardian Life Insurance Company for the leasehold interest in the Four Points by Sheraton / Midtown Times Square.
SOUTHPORT, CONN. — Maplewood Senior Living has purchased 27 acres in Southport where it will build a 92,000-square-foot seniors housing community. Construction will begin this summer on Maplewood at Southport, a three-story, 98-unit assisted living and memory care center. Stein-Troost is the architect for the project, Landtech Engineering is the civil engineer, Milone & McBroom is the landscape architect and KBE Building Corp. of Farmington is the contractor.
HACKENSACK, N.J. — HFF has secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multifamily property in Hackensack. HFF worked on behalf of the borrower, Capodagli Property Co. to place the fixed-rate loan through MetLife Real Estate. Meridia Metro is located at the intersection of State and Warren streets near Routes 4 and 17 and Interstate 80. The transit-oriented property is also located near New Jersey Transit train stations at Essex Street and Anderson Street, along with the Newark Liberty International Airport. Completed in 2016, Meridia Metro features one- and two-bedroom units with amenities such as stainless steel appliances, granite countertops, hardwood floors and walk-in closets. Community amenities include a fitness center, rooftop terrace, social room with poker and pool tables, pet grooming room and grade-level parking garage. Jon Mikula and Michael Klein led the HFF debt placement team representing the borrower.