NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.
NORWALK, CONN. — Angel Commercial has arranged the sale of a retail and warehouse building located at 173 Main St. in Norwalk. Servpro acquired the property from Brandman Realty LP for $1.9 million. The property features 17,500 square feet of retail and warehouse space. Headsquartered in Gallatin, Tenn., Servpro is a franchisor of fire and water cleanup and restoration franchises in the United States and Canada. Lester Fradkoff of Angel Commercial represented the seller, while Brett Sherman, also of Angel Commercial, represented the buyer in the deal.
WAYNE, N.J. — Toys ‘R’ Us is planning to shutter up to 182 underperforming stores across the country as part of its Chapter 11 bankruptcy reorganization plan. The planned closings represent about 20 percent of the retailer’s U.S. store fleet, or a collective 6.9 million square feet. The Wayne-based toy chain, which filed for bankruptcy last September, has been fighting to stay relevant amid competition from the likes of Amazon, Walmart and Target. “Like other retailers, traditional toy retailers have been decimated by multiple forces,” says Peter Braus, managing principal in the New York City office of Lee & Associates. “First, Walmart and Target took away much of the market from specialty toy stores. As Amazon and online retailers began to take a larger and larger share of the market, this became too much for Toys ‘R’ Us and was the nail in the coffin.” Other retail experts agree that competition in the marketplace is coming from all directions. “Even Barnes & Noble has gotten into the game by adding a large assortment of toys to their sales floor,” says Monetha Cobb, managing director of Franklin Street’s Atlanta office. Online sales of toys have picked up in recent years, and are continuing to …
AMBLER, PA. — Mortgage bankers and investment sales brokers alike expect multifamily markets in the Southeast to record more investment and financing activity than any other region in 2018. In Berkadia’s inaugural poll of nearly 150 staffers across 60 offices, the company reveals that more than one-third (36 percent) of its respondents predict the Southeast would see the most deals take place this year. “Population influx, continued job growth and significant development stabilization will make the Southeast a destination for commercial real estate growth and investor appetite in the coming months,” says Ernie Katai, executive vice president and head of production at Ambler-based Berkadia. For example, the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population, according to the Atlanta Regional Commission. This type of population growth is attractive for employers looking for a new base of operations. This week French car manufacturer Groupe PSA announced that it chose Atlanta for its North American headquarters, and media outlets are reporting that Facebook is interested in building a massive data center complex in the metro area. Atlanta recently made the short list for Amazon’s second …
NEW YORK CITY — Eastern Consolidated has negotiated the sale of a 68,200-square-foot Section 8 multifamily portfolio located at 14-18 W. 107th St. in Manhattan’s Upper West Side. A private real estate investment firm acquired the assets for $27.6 million. Comprised of two elevator buildings, the properties feature 60 units in a mix of studio, one-bedroom and two-bedroom units. Ron Solarz of Eastern Consolidated represented the seller, a private owner, and procured the buyer. Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.
EAST BRUNSWICK, N.J. — Prestige Properties and Development has purchased a grocery-anchored retail center located at 50 Race Track Road in East Brunswick. A partnership between MCB Real Estate and Alex Brown Realty sold the property for $25.4 million. Aldi, Burlington, AutoZone and Jersey Fine Wines occupy the 117,000-square-foot retail center. The recently renovated center also includes a new building that is occupied by Starbucks, Supercuts and Five Guys. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a multi-tenanted commercial office and retail building located at 224 Fifth Avenue in Manhattan. An undisclosed buyer acquired the property for $21 million. Originally built in the mid-19th century and significantly altered in 1980, the six-story building features 15,949 square feet of office and retail space. The building has floor plates that range from 2,600 square feet to 2,827 square feet and is currently leased to three office tenants and one retail tenant, 7-Eleven. John Ciraulo and Craig Waggner of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEWTON, MASS. — Chatham Investment has completed the disposition of an office building located at 29 Crafts St. in Newton. Capasso Realty acquired the property for $13.9 million. Anchored by W.T. Rich Co., Steward Health Care System and Capital Advisors Group, the five-story property features 66,825 square feet of office space and 190 on-site parking spaces. Robert Griffin, Edward Maher, Matthew Pulled, Samantha Hallowell, Christian Brannelly and Drew Nelson of NKF represented the seller in the deal.
WEST CHESTER, PA. — CBRE has brokered the sale of West Chester Office Plaza, a five-building office portfolio located at 790 E. Market St. in West Chester. High Associates sold the complex to Maguire Hayden Real Estate Co. for $12.5 million. Situated on 8.3 acres, the 116,621-square-foot complex is currently 90 percent occupied by 48 tenants, including American Precision Industries, ESCFederal, Women’s Health Care Group of PA and BackOffice Thinking and Kinetic Prosthetics. Stephen Marzullo and Adam Silverman of CBRE represented the seller in the transaction.
NORRISTOWN, PA. — Westrum Development Co. has completed Luxor Building II, the final phase of the revitalization and transformation of 770 Sandy Street into Luxor Lifestyle Apartments in Norristown. Located at the renamed 800 Luxor Lane address, Luxor Building II features 38 apartment units and complements the 157-unit main building at the Luxor complex. Amenities at the community include an open-air courtyard with bocce, grilling and fire pits, an infinity pool, a bar, a fitness center and panoramic views of Norristown and Philadelphia’s skyline. For more than a decade before Westrum Development Co. acquired the property, 770 Sandy Street was embroiled in construction, legal and financial turmoil that cost Norristown taxpayers up to $4 million for repairs and legal expenses.