WHITEHALL, PA., AND RUNNEMEDE, N.J. — Gebroe-Hammer Associates has brokered the sale of a two-property multifamily portfolio in Whitehall and Runnemede. Joseph Brecher, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller and buyer, a private investor, in the deal. Orchard Drive Associates sold Orchard Drive Apartments, located at 1239 Washington St. in Whitehall, for $18.2 million. The buyer was a private investor. The community features 264 one- and two-bedroom units ranging from 782 square feet to 1,013 square feet. TNJ Properties acquired Presidential Courts from Presidential Associates LP for $15.5 million. Located in Runnemede, Presidential Courts features 268 garden-style apartments in a mix of one- and two-bedroom layouts. The sellers of the properties are part of the same umbrella organization, however each property operated under separate entities. The buyers of the properties are also under the same umbrella organization, but operated under separate entities.
Denholtz Associates, Bytech International Open 75,000 SF Industrial Building in Franklin, New Jersey
FRANKLIN, N.J. — Denholtz Associates has completed the redevelopment of a former manufacturing facility located at 655 Howard Ave. in Franklin. Bytech International has purchased the newly remediated and renovated building, a former stainless-steel manufacturing facility that was vacant for 15 years. Denholtz Associates completed a $1.5 million rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. Bytech International is an electronics accessories distributor.
NEW BRITAIN, CONN. — Inland Real Estate Acquisitions has arranged the sale of two medical office buildings located in New Britain for an undisclosed price. Mark Cosenza and David Neboyskey of Inland Real Estate represented the buyer, an Inland affiliate, in the deal. The properties are a two-story building located at 300 Kensington Ave. and a 62,000-square-foot building at 1 Lake St. Starling Physicians P.C. occupies both properties.
PITTSBURGH — Faros Properties has received $127.5 million in financing for Nova Place and 106 Isabella in Pittsburgh. Gerard Sansosti and Nick Matt of HFF secured the five-year, floating-rate loan through Wells Fargo for the borrower. Nova Place is a former urban mall that was converted into office use in the early 1990s. The complex now offers 1.3 million square feet of office space and is 86 percent occupied by a variety of tenants, including PNC Bank, Microbac, Continental Broadband, Confluence, Union Fitness, United Healthcare and Alloy 26. 106 Isabella features 87,050 square feet is a located adjacent to the Warhol.
NEW YORK CITY — Seagis Property Group has purchased three warehouse buildings in South Brooklyn in three separate transactions. The properties are a 22,000-square-foot building at 931 Stanley Ave., a 42,500-square-foot building at 1010 Stanley Ave. and a 70,000-square-foot property at 1970 Pitkin Ave. The three buildings were vacant at the time of acquisition and are immediately available for lease. These transactions add to Seagis’ existing portfolio of 40 properties totaling 750,000 square feet in New York City.
WARREN, N.J. — Cushman & Wakefield has arranged $80.7 million in financing for Normandy Real Estate Partners and Greenfield Partners. The financing is secured by Center 78, an office building located at 184 Liberty Corner Road in Warren. The 10-year, fixed-rate financing was provided by Natixis Real Estate Capital. Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site in Somerset County. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented Normandy in the financing.
LINDENWOLD, N.J. — Gebroe-Hammer Associates has arranged the sale of Summit Place, a multifamily property located at 411 E. Gibbsboro Road in Lindenwold. A private investor acquired the property from ARD Lindenwold for $7.5 million. Built in 1971, the property features 148 garden-style apartments and has undergone comprehensive capital improvements. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.
CEDAR KNOLLS, N.J. — Key Properties has opened Hanover Crossroads, a 170,000-square-foot shopping center located in Cedar Knolls. The retail property is situated on a 43-acre former Berlex Laboratories campus, which became a vacant brownfield in 1995. The property’s in-line retail building, which is nearing completion, houses a newly opened T.J.Maxx, HomeGoods, Five Below and Ulta Beauty. Additionally, interior fit-out work is underway for Old Navy and Famous Footwear. Auto Zone, QuickChek and MedExpress Urgent Care occupy the three pad sites. Key Properties plans to break ground this fall on the property’s final pad, which will be occupied by IHOP and an Italian restaurant with catering services. The project team includes Phelps Construction as construction manager, The Dietz Partnership as architect, Bowman Consulting Group as site engineer and TRC as environmental consultant.
WAYNE, N.J. — Toys ”R” Us Inc. filed for Chapter 11 bankruptcy protection on Monday, Sept. 18. The company’s Canadian subsidiary also plans to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice. No store closings have yet been announced in conjunction with the filing. The Wayne, N.J.-based toy retailer’s approximately 1,600 Toys ”R” Us and Babies ”R” Us locations will continue to operate through at least the holiday season. Customers may also continue to shop on the company’s newly launched web stores. “Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide,” says Dave Brandon, chairman and CEO of Toys ”R” Us Inc. The company’s debt largely stems from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Toys ”R” Us has …
NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the properties for more than 20 years. Loan proceeds will be used to fund upgrades to the properties, including lobby and elevator cab renovations, amenity space upgrades and landscaping improvements.