BOSTON — Lynnfield, Mass.-based Powers & Co., a boutique retail brokerage firm, is merging with The Dartmouth Co., a retail real estate advisory and brokerage firm. Focusing on the Greater Boston suburbs and Cape Cod, Mass., Powers & Co. specializes in representing retail landlords and owners throughout New England. The Dartmouth Co. specializes in tenant and landlord representation in the Northeast and throughout the United States and provides a variety of services, including dispositions, investment sales and consulting and advisory services. Additionally, the company recently created a full-service commercial retail property management division. Powers & Co.’s suburban focus will enhance Dartmouth’s depth of market and solidify its place as the area’s best-in-class retail real estate advisory and brokerage company.
MOUNT LAUREL, N.J. — New York City-based Prestige Properties has acquired Centerton Square, a shopping center located at 2 Centerton Road in Mount Laurel. Black Creek Diversified Property Fund sold the property for $130 million. Wegmans anchors the 426,436-square-foot regional shopping destination. At the time of sale, the property was fully leased to more than 40 tenants, including DSW Shoes, TJ Maxx, Bed Bath & Beyond and Burlington, which is slated to open soon.
KING OF PRUSSIA, PA. — Liberty Property Trust has completed the disposition of an office building located at 2301 Renaissance Blvd. in King of Prussia, a suburb of Philadelphia. M&H Properties acquired the property for $47 million. Situated on 15.5 acres within the 200-acre Renaissance Park corporate campus, the property is the home to Vertex Inc.’s corporate headquarters and features 957 parking spaces, a conference center, first-floor locker rooms with showers, multiple break-out hubs per floor and a café. Brett Segal and Doug Rodio of HFF represented the seller in the transaction.
CHADDS FORD, PA. — Cushman & Wakefield Senior Housing Capital Markets has raised equity and arranged $20.5 million in financing for the construction of The Residence at Chadds Ford, an 84-unit independent living, assisted living and memory care community in the Philadelphia suburb of Chadds Ford. The borrower is LCB Senior Living, which is building the community. It will be the company’s 15th seniors housing property, and its first in the Philadelphia metro. The community is located along the Delaware border, 11 miles north of Wilmington. The community will consist of a three-story building on a 2.3-acre site. It will offer 64 independent living and assisted living apartments, as well as 20 memory care beds. The project is slated for completion in the second quarter of 2019. Webster Bank is providing $20.5 million of non-recourse construction financing at 65 percent loan-to-cost for the joint venture between LCB and its institutional partner. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue.
PITTSBURGH — KeyBank Commercial Development Lending & Investment has provided $16.6 million in total financing for Allegheny Dwellings Phase I, a new affordable housing project in Pittsburgh’s Fineview neighborhood. The first of three phases, Allegheny Dwellings Phase I involves replacing existing public housing with 65 new mixed-income units. TREK Development Group, in partnership with the Housing Authority of City of Pittsburgh, is developing the project. The first phase will feature 47 affordable and 18 market-rate townhome, walk-up and apartment-style units. Kyle Kolesar of KeyBank arranged the financing. City Real Estate Advisors, Allies and Ross Management, Housing Authority City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh contributed 4 percent Low-Income Housing Tax Credits, tax-exempt bonds and other gap financing.
PHILADELPHIA — Boynton Beach, Fla.-based Trez Forman Capital Group has arranged a $6.7 million loan for the development of a mixed-use project located in Philadelphia. The borrower, Gagandeep Lakhama of 1413 Germantown LLC, plans to develop a six-story, 50-unit apartment building with 5,500 square feet of ground-floor commercial space on a 14,625-square-foot site at 1413 Germantown Ave. Ryan Howard of Trez Forman originated the loan. This is the first time Trez Forman has done business in the state of Pennsylvania.
GREAT BARRINGTON, MASS. — Westport, Conn.-based Paragon Realty Group has purchased Barrington Plaza, a grocery-anchored community shopping center in Great Barrington. An affiliate of Kimco Realty Corp. sold the property for an undisclosed price. The 131,000-square-foot center is co-anchored by a 44,667-square-foot Price Chopper and a 24,141-square-foot Marshalls. Dollar Tree, Pet Valu, Mattress Firm, AT&T and a variety of local retail properties also occupy the center. Nat Heald and Chris Angelone of JLL brokered the transaction. Paragon’s in-house management division will provide property management for the shopping center.
BAYONNE, N.J. — Cushman & Wakefield, on behalf of Baker Residential, has arranged a joint venture with Woodmont Properties to develop a multifamily property at 190 W. 54th St. in Bayonne. Woodmont acquired a majority stake in the venture. Construction is underway with completion slated for spring 2019. Located adjacent to the 40-acre Richard A. Rutkowski Park, the property will feature 220 market-rate units, views of Manhattan and The Port of Newark, covered parking, a community pool, landscaped courtyards, a rooftop terrace, a club room, a fitness center, a pet spa and direct access to the park. John Alascio, Brian Whitmer, Sridhar Vankayala and Gloria Aboagye-Agyeman of Cushman & Wakefield represented Baker Residential in the transaction.
BOSTON — Newmark Knight Frank Capital Markets has brokered the sale a retail building located at 957 Commonwealth Ave. in Boston’s Brighton neighborhood. Nolan Properties Group acquired the asset from J&M Realty for an undisclosed price. Justin Smith, Paul Penman and Christian Brannelly of NKF Capital Markets represented the seller in the deal. The property features 15,800 square feet of retail space.
NORTH DARTMOUTH, MASS. — Fantini & Gorga has arranged $3.3 million in refinancing for State Road Plaza, a retail property in North Dartmouth. The borrower was New York-based 331 State Road Associates LLC. Casimir Groblewski of Fantini & Gorga originated the assignment and placed the financing. Situated on 5.8 acres, State Road Plaza features 29,505 square feet of retail space. Current tenants include J.D. Byrider, Newbury Comics and Pearson Vue, as well as various local retailers and service providers.