WEXFORD, PA. — HFF has arranged the $13.8 million sale of a 53,000-square-foot, single-tenant retail property in Wexford, approximately 17 miles north of Pittsburgh. Marc Mandel, Steve Schrenk, Coler Yoakam, Mark West and Michael George of HFF represented the seller, a REIT, in the transaction. A private East Coast buyer purchased the asset. Additionally, HFF secured an $8.5 million, 20-year, fixed-rate loan with Protective Life Insurance Company for the buyer. Levin Furniture occupies the building under a triple net lease that expires in 20 years.
NEW YORK CITY — Cushman & Wakefield has arranged the $6.5 million sale of 145 18th Street, a 16,577 square-feet brick warehouse in Brooklyn’s Greenwood Heights neighborhood. The property allows for 33,154 buildable square feet of commercial development, according to local zoning regulations. Winfield Clifford, William Barrett and Junji Miyake of Cushman & Wakefield represented the seller, Adel Rootstein USA, in the transaction. The buyer was SNL Storage. Nearby retailers include Costco, Home Depot, Lowe’s, Petco and ABC Carpet & Home.
BEDFORD, MASS. — Newmark Knight Frank has secured a 147,371-square-foot lease extension with photonics company Novanta for their corporate headquarters at 125 Middlesex Turnpike in Bedford. Bedford is 20 miles northwest of Boston. NKF represented ownership, 125 Middlesex Turnpike LLC, in the transaction. Built in 1975 and renovated in 2009, 125 Middlesex Turnpike is a 147,371-square-foot, single-story, flex/manufacturing building that includes 75,000 square feet of office space. Novanta is a supplier of laser products, precision-motion and vision technologies and has occupied the property since 2008.
WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $2 million sale of a net-leased GameStop location in West New York. Michael Lombardi, Alexander Pildes and Steven Schiavello of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Located at 6001 Bergenline Ave., the video game retailer GameStop has been at the property since 2002.
BOSTON — Cornerstone Realty Capital has arranged $7 million in acquisition financing for a three-story apartment building in Boston’s Jamaica Plain neighborhood. Cornerstone was able to obtain a creative financing structure that enables the buyer, Hajjar Management Co., to complete the renovation to property. More specifically, Cornerstone was able to deliver a low, 10-year, fixed-rate financing structure with three years of interest-only payments followed by a 30-year amortization. The lender was a local bank. The building, which is located at 9-11 Seaverns Ave., includes 24 one-bedroom, one-bathroom units. The borrower plans to fully renovate the property over the next three years.
HOWELL, N.J. — Marcus & Millichap has brokered the $3.1 million sale of a net-leased Texas Roadhouse restaurant located at 5309 US Highway 9 in Howell. Karly Iacono of Marcus & Millichap’s National Retail Group represented the seller, a developer, in the transaction. Marcus & Millichap also represented the buyer, a private client executing a 1031 exchange. The property is subject to a 15-year ground lease with Texas Roadhouse. Nearby retailers include Lowe’s, Target, LA Fitness, ShopRite and Hobby Lobby.
NEW YORK CITY — The Feil Organization has signed three tenants to nearly 52,000 square feet of office leases at 841 Broadway, 250 Park Ave. South, and 257 Park Ave. South in Manhattan. Global professional services firm Ernst & Young renewed its lease at 841 Broadway for a total of 27,000 square feet; cryptocurrency trading firm Digital Currency Group signed a new 11,985-square-foot lease at 250 Park Ave. South; and digital marketing agency Bulletproof signed a new 13,000-square-foot lease for the entire eighth floor of 257 Park Ave. South. Feil’s three-building portfolio in Manhattan is 98 percent occupied following the transactions.
LONG ISLAND, N.Y. — Carnegie Capital has arranged a $24 million bridge loan to refinance a two-story skilled nursing and assisted living facility along the North Shore of Long Island. The borrower is a local owner-operator that has managed the property for over a decade. The community includes 324 licensed beds. The name of the facility was not disclosed. The two-year loan will restructure operating debt and fund a rehabilitation of the upper level. The note features a fixed rate with a flexible exit after the first year to give the owner the option to either refinance or dispose of the asset. JD Stettin of Carnegie Capital arranged the financing. A private bridge fund provided the capital.
SEACAUCUS, N.J. — Seagis Property Group has acquired an 80,000-square-foot warehouse and distribution facility at 350 Seacaucus Road in Secaucus. The property is located approximately six miles from Manhattan and 12 miles from Port Newark. The fully leased building features 11 tailgate dock doors and 21-foot clear heights. Seagis now owns 27 buildings totaling more than 4.3 million square feet throughout Northern New Jersey.
FAIRFIELD, N.J. — Weiss Realty has acquired the Fairfield Business Center, a seven-building industrial/flex complex totaling 336,220 square feet and located on 16.8 acres in Fairfield. The sales price was $30 million. Fairfield Business Center was 88 percent leased to 61 tenants at the time of sale. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, Denholtz Associates, in the transaction. Denholtz Associates had owned the property since 1999.