NORTHVALE, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the $12.1 million sale of 207,193 square feet of industrial space on 16.3 acres at 251 Union St. Pantheon Properties, which owns and develops a portfolio of properties in New York and New Jersey, sold the fully occupied property to a private investment group led by Duvi and Tuli Blumenberg. The building had been fully renovated by Pantheon. Cushman & Wakefield’s team included Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin, all from the East Rutherford, N.J.-based Metropolitan Area Capital Markets Group, as well as Andrew Siemsen from the Iselin office.
NORTH ANDOVER, MASS. — KeyBank Real Estate Capital has secured a $36.2 million Freddie Mac, fixed-rate loan for Berry Farms, located in North Andover. The Class A, 196-unit multifamily property was completed in early 2016 and is expected to be fully stabilized by September 2017. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the financing with an 11-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.
NEW YORK CITY — New York City-based Kamber Management Company is under contract to acquire the Riverside Garage portfolio of parking facilities on Manhattan’s Upper West Side. The portfolio consists of three parking garage condominiums, located at 80, 100-120, and 220-240 Riverside Boulevard. The portfolio, which comprises space at the base of five luxury residential towers, is a strong cash-flowing asset fully leased to Icon Parking Systems. Meridian Capital Group arranged the deal. David Shechtman was the exclusive broker for the sellers, and Kamber Management Company was represented by Steven Levy.
BOSTON — G-Tek Labs has leased 30,000 square feet at 28 Damrell Street in South Boston. The company provides hardware workspace, creating an environment that supports development, manufacturing and scaling of electronic devices. The shared workspace will provide access to design software and state-of-the-art equipment, such as 3D printers and pick and place machines. G-Tek Labs, backed by Taiwan-based Gigatek, has begun construction on its two-story space with plans to launch Phase 1 in September. Colliers International’s Ryan Healy and Mike Shakespeare represented G-Tek in their search for space. Attorneys Ku Yoo of Chang & Yoo LLP and James Heffernan of Rich May, PC represented G-Tek Labs in negotiating the lease and other corporate matters. Scott Gredler with Cushman & Wakefield represented the landlord, Damrell Properties, in the transaction.
BOSTON — Canada-based Kids & Co. is continuing its U.S. expansion into the New England market with a 20,000-square-foot childcare center at 451 D Street in Boston. The building is owned in a joint venture led by Meritage Properties and CV Properties. CBRE/New England is the leasing agent for 451 D Street. The center will offer education and care to more than 200 children, providing full-time, part-time and emergency backup care for children from the ages of six weeks to six years. Kids & Company offers guaranteed placement to 451 D employees, no late fees, password protected web cams and proprietary educational programs, including music, Spanish, on-site special needs coaching, and sign language. The center also provides children with snacks and meals fresh-from-scratch, and free of chemicals, additives and preservatives. Kids & Company was launched in 2002 in Toronto, Canada, by Victoria Sopik, a mother of eight, and Jennifer Nashmi, a mother of three.
DOVER, DEL. — University Housing Solutions (UHS) is developing a student-focused residential campus on 30 acres of land it owns adjacent to Delaware State University (DSU) in Dover. During its discussions regarding a potential public-private partnership development with DSU, UHS learned of an immediate, urgent need for student housing. To meet this demand, UHS will build a 500-bed student housing project with the ability to add an additional 1,500 beds. The UHS project will include a food court and retail space. UHS will address the current student housing shortage through an expedited approval, design and construction effort, and will have sufficient remaining land to provide for future student housing needs within a master-planned, student-oriented residential campus. Martin Kimmel, principal of Kimmel Bogrette Architecture + Site, is leading the effort for UHS. Other members of the UHS project team include Skanska USA (construction) and Asset Campus Housing (management, maintenance, and operations).
NANTUCKET, MASS. — Strategic Storage Growth Trust (SSGT), a public non-traded REIT sponsored by SmartStop Asset Management, has purchased an 840-unit self-storage facility in Nantucket. Located at 6 Sun Island Road, the 93,000-square-foot facility was constructed in 2002 on 1.7 acres of land. The property was approximately 91 percent occupied at the time of acquisition. The property includes 17 climate-controlled wine storage units that serve the Nantucket Wine & Food Festival. The SSGT portfolio currently consists of 21 operating self-storage facilities located in 10 states comprising approximately 13,700 self-storage units and approximately 1.6 million net rentable square feet of storage space.
PENNSYLVANIA — Happy Home Communities (HHC), the mobile home park and RV park investment arm of Los Angeles-based Gelt Inc., has acquired a mobile home park portfolio in central and northeast Pennsylvania for $13 million. HHC acquired the three-property 439-space portfolio from Horizon Land Company. Jonathon McClellan of Marcus & Millichap brokered both sides of the transaction. The company plans to bring in affordable manufactured homes to fill approximately 48 empty lots and will upgrade common areas and add amenities, including playgrounds, to the properties over the next 36 months. A. Hunter Property Management, a firm focused on the management of manufactured housing communities throughout Pennsylvania, has been retained to take over management responsibilities for the portfolio, which includes: Birchwood Village Estates, a 209-space, 26.26-acre mobile home park located at 1946 Wyoming Avenue in Exeter. It is currently 82 percent occupied. Timberend Mobile Home Community, a 153-space, 70.6-acre mobile home park located at 528 Ruben Lehrer Road in Muncy just outside of Williamsport. It is currently 85 percent occupied. Wedgewood Mobile Homes Community, a 77-space, 19.16-acre mobile home park located at 23 Minton Drive in Selinsgrove. It is currently 90 percent occupied.
BUFFALO, N.Y. — A REIT has sold the McKinley Plaza shopping center to a private real estate investment firm. The price was not disclosed. The 95,544-square-foot retail center at 3670 McKinley Parkway is 98 percent leased to 12 tenants and has 503 parking spaces. T.J. Maxx and A.C. Moore Arts & Crafts anchor the center, occupying 32,000 and 22,000 square feet, respectively. Built in 1991, the center underwent extensive renovations in 2015. Cushman & Wakefield’s Metropolitan Area Capital Markets Group was the agent for the property and procured the buyer as well as the seller. Brian Whitmer, Andrew Merin, Seth Pollack, and Kubby Tischler of Cushman & Wakefield worked in conjunction with Joyce MacKnight and Ben Borruso of Pyramid Brokerage Company.
NEW YORK CITY — Greystone has closed a $550 million permanent Freddie Mac loan made to joint venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences in Manhattan. The Greystone Bassuk debt advisory team, led by Richard Bassuk and Drew Fletcher, represented the borrower. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg, Billy Posey, Joe Mosley, and Jeff Englund of Greystone collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone. Sky Residences, located at 605 West 42nd Street, is one of New York City’s iconic luxury rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. The property was developed by Moinian and designed by Rockwell Group. Amenities include an exclusive multi-level fitness club; water club; spa; lap pool; NBA regulation-size basketball court; two outdoor pools; café; kids’ club; and a private outdoor park design by Thomas Balsley. The property is the largest single-tower residential building in the United States, with 25 percent of its …