CHERRY HILL, N.J. — Eastern Consolidated has brokered the acquisition of a free-standing retail property located at 504 Kings Highway North in Cherry Hill. A private investor acquired the property from Phoenix Realty Group for $8.9 million. Walgreens occupies the property under a long-term triple-net lease. Evan Street and Matthew Leist of Eastern Consolidated represented the buyer, while Horvath & Tremblay represented the seller in the transaction.
FAYETTEVILLE, N.Y. — CBRE|Syracuse has arranged the sale of a retail property located at 6901 E. Genesee St. in Fayetteville. A Miami-based private buyer acquired the two-building asset, which totals 7,285 square feet, from Lyndon Corners Plaza. The buyer plans to raze one building and renovate the remaining 3,000-square-foot building for use as a Verizon Wireless distributor location. Ed Kiesa and Marty Dowd of CBRE|Syracuse represented the seller, while Michael Hotarek of Eastern Retail Properties represented the buyer in the transaction.
NEW YORK CITY — Rosewood Realty Group has facilitated the sale of a seven-building mixed-use portfolio in the Queens neighborhoods of Flushing, Sunnyside, Astoria and Elmhurst. A&E Real Estate Holdings purchased the portfolio from Ares Management for $82.8 million. Built between 1913 and 1941, the portfolio features a total of 343 apartments and six retail spaces. The portfolio includes 40-11-40-19 79th St. and 42-29 Judge St. in Elmhurst; 41-41 44th St. and 47-07 39th St. in Sunnyside; 151-10 35th Ave. and 132-70 Sanford Ave. in Flushing; and 22-73 41st St. in Astoria. Aaron Jungreis of Rosewood represented the buyer and the seller in the deal.
PLAINSBORO TOWNSHIP, N.J. — KRE Group and Oxford Realty Group have acquired Addison at Princeton Meadows, a garden-style apartment complex located at 2821 Pheasant Hollow Drive in Plainsboro. An undisclosed seller sold the property for $73.3 million. Built in 1981, Addison at Princeton Meadows features 439 apartment units in a mix of one- and two-bedroom layouts. On-site community amenities include an outdoor pool with sundeck, 24-hour fitness center, lighted tennis courts, basketball courts, a fenced-in bark park and exterior patios and balconies on each unit. Joseph Brecher of Gebroe-Hammer Associates arranged the sale and procured the buyer in the transaction.
BROOMALL, PA. — Broomall Fire Co. has selected Bernardon as architect for a new fire station in Broomall. Situated on the former Marple School site, the 25,000-square-foot building will accommodate the current station’s apparatus, improve functionality and optimize response time. Primary funding for the project comes from the Commonwealth of Pennsylvania through a $3.25 million Redevelopment Assistance Capital Program grant. The new firehouse is slated for completion in early spring 2019.
PISCATAWAY, N.J. — Colliers International has negotiated the sale of 15 Corporate Place South, an office building in Piscataway. 15 Corporate Place LLC acquired the building from Corporate Place Partners for $9.1 million. Built in 1983 and renovated in 2013, the four-story building features 138,266 rentable square feet in 40,000-square-foot floorplates. At the time of sale, the property was 98 percent occupied by 75 tenants. Jacklene Chesler, Matthew Brown and Jack Callahan of Colliers arranged the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 87 Luquer St. in the Carroll Gardens neighborhood of Brooklyn. An undisclosed buyer acquired the three-story, 6,875-square-foot building for $2.9 million. The property features a certificate of occupancy that allows for semi-industrial on the ground floor, office space on the second floor and residential space on the top floor. The building can also be completely rehabilitated for residential use. Dan Marks and Mike Hernandez of TerraCRG facilitated the sale. The name of the seller was not released.
BOUND BROOK, N.J. — The Carlton Group has arranged $46 million in high-leverage first mortgage financing for Queen’s Gate Apartments, a recently built 144-unit apartment complex in Bound Brook. The stretch senior loan allowed the undisclosed borrower to pay off its construction financing and cash out of the project before the property reaches stabilization. Steven Weiss and Jeff Kosow of The Carlton Group negotiated the three-year loan for the borrower.
MEDIA, FAIRLESS HILLS AND LANGHORNE, PA. — CBRE has brokered the sales of four office buildings in Media, Fairless Hills and Langhorne for a combined sale price of $6.9 million. Stephen Marzullo and Adam Silverman of CBRE represented the seller, Penguin Real Estate Investors, in each transaction. In the first transaction, 53 Baltimore Pike LLC purchased a three-story, 35,902-square-foot office building located at 53 W. Baltimore Pike in Media. Constructed in 2002, the property is currently 53 percent leased to two tenants, Connect America and Apacheta Corp. In the remaining transactions, Olymbec acquired a 51,384-square-foot office building, located at 430-450 Lincoln Highway in Fairless Hills, and two office buildings at 2050 and 2080 Cabot Blvd. West in Langhorne. The Fairless Hills property is anchored by the Social Security Administration. At the time of sale, the property was 52 percent leased. The two buildings in Langhorne, which total 69,417 square feet, are currently 61 percent occupied. Dentaurum Inc., Sperry Van Ness, TPG Telemanagement, Clear Employer Service and Stief Gross Sagoskin Cassetti occupy the buildings. This three-building acquisition by Olymbec marks the Canada-based firm’s entry into the Greater Philadelphia office market.
DOYLESTOWN, PA. — Marcus & Millichap has arranged the sale of Oak Gardens, an apartment building located at 355 North St. in Doylestown. An undisclosed buyer acquired the property for $3.8 million. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal. Constructed in 1950, the three-story building features 30 one- and two-bedroom apartment units.