NEW YORK CITY — Meridian Capital Group has arranged $60 million in CMBS financing for the refinance of an office property located at 286 Madison Ave. in Midtown Manhattan. The borrower is APF Properties. Provided by Jeffries LoanCore, the 10-year loan features a fixed interest rate and full-term interest only-payments. The 23-story building features 131,358 square feet of office space. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction.
MADISON, N.J. — Allergan plc, a global pharmaceutical giant, has leased the entire 431,495-square-foot property at 5 Giralda Farms in Madison for a 13-year term. The company will consolidate three of its existing New Jersey office facilities in Parsippany, Bridgewater and Jersey City, bringing 1,800 employees together at the state-of-the-art headquarters facility. Owned by Lincoln Equities Partnership, 5 Giralda Farms is a modern corporate headquarters facility located on 50 acres at the Giralda Farms office campus in Madison. The facility features a main building, an on-site daycare facility, carriage house, six large conference facilities, a 345-seat dining room and a 15,000-square-foot fitness center with full basketball court. Daniel Loughlin and Jodie Mathews of JLL represented Allergan, while David Simson of Newmark Grubb Knight Frank represented the landlord in the deal.
BURLINGTON, MASS. — Nordblom Co. has completed the disposition of a hotel development site with the 3rd Ave development, an urban, retail-walking street lined with restaurants, cafes, retail boutiques connected with pedestrian walkways and public green space in Burlington, a suburb of Boston. The site will be home to Massachusetts’ first Archer Hotel, a new collection of boutique hotels with locations in New York City, Napa, Calif., and Austin, Texas. The new hotel will feature 147 rooms. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.
SOUTH BRUNSWICK, N.J. — J.G. Petrucci Co. has completed the sale of an industrial facility located at 15 Stults Road in South Brunswick. Jean Design Inc. acquired the build-to-suit facility for undisclosed price. Situated on 5 acres, the 63,506-square-foot building features six loading docks, a drive-in door, a T-5 lighting system and an ESFR sprinkler system. J.G. Petrucci Co. completed the development and design/build of the facility. Joel Lubin of JLL represented the seller and buyer in the transaction.
WARREN, R.I. — KeyPoint Partners has negotiated a lease with Maxx Fitness Clubzz at Ocean State Plaza in Warren. Maxx Fitness Clubzz will occupy 23,042 square feet of space on the Vernon Street side of the 126,200-square-foot shopping center on Metacom Avenue. Other tenants at the center include Ocean State Job Lot, Family Dollar, Fantastic Sams, Elsie’s Bakery and East Bay Printing & Copying. Don Mace of KeyPoint represented the undisclosed landlord in the deal.
PARAMUS, N.J. — Onyx Equities, in partnership with Garrison Investment Group, has acquired Country Club Plaza, an office campus located at 115-117 W. Century Road in Paramus. Cornerstone Real Estate Advisers sold the property for undisclosed price. The two-building, 300,260-square-foot office complex features a full-service cafeteria, fitness center and conference facility. Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE represented the seller in the transaction.
WASHINGTON, PA. — PREIT has completed the sale of Washington Crown Center, a shopping mall located at 1500 W. Chestnut St. in Washington, a city approximately 30 miles south of Pittsburgh. An undisclosed buyer acquired the property for $20 million, or $313 per square foot. The approximately 63,897-square-foot property had a non-anchor occupancy of 87.4 percent at the time of sale. Anchor tenants include Bon-Ton, Macy’s, Gander Mountain and Sears.
NATRONA HEIGHTS, PA. — Progress Capital Advisors has secured a $16.2 million 24-month bridge loan for Harrison Town Square, a retail center located in Natrona Heights formerly known as Heights Plaza. The borrower, Steve Kogut, plans to use the loan to retire current CMBS debt and rebrand the center into a retail/medical destination. Current tenants at the center include a physical rehabilitation center, Planet Fitness, urgent care facilities for University of Pittsburgh Medical Center (UPMC) and Allegheny Health Network, as well as multi-specialty physician practices. Kathy Anderson of Progress Capital arranged the loan for the borrower.
NEWARK, DEL. — Penguin Industries has completed the sale of a 151,000-square-foot warehouse building located at 701 Pencader within Pencader Industrial Park in Newark. Situated on 8.65 acres, the building has 24-foot clear heights and an ESFR sprinkler system. Wye Realty Advisors arranged the purchase of the property on behalf of the buyer, a Delaware-based private investor, for undisclosed price. AVIR Realty assisted the seller in the deal. Whitewoods Capital Advisors, along with Wye Realty Advisors, originated an acquisition loan for the buyer. At the time of sale, the building was fully leased to two tenants.
ROCKVILLE CENTRE, N.Y. — Q10|New York Realty Advisors has arranged a $7.5 million permanent loan for Best Western Mill River Manor, located at 173 Sunrise Highway in Rockville Centre. The 10-year non-recourse loan features a 4 percent interest rate for the first five years. The full-service hotel features a banquet facility, on-site parking and a swimming pool. Jeanne Cronin and Zeev Douek of Q10 secured the financing for the undisclosed borrower.