NORTH BERGEN, N.J. – Marcus & Millichap has arranged the sale of Riverview Lofts, an eight-unit apartment property located in North Bergen, for $3.1 million. David Thurston and Charles Loccisano of M&M’s New Jersey office represented the seller, a limited liability company, as well as the buyer. Riverview Lofts is located at 8917 Old River Road in North Bergen, across the street from Edgewater Town Hall.
BLUE BELL, PA. – Keystone Property Group has signed three new leases totaling 66,000 square feet at 5 Sentry Park, a recently renovated two-building office property in Blue Bell. The transactions include a 33,200-square-foot lease with Linde Engineering North America, a 15,700-square-foot lease with Physician Recommended Nutriceuticals (PRN) and a 15,700-square-foot lease with Veterinarian Recommended Solutions (VRS). After acquiring the 133,000-square-foot office property, Keystone completed a reinvestment program to implement functional and cosmetic upgrades. The enhancements include a new amenity area with a fitness center, conference rooms, lounge area, on-site cafe, outdoor patio with seating, roof deck, expanded entrance for the property’s eastern building, refreshed lobby at 5 West and landscaping upgrades. Linde is a Houston-based engineering firm providing technologies for the design and construction of process plants for industries including petrochemicals, gas processing and pharmaceuticals. PRN is a leading producer of food-based supplements and VRS produces health products for pets. Michael Barker and Cody Lehrer of CBRE represented PRN and VRS in their leases, while Patrick Brady and Ryan FitzPatrick of Avison Young represented Keystone.
EAST GREENBUSH, N.Y. – HFF has secured the $15.1 million sale of Columbia Plaza, a 137,647-square-foot grocery-anchored retail center in East Greenbush. HFF marketed the property on behalf of the seller, a partnership between Capstone Realty Group and WP Realty. Nigro Cos., based in Albany, N.Y., purchased the asset free and clear of existing debt. Anchored by Price Chopper, Columbia Plaza is 89.3 percent leased and home to Peebles, Dollar Tree, Pet Stop, Vineyard Wine & Spirit, Nishiki Sushi, Hair Studio One, Liberty Tax Service, Quality Hearing, NBT Bank and Computer Answers. The three-building center was completed in 1988. Situated on 14.6 acres at 501 Columbia Turnpike, Columbia Plaza is located 3.5 miles southeast of Albany. The center’s Columbia Turnpike location places it in one of the main retail corridors in East Greenbush, a community located along the Hudson River. Columbia Turnpike is accessible from Interstates 8, 787 and 90 in addition to State Highways 151, 43 and 9J. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli with assistance from Andrew Scandalios.
DOVER, DEL. – The Kane Co. has brokered the sale of an 80,000-square-foot industrial facility at 44 Industrial Park Drive in Dover. The property is the former warehouse of Kessler Sales and Distribution, a wholesale distributor of pipe, valves, fittings and water heaters. Peter Billipp of The Kane Co. represented the seller and procured the buyer.
NEW YORK CITY — Jonathan Rose Cos. is purchasing Forest City Realty Trust’s affordable housing business in a deal valued at more than $500 million. The acquisition includes 48 affordable housing communities in seven states, totaling nearly 8,500 units; Forest City Capital, an MAP-designated FHA lender; and Forest City’s affordable housing property management group. The purchase will bring Jonathan Rose Cos.’s total unit count to more than 15,000 nationwide and expand its operations to 15 states and the District of Columbia. The properties, management company and mortgage company will be rebranded with the Rose Communities name. The management company will be renamed Rose Community Management and the finance company will become Rose Community Capital. The transactions are scheduled to close throughout the first and second quarter. The management company and Forest City Capital are slated to transfer on March 1. The acquisitions have been approved by Forest City’s board and the closings, which require HUD approvals, will continue through the spring.
PHILADELPHIA — Dallas-based TIER REIT has completed the sale of Three Parkway, an office building located in Philadelphia’s Center City district. An unrelated third party acquired the property for $95 million. The building features 561,000 square feet of office space. The sale marks TIER REIT’s exit from the Philadelphia market.
WHITE PLAINS, N.Y. — Urstadt Biddle Properties has completed the disposition of its Westchester Pavilion property, a former power center mall in White Plains. Maple and Broadway Holdings, a subsidiary of Lennar Corp. through its Lennar Multi-Family Communities, acquired the site for $56.6 million. The buyer plans to raze the property and develop a high-end, mixed-used property with residential and retail space.
NEW YORK CITY — Hornig Capital Partners and Brickman Real Estate are redeveloping a former box manufacturing building into Box Factory, an office and retail property located at 1519 Decatur St. on the Queens-Brooklyn border of Ridgewood and Bushwick. Fogarty Finger Architecture is designing the $10 million renovation, which will bring 55,570 square feet of office space and 7,430 square feet of retail space to the area. Completion is slated for June 2017. ABS Partners Real Estate is marketing the office portion of the project, while Ripco Realty is marketing the retail portion.
PHILADELPHIA — Marcus & Millichap has arranged the sale of an apartment building located at 1925-1927 Spring Garden St. in Philadelphia’s Spring Garden neighborhood. An undisclosed seller sold the property for $2.1 million. The building features 12 one-bedroom units. Mike Maxwell and Dana Newton of Marcus & Millichap represented the seller and procured the undisclosed buyer in the deal.
PHILADELPHIA — National Real Estate Development has secured a $57 million loan to finance the construction of a second residential tower within the East Market project in Philadelphia’s Center City. Wells Fargo & Co. provided the loan. Located at 1199 Ludlow St., the 20-story, 240-unit tower will be built above a two-story retail base. The 233,000-square-foot tower will feature one- and two-bedroom apartments, a lap pool, gym and on-demand fitness studio, an indoor playroom and outdoor play area for children, a dog run, library, conference center, lounge, screening room, billiards room, indoor/outdoor climate-controlled loggia, demo kitchen, community vegetable gardens, grilling stations and fire pits. Morris Adjmi Architects and Bower Lewis Thrower Architects are designing the tower, and Clemens Construction is serving as general contractor. National Real Estate Advisors, Joss Realty Partners, Young Capital and SSH Real Estate own the East Market project, which includes the 322-unit The Ludlow and 175,000 square feet of modern warehouse office space as well as 130,000 square feet of retail and restaurant space.
