BROOKFIELD, CONN. — HKS Capital Partners has arranged $26.5 million in permanent refinancing for Barnbeck Place, a 165-unit apartment complex in Brookfield. The property sits on nine acres. John Harrington of HKS Capital Partners negotiated the financing for the owner/ borrower, the BRT Organization and the DiMarco Group. David Garcia of OritaniBank provided the seven-year, fixed-rate loan.
NEW YORK CITY — Jason Maier of Stan Johnson Co. has arranged the $10.8 million sale of a 3,962-square-foot retail property net leased to Bank of America at 6601 18th Ave. in the Bensonhurst neighborhood of Brooklyn. A private buyer utilizing a 1031 tax-deferred exchange purchased the property at a 4.2 percent cap rate. This is the second time Jason Maier and his team have sold this property, having represented the original developer in 2013 when it sold for $8.8 million.
NORWOOD, MASS. — Transwestern Consulting Group (TCG) has brokered the $14 million sale of Norwood Business Center, an office property located at 1400 Providence Highway in Norwood. Calare Properties, a Massachusetts-based real estate investment firm and operator, was the seller. Jumbo Capital Management purchased the three-building portfolio, which totals 155,975 square feet of office, flex and research and development space. TCG’s Chris Skeffington and Roy Sandeman represented the seller and sourced the buyer, while Transwestern’s Andrew Stone assisted Jumbo Capital Management in arranging the financing for the purchase with Middlesex Savings Bank.
WASHINGTON TOWNSHIP, N.J. — Markeim Chalmers has negotiated a long-term lease for The Rothman Institute to occupy 20,000 square feet of a new 40,000-square-foot medical office building at Washington Township Town Center in Washington Township. Scott Martin represented both the tenant, The Rothman Institute, and developer The Atkins Cos. in the transaction. Located between Virtua Wellness Center and Kennedy Hospital, the two-story building is scheduled for completion by January 2018.
ELMSFORD, N.Y. — Cushman & Wakefield has arranged the sale of Heritage Corporate Park, a 100-percent occupied flex/office property in Elmsford. PAG Investments acquired the 155,033-square-foot asset from an entity controlled by RNY Property Trust. Located at 80 and 100 Grasslands Road, Heritage Corporate Park sits on 8.5 acres in Westchester County’s commercial and industrial corridor. A 67,454-square-foot flex building at 100 Grasslands Road features a three-bay loading dock, 24-foot clear height, and showroom and warehouse space. It is complemented by a three-story, 87,579-square-foot office building at 80 Grasslands Road. Amenities include parking, on-site cafeteria service and a yoga and fitness studio. The property has served as the headquarters location for Amscan Inc. for more than 20 years and also serves as home to several other tenants. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin led the transaction.
BETHEL TOWNSHIP, PA. — The northeast regional office of Duke Realty Corp. has purchased 73 acres in Bethel Township for future development. The land, known as Central Logistics Park, fronts I-78 and can support the construction of a warehouse up to 832,000 square feet. Duke plans to develop a bulk warehouse on the site, which will be its fifth building in the Lehigh Valley area.
WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $1.9 million sale of a 3,500-square-foot net leased property in West New York. A Sleepy’s/Mattress Firm occupies the property. Michael Lombardi and Alexander Pildes of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor.
FRANKLIN, MASS — Garrett Quinn of SVN Parsons Commercial Group Boston has negotiated a 13,904-square-foot industrial lease in Franklin. Quinn represented the tenant, MGB USA, in the lease at 157 Grove St., a 76,268-square-foot flex building located near I-495. McKenna Teague of Transwestern RBJ represented the landlord, GRE Grove Street Two LLC. MGB USA is moving from its current facility located at 121 Flanders Road in Westborough. The company manufactures precision electrical components used in applications including aerospace, defense, medical, telecommunications, and automotive hybrid and electrical instrumentation.
SAYVILLE, N.Y. — Breslin Realty has brokered a long-term lease with Chipotle Mexican Grill at Sayville Plaza in Sayville. Chipotle will occupy 2,300 square feet of newly constructed space in a shopping center located at the northwest corner of Sunrise Highway and Johnson Avenue. Other tenants at Sayville Plaza include Kmart, Bed Bath & Beyond, OfficeMax, Babies R Us, Modell’s Sporting Goods, Old Navy, Pier 1 Imports, The Vitamin Shoppe, Chase Bank, Sprint and Panera Bread. Breslin’s Robert Delavale negotiated the transaction on behalf of the landlord.
NEW YORK CITY — Kimco Realty (NYSE: KIM) has signed its first round of retail leases at The Boulevard, a $180 million lifestyle center in the Staten Island borough of New York City. The project is a redevelopment of Hylan Plaza, which has been shuttering its existing retailers over the past several months. Situated on Ebbitts Street and Hylan Boulevard, The Boulevard will feature 50 stores in a 460,000-square-foot, multi-level format. The first retailers to sign onto the project include ShopRite (68,000 square feet), Alamo Drafthouse (41,000 square feet), Party City (13,000 square feet), PetSmart (23,500 square feet) and Chase Bank (5,100 square feet). Modell’s sporting goods store and Mandee will be relocating within the center, absorbing 16,000 square feet and 11,000 square feet, respectively. Construction at the redevelopment is scheduled to commence in early summer or late fall, with a grand opening scheduled for summer 2019. Existing Hylan Plaza tenants that have shuttered in anticipation of this redevelopment include United Artist movie theater, Toys “R” Us/Babies “R” Us, the Salvation Army, Kids Place and Subway. Rainbow Shops and Telco are scheduled to close by the end of this month. S9 Architecture is designing the redevelopment to feature ground-floor retail …
