HACKENSACK, N.J. — Colliers International has arranged the sale of Continental Plaza, a landmark corporate property located at 401, 411 and 433 Hackensack Ave. in Hackensack. Capstone Realty Group and JD Cos. acquired the three-building complex from a Miami-based special servicer for $63 million. The 650,000-square-foot office was 72 percent leased at the time of sale. Jacklene Chesler of Colliers, along with her team, brokered the transaction.
NASHUA, N.H. — NorthMarq Capital has secured $1.8 million in refinancing for an office building in Nashua. Michael Chase of NorthMarq’s Boston office arranged the long-term financing through a regional bank for the undisclosed borrower. The two-story building features 33,000 square feet of office space.
PORT WASHINGTON, N.Y. — BEB Real Estate has leased 56,000 square feet of office and industrial space to Cintas Corp. The Cincinnati-based company will occupy space on the first and second floors at 12 Harbor Park Drive in Port Washington. Lee Brodsky, Dan Oliver and Dan Marcus of Newmark Grubb Knight Frank represented the landlord, BEB Real Estate, in the deal.
LINDEN, N.J. — Milbrook Properties has signed three new tenants to Aviation Marketplace, its 644,565-square-foot shopping center located at 601-901 W. Edgar Road in Linden. In the first deal, Massage Envy Spa inked a 10-year lease for 2,598 square feet of space. Jeffrey Realty and RJ Brunelli Real Estate co-brokered the transaction. In the second lease, European Wax Center signed a 10-year deal for 1,522 square feet of space. Jeffrey Realty and RJ Brunelli Real Estate also co-brokered this lease. In the final transaction, Source Plasma Manufacturing leased 3,661 square feet of space for 11 years. Jeffrey Realty co-brokered the deal. Additional tenants at the center include Shop Rite, The Home Depot, Marshalls, Old Navy, AC Moore, The Avenue, Applebee’s, Ten Spot, GNC, Allstate and GameStop.
NEW YORK CITY — American Finance Trust Inc. (AFIN) has acquired all of the outstanding common stock of American Realty Capital – Retail Centers of America Inc. (RCA) for approximately $1.4 billion, including the assumption or repayment of $432 million in debt. The merger of the two New York-based, non-traded REITs creates a retail REIT with an enterprise value of approximately $3.9 billion. The combined company will retain the AFIN name and continue to be led by AFIN’s management team, with the addition of Kase Abusharkh from RCA, who will serve as AFIN’s chief investment officer of the multi-tenant portfolio. Members of both boards of directors will continue to serve on the board of the combined company. “The combination of AFIN and RCA will help the company achieve critical scale, afford improved access to capital markets, result in significant cost savings for shareholders and increase coverage of our distributions,” said Michael Weil, CEO of AFIN. “For AFIN, today’s announcement is a key step forward in our plan to grow earnings.” AFIN, formerly known as American Realty Capital Trust V Inc., was formed in January 2013 to acquire mostly freestanding, single-tenant retail properties leased to investment grade or other creditworthy tenants. …
BELLINGHAM, MASS. — CBRE/New England has arranged the sale of a warehouse and distribution facility located at 150 Depot St. in Bellingham. An institutional investor, advised by Bentall Kennedy LP, acquired the property from National DCP for $25.5 million. The 252,600-square-foot property features dry storage, freezer/cooler space, 30-foot clear heights and ESFR sprinklers throughout the warehouse portion of the building. Dave Pergola, Brian Doherty and Robert Gibson of CBRE/NE represented the seller and procured the buyer in the transaction.
UNION CITY, N.J. — Sun Equity Partners has acquired Silk Mill Lofts, a historic commercial building located at 540 39th St. in Union City, for an undisclosed price. The buyer has a multi-million-dollar capital improvement program planned for the 125,000-square-foot property — which is dedicated to artist-work spaces — to upgrade the exterior, common spaces, building systems and loft-style studios. The property is currently 55 percent occupied by practicing artists and creative professionals involved in the visual arts, photography, sculpture, painting and glass works. Lee Levine Architects is serving as architect for the renovation of the property, which was originally built in 1874.
SOMERSET, N.J. — Terreno Realty Corp. has acquired an industrial property, located at 70 Schoolhouse Road in Somerset, for $9.1 million. Situated on 6.9 acres, the 86,000-square-foot building features 12 dock-high and one grade-level loading positions and parking for 61 cars. At the time of sale, the property was 100 percent leased to one undisclosed tenant.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of an industrial warehouse located at 214 40th St. in Brooklyn’s Sunset Park. An undisclosed buyer acquired the property for $6 million, or $437 per square foot. The 13,730-square-foot building features three drive-in garage bays with curb cuts, elevators, a new high-grade industrial hot water boiler, 3,000 amps of electricity and office space on the third floor. Aaron Warkov, Adam Ecker, Daniel Arnel and Michael Purcell of Cushman & Wakefield represented the undisclosed seller in the deal.
YORK, PA. — Bennett Williams Commercial has arranged the sale of a retail building located at 575 Maryland Ave. in York. SJK LLC purchased the property from 1221 Associates Inc. for $1.4 million. Denny Neiman of Bennett Williams Commercial represented the buyer, while Neiman and Keith Kahlbaugh of Bennett Williams represented the seller.
