LAKEVILLE, MASS. — Calare Properties Inc. has received nearly $4 million in financing for the acquisition of 8 Lakeville Business Park, a 100,000-square-foot warehouse building located in Lakeville. Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/New England’s Debt & Structured Finance team secured the financing, which was provided by East Boston Savings Bank. The fully leased property is occupied by Guardian Building Products and T3 Expo.
TOMS RIVER, N.J. — CBRE has arranged the sale of a retail development site located at the intersection of Route 37 and Fischer Boulevard in Toms River. QuickChek acquired the assemblage of properties for $3 million. The buyer plans to develop a modern gasoline and convenience store facility on the 2-acre site. Steven Winters of CBRE represented the undisclosed seller in the transaction.
NORWICH, CONN. — Lyman Real Estate has arranged the lease of a 6,400-square-foot office building located at 550-558 W. Thames St. in Norwich. Mindscape Industries, which provides acquired brain injury rehabilitation services, signed a five-year lease for the building. Ron Lyman of Lyman Real Estate represented the undisclosed landlords in the transaction.
PHILADELPHIA — Benbrooke has completed the disposition of Franklin Marketplace, a retail power center located at 101-195 Franklin Mills Blvd. in northeastern Philadelphia. PAG Investments acquired the asset free and clear of existing debt for $25.8 million. The 223,434-square-foot center was 88.6 percent leased to a variety of national and regional tenants, including Kaplan, Big Lots, Dollar Tree, Retro Fitness, Harbor Freight Tools and Citizens Bank. Chris Munley, Jose Cruz, Kevin O’Hearn and Michael DiCosimo of HFF represented the seller in the transaction.
MALDEN, MASS. — CBRE/New England has brokered the sale of 480 Main Street, an infill apartment community located in Malden. Residence at Malden Square, an affiliate of Priderock Capital Partners, sold the 195-unit property to The DSF Group for an undisclosed price. The five-story property features 30 studios, 115 one-bedroom apartments and 50 two-bedroom units with an average unit size of 768 square feet. Additionally, the building features four retail suites totaling 7,599 square feet. The apartments are 100 percent market rate and the retail space is partially leased to a bakery and drop-off dry cleaning service. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.
NEW YORK CITY — Meridian Capital Group has arranged $17.9 million in construction financing for the development of a multifamily property located in the Jamaica neighborhood of Queens. David Hayum and Tal Savariego of Meridian secured the three-year, interest-only construction loan, provided by a regional balance sheet lender, for the Long Island-based borrower. Located at 177-30 Wexford Terrace, the ground-up development will feature 68 apartments and a community facility.
NEW YORK CITY — Quadram Global is developing two Arlo micro-hotel brand hotels in Manhattan. Both hotels were designed by Gene Kaufman Architect. Located at 231 Hudson St., the 11-story, 325-key Arlo Hudson is slated to open on September 6. The 97,000-square-foot hotel will feature a rooftop terrace with a bar/lounge, a ground-floor courtyard with lounge and Harold’s Meat +3, the latest eatery of Chef Harold Moore, executive chef and owner of Commerce Restaurant. The interiors of the Hudson Square property were designed by AvroKO, and the landscape was designed by MDD Landscape Design. Located at 11 E. 31st St., the 37-story, 250-key Arlo NoMad is scheduled to open later this fall. The 91,000-square-foot hotel will feature a roof deck, small but well-appointed guest rooms, dining and lounging options and public spaces.
ALLENTOWN, PA. — VYC Tires Inc., commonly known as bestusedtires.com, has leased 61,157 square feet of warehouse space at 7072 Snowdrift Road in Allentown. The Allentown-based, family-owned company provides quality used tires to customers across the continental United States. Ethan Medgie of Markward Group represented the tenant, while landlord DCT Industrial Trust was self-represented in the transaction.
NEW YORK CITY — An affiliate of Silver Star Motors has topped out the construction of a mixed-use building located at 37-14 36th St. in Queens’ Long Island City. Designed by Montroy Andersen DeMarco, the 10-story, 135,000-square-foot building will feature a Silver Star Mercedes-Benz dealership on the first two floors and 85 apartments on the upper floors. The apartments will be a mix of 30 studios, 27 one-bedroom units, 28 two-bedroom units and two three-bedroom units. Occupancy is expected in summer 2017. The project team includes 1 Oak Contracting, MNS Real Estate, Fogarty Finger Architecture, Dealer Solutions and Design, Gilsanz Murray Steficek, Lilker Engineering, GZA GeoEnvironmental, DeRosier Engineering and Sage Security.
HARRISON, N.J. — Russo Development has received $73 million in financing for Vermella Harrison, a Class A mid-rise multifamily community located at 1100 Frank E. Rodgers Blvd. South in Harrison. HFF arranged the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group for the borrower. Situated on three acres, the transit-oriented property is 800 feet from the Harrison PATH station and features 120 studio units, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet. On-site amenities include a 3,500-square-foot fitness center with yoga studio; an outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas; fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Thomas Didio of HFF led the HFF debt placement team that secured the financing.
