Northeast

Neptune-Sixth-Coney-Island-NY

NEW YORK CITY — Cammeby’s International has started construction of Neptune/Sixth, a mixed-use development located at 532 Neptune Avenue and 626 Sheepshead Bay Road in Brooklyn’s Coney Island. As the comprehensive redevelopment of the former Trump Village Shopping Center and Royal Palace Baths, the community-oriented development will feature a variety of services and retail options, residential and office space, public space and parking for more than 800 vehicles. Construction on the first phase — a standalone, seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road — is underway, with completion slated for summer 2017. Cammeby’s plans to begin site work for the 90,000 square feet of retail space at Neptune Avenue this fall, and the project’s second phase, including a residential component, is scheduled to break ground in late 2017. New York-based S9 Architecture is designing the project. Winick Realty Group has been retained as the exclusive retail leasing agent, while The Lawrence Group is overseeing leasing for the project’s office space.

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NEW YORK CITY — Meridian Capital Group, a debt broker based in New York, has arranged $135.5 million in loans for Continuum Healthcare to refinance a six-property portfolio of skilled nursing homes in New Jersey and Pennsylvania.   The four-year, bridge-to-HUD loan provided by a balance sheet and mezzanine lender, features six months of interest-only payments.   The skilled nursing communities total 920 beds and include:   ·      The Wanaque Center for Nursing and Rehab, Haskell, N.J. ·      Galloway Nursing and Rehab, Galloway, N.J. ·      Barnegat Rehab and Nursing, Barnegat, N.J. ·      The Health Center at Bloomingdale, Bloomingdale, N.J. ·      Majestic Oak Nursing Home and Rehab, Warminster, Pa. ·      Highland Manor Rehab and Nursing, Exeter, Pa.   Meridian’s Ari Adlerstein, Ari Dobkin and Josh Simpson negotiated the transaction.   Continuum Healthcare and its affiliate companies own and operate skilled nursing facilities and pediatric day care centers. Continuum also owns properties and leases them to independent operators.

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650-Bulfinch-Drive-Andover-MA

ANDOVER, MASS. — CBRE/New England has arranged the sale of Andover Place Apartments, a garden-style apartment community located at 650 Bulfinch Drive in Andover. A joint venture between Taymill Partners and LEM Capital acquired the 220-unit property from Andover Place Apts. LLC, an affiliate of Roseland Residential, for $40.4 million. Built in 1989 and situated on 34.3 acres, Andover Place Apartments features two studio units, 132 one-bedroom apartments, 74 two-bedroom apartments and 12 three-bedroom units, ranging from 518 square feet to 1,225 square feet. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal. Roseland Residential Trust is a subsidiary of Mack-Cali Realty Corp.

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728-Thompson-Ave-Bridgewater-NJ

BRIDGEWATER, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 728 Thompson Ave. in Bridgewater. A limited liability company acquired the 10,500-square-foot property for just under $2 million. The buyer plans to convert the property, formerly known as The Office Bar & Grill, into a high-end bar and grill. The restaurant is expected to open this fall after a complete remodeling of the building. Manveer Sanghera and Trevor Fiebel of Marcus & Millichap represented the buyer in the deal.

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128-Old-Brickyard-Road-Berlin-CT

BERLIN, CONN. — O,R&L Commercial has arranged the lease of industrial space at 128 Old Brickyard Road in Berlin. All Mail Direct, a fulfillment and direct marketing firm, will occupy 54,000 square feet of the 127,000-square-foot industrial building, which is situated on 45 acres. Luke Massirio and Stephen Foote of O,R&L Commercial represented the landlord, Lakewood Associates, while Scott Rishar of North Atlantic Realty represented the tenant in the deal.

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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.

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5-Giralda-Farms-Madison-NJ

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.

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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.

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15-Stults-Road-South-Brunswick-NJ

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.

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Ocean-State-Plaza-Warren-RI

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.

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