Northeast

Marcus & Millichap Completes $2M Sale of Retail Property in New Jersey

by Amy Works August 19, 2016

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.

August 19, 2016

Connecticut Industrial Northeast

O,R&L Commercial Brokers 54,000 SF Lease of Industrial Space in Connecticut

by Amy Works August 19, 2016

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.

August 19, 2016

Loans New York Northeast Office

Meridian Capital Group Secures $60M in Refinancing for 131,358 SF Office Property in Manhattan

by Amy Works August 18, 2016

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.

August 18, 2016

New Jersey Northeast Office

Allergan Relocates Headquarters to 431,495 SF Property in Madison, New Jersey

by Amy Works August 18, 2016

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.

August 18, 2016

Hospitality Massachusetts Northeast

Nordblom Co. Sells Hotel Development Site in Boston Suburb

by Amy Works August 18, 2016

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.

August 18, 2016

Industrial New Jersey Northeast

J.G. Petrucci Co. Sells 63,506 SF Industrial Facility in New Jersey

by Amy Works August 18, 2016

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.

August 18, 2016

Northeast Retail Rhode Island

KeyPoint Partners Arranges 23,042 SF Lease at Ocean State Plaza in Rhode Island

by Amy Works August 18, 2016

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.

August 18, 2016

New Jersey Northeast Office

Onyx Equities, Garrison Investment Acquire 300,260 SF Office Campus in New Jersey

by Amy Works August 17, 2016

PARAMUS, N.J. — Onyx Equities, in partnership with Garrison Investment Group, has acquired Country Club Plaza, an office campus located at 115-117 W. Century Road in Paramus. Cornerstone Real Estate Advisers sold the property for undisclosed price. The two-building, 300,260-square-foot office complex features a full-service cafeteria, fitness center and conference facility. Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE represented the seller in the transaction.

August 17, 2016

Northeast Pennsylvania Retail

PREIT Sells Washington Crown Center in Pennsylvania for $20M

by Amy Works August 17, 2016

WASHINGTON, PA. — PREIT has completed the sale of Washington Crown Center, a shopping mall located at 1500 W. Chestnut St. in Washington, a city approximately 30 miles south of Pittsburgh. An undisclosed buyer acquired the property for $20 million, or $313 per square foot. The approximately 63,897-square-foot property had a non-anchor occupancy of 87.4 percent at the time of sale. Anchor tenants include Bon-Ton, Macy’s, Gander Mountain and Sears.

August 17, 2016

Healthcare Loans Northeast Pennsylvania Retail

Progress Capital Advisors Arranges $16.2M Bridge Loan for Retail Property in Pennsylvania

by Amy Works August 17, 2016

NATRONA HEIGHTS, PA. — Progress Capital Advisors has secured a $16.2 million 24-month bridge loan for Harrison Town Square, a retail center located in Natrona Heights formerly known as Heights Plaza. The borrower, Steve Kogut, plans to use the loan to retire current CMBS debt and rebrand the center into a retail/medical destination. Current tenants at the center include a physical rehabilitation center, Planet Fitness, urgent care facilities for University of Pittsburgh Medical Center (UPMC) and Allegheny Health Network, as well as multi-specialty physician practices. Kathy Anderson of Progress Capital arranged the loan for the borrower.

August 17, 2016

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