PARSIPPANY, N.J. —NAI James E. Hanson has brokered the sale of an office building located at 140 Littleton Road in Parsippany. Choice Properties acquired the 30,459-square-foot building from Gisella Haidar for an undisclosed price. The three-story office building was 80 percent leased at the time of sale. Josh Levering and Andrew Kirshenbaum of NAI James E. Hanson represented the seller in the transaction.
BOSTON — Marcus & Millichap has arranged the sale of a mixed-use property located at 46-50 Blue Hill Ave. in Boston. A private investor sold the property to an undisclosed private investor for $1.6 million. The property features six apartments and three retail spaces. Evan Griffith of Marcus & Millichap represented the seller and procured the buyer in the deal.
FRANKLIN, MASS. — NorthMarq Capital has arranged $50 million for the refinancing of Franklin Village, a grocery-anchored mixed-use property located at 250 Franklin Village Drive in Franklin. The 10-year loan features a 30-year amortization schedule. Greg Nalbandian and Doug Nickerson of NorthMarq arranged the financing through NorthMarq’s correspondent relationship with Sun Life of Canada for the undisclosed borrower. Major tenants at the 303,096-square-foot property are Stop & Shop, Dress Barn and Marshalls.
LINDEN, N.J. — Tulfra Real Estate has completed the disposition of an industrial building located at 1501 W. Blancke St. in Linden. Penwood Real Estate Management acquired the 115,000-square-foot property for an undisclosed price. Jordan Metz of Bussel Realty arranged the transaction. Originally built in 1973 and situated on 4.6 acres, the building features 15,000 square feet of office space, 16-foot to 24-foot clear ceiling heights and 100 on-site parking spaces. The building is currently occupied by Vantage Specialty Chemicals and Hello Fresh.
SYRACUSE, N.Y. — TJM Properties has acquired Crowne Plaza Syracuse, located at 701 E. Genesee St. in Syracuse, for an undisclosed price. The hotel offers 276 guest rooms and 12,243 square feet of conference space. The property will retain the Crowne Plaza flag and continue to offer all the amenities and incentive programs of the Crowne Plaza brand. The name of the seller was not released. This purchase is the latest expansion of the TJM Properties and its fourth hotel in the Northeast. TJM plans to add approximately three hotels per year to its growing portfolio.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-building multifamily portfolio located in the Bedford-Stuyvesant neighborhood of Brooklyn. The assets sold for $12.3 million, or $514,000 for unit. Located at 293 Stuyvesant Ave., 3 MacDonough St. and 5 MacDonough St., the portfolio totals 29,872 square feet and features 24 multifamily units. Shaun Riney, Peter Von Der Ahe, Joe Koicim and Thomas Shihadeh of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer.
FRANKLIN, N.J. — Denholtz Associates has acquired the former manufacturing home of Acme Tube, located 655 Howard Ave. in Franklin. The 74,325-square-foot building had been foreclosed upon and has been vacant for a number of years. Denholtz plans to remediate the site and will invest $1.5 million into a complete rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. The industrial property, which will be available for occupancy in August, is already being marketed for sale or lease by Zimmel Associates.
IRVING, TEXAS AND PHILADELPHIA — C-III Capital Partners LLC, a commercial real estate investment manager and property services firm, has agreed to purchase Resource America Inc. (NASDAQ: REXI), an asset management company that specializes in commercial real estate and credit investments. Under the terms of the agreement, Resource America stockholders will receive $9.78 per share in cash, for a total of approximately $207 million. Resource America’s board of directors unanimously approved the agreement. The price per share represents a 51 percent premium over Resource America’s closing price on May 20. “Having undertaken a thorough strategic review, during which we evaluated a wide variety of options, the board has unanimously concluded that partnering with C-III is the best way to maximize value,” says Jonathan Cohen, president and CEO of Resource America. “C-III is a highly regarded real estate services and investment management organization with outstanding leadership.” Philadelphia-based Resource America is the external manager of one publicly traded REIT, four non-traded REITS and two other registered investment companies and focuses on capital-raising activities through the independent broker-dealer network. Irving-based C-III Capital Partners currently manages $3.8 billion on behalf of institutional investors in both debt and equity funds, a separate account and several …
NEW YORK CITY — Springhouse Partners has received $37 million in acquisition and renovation financing for the purchase and renovation of a mixed-use property located at 51-55 Irving Place between New York City’s Gramercy and Union Square neighborhoods. Ronnie Levine and Jeff Berkes of Meridian Capital Group negotiated the three-year loan, provided by Mesa West Capital, for the buyer. The loan features full-term interest-only payments and two one-year extension options. The seven-story property totals 56 residential units, five retail spaces and one office space, as well as unused air rights. Springhouse Partners is an investment firm founded by Adam Verner in 2010.
MANALAPAN, N.J. — Torseillo Organization has acquired Justin Corporate Center I, a two-story office building located at 198 Route 9 N. in Manalapan. KABR Group sold the 40,000-square-foot property for an undisclosed price. Constructed in 1985, the property recently underwent a renovation to improve its lobby, public areas, parking lot and HVAC system, and add a conference room. At the time of sale, the property was 94 percent occupied by 12 professional tenants in the financial services, healthcare and publishing fields. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented the seller and procured the buyer.