LAWRENCEVILLE, PA. — Developer Chris Desmone has broken ground on for Square View, a luxury apartment building project located at 3413-3415 Butler St. in Lawrenceville near Doughboy Square. Designed by Desmone Architects, the four-story project will feature 12 apartments and 4,300 square feet of street-level retail space. Completion is slated for summer 2016.
NEW YORK CITY — Cushman & Wakefield has brokered the fee position sale of a multifamily property located at 1080 Amsterdam Ave. in Manhattan’s Upper West Side. Mount Sinai St. Luke’s sold the fee position for $29.1 million to an undisclosed buyer. Constructed in 1932, the 20-story, 82,250-square-foot apartment building was leased in 2012 to a partnership of SL Green and Stonehedge, who have since completed a full gut-renovation of the entire property. The property is subject to a 99-year net lease that commenced in 2012. Hall Oster, Paul Massey Jr., Teddy Galligan and Andrew Berry of Cushman & Wakefield brokered the transaction.
PHILADELPHIA — Square Mile Credit Partners, an investment fund managed by Square Mile Capital Management, has originated a $26.8 million first mortgage loan for Penrose Plaza in Philadelphia’s southwest submarket. The loan funds the recent acquisition of the 261,000-square-foot, grocery-anchored retail center, along with planned capital expenditures and tenant improvements. A joint venture between Onyx Properties, Abrams Realty & Development and Siguler Guff acquired the property, which is located at 2900-3000 Island Ave., in July 2015. The property is currently 51.5 percent leased to 17 tenants, including ShopRite supermarket, which signed a 20-year lease extension signed at the time of acquisition.
CHESTER TOWNSHIP, N.J. — HFF has arranged $14 million in refinancing for The Streets of Chester Shopping Center, a lifestyle retail center in Chester Township. The firm worked on behalf of the borrower, CPP Streets of Chester, to place the 10-year fixed-rate loan with Natixis Real Estate Capital Inc. The borrower plans to use the loan proceeds to retire existing debt previously arranged by HFF. Completed in 2006, the 104,682-square-foot property is tenanted by J.Crew, White House/Black Market, Chicos, Talbots, Ann Taylor, J.Jill, Jos. A. Bank, Charming Charlie, Olympia Sports, Country Casuals and Plow and Hearth. Jon Mikula of HFF arranged the financing.
HUNTINGTON, N.Y. — Island Associates has brokered the sale of a six-acre land parcel on Jericho Turnpike in Huntington. Matrix/Crest Group acquired the property for $7.8 million. The buyer plans to redevelop the site into a LA Fitness with two or three pad sites. The site offers access to Jericho Turnpike and W. Hills Road, which see more than 35,000 passing cars each day. Roger Delisle of Island Associates represented the seller, a former Rice Chevrolet car dealer, and the buyer in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 168 Driggs Ave. in Brooklyn. The asset, which features six rental units, sold for $3 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a developer, and secured the buyer, a limited liability company, in the transaction.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a package of 13 multifamily buildings located in the Bronx for $90 million, or $160 per square foot. In total the portfolio features 612 units and a gross area of approximately 553,304 square feet. The properties are 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave., 1727-1729 Walton Ave., 1165 Gerard Ave., 1170 Gerard Ave., 1236 Grand Concourse, 2226 Loring Place, 2322 Loring Place, 2333 Loring Place, 2442 Morris Ave. and 4138 Barnes Ave. Victor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfield, Jason Gold and Marko Agbaba of Ariel Properties represented the sellers, Continental Properties and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, a private investor, in the transaction.
EAGLEVILLE, PA. — Greystone has provided a $46 million bridge loan for the acquisition of Riverview Landing at Valley Forge in Eagleville. Nathan Schuss of Greystone originated the loan on behalf of Liss Property Group. Greystone presented the financing opportunity with an introduction to a joint venture equity partner, Azure Investments. This opportunity enabled Liss Property Group to acquire the 310-unit multifamily property, which features a resort-style pool and clubhouse, fitness center and business center.
CHESHIRE, CONN. — O,R&L Commercial LLC has brokered the sale of an office building located at 1154 Highland Ave. in Cheshire. Marshall Enterprises LLC sold the 25,777-square-foot Class A office building to RPG Holdings LLC for an undisclosed price. The new owners plan to convert the first floor of the building into a medical office space for a future urgent care facility. Richard Guralnick of O,R&L represented the seller, while Dan Garofalo and John Mullin of Reno Properties represented the buyer in the transaction.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1464 Ocean Ave. in Brooklyn’s Midwood section. The 26,800-square-foot property sold for $5.6 million, or $209 per square foot. Situated between Avenue I and J, the four-story building consists of 28 apartments. Len Mavashev of Alpha Realty represented the buyer, a Manhattan-based investment fund, while Jacob Aronov, also of Alpha Realty, represented the seller, a local private investor.
