ELMONT, N.Y. — Target is opening a flexible format store as an anchor tenant at the Home Depot shopping center located at 600 Hempstead Turnpike in Elmont. The 24,500-square-foot store is slated to open late this fall or early spring 2017 in a space formerly occupied by OfficeMax. The new format stores vary in size and assortment, allowing for smaller footprints and locally relevant experiences for shoppers. Jeffrey Howard of Ripco Realty represented the tenant, while Randall Briskin provided in-house representation for the landlord, The Feil Organization.
PHILADELPHIA — NGKF Capital Markets has arranged the sale of 2.0 University Place, a multi-tenant office building located at 30 N. 41st St. in Philadelphia. 2.0 University Place Associates sold the 100,000-square-foot property to a member company of Zurich North America for $41.2 million, or $420 per square foot. The building is the first double-platinum, multi-tenant office property in the United States, with both LEED Platinum Core & Shell v2.0 and commercial interior – LEED v2009 Platinum certifications. Dave Dolan and Brett Segal of NGKF Capital Markets represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.
MALDEN, MASS. — Berkeley Investments Inc. has acquired an office building located at 200 Exchange St. in Malden. An affiliate of KBS Real Estate Investment Trust Inc. sold the 314,176-square-foot property for $21.8 million. The buyer plans to reposition the property into a mixed-used asset with street-level retail, a state-of-the-art data center and approximately 200,000 square feet of creative office space. Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell of HFF represented the seller, while Gramercy Property Trust, as asset manager, advised the seller on the transaction.
KUTZTOWN, PA. — Woodmont Industrial Partners (WIP) has completed the sale of an industrial property located at 9747 Commerce Circle in Kutztown. The 385,000-square-foot property sold for an undisclosed price. Built in 2007, the property features an ESFR sprinkler system, T5 lighting, 32-foot ceiling heights, 50-foot by 50-foot column spacing, 20 loading docks and 10 additional knock-out dock door panels. Hearth & Home, a producer and installer of hearth product, leases 173,701 square feet of the property. Michael Hines, Brian Fiumara and Brad Ruppel of CBRE represented WIP in the transaction. WIP acquired the property in 2012 in a joint venture with AEW Capital Management.
POTTSTOWN, PA. — Deerwood Real Estate Capital has closed a $15.5 million loan to finance the acquisition and redevelopment of an enclosed mall in Pottstown. The property features 700,000 square feet of retail space. The loan, provided by a balance sheet lender, was structured with a construction facility to accommodate upgrades and repositioning. Abe Katz and Aaron Rosenfeld of Deerwood negotiated the financing for the undisclosed borrower.
BURLINGTON, MASS. — The Stubblebine Company/CORFAC International has arranged the sale of a health club facility at 12 A St. in Burlington. Academy of Creative Arts acquired the property from Burlington Recreation Group for $1 million. The buyer, which is currently located at 217 Middlesex Turnpike, plans to relocate to the facility. Built in 1977, the 17,500-square-foot facility has been the site of several health clubs, including Gold’s Gym, Mad Maggie’s and Empire Fitness. David Stubblebine, James Stubblebine and Alan Ringuette of The Stubblebine Company procured the buyer and represented the seller.
NEW YORK CITY — Capital One has provided a $110 million loan to refinance Eastchester Heights Apartments, a 118-building apartment complex in the Bronx. The floating-rate, interest-only loan has an initial term of 30 months, with an option to extend in six month increments for an additional 30 months. The borrower is owned by entities controlled by Taconic Investment Partners and Clarion Partners. Featuring four- and six-story apartment buildings, the apartment complex offers a total of 1,416 residential units. After acquiring the complex in 2007, Taconic renovated nearly half of the apartments, completed installation of apartment electric meters, converted boiler to natural gas and replaced stairwells in many common hallways, as well as concluded a two-year, 200,000-square-foot roof and parapet replacement project. Evan Pariser of HFF arranged the financing for the borrower.
NEW YORK CITY — Pembrook Capital Management has provided a $25.8 million mezzanine loan with a first mortgage conversion feature to an affiliate of McSam Hotel Group to finance a West Side development site located within the Hudson Yards Redevelopment Area. The borrower plans to develop a 506-room Hyatt Place Hotel on the site. Demolition of existing structures is currently underway, with construction expected to commence in 2017. The purpose of the loan is a refinancing to facilitate a partner buyout and for predevelopment. Stuart Boesky of Pembrook Capital arranged the financing.
PARSIPPANY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 119 Littleton Road in Parsippany. Commercial Realty Group acquired the 36,216-square-foot building from Hollywood Towne House LLC for an undisclosed sum. The property features two full floors of approximately 12,000 square feet each, in addition to pre-built suites starting at 1,384 square feet. Josh Levering and James Kenah of NAI Hanson represented the seller in the transaction.
ELIZABETH, N.J. — Sitar Realty Co. has arranged a 104,005-square-foot industrial lease at 699 Kapkowski Road in Elizabeth. CMC Food Inc. leased the space from Northport Industrial Center LLC. William Sitar Jr. and John Cranley of Sitar Realty Co. brokered the lease transaction. Terms of the lease were not released.