WOODBRIDGE, N.J. — Case Real Estate Capital, through Case Investors III, has provided a $15.1 million first mortgage bridge loan to SAMTD Acquisitions Woodbridge LLC, a residential developer, for the purchase of 7.1 acres of fully entitled land in Woodbridge. The property is approved for the construction of 355 residential units. Case expects the borrower to partner with a construction lender within a year to develop the residential property.
JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp., has opened M2 at Marbella, a residential tower located at 401 Washington Blvd. in downtown Jersey City. The 39-story property features 311 studio, one-, two- and three-bedroom apartment units. The property also features an 800-square-foot rooftop terrace, a 1,200-square-foot event room, a sky lounge, a 1,700-square-foot club room with lounge and billiard table, a conference room, two fitness centers with a yoga studio, a children’s playroom, an on-site concierge, an on-site dog run and a bike storage.
NEW YORK CITY — Madison Realty Capital has provided a $16.3 million loan to recapitalize a 26,965-square-foot retail condominium located at 68 Elizabeth St. in Manhattan’s Chinatown neighborhood. The retail condo is located on the lower floors of an 81,961-square-foot mixed-use building with 81 residential condominiums units on the upper floors. The retail space is currently occupied by Hong Kong Supermarket and Salon De Tops. The name of the borrower was not released.
NEW YORK CITY — Cignature Realty Associates has arranged the sale of a multifamily building located at 548 W. 164th St. in Washington Heights. Barberry Rose Management Co. acquired the 54-unit property for $16 million, or $283 per square foot. Built in 1910, the 56,634-square-foot property features one studio unit, 24 two-bedroom units, 12 three-bedroom units and 17 four-bedroom units. Lazer Sternell and Peter Vanderpool represented the buyer and the seller, Hillcrest Acquisitions LLC, in the deal.
NEW YORK CITY — The innovative and lifestyle products retailer Brookstone Inc. has retained New York-based RCS Real Estate Advisors to operate as its outsourced real estate department. RCS will work with Brookstone to manage its entire retail real estate portfolio and help the company develop growth strategies for its holiday pop-up stores and outlet locations. RCS will be responsible for all lease negotiations, site selection and implementation of Brookstone’s growth plans.
BOSTON — National Real Estate Advisors and The HYM Investment Group have unveiled plans to redevelop the Government Center Garage into Bulfinch Crossing, a six-building, 2.9 million-square-foot mixed-use development in Boston’s Bulfinch Triangle. Spanning two city blocks, Bulfinch Crossing will be anchored by One Congress, a 1 million-square-foot office tower designed by Pelli Clarke Pelli Architects. At full build-out, the development will feature three mid-rise buildings, including a hotel-and-condo building, an office building and a multi-story retail property, surrounding a new public plaza on the eastern side of the parcel, and One Congress and two high-rise residential buildings on the west parcel. Expected to break ground later this year, the project’s first high-rise residential component, designed by CBT Architects, will consist of 486 units, including 64 designated as affordable housing. In total, the mixed-use development will include 812 residential units, 196 hotel rooms, 1.15 million square feet of office space and 85,000 square feet of new retail space. Additionally, the property will feature a 1-acre rooftop amenity on the west parcel and a more than 1-acre public plaza on the east parcel. At completion of the overall redevelopment, the remaining portions of the existing garage will contain approximately 1,100 parking spaces …
CEDAR KNOLLS, N.J. — Invesco Real Estate has completed the sale of Sterling Parc, a Class A multifamily community in Cedar Knolls. Cornerstone Real Estate Advisers acquired the property for $91 million. Situated on 22.5 acres, the 27-building property features 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments in a mix of one-, two- and three-bedroom layouts. Communities amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen. At the time of sale, the property was 96 percent leased. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the transaction.
LOGAN TOWNSHIP, N.J. — Dermody Properties and Great Point Investors have broken ground on a new distribution facility at LogistiCenter at Logan, a master-planned 5.5 million-square-foot Class A industrial park in Logan Township. Located at 2810 Oldmans Creek Road, the 393,120-square-foot facility is slated for completion this fall. The facility will be e-commerce compliant with 36-foot clear heights and parking for 186 cars and 129 trailers. Great Point Investors is the strategic capital partner on the project.
WARRINGTON, PA. — CBRE has arranged the sale of The Shops at Valley Square, a 292,888-square-foot mixed-use lifestyle center located in Warrington. iStar Financial sold the property to a joint venture between affiliates of Poag Shopping Centers and real estate funds managed by Ares Management for an undisclosed sum. Built in 2007, the property features 203,953 square feet of first-floor retail space and 88,935 square feet of second-floor office space. Tenants at the center include DSW, ULTA, Banana Republic, White House|Black Market, Loft, P.F. Chang’s, Chipotle, Panera, The Melting Pot and Carmel Kitchen & Wine Bar. Brad Nathanson, Chris Decoufle and Kevin Reavey of CBRE represented the seller, while John Farrell of CBRE’s Debt and Structured Finance team arranged acquisition financing for the buyer.
VINELAND, N.J. — NAI Mertz has arranged the sale of an industrial building located at 301 N. Fourth St. in Vineland. Plastic Express Inc. acquired the 43,750-square-foot property from The Welfront Group for an undisclosed sum. The property features both industrial and office space, a 29,000-square-foot fenced-in and paved yard area, 18-foot clear ceiling heights, six tailgate doors and one drive-in door. Roy Kardon and John Brown of NAI Mertz represented the seller and the buyer in the deal.