POUGHKEEPSIE, N.Y. — Cronheim Mortgage has secured $7.7 million in financing for Nine Mall Plaza in Poughkeepsie. The 99,765-square-foot shopping center is occupied by Babies R Us, Aldi, H&R Block, Verizon, Supercuts and a variety of local retailers, including a dance studio and nail salon. The loan was structured with a 10-year initial term, a 22.5-year amortization schedule and flexible prepayment options for the borrower, Nine Mall Investors LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.
EAST MANCHESTER TOWNSHIP, N.Y. — Hillwood Investment Properties, a Perot company, has acquired a 95-acre tract in East Manchester Township for an undisclosed price. The site is approved for a 1.2 million-square-foot industrial building that Hillwood Investment Properties plans to build on a speculative basis. Located along I-83 in Northern York County, Trade Center-83 will feature 36-food clear heights, a cross-dock configuration, 190-foot truck court depth, dual driveway access for multiple tenants and an ESFR sprinkler system. Additionally, the project benefits from a LERTA Tax Abatement providing tenants with an incentive equating to $0.48 per square foot over the 10-year LERTA term. Construction is scheduled to begin this year with delivery slated for fourth-quarter 2015. Michael Hess of CBRE served as broker for the acquisition and has been retained to market Trade Center-83 for lease.
RYE, N.Y. — HFF has brokered the sale of International Corporate Center at Rye, an office property located in Rye, Westchester County, N.Y. Faros Properties sold the 180,000-square-foot, Class A property for $39.5 million. Located at 555 Theodore Fremd Ave., the property, which was renovated in 2012, features three office buildings connected by a five-story glass rotunda lobby. On-site amenities include a fitness center, cafeteria, conference center with boardroom and an outdoor tenant courtyard. At the time of sale, the property was 98 percent leased to tenants in the financial service, private equity, law and consumer product sectors. Jeff Julien, Jose Cruz and Andrew Scandalios of HFF represented the seller. Richard Goldstein of Goldstein & Associates Realty represented the undisclosed buyer in the transaction.
HUDSON, N.H., and CHELMSFORD, MASS. — The RAM Companies has acquired two industrial properties in Merrimack Valley for $21.2 million. The properties are 267 Lowell Road in Hudson and 25 Industrial Avenue in Chelmsford. The 121,533-square-foot property on Lowell Road features lab, clean room space and 401 parking spaces. Additionally, the property recently underwent renovations for its long-term Mercury Systems and Vectron Corp. The 48,734-square-foot property in Chelmsford is fully leased to a variety of tenants, including Comcast and CDM Smith. Dog Jacoby of Colliers Commercial Real Estate brokered the transaction and arranged debt financing through CIBC Bank for the deal.
NEW YORK CITY — TerraCRG has brokered the sale of an apartment building located at 4103 Seventh Ave. in Brooklyn’s Sunset Park neighborhood. The four-story, 14,456-square-foot property sold for $4.2 million, which equates to 13 times rent roll and $207,000 per unit. The 20-unit multifamily property is located on the corner of Seventh Avenue between 41st and 42nd streets. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG arranged the transaction.
BURLINGTON, MASS. — Sophos, a developer and vendor of computer security software and hardware, has leased 42,000 square feet of office space at 3 Van de Graaff Drive in Burlington. The company will use the space for its regional headquarters. Built in 1999 and fully renovated in 2007, the four-story property offers 295,000 square feet of office space. On-site amenities include a cafeteria, fitness center, an open courtyard and conference center. John Boyle, Ryan Romano and Kevin McNamara of Cassidy Turley represented Sophos in the 10-year deal. Steven Murphy of CBRE represented the landlord.
NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.
NEW YORK CITY — CBRE Group Inc. has brokered the sale of an apartment building located at 3208-3210 Boardwalk West in Brooklyn’s Coney Island neighborhood. The 11-unit property sold for $3.78 million. The 16,336-square-foot oceanfront property is newly renovated after suffering severe damage from Hurricane Sandy. The apartments feature granite countertops, kitchen islands, stainless steel appliances, tiled bathrooms, beautiful hardwood floors and floor-to-ceiling windows. Additionally, all units are equipped with washer and dryer hook-ups and designated parking spaces. Charles Berger, Elli Klapper, Matthew Giordano and Justin Aronson of CBRE Group represented the seller in the transaction.
BURLINGTON, N.J. — MJ Partners Self Storage Group has sold the Planet Self Storage facility, which is located at 555 Mitchell Ave. in Burlington. Winter Garden, Fla.-based iStorage purchased the property for $2.97 million. The property consists of 54,165 square feet of rentable space and 565 storage units. At the time of sale, the facility was approximately 70 percent occupied. The property will be rebranded as an iStorage self storage facility. iStorage operates 60 self-storage facilities in 11 states across the country. David Kohn of MJ Partners represented both parties in the transaction.
PARAMUS, N.J. — Vornado Realty Trust has leased 470,000 square feet of office space to Amazon at 7 West 34th St. in the Penn Plaza District of Paramus. Amazon has inked a 17-year lease for the office space. Vornado, a fully integrated real estate investment trust, owns approximately 9 million square feet of commercial space in the Penn Plaza District.