WATERVILLE, MAINE — Fantini & Gorga has secured $7.5 million in acquisition financing for a freestanding Rite Aid Pharmacy in Waterville. Constructed in 2009, the 14,673-square-foot property features a drive-thru canopy and a high-volume pharmacy layout. Chris Miller and Casimir Groblewski of Fantini & Gorga arranged the financing for Wells Realty LP through a leading regional financial institution.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 31 Penn Plaza to Vanbarton Group LLC for an undisclosed sum. Located at 132 W. 31st St., the 18-story property features 444,000 square feet of office space. Savanna acquired the property in 2011 and completed a $20 million renovation, including redesigning the lobby, security infrastructure and entrance, modernizing the elevators, restoring the façade, upgrading coming areas and adding retail amenities. During the period Savanna owned the property, the firm entered into 260,000 square feet of lease agreements with tenants that included Friedman’s, Pennsylvania Six and Dee Daa. Douglas Harmon, Adam Spies, Joshua King, Adam Donegar and Michael Saclarides of Eastdil Secured represented Savanna in the transaction. Christopher Price and Adam Kopald of Goodwin Procter served as the seller’s counsel for the sale.
VESTAL, N.Y. — Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Company of Binghamton Inc. have arranged the sale of Our Lady of Lourdes Memorial Hospital medical office building in Vestal. A major private healthcare buyer acquired the 57,000-square-foot property for $22 million. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield negotiated the transaction. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 10 Westminster Road in Brooklyn. The 25,990-square-foot asset sold for $6 million, or $300,000 per unit. The 20-unit property features a mix of three- and four-bedroom apartments. Derek Bestreich, Lucien Sproviero, Adam Lobel and Erik Rodriguez of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
WARWICK, PA. — NAI Mertz has brokered the sale of an 8,750-square-foot flex building located at 1528 Campus Drive within Warwick Business Campus in Warwick. The buyer, Larry Sfinas of Guardian Academy and Indoor Range Inc., acquired the property from an undisclosed seller. The purchase price also was not disclosed. The buyer plans to expand the building into a 20,000-square-foot, 22-lane indoor gun range and retail store. The completed property will feature an advanced Carey air filtration system, a 3,500-square-foot shoot house, 360-degree computer-generated simulation training, and a 50-person banquet hall. Construction is slated to start in August, with a grand opening scheduled for January 2016. Jeff Licht and Adam Lashner of NAI Mertz arranged the transaction.
HAMDEN, CONN. — Press/Cuozzo Commercial Services has brokered the long-term lease of 2,664 square feet of office space at Hamden Center II in Hamden. FC USA Inc., the parent company of GOGO Worldwide Vacations, will occupy the space at 2321 Whitney Ave. Stephen Press of Press/Cuozzo represented the landlord, while Steve Inglese of The New Haven Group represented the tenant in the transaction.
In Fairfield and New Haven counties, growing rental housing demand will keep apartment vacancy tight throughout the year, despite a second consecutive year of elevated completions. Developers will complete 1,300 units this year, representing a minor drop from the number of apartments delivered last year. More than 700 of these new rentals will be in New Haven County. Another 1,500 rentals, mostly in Fairfield Country, were under construction in the first quarter of 2015, with deliveries slated for next year. Key projects for completion include the 160-unit College & Crown in the city of New Haven. College & Crown is a modern luxury rental in a vibrant community, boasting galleries, shopping, dining and recreational activities, within walking distance to Yale’s main campus and the Yale School of Medicine. New apartments will modernize apartment stock and mark an ongoing effort among developers to tap into unfulfilled demand for newer, amenity-laden rentals. In the first quarter of 2015, recently completed apartments in Fairfield and New Haven counties have been well absorbed. An increase of rental housing inventory may also play a meaningful role in continued growth of the local economy by making it easier for local employers to recruit workers to the …
FLORHAM PARK, N.J. — Holliday Fenoglio Fowler’s Florham Park office has arranged $81.3 million in refinancing for a 15-property industrial portfolio. HFF secured the 10-year, fixed-rate loan through Principal Commercial Capital for the borrower, Heritage Capital Group. The 2.58 million-square-foot portfolio includes a mix of warehouse, distribution and cold storage facilities in New York, Pennsylvania and Ohio. The properties feature clear heights ranging from 20 to 40 feet and include office space. Additionally, eight buildings have rail service access. At the time of closing, the portfolio was 92 percent leased to 31 tenants, including Staples Inc., Storage Mobility, McLane Food Service Inc., Victory Packaging LP, McGrann Paper, Scholastic Book Fairs Inc., Packaging Corporation of America and Global Foundries. Four properties are located near Syracuse, N.Y.; three near Rochester and Albany, N.Y.; three near Harrisburg, Pa.; and two near Columbus, Ohio. Jon Mikula of HFF led the team that represented the borrower in the transaction.
PHILADELPHIA — CBRE Group Inc. has arranged $49.7 million in acquisition and renovation financing for the Public Ledger Building in Philadelphia. The borrower, Purchase, N.Y.-based Carlyle Development Group, received short-term acquisition financing for a three-year term with two one-year extensions for the purpose of acquiring and improving the property. (The Public Ledger was a daily newspaper in Philadelphia published from 1836 to 1942.) The bridge financing allows the borrower to receive additional proceeds for future lease-up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed. Located at 600 Chestnut St., the 534,004-square-foot property is 65 percent occupied, with The United States of America General Services Administration as the largest tenant. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a national debt fund.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 71 Fourth Ave., also known as 71 Park Ave. South, in Manhattan’s Greenwich Village. A joint venture between NAVA Cos., Savitar Realty Advisors, Williams & Sons Group and LePera Equities Inc. acquired the site for $19.9 million, or $780 per buildable square foot. Zoned C6-2A, the site consists of two buildings suitable for approximately 25,573 square feet of as-of-right development. The joint venture plans to develop a 10-story, 22,507-square-foot mixed-use property on the site, with eight floor-through apartments (units which occupy an entire floor), a duplex penthouse and a retail space with 14-foot ceiling heights.
