PARSIPPANY, N.J. — CBRE Group Inc. has brokered the sale of a four-property office portfolio in Parsippany. Cornerstone Real Estate Advisers, acting on behalf of a firm-managed fund, sold the properties to a joint venture between Lincoln Property Co. and Red River Asset Management for an undisclosed price. The 210,888-square-foot portfolio includes 10, 20 and 30 Lanidex Plaza and 299 Cherry Hill Road. Currently the portfolio is 67 percent leased to 15 tenants with stability provided by 30 Lanidex, which is 100 percent leased on a long-term basis. Jeffrey Dunne, Kevin Welsh, Brian Schula and Frank Maresca of CBRE Institutional Properties along with Jeremy Neuer of CBRE’s East Brunswick, N.J., office represented the seller and procured the buyer in the transaction.
EASTON, MASS. — Peabody, Mass.-based Congress Building Corp., serving as construction manager, has broken ground for the construction of The Residence at Five Corners, a senior housing community being developed in Easton. The 84-unit assisted care facility will be owned and operated by Norwood, Mass.-based LCB Senior Living. Located at 678 Depot St., the facility will offer a mix of assisted living, independent living and memory care residences for seniors. The property is slated to open in late 2015.
PHILADELPHIA — Meridian Capital Group, on behalf of Pantzer Properties, has arranged a $31.5 million loan for the acquisition of The Sansom, a multifamily property located in Philadelphia. Located at 1605 Sansom St., the eight-story property features 104 multifamily units and 10,900 square feet of retail space occupied by Adolf Biecker Spa and Salon, Abe Fisher and Dizengoff. On-site amenities include a 24/7 doorman, private lobby, residents’ lounge, fitness center, bicycle parking and an outdoor terrace. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate and two years of interest-only payments followed by a 30-year amortization schedule. Drew Anderman and Alan Blank of Meridian Capital Group’s New York City headquarters negotiated the transaction.
BOSTON — CBRE/New England’s Debt & Structured Finance team has secured two separate acquisition loans for a three-building portfolio and an office building in Boston. The team secured $21.4 million from Brookline Bank for the Summer Street Portfolio, which comprises 71, 77 and 87 Summer Street in Boston and $27.8 million from Rockland Trust for 38 Chauncy Street in Boston. CBRE/NE’s Carlos Febres-Mazzei, Kyle Juszczyszyn, Chris Coutts, Alex Bradley and Taylor Shepard arranged the financing on behalf of Synergy Investments and DivcoWest. The Summer Street Portfolio totals 90,070 square feet and is 97 percent occupied. 38 Chauncy Street recently underwent significant capital improvements with several million invested in base building enhancements to the heating and cooling systems, elevators and lobby.
NEW YORK CITY — Forest City Enterprises Inc. has completed the acquisition of the interest of its equity partner, Arizona State Retirement System (ASRS), in B2 BKLYN. Located in Pacific Park Brooklyn, the modular apartment building features 363 residential units. The buyout of ASRS’s equity interest to date, for which Forest City paid $40.5 million, removes B2 BKYLN from the $400 million residential development fund between ASRS and Forest City. Additionally, the company assumed ASRS share of the debt on B2. Work recently ceased on the project when the construction contractor, Skanska USA, shut down construction at the property and closed the factory being used to build the modular units. The project is now the subject of litigation between the company and Skanska.
YORKTOWN, N.Y. — GHP Office Realty has acquired two properties totaling 351,811 square feet of mixed-use space in Yorktown. The 209,000-square-foot property at 2649 Strang Blvd. is occupied by ENT & Allergy Associates, Hudson Valley Hematology, North Shore-Long Island JHS, Northern Westchester County Dental, Hudson Valley Oral Surgery and Dialysis Clinic Inc. The one-story, 142,811-square-foot building at 2651 Strang Blvd. is home to Mercy College’s Yorktown campus. In total the buildings are 40 percent occupied. Andrew Greenspan, Jamie Schwartz, Mike Cinicolo, Andrea Lofaro and Harrison Lyss provided in-house representation for GHP Office Realty in the transaction. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel and Jim Maloney of The Great American Title Company provided title services for GHP. Additional details of the transaction were not released.
MERIDEN, CONN. — O,R&L Commercial has brokered the sale of 75 South Colony Street in Meriden. Efrain Valentin of Valentin Karate School purchased the 15,641-square-foot property for an undisclosed price. The buyer plans to fully renovate the property and use it as the headquarters for Valentin Karate. Frank Hird and Tim McMahon of O,R&L Commercial represented the seller, The Record-Journal Company, in the transaction. John Murphy of John J. Murphy Law Offices also represented the seller and Neil Ivers represented the buyer. The financing was provided by Ion Bank of Naugatuck and Community Investment Corp. was the SBA lender.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story mixed-use building located at 183-187 Avenue C in Manhattan’s Alphabet City neighborhood. Darwin Management sold the 24,534-square-foot building to Nader Shalom, a private investor, for $18.4 million. Built in 1910, the property features 43 residential units and three commercial units, which are occupied by Cafetico, a dry cleaner and a bodega. Additionally, the building features 1,090 square feet of air rights. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the deal.
PRINCETON, N.J. — Cushman & Wakefield has arranged an $18 million loan for 750 College Road East in Princeton. The three-year, non-recourse loan, which was provided by Square Mile Capital Management LLC, features a floating rate. Built in 2001, the three-story, 100,000-square-foot office building is fully leased to two tenants. Gideon Gil, Sridhar Vankayala and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance represented the borrower, an affiliate of ML7.
SPRINGFIELD, MASS. — Marcus & Millichap has brokered the sale of Morgan Square Apartments, a 266-unit residential property located in Springfield. A limited liability company purchased the asset for $9.1 million from an undisclosed financial institution. Converted from a manufacturing and production facility to a residential building in 1987, the property features a mix of 13 studio, 158 one-bedroom units, 24 one-bedroom lofts, 32 one-bedroom platform units, 38 two-bedroom units and one three-bedroom unit. On-site amenities include a fitness center, elevators in each building, laundry facilities and off-street parking. Victor Nolletti, Steve Witten, Gary Witten and Todd Tremblay of Marcus & Millichap represented the seller; Nolletti, Steve Witten and Gary Witten also represented the buyer in the transaction.