NEW YORK CITY — Cignature Realty Associates has brokered the sale of a 43,160-square-foot residential building, which is located at 880 Saint Nicholas Ave. within the Sugar Hill neighborhood of Harlem. The six-story, 36-unit apartment building sold for $7 million. Peter Vanderpool and Lazer Sterhell of Cignature Realty represented both the buyer, 880 St. Nick LLC, and seller, 880 St. Nicholas Avenue Holdings LP, in the transaction.
PHILLIPSBURG, N.J. — National Realty & Development Corp. has signed two new tenants, totaling 49,480 square feet, at Pohatcong Plaza in Phillipsburg. Marshalls/HomeGoods and Quaker Steak & Lube have joined the 562,000-square-foot shopping center, which is located at the intersection of Route 22 and Greenwich Road. Marshalls/HomeGoods held its grand openings on September 18 and occupy 42,430 square feet of a redesigned building, which was formerly occupied by Walmart. Quaker Steak & Lube, a motor sports-themed casual dining concept, opened a 7,048-square-foot restaurant at Pohatcong Plaza II in late August.
RIDGEWOOD, N.Y. — Marcus & Millichap has arranged the sale of 759 Seneca Ave., an apartment building located in Ridgewood. The five-unit residential property sold for $2 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, another limited liability company, in the transaction.
MOUNT LAUREL, N.J. — NAI Mertz has arranged the sale of two office buildings totaling 100,000 square feet in Mount Laurel for an undisclosed price. Situated at 5000 and 7000 Atrium Way within Horizon Corporate Center, the bulidings each offer 50,000 square feet of Class A office space. Currently, 5000 Atrium Way is 100 percent lease and 7000 Atrium Way has one 12,000-square-foot unit available for lease. Rebecca Ting and Julie Kronfield of NAI Mertz represented the seller, Cherry Hill, N.J.-based SJS Realty. The buyer was Main Line Development LLC.
NEW YORK CITY — Thor Equities has acquired a six-story pre-war residential property located at 840 West End Ave. in New York City’s Upper West Side. Built in 1910, the property features 40 residential units and close proximity to Riverside Park, a 330-acre landscaped, waterfront park. Mesa West Capital provided the acquisition loan. Steve Vegh of Westwood Realty Associates brokered the transaction. The seller and acquisition price were not disclosed.
ALLISON PARK, PA. — Marcus & Millichap has brokered the sale of a ground-leased retail property located at 4849 William Flynn Highway. The 13,225-square-foot net-leased property sold for $2.9 million to an undisclosed buyer. The property is currently leased to CVS/pharmacy, which recently executed a 25-year absolute net-leased ground with 10 percent increases in the five-year option periods for the property. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as securing and representing the buyer.
WARREN, N.J. — Colliers International has arranged a long-term lease for Mindtree Ltd., a global technology services provider, at 25 Independence Blvd. in Warren. The Bangalore, India-based company is relocating its U.S. headquarters to the new space. Mindtree will occupy 11,529 square feet on the top floor of the four-story, 106,879-square-foot office building. Michael Tesser of Colliers International represented the tenant, while William O’Keefe and Kelsey Nakamura of Cassidy Turley represented the landlord, Normandy 25 Independence LLC, in the transaction.
NEW YORK CITY — Meridian Capital Group has negotiated $87 million in permanent financing for an 11-property multifamily portfolio located throughout Manhattan and Brooklyn. The loan was made on behalf of H.I.G. Realty Partners and Stone Street Properties LLC. The two-year loan, which was provided by a national balance sheet lender, features a floating-rate, a competitive spread over 30-day LIBOR and interest-only payments for the full term. The 303-unit portfolio consists of 504 East 88th Street, 310 East 83rd Street, 325 East 83rd Street, 233 East 82nd Street, 319-321 East 78th Street, 410 East 64th Street, 234-238 East 33rd Street, 438-440 East 13th Street, 104 East 7th Street and 101 MacDougal Street in Manhattan and 354-356 State Street in Brooklyn. Drew Anderman and Alan Blank of Meridian’s New York City headquarters brokered the transaction.
NEW YORK CITY — Q10 | New York Realty Advisors has closed a $27.3 million leasehold mortgage loan secured by an apartment building located at the corner of First Avenue and 52nd Street on Manhattan’s East Side. The 15-story residential building also features ground-floor retail space. The non-recourse, interest-only loan was written for a 10-year term. The ground lease on the property dates to the 1950s and has more than 40 years remaining on the term. Jeanne Cronin of Q10 | New York Realty Advisors brokered the financing. Law firm Hunton & Williams LLP represented the lender, while Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf LLP represented the borrower. Additionally, Larry Linksman of Bridge Funding advised the borrower.
STAMFORD, CONN. — GHP Office Realty LLC has brokered the sale of a 65,000-square-foot office building located at 30 Buxton Farms Road in Stamford. MSIH LLC, a Connecticut-based home building company, purchased the Class A property for $13.5 million from GHP Buxton LLC. Located at Exit 35 of the Merritt Parkway/CT-15 and High Ridge Road, the building is 90 percent occupied by 14 tenants, ranging from medical offices to financial services. New Canaan, Conn.-based Hobbs Inc. plans to relocate its headquarters to the remaining vacant space at the building. Andrew Greenspan and James Houlihan of GHP Office Realty represented the seller, while Corey Gubner, Ted Grogan and Greg Romano of RHYS LLC represented the buyer in the transaction. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel for the seller, and Kenneth Gammill Jr. of Gilbride, Tusa, Last and Spellane LLC served as legal counsel for the buyer in the transaction. GHP Office Realty is the office building division of Houlihan-Partners Realtors LLC.