FRANKLIN COUNTY, PA. — Kennedy Funding Financial LLC has closed a $3.4 million loan for a multi-building industrial property located in Franklin County. The two-year interest-only loan was secured by Foremost Realty Holdings, an affiliate of Foremost Industries. The lender was Foremost Realty Lender and the funding will be serviced by Kennedy Funding. The undisclosed borrower will use the proceeds to pay off an existing mortgage and secure a first lien. The collateral consists of a 260,000-square-foot, three-building property situated on 52.6 acres at 6100 Buchanan Trail West in Montgomery and Peters Townships, Franklin County.
NEW YORK CITY — JMC Holdings has completed the disposition of an office penthouse at 99 Hudson St. in Tribeca. LaSalle Investment Management acquired the three-story 34,724-square-foot property, which is fully leased to Unilever and New York City Regional Center, for $48 million. Renovated by JMC Holdings for $6.5 million, the property features efficient floor plates, 12-foor ceiling heights and unobstructed views of the Hudson River. Kevin Donner of Eastdil Secured represented the seller, while LaSalle Investment Management represented itself in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.
BURLINGTON, N.J. — Clarion Properties and MRP Industrial have selected Des Plaines, Ill.-based Peak Construction to build Building One within Burlington Industrial Park in Burlington. The 545,000-square-foot build-to-suit warehouse will feature 36-foot clear heights, redundant electrical and diesel fuel fire pump sprinkler systems, and LED light fixtures. Designed to achieve LEED Silver certification, the project is slated for completion in April 2016. The distribution warehouse facility is a full build-to-suit tenant improvement for an undisclosed client.
WALLINGTON, N.J. — NorthMarq Capital has arranged $16 million in refinancing for Wallington Plaza, a retail property located at 375 Paterson Ave. in Wallington. ShopRite Supermarket is the major tenant at the 92,823-square-foot retail property. Robert Ranieri of NorthMarq Capital arranged the ground-lease financing, which features a seven-year term and 30-year amortization schedule, through a regional bank. The borrower was not released.
BENSALEM, PA. — Marcus & Millichap has brokered the sale of a net-leased property located at 1837 Street Road in Bensalem. The 100,000-square-foot asset sold for $3.5 million. The property is occupied by a Kmart, which has been at this location since 1983. John Reehil of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company, in the transaction. Mark Taylor, also of Marcus & Millichap, assisted in closing the deal.
In Providence, the Class A office market continues to maintain vacancy rates under 10 percent, with an overall office vacancy of about 14 percent. This trend should continue as there is not any new Class A office development on the horizon for the capital city. There have been a few larger market transactions in Providence over the past 12 months. Waldorf Capital Management, a local real estate investment firm, purchased the Turks Head Building (150,000 rentable square feet) in late 2014. In addition, 170 Westminster Street (65,000 rentable square feet) recently traded; according to local rumor, the property will be converted to residential apartments. If 170 Westminster comes out of circulation, this will have a positive impact on the Class B vacancy rate in the city. Just south of the city on the 195 redevelopment land — dubbed “The Link” by the 195 Commission — work is just about complete to make the 19 available acres “shovel ready.” The 195 Commission has been successful in fully negotiating two purchase and sale agreements. The first is for student housing and the second is mixed-use residential. However, both projects are contingent on an acceptable tax stabilization agreement from the city, which has …
MANAHAWKIN, N.J. — HFF has arranged the sale of Manahawkin Commons, a 318,100-square-foot retail center in Manahawkin. The Hampshire Companies, in a joint venture with MCB Real Estate and One Liberty Properties, purchased the property for $42.2 million from ACI Manahawkin LLC. The 95-percent-leased property is occupied by Kmart, TJ Maxx, Regal Cinemas, Staples, Michaels, Pier 1 Imports, Famous Footwear, Great Clips, Five Below, McDonald’s, Verizon Wireless, Game Stop, Subway and Dunkin’ Donuts. Mitchell Greene, Robert Sasloff and Lori Schwartz of Robinson Brog Leinwand Greene Genovese & Gluck provided legal counsel to ACI Manahawkin LLC during the transaction. Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.
PITTSBURGH — First Niagara’s Commercial Real Estate Group has closed a $40 million loan with PMC Property Group for a mixed-use property in downtown Pittsburgh. Proceeds of the loan will go to the continued redevelopment of the property, which will include 241 multifamily units, 133,000 square feet of office space and 6,200 square feet of retail space, including two restaurants and a coffee and juice bar. Located at 425 Sixth Ave., the 30-story skyscraper was originally built in 1953 as the headquarters of the Aluminum Company of America. Being developed by PMC Property Group, the property is slated for completion by March 2016. Strada is the architect of the project.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million of financing collateralized by three properties located in Queens. The undisclosed borrower is using the proceeds of the loan to close a separate acquisition in New York. The collateralized properties include 163-05 Archer Ave., a 32,471-square-foot retail building in Jamaica, Queens; 163-25 Archer Ave., a development site with 700,000 buildable square feet; and a newly developed condominium building in Flushing, Queens. MRC was able to close the transaction within six days of sourcing the opportunity.