JERSEY CITY, N.J. — NAI James E. Hanson has brokered the sale of 106 Harbor Drive, a single-tenant warehouse facility in Jersey City. CenterPoint Harbor LLC acquired the 54,000-square-foot property for $4.6 million. Additionally, the new owners executed a 10-year lease for the property with Iron Mountain Information Management. Tom Ryan and Barry Cohorsky of NAI James E. Hanson represented the seller, a family investor, in the sale. Ryan and Cohorsky also represented the new owner in the lease transaction.
Northeast
NEW YORK CITY — Meridian Capital Group has arranged $4.4 million in refinancing for 247 Audubon Avenue, a six-story, 42-unit multifamily property in Manhattan’s Hudson Heights neighborhood. The 5-year loan features a 3.25 percent fixed rate and was provided by a regional balance sheet lender. Judah Hammer of Meridian Capital Group arranged the transaction.
WALTHAM, MASS. — PCCP LLC has provided a $98 million construction loan for the development of Moody & Main, a transit-oriented multifamily project in Waltham. Located at the intersection of Moody and Main streets, the property will offer 269 residential units, 27,595 square feet of ground-floor retail space, a rooftop deck and an outdoor patio/courtyard area, as well as a fitness center, library, game room and clubroom. Additionally, the apartment units will feature washer/dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry and solid-stone countertops. The property is located within minutes of the I-95/Route 128 office corridor and is a one-block walk from the Waltham MBTA commuter rail station and bus stop. Developed and owned by Northland Investment Corp., the property’s first phase of apartments is slated for occupancy in summer 2015.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of 49 Dupont Street, a 100,000-square-foot property located in the Greenpoint district of Brooklyn. Dupont Street Realty LLC purchased the property from 49 Dupont Realty Corp. for $23.3 million. The buyer plans to develop the currently vacant property into a 400-unit residential apartment building with 200 parking spaces. The property offers 230,000 buildable square feet and views of the Greenpoint waterfront. Berel Nagel of Kalmon Dolgin Affiliates represented both the buyer and seller in the transaction.
SOUTH BRUNSWICK, EDISON, SECAUCUS AND TOTOWA, N.J. — G.S. Wilcox & Co. has arranged financing totaling $44.8 million across multiple transactions in New Jersey. Thrivent Financial for Lutherans funded two loans totaling $16.3 million for two industrial properties in South Brunswick. The company provided a $6.4 million loan for a 193,000-square-foot property and a $9.9 million loan for a 256,000-square-foot property. The loans carry an eight-year, fixed-rate term and a 20-year amortization. Additionally, Thrivent provided $9.4 million in refinancing for a 134,000-square-foot industrial building in Edison. The 10-year loan has a fixed-rate and a 20-year amortization. Great West Financial provided a $10.5 million, seven-year fixed-rate loan for a 170,000-square-foot warehouse in Secaucus and a $6.7 million, 10-year fixed-rate loan for a 177,000-square-foot warehouse in South Brunswick. In addition, Advantus funded a $2 million, 15-year fixed-rate loan for an 86,000-square-foot mixed-use retail/industrial property in Totowa. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing for the undisclosed borrowers.
SOUTH BRUNSWICK, N.J. — Colliers International has brokered the of lease of 209,106 square feet of distribution and office space at 329 Herrod Blvd. in South Brunswick. Piramal Glass USA will relocate to the property from its current warehouse facility in May’s Landing, N.J. The property features 28-foot ceiling heights, T-5 lighting, 26 tailgate doors and a fully fenced truck court with abundant trailer parking. Jim Scott, Marc Isdaner and John Kainer of Colliers International represented Piramal Glass in the transaction. The landlord is Liberty Property Trust.
EDISON, N.J. — Performance Team Freight Systems Inc. has renewed its lease at 145 Talmadge Road in Edison. The company will continue to occupy 193,000 square feet of the 656,255-square-foot warehouse and distribution facility. Situated on 50 acres, the property features refrigerated storage space, shelving and an ESFR sprinkler system. Scott Belfer, Nick Nitti, Mindy Lissner and Bill Waxman of CBRE Group represented the landlord, NJIND Talmadge Road LLC, in the transaction. Terms of the lease were not disclosed.
Rhode Island’s economy continues to struggle with unemployment that is above the national average. As a result, it has been difficult to get new ground-up development projects started with only a few exceptions. In Johnston, Saletin Real Estate Group has completed construction on the first phase of Johnston Towne Center on Hartford Avenue. The 95,000-square-foot shopping center is anchored by a 40,000-square-foot Price-Rite grocery store. BankRI has also opened a new free-standing facility on the site. In order to make the development a reality, the mayor and town council worked with the developer and issued tax increment bond financing. The project is considered a major redevelopment victory for the town of Johnston, as the construction of Johnston Towne Center required the demolition of the former Stuart’s Plaza shopping center — which had been 100 percent vacant for many years, and had become an eyesore along Hartford Avenue, one of Johnston’s busiest streets. Johnston Towne Center serves as the second victory for the rejuvenation of Hartford Avenue. The former Shaw’s grocery store, which had been vacant for several years and shares the same traffic signal as Johnston Towne Center, is now fully leased to Ocean State Job Lot and Planet Fitness. …
NEW YORK CITY — Brookfield Logistics Properties has created a new brand for its $3.5 billion global logistics property platform. The new brand, IDI Gazeley, is a consolidation of Brookfield’s logistic assets — Industrial Development International (IDI) and Gazeley. IDI Gazeley is part of Brookfield Logistics Properties, and all IDI and Gazeley sites will be rebranded as IDI Gazeley. Brookfield and its institutional partners acquired IDI through two transactions in December 2012 and August 2013; additionally, the company acquired Gazeley in June 2013. The new brand will collectively own and operate a global industrial portfolio of approximately 58 million square feet across nine countries: the United States, Canada, United Kingdom, France, Germany, Italy, Spain, Mexico and China. IDI Gazeley also has an additional 68 million square feet of distribution facilities in the pipeline, with 17 million square feet scheduled for 2014.
MIDDLETON, MASS. — New York-based Sovereign Partners has acquired Ferncroft Corporate Center, which is located at 35 Village Road in Middleton. The Davis Companies (TDC) sold the Class A office building for $24.3 million. The eight-story, 230,554-square-foot building was a former headquarters facility for Verizon. TDC originally acquired the property in early 2011 from Miami-based LNR Partners, and completed significant upgrades and renovations throughout the building after acquisition. The tenant roster now includes SAS Institute, Morgan Stanley and Appleseeds. David Pergola and Brian Doherty of Cassidy Turley represented TDC in the transaction.