SOUTH BRUNSWICK, N.J. — Colonna Brothers Inc. has acquired 319 Ridge Road in South Brunswick for an undisclosed price. The 121,361-square-foot industrial facility features sections of 20- to 30-foot high ceilings, 42- by 42-foot column spacing, 17 tailboards and one drive-in. Mark Tannen of United Realty Advisors represented the buyer, while Robert Sager and David Blitt of Bussel Realty Corp. represented the seller, 319 Ridge Road Associates LLC, in the transaction.
Northeast
NORTH BERGEN AND PARSIPPANY, N.J. — Cushman & Wakefield has brokered deals to facilitate the relocation of Hudson News Distributors from North Bergen to Parsippany. Bergen Logistics purchased Hudson News’ 23-acre, 475,000-square-foot headquarters located at 5903 Westside Ave. in North Bergen for an undisclosed price. In conjunction with the disposition, Cushman & Wakefield arranged the lease of 701 Jefferson Road in Parsippany for Hudson News. The company will use the 135,000-square-foot former Coca-Cola distribution facility as its new headquarters. Scott Perkins of NAI James E. Hanson represented the landlord, Jofra Realty, in the lease transaction. Bonni Heller, Richard Baumstein, Andrew Merin and Gary Gabriel of Cushman & Wakefield represented Hudson News in the transactions.
NEW YORK CITY — Delshah Capital has refinanced its existing debt on 1356 First Ave., located in New York City’s Upper East Side, for $11.5 million. The 20,000-square-foot property offers 26 one-bedroom condominium units and one retail unit. Petaluma, the Italian restaurant retail tenant, is being completely renovated and will reopen in this fall with C.J. Bivona as chef. Santander Bank originated the loan, which features a 4.05 percent interest rate with a 7-year term. Simon Rosenfeld of Meridian Capital Group represented both sides in the transaction.
In Providence, the Class A office market has stabilized, thanks to a number of large lease renewals last year as well as new activity in the market. The current vacancy rate for Class A office product is now under 9 percent in the Capital City with an overall office vacancy rate of 14 percent, which represents a decrease of 100 basis points compared to this same point last year. Consequently, this activity has pushed rental rates for Class A space back over $30 per square foot on new deals. Recently, Nortek completed a lease for 24,000 square feet at the Blue Cross Blue Shield building located in the Capital Center district of Providence. Tech startup Swipely has completed its move into more than 25,000 square feet at 10 Dorrance Street. But for the Swipely expansion, the downtown Providence Class B office market remains stagnant. There has been some activity on the capital markets front as well in Providence. The Foundry Associates recently completed its purchase of the former American Locomotive Works (ALCO) site, which totals more than 200,000 square feet of redeveloped office space, for $19.05 million. In addition, Providence-based Paolino Properties recently completed the acquisition of 100 Westminster (300,000 …
WALTHAM, MASS. — Equus Capital Partners, through one of its affiliates, has recapitalized University Office Park in Waltham, a suburb of Boston. The two-building, 288,127-square-foot office park was 87 percent occupied at the time of closing. Equus and Direct Invest LLC worked to restructure and recapitalize the previous tenant-in-common ownership structure. In addition to its preferred equity infusion, Equus also acquired more than 25 percent of the ownership interests in the buildings. The property will be managed by affiliates of Equus. The acquisition of the leasehold interest in University Park was made on behalf of BPG Investment Partnership IX, Equus’ $310 million private equity fund.
WOODBRIDGE, N.J. — HFF has arranged $27.2 million in construction financing for the development of a build-to-suit industrial property in Woodbridge. Situated on 9.33 acres at 275 Blair Road, the 190,000-square-foot refrigerated warehouse and distribution facility will be fully occupied by Preferred Freezer Services, a freezer warehouse operator. Wells Fargo provided the 24-month loan for the borrower, a joint venture between Advance Realty and F. Greek Development. Jim Cadranell, Jon Mikula and Michael Lachs of HFF secured the construction loan for the borrower.
SOUTH BRUNSWICK, N.J. — Bussel Realty Corp. (BRC) has brokered the acquisition of 138 Georges Road in South Brunswick. New York City-based Modway East End Imports purchased the 102,108-square-foot industrial facility for an undisclosed price from LIT Industrial LP, a Clarion Partners affiliate. Situated on 19 acres, the warehouse features 25-foot ceilings, 40- by 50-foot column spacing, eight loading docks and one drive-in door, as well as 2,108 square feet of office space. David Posner, Robert Sager and David Blitt of BRC represented the buyer; Nate Demetsky of JLL represented the seller in the transaction.
ROCHELLE PARK, N.J. — Houlihan-Parnes Realtors has arranged a $14 million first mortgage on a five-story office building located at 218 Route 17 North in Rochelle Park. The loan includes a fixed-rate portion and provides a line of credit at a floating rate for build-outs. Located on the southeast corner of Route 17 North and West Passaic Street, the property was acquired by members of Houlihan-Parnes Realtors in 2002. Recently, Bergen County Social Services signed a lease to occupy 55,000 square feet at the 103,605-square-foot office building. Andrew Greenspan, James Houlihan and Meghan McEvoy of Houlihan-Parnes arranged the financing. Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein LLP represented the borrower, while Raymond Cohen of Chicago Title Insurance provided the title. GHP Office Realty LLC, an affiliate of Houlihan-Parnes Realtors, manages the building.
BOSTON — David Barton Gym has signed a long-term lease for 19,000 square feet of space at Boston Park Plaza Hotel and Towers, which is located at 50 Park Plaza in Boston. The gym will feature a ground-floor entrance and below-grade retail space. This location is the company’s first gym in Massachusetts. Scott Edlitz of Colliers International’s New York office represented David Barton Gym in the transaction.
WAYNE AND HACKENSACK, N.J. — Schuckalo Realty Corp. has brokered the sale of two buildings in New Jersey for $8.25 million. 280 Holdings LLC purchased 155 Willowbrook Boulevard, a 50,000-square-foot office building in Wayne, for $4.4 million, and 125 State Street, a 40,000-square-foot office building in Hackensack, for $3.85 million. At the time of sale, the property in Wayne was 90 percent occupied and the Hackensack property was 100 percent occupied. The buyer has retained Schuckalo Realty Corp. as the exclusive leasing agency and property manager.