NEW YORK CITY — New York Life Real Estate Investors has originated $205 million in financing for an office tower, located at 757 Third Ave. in Midtown Manhattan. Multi-Employer Property Trust, as advised by Bentall Kennedy (U.S.) Limited Partnership, owns the 503,000-square-foot Class A office property. The loan has a term of 15 years. Eric Becher of New York Life Real Estate Investors’ New York regional office negotiated the transaction.
PAOLI, PA. — CBRE has brokered the sale of Paoli Medical Plaza, a medical campus located adjacent to Paoli Hospital in Paoli. Griffin-American Healthcare REIT III Inc., through its sponsor American Healthcare Investors LLC, has acquired the three-building 99,059-square-foot property from Paoli Office Park Partners, a partnership affiliated with Blank Aschkenasy Properties, for an undisclosed price. Current tenants include Paoli Hematology/Oncology, Philadelphia Hand Center, Main Line Health, Premier Orthopedics, Aligned Medical Group, Urology Health Specialists, Women’s Health Care Group of PA and LabCorp. Steve Marzullo, Justin Marlowe, Chris Bodnar and Lee Asher of CBRE represented the seller in the transaction.
STOUGHTON, MASS. — Senate Construction Corp. has completed the renovation of the 73,000-square-foot Stoughton Town Center in Stoughton. The project consisted of a new façade with architectural gables that enhance tenant signage and visibility, minor re-painting of the exterior and new LED lighting throughout the parking area. The construction was completed on behalf of Tri-Town Commons LLC, a joint venture of Winstanley Enterprises LLC and Silvera Asset Group LLC. The project team included Winstanley Construction Management, Winstanley Property Management, Phase Zero Design Inc. as project architect, Alfred Benesch & Co as civil engineer and Amolions Structural Consultants Inc. as structural engineer.
PISCATAWAY, N.J. — Colliers International has arranged a long-term 30,000-square-foot lease for Paychex North America Inc. to relocate to One Centennial Plaza in Piscataway. Paychex, a provider of payroll, human resource and benefits outsourcing solutions for small to medium-sized businesses, will relocate to a portion of the first floor of the three-story, 236,961-square-foot office building this fall. The property features a conference and training center, security desk, on-site property management, 24/7 access, a full-service cafeteria and an outdoor seating area. Richard Madison and Jack Callahan of Colliers represented the landlord, while Michael Maroon of Acclaim Group represented Paychex in the transaction.
MINEOLA, N.Y. — Mill Creek Residential has completed vertical construction for Modera Mineola, a 275-unit apartment community located two blocks from the Mineola Long Island Rail Road transit center in Mineola. The property will feature a mix of studio, one- and two-bedroom units with wood plank-style flooring, wall-to-wall carpeting in the bedrooms, spa-like bathrooms with quartz countertops and under-mounted sinks, gourmet kitchens, stainless steel appliances, walk-in closets and full-size washers and dryers. Community amenities will include a clubroom, 24-hour fitness center, yoga room, business center, swimming pool with sundeck, outdoor kitchens with grills, a bocce court, and an outdoor fireplace. Online leasing for the property has started and move-in is expected for August.
LIVINGSTON, N.J. — BNE Real Estate Group has opened The Hillside Club, a luxury apartment community located in Livingston. Located at 1000 Murray Court, The Hillside Club features one- and two-bedroom layouts, with limited den and loft options, starting at $2,195 per month. The apartment, ranging in size from 791 to 1,831 square feet, feature hardwood floors in the living areas, carpeted bedrooms, nine-foot ceilings, oversized windows, in-unit washer/dryers and chef-inspired kitchens. Community amenities include a clubhouse, fitness studio, heated outdoor pool, complimentary WiFi and a residents’ lounge with billiards, fireplace, kitchenette and lounge seating. The property is managed by BNE Management Group.
CHERRY HILL, N.J. — NAI Mertz has brokered three transactions in Cherry Hill. In the first transaction, Byrn Mawr Investments purchased a 28,000-square-foot office building, located at 706 Haddonfield Road, from Multiple Sclerosis Association of America for an undisclosed price. The buyer plans to redevelop the property into retail use by demolishing a portion of the building and converting it into parking spaces. Jeff Sloan of NAI Mertz negotiated the transaction. Sloan also represented Multiple Sclerosis Association of America in the acquisition of a 14,400-square-foot office building located at 375 N. Kings Highway. The seller was 375 NKH LLC. In the third deal, SportsArena Employees 137 Welfare Fund sold a two-story 11,683-square-foot office building, located at 1012 Haddonfield Road, to Several Properties and First American Exchange. Marc Cutler and John Brown of NAI Mertz were the sole brokers in the transaction. The prices for the transactions were not released.
WALLINGTON, N.J. — Inserra Supermarkets is opening ShopRite of Wallington within Wallington Plaza Shopping Center in Wallington. Located at 375 Paterson Ave., the 60,000-square-foot supermarket will feature ShopRite from Home (online ordering with home delivery), free nutrition and wellness programming, full-service catering, a pharmacy and a liquor store. The store is slated to open in May.
NEW YORK CITY — RKF has brokered the sale of a 19,008-square-foot commercial condominium located at 100 West 93rd St. on the Upper West Side in New York City. Coltown Properties acquired the property for $16.5 million and subsequently leased the property to Manhattan Children’s Center, a school that provides scientifically based treatment and education to children with autism spectrum disorders. The two-story asset features 13,834 square feet on the ground floor and 5,174 square feet on the second floor. David Abrams and Marc Finkel of RKF represented the buyer, while Michael Dubin of Savvit Partners represented the seller, Starrett Development. Additionally, Abrams and Finkel represented both parties in the lease transaction.
NEWBURGH AND HYDE PARK, N.Y. — HFF has closed the sale of a two-property Ace Self-Storage portfolio totaling 630 units and 95,878 square feet in Upstate New York. Real Estate Technology sold the assets to World Class Capital Group LLC for an undisclosed price. The portfolio comprises a 388-unit property located at 735 and 765 South St. in Newburgh and a 241-unit facility at 1594 Route 9G in Hyde Park. The buyer plans to add additional units to both facilities, which include climate- and non-climate-controlled units and on-site management. Barbara Guffey led the HFF team that represented the seller in the transaction.