NIAGARA FALLS, N.Y. — RCG Ventures (Fund III) has acquired Pine Plaza, a shopping center located in Niagara Falls, for an undisclosed sum. The 83,273-square-foot center is anchored by OfficeMax and Planet Fitness. Susan Bands and Sharon Bands of Marcus & Millichap represented the undisclosed seller, while Jeff Miller provided in-house representation for RCG.
PHILADELPHIA — U.S. Realty Capital has secured an $8 million first mortgage loan for a limited liability company. The loan will be used to refinance a 175,000-square-foot, single-tenant, Class B distribution warehouse in suburban Philadelphia. The non-recourse loan features a 10-year term, a 25-year amortization schedule and 60 percent loan-to-value. Bruce Robertson Jr. and Jane Bender of U.S. Realty Capital originated the loan.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a two-building, mixed-use portfolio located at 667 E. 187th St. and 1704 Van Buren St. in the Little Italy and Van Nest neighborhoods of the North Bronx. The properties, which total 36,750 square feet, sold for $7.3 million, or $200 per square foot, in an all-cash transaction. The five-story walk-up buildings feature 39 apartment units and six ground-floor commercial units. The residential mix includes 17 one-bedroom units, 21 two-bedroom units and one three-bedroom apartment. Karl Brumback and Nick Burns of Cushman & Wakefield handled the transaction.
TEANECK, N.J. — Win Development has submitted construction and engineering plans to the City of Teaneck and Bergen County, N.J., for final building plan approval for a new Walgreens location in Teaneck. Demolition of the existing structure and construction of the 10,737-square-foot Walgreens will begin immediately upon purchase of the property. Weiss Realty Co. Inc. assembled three properties — previously occupied by a gas station at 520 Cedar Lane and several defunct stores and restaurants — for the new development on behalf of Win Development. “Walgreens adds an important asset to Teaneck’s central business district and introduces a new use on a site that has been underutilized for many years,” says Jaime Weiss, president of Weiss Realty Co. Inc. All governmental approvals are expected at the beginning of September, with Win Development closing on the purchase of the property by mid-September. The new Walgreens is slated to open next summer and the property will feature on-site parking and exits on both Cedar Lane and Alma Terrace.
MERIDEN, CONN. — Urstadt Biddle Properties has completed the disposition of Townline Square Shopping Center, located at 533 S. Broad St. in Meriden. A private real estate investment group acquired the 315,000-square-foot property for $44.5 million in an all-cash transaction. The property features more than 25 stores, including Michael’s, Pier 1 Imports, Marshalls, #1 Nails, Miracle-Ear, Ting Ho Restaurant, Once Upon a Child and GNC. Jim Koury of HFF represented the seller and procured the buyer in the transaction.
NEW YORK CITY — An elevator-serviced multifamily building, located at 100 Luquer St. in Brooklyn’s Carroll Gardens neighborhood, sold in an all-cash transaction for $21.1 million, or $947 per square foot. Crest Realties sold the property, which was constructed in 2011, to an undisclosed buyer. The 22,280-square-foot property features more than 20 residential units with floor-to-ceiling windows, direct elevator access into units’ living spaces and private outdoor spaces. On-site amenities include on-premise parking, storage locker space, a fully equipped gym and a private and shared roof deck. Stephen Palmese, Robert Shapiro and Winfield Clifford of Cushman & Wakefield handled the transaction.
BROCKTON, MASS. — Marcus & Millichap has brokered the sale of a net-leased Stop & Shop grocery store located at 932 N. Montello St. in Brockton. The 65,425-square-foot property sold for $18.7 million, or $286 per square foot. Eight years remain the Stop & Shop’s original Royal Ahold N.V.-guaranteed, 20-year double-net lease. Robert Horvath of Marcus & Millichap’s Boston office represented the seller and procured the buyer. The names of both parties were not released.
NEW YORK CITY — GFI Realty Services has arranged the acquisition of a mixed-use property located at 3750 Broadway in Manhattan’s Washington Heights neighborhood. A Miami-based investor purchased the property for $16 million from Monarch Realty Holdings LLC. The elevator building features 32 residential apartments and four ground-floor retail units. Ohad Babo of GFI Realty represented the seller, while Roni Abudi, also of GFI, represented the buyer in the transaction.
SYRACUSE, N.Y. — Par’s Indoor Golf has leased 6,435 square feet of retail space at 3179 Erie Blvd. within Dewitt Town Center in Syracuse. The family-owned-and-operated indoor golf center features six state-of-the-art golf simulators. The new location is slated to open at the end of October. Lindsey Forcione of The Icon Companies represented the tenant, while Grazi Zazzara, also of The Icon Companies, represented the undisclosed landlord in the transaction.
WAYLAND, MASS. — Zurich Asset Management has acquired Wayland Town Center, a mixed-use retail center in Wayland, from a joint venture between KGI Properties and J.P. Morgan Asset Management for $68 million. Anchored by Stop & Shop Supermarket, the 182,000-square-foot center also includes 17,000 square feet of medical office space occupied by Beth Israel DMC, Joint Ventures and a dental practice, and 12 apartment units, totaling 14,250 square feet. Additional retail tenants at the property include Boston Sports Club, Ace Hardware, Panera Bread and The Local. Bill Moylan, formerly of CBRE, negotiated the transaction.
