NEW HYDE PARK, N.Y. — A subsidiary of Kimco Realty Corp. (NYSE: KIM) has executed a contract to acquire the remaining 66.7 percent interest in the 39-property “Kimstone” portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP). The deal is valued at $925 million, which includes the assumption of approximately $426.7 million in mortgage debt. Kimco will pay approximately $512.3 million to acquire BREP’s interest using a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America, as well as availability under its existing $1.75 billion revolving credit facility. Upon closing, which is expected in the first quarter of 2015, Kimco will own 100 percent of the portfolio. The 5.6 million-square-foot portfolio is approximately 97 percent occupied and comprises grocery-anchored shopping centers and power centers. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland. The portfolio includes four signature assets: • 280 Metro Center, a 228,000-square-foot property located in the San Francisco Bay Area of Colma, Calif. The 95-percent-occupied center is supported by a well-known list of anchors that includes Nordstrom Rack, Marshalls, Bed Bath & Beyond …
NEW YORK CITY — HFF has arranged $61.75 million in financing for the development of Exhibit, a residential tower located at 60 Fulton St. in Lower Manhattan. HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group to secure the 33-year construction-perm loan through Pacific Life Insurance Co. Being developed by Socius Development Group, the 23-story tower will feature 120 residential units and 6,800 square feet of retail space. The apartments, of which 96 are market rate and 24 are affordable, are a mix of studio, one- and two-bedroom plans. On-site amenities will include two rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. The building, which is the second collaboration between Socius Development and The Parkland Group, is slated for completion in 2016. Rob Rizzi, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the deal.
NEW YORK CITY — Meridian Capital Group has arranged a $49 million CMBS loan for the refinance of a medical office property located at 6002 Bay Parkway in Brooklyn. The 10-year CMBS loan features a fixed rate and interest-only payments for the first three years. Abe Hirsch and Zev Karpel of Meridian’s New York City headquarters negotiated the transaction. The newly constructed Calko Medical Center features 125,000 square feet of office and retail space. Additionally, the property is an Article 28 ambulatory surgery center, which provides patients with same-day surgical care, including diagnostic and preventive procedures.
WESTPORT, CONN. — Cushman & Wakefield has brokered the sale of Westport View Corporate Center in downtown Westport. Marcus Partners, on behalf of Marcus Capital Partners Fund II, acquired the two-building office campus from Invesco Real Estate for an undisclosed price. Situated on 4.5 acres at 8-10 Wright St., the 84,000-square-foot property is currently 58 percent leased. The buyer plans to invest approximately $4 million to upgrade the property. Renovations will include new enlarged windows; redesigned and upgraded landscaping, parking decks, lighting, paving, entrances and signage, as well as upgrades to the lobbies, elevators, restrooms and mechanical systems. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield handled the transaction.
NEW YORK CITY — Greystone has acquired four adjacent land parcels on 125th and 126th streets in Harlem for $11.5 million. The New York-based real estate development and financial services company plans to develop the sites, located at 69, 71 and 75 East 125th St. and 58 East 126th, into a single mixed-use property. The 12-story building will feature a mix of market-rate residential units and affordable housing units. The land parcels were purchased at an auction in the U.S. Bankruptcy Court in the Southern District of New York.
MIDLAND PARK, POMPTON LAKES, WYCKOFF AND KINNELON, N.J. — Urstadt Biddle Properties Inc. has acquired four shopping centers, totaling 375,000 square feet, in Northern New Jersey. A New Jersey commercial real estate owner and developer sold the properties for an undisclosed price. The properties are the 130,000-square-foot Midland Park Shopping Center in Midland Park, the 125,000-square-foot Pompton Lakes Town Square in Pompton Lakes, the 43,000-square-foot Cedar Hill Shopping Center in Wyckoff, and the 77,000-square-foot Meadtown Shopping Center in Kinnelon. In total the properties are at least 92 percent leased to a variety of national, regional and local tenants, including Kings Supermarket, CVS, Petco, Starbucks, Hudson City Savings Banks, A&P supermarket, TD Bank, Wendy’s, Planet Fitness, Pet Valu, Hallmark, Walgreens, Chase Bank, Subway, Dunkin Donuts, Supercuts and Rite Aid Pharmacy. Additional terms of the transactions were not released.
BLUE BELL, PA. — Keystone Property Group has unveiled VEVA, a 425,000-square-foot office complex in Blue Bell. Formerly known as Sentry Park West, the property features world-class lifestyle amenities and cutting-edge infrastructural upgrades. Situated on 16 acres on VEVA Boulevard, VEVA comprises seven mid-rise buildings, which have been completely renovated. The office campus is 83 percent leased by a variety of tenants, including Cigna, Citizens Bank, Fiberlink Communications, inVenity Health Clinical, Morgan Stanley Smith Barney, and Fesnak and Associates.
BOSTON — ADD Inc., now with Stantec, has completed the design for One Channel Center, the final phase of the Commonwealth Ventures’ 2.1 million-square-foot Channel Center in Boston. The eleven-story, 500,000-square-foot One Channel Center will be home to 4,000 employees of State Street Bank and is part of a multi-building master plan that includes a new two-acre park and a ten-level, 900-car garage. Located at One Iron St., the $175 million project features a two-story lobby and various green elements, including continuous insulation on the facades, efficient mechanical systems, recycled and local materials, and low VOC materials. The building is expected to attain LEED Silver certification upon completion. ADD Inc. recently joined Stantec’s Buildings Group, a team of more than 2,500 design and allied professionals.
NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 857-861 Union St. in the Park Slope neighborhood of Brooklyn. The 14-unit building, which features 12 residential and two commercial units, sold for $8.63 million, or $842 per square foot. The new owner plans to reposition the 2,225-square-foot retail portion of the building. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG negotiated the transaction.
MALDEN AND EVERETT, MASS. — Marcus & Millichap has brokered the sale of two apartment buildings in Malden and Everett. The properties are the six-unit building at 78 Florence St. in Everett and the seven-unit building at 23-27 Cedar St. in Malden. The properties sold for $1.85 million total. Evan Griffith of Marcus & Millichap’s Boston office represented the sellers, two private investors, and procured the buyers, also private investors, in the transaction.