TOTOWA, LINDEN AND HILLSBOROUGH, N.J. — North Plainfield, N.J.-based Jeffery Realty Retail Specialist has completed multiple retail leases across New Jersey. In Totowa, Bill Farkas of Jeffery Realty negotiated the relocation of Scrubs & Beyond to 3,035 square feet at Albill Plaza from Willowbrook Mall. In Linden, Shane Wierks and Augie Caruso of Jeffrey Realty arranged an 1,800-square-foot lease for Menchie’s at a 700,000-square-foot power center at 601-901 W. Edgar Road. In Hillsborough, Wierks and Joe Hydro of Jeffrey Realty completed three leases at New Center Village on Triangle Road. Honor Yoga rented 1,500 square feet, Max Fitness signed for 1,500 square feet and DaVita inked a deal for 7,500 square feet.
PHILADELPHIA — Cigna Health and Life Insurance Co. has signed a 12-year renewal lease for 322,000 square feet at Two Liberty Place in Philadelphia. The renewal stabilizes approximately 34 percent of the building through Oct. 31, 2027. Cigna is expected to vacate the space it did not renew at the end of May 2016. As of July 1, Two Liberty Place was 99.2 percent occupied, or 89.4 percent occupied pro forma for Cigna’s contraction. Parkway Properties Inc. has a 19 percent ownership interest in Two Liberty Place, which is owned in part by Parkway Properties Office Fund II LP.
IRVINGTON, N.J. — FM Capital has acquired a non-performing loan with a current unpaid principal balance of $1 million. The loan is secured by Irvington Apartments, a multifamily property in Irvington. Built in 1965, the 18-unit apartment building includes one parking space per unit and is located seven miles from Newark International Airport. FM Capital is actively pursuing both defaulted and performing debt on commercial real estate nationwide.
NEW YORK CITY — Madison Realty Capital has acquired The Brooklyn Whale Building, located at 14 53rd St. in Brooklyn’s Sunset Park neighborhood, for $82.5 million. The seven-story building offers 400,000 square feet of industrial space. Currently 79 percent occupied, the property is nearing the completion of a more than $8 million renovation program to fully reposition the building into a state-of-the-art office hub. The seller initiated the capital expenditure program and Madison Realty plans to add substantially more to the building’s renovation plans as it assumes ownership. Built in 1918 by E.W. Bliss, the property served as the headquarters for the Whale Oil Co. Renovations to the building include the installation of energy-efficient windows, new elevators, a new roof and improved power infrastructure, as well as the addition of a new lobby with concierge desk along with spaces for amenity shops and restroom facilities. Aaron Jungreis of Rosewood represented both the buyer and undisclosed seller in the off-market transaction.
SOUTH BRUNSWICK TOWNSHIP AND MONROE TOWNSHIP, N.J. — J.G. Petrucci Co. Inc. is constructing two build-to-suit industrial properties in Middlesex County, N.J. Located at 15 Stults Road in South Brunswick Township, the first building will feature 63,506 square feet of industrial space. Slated for delivery in October, the property will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system. The second facility, located at 30 Engelhard Drive in Monroe Township, will feature 130,102 square feet of industrial space. Scheduled for delivery in second quarter of 2016, the single- or multi-tenant building will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system.
NEW YORK CITY — TerraCRG has brokered the sale of an approximately 12,941-square-foot multifamily property located at 93-97 Waverly Place in Brooklyn’s Clinton Hill neighborhood. AC Waverly LLC sold the property to 93-97 Waverly Ventures LLC for $8.8 million, or $680 per net residential square foot. Built in 2008, the property consists of two four-story buildings featuring a total of 17 loft-style apartments, ranging from studio to two-bedroom units. At the time of sale, the property was fully occupied. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG were the sole brokers in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 664 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The 4,300-square-foot asset sold for $8.1 million. The property features apartment units and one retail space. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Logan Markley of Marcus & Millichap represented the seller and the buyer, both private investors, in the transaction.
WATERVILLE, MAINE — Fantini & Gorga has secured $7.5 million in acquisition financing for a freestanding Rite Aid Pharmacy in Waterville. Constructed in 2009, the 14,673-square-foot property features a drive-thru canopy and a high-volume pharmacy layout. Chris Miller and Casimir Groblewski of Fantini & Gorga arranged the financing for Wells Realty LP through a leading regional financial institution.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 31 Penn Plaza to Vanbarton Group LLC for an undisclosed sum. Located at 132 W. 31st St., the 18-story property features 444,000 square feet of office space. Savanna acquired the property in 2011 and completed a $20 million renovation, including redesigning the lobby, security infrastructure and entrance, modernizing the elevators, restoring the façade, upgrading coming areas and adding retail amenities. During the period Savanna owned the property, the firm entered into 260,000 square feet of lease agreements with tenants that included Friedman’s, Pennsylvania Six and Dee Daa. Douglas Harmon, Adam Spies, Joshua King, Adam Donegar and Michael Saclarides of Eastdil Secured represented Savanna in the transaction. Christopher Price and Adam Kopald of Goodwin Procter served as the seller’s counsel for the sale.
VESTAL, N.Y. — Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Company of Binghamton Inc. have arranged the sale of Our Lady of Lourdes Memorial Hospital medical office building in Vestal. A major private healthcare buyer acquired the 57,000-square-foot property for $22 million. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield negotiated the transaction. The name of the seller was not released.