SOUTH BRUNSWICK, N.J. — Bussel Realty Corp. (BRC) has arranged the lease of 225,000 square feet of industrial space at 15 Thatcher Road in South Brunswick. Leo Esses of BRC represented the tenant and landlord, which were both undisclosed, in the transaction. The property features 30-foot ceiling heights, 36 trailer docks and one drive-in door for loading, ESFR sprinklers, 2,500 amps of electric power and more than 100 trailer and car parking spaces.
CLINTON, MASS., AND BELFAST, MAINE — The Boulder Group has brokered the sale of a Walgreens portfolio of five single-tenant, net-leased properties. The properties sold for $39 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer, a Midwest-based institutional investment firm, and the seller, a Midwest-based private partnership, in the transaction. The portfolio is comprised of 720 Main Street, Clinton, Mass.; 32 Main Street, Lakeville, Mass.; 268 Main Street, Belfast, Maine; 1112 Civic Center Drive, Rochester, Minn.; and 1537 Charleston Highway, West Columbia, S.C.
NORTH BRUNSWICK AND NEW BRUNSWICK, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the sale of two industrial facilities located in North Brunswick and New Brunswick for an undisclosed price. Principal Real Estate Investors purchased the two properties, which total 458,000 square feet. The 156,000-square-foot building at 1000 Corporate Road is occupied by Capacity LLC, an e-commerce warehouse and fulfillment center, and Wenner Bread Products occupies the 302,000-square-foot property at 571 Jersey Ave. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield brokered the transaction.
PARSIPPANY, N.J. — Angelic Real Estate has secured $7.85 million in financing for the acquisition of three office buildings, 10 and 30 Lanidex and 299 Cherry Hill in Parsippany. A joint venture between Red River Asset Management and Lincoln Property Co. purchased the properties, which included excess land at 20 Lanidex that currently serves as additional parking. The joint venture immediately resold one of the buildings to an affiliate of Grammercy Property Trust. CorAmerica/Colony Capital provided the acquisition financing and loan. The portfolio was approximately 67 percent leased at the time of sale. Gabriel Silverstein and Louis D’Lando of Angelic Real Estate brokered the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 320 Van Brunt St. in Brooklyn. The 3,975-square-foot property sold for $1.2 million. Jakub Nowak and Matthew Rosenzweig of Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor, and represented the buyer, a private investor, in the transaction.
OLD SAYBROOK, CONN. — The Geenty Group, Realtors, has brokered a long-term lease at 137 Mill Rock Road in Old Saybrook. Located within The Old Saybrook Business Park, the 5,192-square-foot unit is occupied by Iron House Fitness LLC. Mill Rock Leasing LLC is the landlord. Kevin Geenty of The Geenty Group, Realtors, arranged the transaction.
VINELAND, N.J. — Stan Johnson Co. has brokered the sale of a 37,660-square-foot medical property to Lexington Realty Trust (NYSE: LXP) for $19 million. Located at 1237 W. Sherman Ave. in Vineland, the property is leased to HealthSouth Rehabilitation Hospital of South Jersey LLC and is guaranteed by HealthSouth Corp., the largest owner and operator of inpatient rehabilitation hospitals in the United States. Camille Renshaw and David Bailey of Stan Johnson Co.’s New York office represented the seller, a New Jersey medical developer, in the transaction. The property includes a 40-year lease with approximately 29 years remaining. The sale occurred at a 5.8 percent cap rate based on 2014 net operating income.
FRANKLIN, N.J. — Cronheim Mortgage has arranged $4 million in financing for Franklin Shopping Center, a retail center located along the Route 23 retail corridor in Franklin. The 56,100-square-foot retail center features a mix of national and regional tenants, including ShopRite Liquors, Dollar Tree and Mandee, among others. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing.
NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 197 St. Marks Ave. in Brooklyn’s Prospect Heights. The asset sold for $1.95 million, or $325,000 per unit. Constructed in 1931, the three-story, walk-up building features six apartments. Shlomo Antebi of GFI Realty Services represented the buyer and seller, both of which are local investors, in the transaction.
NEW YORK CITY — Vaughn College of Aeronautics and Technology has unveiled its multi-phase expansion, renovation and sound abatement project at the college’s main campus in Flushing. Located at 86-01 23rd Ave., the project, which cost $40 million, included the installation of building envelope sound insulation, renovations, re-programming and building system upgrades to all campus components undergoing renovations. The renovated buildings include the main structure, built in 1940; 1983 classroom building built in 1983, and a two-story classroom building and a hangar with a 65-foot observation tower, both of which were built in 1997. The renovations were financed from two sources: Vaughn received grant funds totaling approximately $32 million from the Federal Aviation Administration and The Port Authority of New York and New Jersey; and the college invested $7 million in the project from its own funds. The project team included Ensign Engineering, John Ciardullo Associates, Stalco Construction, Langan Engineering and Environmental Services, DVL Consulting Engineers, Peter George Associates and Graf & Lewent Architects.