NEW YORK CITY — Starwood Capital Group, on behalf of a controlled affiliate, has sold the leasehold interest in an office building to an affiliate of Ross Stores Inc. Located at 1372 Broadway, the 21-story building offers 572,000 square feet of office space. The building serves as the East Coast buying office for Dublin, Calif.-based Ross Stores. Terms of the sale for were not disclosed. Starwood Capital Group, through its Starwood Distressed Opportunity Fund IX, originally purchased the leasehold interest in the property in June 2012. Kasowitz, Benson, Torres & Friedman LLP advised Starwood Capital Group in the transaction.
Northeast
CONCORD, N.H. — NorthMarq Capital has secured a $2.5 million loan for the refinancing of One Pillsbury Street in Concord. The property offers 27,253 square feet of office space. The commercial mortgage was structured with a seven-year term and features a 25-year amortization schedule. NorthMarq arranged the financing for the borrower through its relationship with a regional bank. Michael Chase of NorthMarq Capital’s Boston office handled the transaction.
WILKES BARRE, PA. — Marcus & Millichap has brokered the sale of Midtown Village in downtown Wilkes Barre. A Wyoming Valley private investor acquired the 25,583-square-foot shopping center from an affiliate of Wilkes Barre-based Humford Equities. Located at 41 South Main St., the shopping center was developed in 1978. Jeff Algatt, Dean Zang and Mark Taylor of Marcus & Millichap represented the seller. Additionally, Algatt secured the buyer.
EDGEWATER, N.J. — The New York office of Berkadia Commercial Mortgage has arranged an $85 million revolving credit facility for a mixed-use property located in Edgewater. The borrower, One Main Street Edgewater LLC, will use the loan to retire existing debt on the View at Edgewater Harbor. Located at 1 Main St., the property consists of 162 multifamily units and nearly 47,000 square feet of retail space. The residential units offer a mix of studio, one- and two-bedroom layouts. On-site amenities include a fitness center, pool, rooftop deck and clubhouse. Home Goods, Five Guys Burgers & Fries and Haven Restaurant occupy the retail space. John DiCrocco of Berkadia secured the five-year, floating-rate loan through the Freddie Mac program.
MT. LAUREL, N.J. — Horizon Services, a plumbing and HVAC company, has acquired a 63,000-square-foot industrial building, located at 17 Roland Ave. in Mt. Laurel. Color Graphics Inc. sold the property for an undisclosed price. Situated on four acres, the property features 16-foot ceilings, six tailgates, one drive-in and 6,000 square feet of office space. Scott Mertz of NAI Mertz represented the seller in the transaction.
UNION, N.J. — Bussel Realty Corp. (BRC), a New Jersey-based corporate and industrial real estate services firm, has signed Manhattan Trading for a lease at 1111 Springfield Road in Union. Manhattan Trading will occupy 18,000 square feet of the 57,000-square-foot industrial building, which features 12-foot ceiling heights, four tailboards, two drive-ins, 200 amps of power and a wet sprinkler system. James Hodgkins of BRC negotiated the transaction and represented the owner.
NEW YORK CITY — Eastern Consolidated has arranged the relocation of New York Kids Club to 170 Amsterdam Ave. in New York’s Upper West Side. The preschool chain will relocate from its current location to the ground floor of a new 20-story residential tower, situated between West 67th and West 68th streets, which is being developed by Equity Residential. The preschool center will occupy 2,400 square feet on the ground floor and 3,700 square feet on the basement level. New York Kids Club plans to begin its 15-year lease in summer 2015. Brad Cohen of Eastern Consolidated represented the landlord, while Neal Ohm of Neal Cabot Ohm represented the tenant in the transaction.
NEW YORK CITY — Gyro, a global business-to-business advertising agency, is expanding its office space and relocating to Lower Manhattan. The firm has signed an 11-year lease to occupy an entire floor at 115 Broadway, a landmarked 21-story property located on the corner of Broadway and Cedar Street. The company expects to relocate to the new space, which nearly doubles its current offices, during fourth quarter 2014. Keith Ellis of Savills Studley represented gyro in the long-term transaction. Founded in 1981, gyro specializes in advertising, brand strategy, digital, direct marketing and public relations for business-to-business services.
ALBANY, N.Y. — Eastern Consolidated has arranged the off-market sale of 677 Broadway in Albany. Shelbourne Capitol LLC purchased the 180,000-square-foot office tower for $34.5 million, in a two-part transaction that included a $1.5 million land lease and the $33 million leasehold on the property. The 12-story, Class A office property features a 900-car parking garage owned by the City of Albany Parking Authority, a redundant fiber service, a Building Management System (BMS) to monitor all building and tenant HVAC equipment, an uninterrupted power source system and an emergency generator. Gabriel Saffioti and Nicole Rabinowitsch of Eastern Consolidated represented the buyer, while Ben Tapper and Michael Coghill, also of Eastern Consolidated, represented the seller, Albany-based Columbia 667 LLC, in the transaction.
HOUGHTON, N.Y. — Houghton College has opened its new $23 million Kerr-Pegula Athletic Complex in Houghton. The project included the construction of a new baseball and softball stadium, resurfacing of Burke Field (a multi-sport competition field), and the construction of a 150,000-square-foot field house. The field house features an eight-lane 200-meter regulation size track; five tennis courts; cardio fitness center; weight lifting rom; MVP conference room; commercial kitchen and concessions; locker-room facilities; and office space. Additionally, the facility has the ability to host concerts and events with a maximum capacity of more than 6,000 people. The athletic complex was made possible, in part, by an initial $12 million gift given by Houghton alumna Kim and Terry Pegula, owners of the Buffalo Sabres and Rochester Americans.