BEAR, DEL. — CBRE Inc. has brokered the sale of Eden Shopping Center in Bear. MCB Real Estate purchased the 235,508-square-foot shopping center from Bellevue Holdings for an undisclosed price. Giant Food Store and Lowe’s Home Improvement Warehouse anchor the center. Kevin McClernon and George Schmitt of CBRE represented the seller in the transaction.
Northeast
FALL RIVER, MASS., HALFMOON, N.Y., AND LATROBE, PA. — Marcus & Millichap has brokered two separate retail property transactions totaling $14.8 million in Massachusetts, New York and Pennsylvania. In the first transaction, Pentucket Motor Lodges Inc. acquired a 3,844-square-foot McDonald’s property located within the newly developed Crossroads at 24 in Fall River for $2.2 million. The asset includes a new 30-year McDonald’s ground lease with four five-year options and 10 percent rental increases scheduled every five years throughout the base term and option periods. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the sellers, First Bristol Corp. and Marshal Properties, and the buyer in the transaction. Additionally, Horvath and Tremblay completed a 1031 exchange for Yarmouth Mayflower. The company purchased two Walgreens locations in Halfmoon and Latrobe for $12.6 million.
RAMSEY AND NORTHVALE, N.J. — Winick Realty Group NJ has brokered the leases for two new Jersey Mike’s locations in Bergen County, N.J. The sandwich shop leased 1,736 square feet at 557 North Franklin Turnpike in Ramsey and 1,750 square feet at 246 Livingston St. in Northvale. The Northvale location opened in June and the Ramsey location is expected to open in September. Gary Krauss of Winick Realty Group NJ represented Jersey Mike’s in both transactions. Gregg Slater of Equity Associates represented the landlord, Northvale Shopping Center Associates, in the Northvale lease, while the Ramsey landlord, Landmark Real Estate, was represented in-house.
CAMBRIDGE, MASS. — Accion, an international nonprofit dedicated to microfinance, has selected Vantage Builders to renovate its new headquarters at 10 Fawcett St. in Cambridge. The 19,000-square-foot project includes the complete gut and renovation of portions of the second and third floors of the property, as well as the installation of new mechanical, plumbing and electrical systems and a connecting stairwell. The completed office space will feature custom millwork, new paint and carpeting, upgraded flooring and modern finishes. The renovation project is slated for completion by the end of November. The project team includes Diversified Project Management and Jacobs Engineering Group. The building is owned by Griffith Properties.
LATHAM, N.Y. — CBRE/New England’s Debt & Structured Financing team, on behalf of Realty Financial Advisors and Grossman Development Group, has secured $45 million in construction first mortgage financing for The Shoppes at Latham Circle. Located at 800 New Loudon Road in Latham, the 370,000-square-foot shopping center will be anchored by a 188,000-square-foot Walmart Supercenter and will offer a mix of lifestyle tenants, including restaurants and fitness. Grossman Development Group is developing the center, which is owned by Realty Financial Advisors. Additionally, CBRE/Grossman Retail Advisors is handling the leasing of the center. Kyle Juszczyszyn, Carlos Febres-Mazzei and Taylor Shepard of CBRE/NE Debt & Structured Finance negotiated the transaction for the owner.
HARRISON, N.J. — NorthMarq Capital’s New Jersey regional office has secured a $16.9 million, 30-month construction loan for the Cookie Factory, a to-be-built multifamily property on Essex Street in Harrison. The 104-unit project will consist of two four-story buildings, connected by a clubhouse, and a mix of studio, one-bedroom and two-bedroom units. The borrower is a Bergen Street Urban Renewal LLC, a joint venture between an affiliate of the Hampshire Companies and CrownPoint Group. Gary Cohen of NorthMarq arranged the loan for the borrower through NorthMarq’s relationship with First Niagara Bank.
SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has arranged the ground lease sale of Investors Bank, a net-leased property in Spring Lake Heights. The 3,921-square-foot property sold for $3.2 million. The property has a 20-year corporately guaranteed ground lease with 10 percent rental increases every five years. Additionally, the property is an absolute-net ground lease with no landlord management. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Shover and Gorman also secured and represented the buyer, a limited liability company, in the transaction. Michael Fasano, also of Marcus & Millichap, assisted with the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of 1365-69 St. Johns Place, two four-story apartment buildings in Brooklyn’s Crown Heights neighborhood. The properties, which feature 16 apartment units, sold for $2.8 million or 13 times the rent roll. Constructed in 1929, the properties total 13,760 square feet and are within close proximity to the 3, 4 and 5 subway lines and the Brooklyn Children’s Museum. Daniel Shragaei of GFI represented the buyer, while Shulem Paneth and Ohad Babo, also of GFI represented the seller in the transaction. Both the buyer and seller were local investors.
BLOOMFIELD, N.J. — Prism Capital Partners’ Parkway Lofts, a luxury residential property in Bloomfield, has reached 50 percent leased six months after welcoming its first move-ins. Originally built in 1915 by The General Electric Co., the six-story warehouse building has been redeveloped into a 360-unit apartment building offering a mix of studio, one- and two-bedroom loft-style and duplex residences. The apartments feature 12- and 17-foot ceilings, exposed columns and beams, views of the Manhattan skyline and the Watchung Mountains, 13-foot windows, washer/dryers and designer kitchens and bathrooms. On-site amenities include a 24/7 attended lobby, a rooftop deck with fire pit and seating area, a 5,000-square-foot fitness center, a 20-seat theater room, a private party and billiards room, and a dog run.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 1424-1428 Lexington Avenue, a five-story, mixed-use walk-up in Carnegie Hill on the Upper East Side. The 13,520-square-foot corner property sold for $12.6 million. Situated on the northwest corner of Lexington Avenue and East 93rd Street, the property includes an additional 13,881 square feet of unused development rights, which are subject to Landmarks Preservation Commission approval. The building features nine residential units and three ground-floor commercial units occupied by Ottomanelli Brothers Restaurant, Vela Pizzeria and Pet Central. David Kriss of Kriss & Feuerstein LLP was the attorney for the buyer, while Allen Schole of Ellenoff Grossman & Schole LLP provided legal counsel for the seller.