NEW YORK CITY — GFI Realty Services has arranged the sale of 275A Malcolm X Boulevard in Brooklyn’s Bedford-Stuyvesant neighborhood. The four-story property, which features three residential units and a ground-floor retail unit, sold for $1.07 million. Constructed in 1927, the property is located within close proximity to the Utica Avenue and Hasley Street subway stations, which service the A, C and J lines. Yisroel Pershin of GFI represented the seller, while Daniel Shragaei, also of GFI, represented the buyer. Both parties were local investors.
Northeast
RED BANK, N.J. — Red Bank-based AEP Properties LLC has acquired a three-story, 6,600-square-foot office building located at 213 Route 35 in Red Bank for an undisclosed price. The buyer plans to renovate the building, which is currently vacant, to create a multi-tenant property. Once renovations are complete, Pereless Systems will expand its customer service and support teams into the property. Brian Murphy of Sitar Realty Company represented the buyer in the transaction.
While Southern New England gambles on casino development, shopping centers are the game of choice in Seacoast New Hampshire. DDR Corp., Waterstone Retail and New England Development have all chosen to invest in major new ventures in the sales tax-free state, and they are expanding their horizons for locations, retail tenants and customers. Supporting retail development, housing activity continues to be robust in Rockingham and Strafford counties. The latest Seacoast shopping center launch is Waterstone Retail’s Granite Ridge Marketplace, at exit 15 of the Spaulding Turnpike in Rochester, N.H. The development plans to capitalize on the Route 11 tourist corridor as well as the populations in the southern Lakes and northern Seacoast regions. (See sidebar below.) With Holiday Inn Express and multiple restaurants already in place, the Granite Ridge District shows great promise as a regional destination and attraction. Combining customers of the Lakes and Seacoast regions, Rochester is a hub of development activity. The Spaulding Turnpike expansion involved an investment of $135 million and has transformed the six Rochester exits. Rochester Crossing by The Wilder Companies (exit 13) is anchored by Lowe’s Home Improvement, Kohl’s and PetSmart, and features Buffalo Wild Wings, GameStop, and Sally Beauty Supply. IHOP Restaurant …
CONCORD, MASS. — Paradigm Capital Advisors, in partnership with Alcion Ventures, has acquired a Concord Farms, a suburban office park in Concord. Situated on 31 acres, the 293,789-square-foot office complex consists of five two- and three-story buildings. The buyers plan to reposition the existing buildings into modern office space and re-introduce the park to the suburban market.
WATERBURY, CONN., AND PITTSFIELD, MASS. — Cronheim Mortgage has secured $16 million in financing for two retail properties owned by affiliates of Phoenix Realty Management. Cronheim arranged $8 million for Phoenix Waterbury LLC to secure Waterbury Crossing, a 69,400-square-foot retail center in Waterbury. The property is 100 percent occupied by Sports Authority and PetSmart. Additionally, Cronheim arranged $8 million on behalf of Phoenix Merrill Road LLC for a two-building retail center in Pittsfield. Eight tenants, including TJ Maxx, Petco, Home Goods, Sally Beauty Supply and Planet Fitness occupy the 126,800-square-foot property. Dev Morris, Allison Moravec and Andrew Stewart of Cronheim Mortgage arranged the financings, which were both structured on a 10/30 basis.
NEW YORK CITY — Itzhaki Acquisitions has completed the ground-up development of a 14,000-square-foot retail building at 117-02 – 117-10 Guy Brewer Blvd. in Queens. Additionally, the company has fully leased the single-story building to two tenants: Family Dollar and Afro-American Parents Education Center. Family Dollar signed a 10-year lease for 9,000 square feet and Afro-American Parents Education Center leased 5,000 square feet for five years. David Feit, Esq., represented the ownership in the lease transactions. Itzhaki Acquisitions purchased the property in 2012 and demolished the existing buildings to construct the retail property.
PARAMUS, N.J. — United Water Management & Services Inc. has signed a 20-year lease for 116,360 square feet of space at Mack-Cali Centre VI in Paramus. Located at 461 From Road, the five-story, 253,554-square-foot office building is currently 86.5 percent leased. The property features an on-site cafeteria and roving security. The building is part of Mack-Cali Realty Corp.’s 279-property portfolio.
NEW YORK CITY — Ariel Property Advisors has brokered the sales of two properties in Upper Manhattan and the Bronx totaling $5.85 million. In the first transaction, a 75-foot wide development site at 531 West 159th St. in Washington Heights sold for $3.3 million. The property features approximately 25,779 buildable square feet as of right for residential development and 48,711 buildable square feet if a community facility is included. Victor Sozio, Michael Tortorici, Jesse Deutch and Josh Berkowitz of Ariel Property Advisors represented the seller and buyer, both private investors, in the transaction. In the second transaction, a 19,800-square-foot mixed-use property at 576 Southern Blvd. in the Longwood section of the Bronx sold for $2.55 million. Scot Hirschfield, Jason Gold, Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the seller and buyer, which were both private investors.
PHILADELPHIA — SugarHouse Casino is breaking ground for a $164 million expansion, which is slated to open in 2015. The expansion will bring more amenities to the property along the Delaware Riverfront, including a multi-purpose event space with waterfront views, new restaurants, a parking garage and a dedicated 30-table poker room. Additionally, the expansion will bring 500 permanent jobs and 1,600 construction jobs to Philadelphia.
WARREN, N.J. — HFF has secured a $46.3 million loan, on behalf of Normandy Real Estate Partners, for Center 78 in Warren. Located at 184 Liberty Corner Road, the Class A property offers 371,680 square feet of office space. The LEED Gold-certified property was originally built in 1982 and renovated between 2012 and 2013. Jon Mikula and Michael Lachs led the HFF team that arranged the three-year, floating-rate loan with Square Mile Capital Management LLC.