MATAWAN, N.J. — Cushman & Wakefield, on behalf of an affiliate of Denholtz Associates, has arranged $20.7 million for the recapitalization of Metro Park South in Matawan. Located at 100 Matawan Road, the five-story, 132,000-square-foot office building offers first-class amenities and a modern interior. The $20.7 million transaction involved securing joint venture equity from Palatine Capital Partners. John Alascio, Chris Moyer, John Spreitzer and Suraj Ravi of Cushman & Wakefield Equity, Debt & Structured Finance served as exclusive advisor to Denholtz Associates.
Northeast
BOSTON — Boston-based EagleBridge Capital has brokered $6.5 million in permanent mortgage financing for a portfolio of three properties in the Brighton section of Boston. The portfolio comprises the two-story, 15,000-square-foot Brighton Heights located at 167 Corey Road; Three Washington Street, which is leased to Brighton Auto Clinic; and Five Washington Street, which is leased to U.S. 1 Petroleum. Tenants of the Brighton Heights property include medical, medical-related, educational, software and real estate firms. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a leading regional bank.
ALTOONA, PA. — Marcus & Millichap has brokered the sale of a Sheetz gas/convenience store in Altoona. The 6,902-square-foot, net-leased property sold for $1.8 million. Located at Frankstown Road and Amelia Avenue, Sheetz recently executed a 20-year corporately guaranteed absolute-net ground lease with rental increases in the option period on the 3.1-arce property. Matthew Gorman and Michael Shover of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as secured the represented the buyer, in the transaction.
BLOOMFIELD, N.J. — Colliers International has arranged a long-term lease for the new headquarters of Reverse Mortgage Investment Inc. in Bloomfield. The company will occupy 16,606 square feet at located at 1455 Broad St. within BroadAcres Office Park. The office park is owned by BR/Prism Central Park Owner LLC and operated by Prism Capital Partners LLC. BroadAcres recently underwent a major capital improvement program to upgrade the campus grounds and lobbies. Amenities at the office park include an on-site café, conference center and outdoor parking. Richard Madison of Colliers International represented Reverse Mortgage in the transaction, while Edwin Cohen provided in-house representation for Prism Capital Partners.
OLDMANS TOWNSHIP, N.J. — Cherry Hill, N.J.-based NFI has broken ground for the development of a build-to-suit distribution center in Oldmans Township. The 1 million-square-foot facility will feature energy-efficient warehouse space, Class A concrete tilt wall construction, cross-dock load configuration and an ESFR sprinkler system. Five Below, a retailer of merchandise for pre-teens and teens, will initially occupy 715,000 square feet of the facility, which will replace the company’s existing facility in New Castle, Del. Construction is slated for completion in early summer 2015. The build-to-suit distribution center will support the continued growth and expansion of Five Below on the East Coast.
NEW YORK CITY — Meridian Capital Group has arranged a land loan for 3 Hudson Boulevard on behalf of Meushar 34th Street LLC, an affiliate of The Moinian Group. Provided by a life insurance company, the two-year balance sheet loan features floating-rate, interest-only payments and three one-year extensions. Located at 400 11th Ave. in the Hudson Yards district, 3 Hudson Boulevard is a 46,634-square-foot development site. The borrower plans to develop a 1.8 million-square-foot, mixed-use property on the site featuring office space, as well as sustainable residential units. Dan Kaplan of FXFOWLE designed the tower, which is slated to obtain LEED Platinum certification. Drew Anderman and Alan Blank of Meridian Capital Group negotiated the transaction.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a three-story retail building located at 2202-2210 Third Ave. in New York’s East Harlem. According to property records, the sale price was $5.35 million. The 12,000-square-foot property is currently occupied by Rent-A-Center, whose triple-net lease expires in November 2015. The property also has an additional 17,000 square feet in available air rights. Eastern Consolidated represented both the buyer and the seller. Adelaide Polsinelli and Chad Sinsheimer of Eastern Consolidated represented the seller and managing partner, Joseph Rishty of 2202 Third Ave. LLC, in the transaction. Cliff Schwartz of Schwartz & Blumenstein PC served as legal counsel for the seller, while Jay Yackow, Esq., served as attorney for the buyer.
JERSEY CITY, N.J. — CitiStorage, a records management company, has renewed its warehouse lease in Jersey City. The company occupies 150,000 square feet at 107-151 West Side Ave. Founded in 1990 and headquartered in Brooklyn, N.Y., CitiStorage serves the healthcare, legal, financial services, corporate and small business markets, along with various government agencies and special interest organizations in the New York metropolitan area. Stan Danzig, Jules Nissim and Stephen Elman of Cushman & Wakefield’s East Rutherford, N.J., office brokered the long-term lease.
COMMACK, MIDDLE ISLAND AND SYOSSET, N.Y. — Smithtown, N.Y.-based Island Associates Real Estate Inc., a commercial real estate brokerage and management firm, has brokered three lease transactions in Suffolk County, N.Y. In the first transaction, Long Island Fitness & Wellness leased 4,225 square feet of retail space at 6160 Jericho Turnpike in Commack for $1.2 million. Suzanne Lopes of Island Associates represented the landlord, while Steven Reichman of Coldwell Banker Commercial Island Corporate Services represented the tenant. In Middle Island, FMI Wireless Inc., a Sprint franchise, leased a 1,095-square-foot retail space within Strathmore Commons at 1245 Middle Country Road. Lopez represented both the landlord and tenant in the transaction. In the final transaction, Tropical Smoothie Café leased 1,500 square feet of retail space at 365 Jericho Turnpike in Syosset. Roger Delisle of Island Associates represented the tenant, while Island Associates also represented the landlord.
PHILLIPSBURG, N.J. — HFF has brokered the sale of Greenwich Center, a 182,583-square-foot retail power center in Phillipsburg. An affiliate of Northeast Capital Group and BHN Associates purchased the property for $22.7 million from Retail Properties of America Inc. in an all cash transaction. Located at 1200-1208 New Brunswick Ave., the shopping center is 93.25 percent leased to national and regional tenants, including Staples, Best Buy, Pier 1 Imports, Petco, Dollar Tree, Sleepy’s, Michaels, Ashley Furniture, Five Below and Famous Footwear. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Chris Munley of HFF represented the seller in the transaction.