WELLS, MAINE — Boston-based Fantini & Gorga has arranged $2.3 million in first mortgage acquisition financing for Wells Corner Shopping Center, located at 1517 Post Road in Wells. Developed in the 35,400-square-foot center is occupied by Wells IGA Food Market, Dairy Queen, a laundry mat and a family-style restaurant. Casimir Groblewski and Jason Cunnane of Fantini & Gorga arranged the fixed-rate, five-year loan, which was provided by a Massachusetts-based lending institution, on behalf of Wells Corner Shopping Center LLC, a Maine-based limited liability company.
Northeast
BOHEMIA, N.Y. — Snapple, along with its parent company Dr. Pepper, has leased 51,734 square feet at 2004 Orville Dr. North in Bohemia. Owned by Rechler Equity Partners, the one-story 106,515-square-foot building offers 24-foot clear ceiling heights and convenient access to Veterans Memorial Highway, the Long Island Expressway and Sunrise Highway. Snapple is moving its Long Island operations to the new facility. Ted Trias of Rechler Equity Partners represented the ownership, while Philip Heilpern of CBRE represented the tenant in the transaction.
STATE COLLEGE, PA. — Bloomfield, N.J.-based Juniper Communities has acquired Brookline Village in State College for $35.5 million. The five-building, 274-unit property offers a mix of residential units: 116 skilled nursing/rehabilitation, 38 memory care, 87 personal care and 33 independent living. The buyer plans to rename the property Juniper Village at Brookville. Juniper Communities is one of the largest seniors housing providers with a concentration of operations in Pennsylvania, New Jersey, Florida and Colorado. This acquisition will increase Juniper’s size and resident capacity by 25 percent.
NEW YORK CITY — Ariel Property Advisors has brokered a two-building mixed-use portfolio sale for $15.4 million. Located at 220 West 116th St. and 449 West 125th St. in Harlem, the properties offer a total of 59 units. The five-story, 46,080-square-foot building at 220 West 116th St. features five retail units and 35 rent-stabilized apartments, including 33 three-bedroom units and two studios. The six-story, 16,382-square-foot property at 449 West 125th St. features two retail units and 17 rent-stabilized apartments: one three-bedroom unit, seven two-bedroom units and six one-bedroom units. Shimon Shkury, Victor Sozio, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, Teaneck, N.J.-based Treetop Development LLC, and procured the buyer, a New York City real estate investment firm, in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of 805 Fairmount Place, a five-story walk-up multifamily building in the Bronx’s Tremont section. The property sold for $3.11 million or $89,000 per unit. Built in 1931, the 25,925-square-foot building offers 35 apartment units and is in close proximity to the West Farms Square – East Tremont Avenue subway station. Yosef Katz and Yisroel Pershin of GFI represented the seller, Madison Realty, while Shulen Paneth and Eli Matyas, also of GFI, represented the buyer, a local investor, in the transaction.
MERRIMACK, N.H. — Gate City Charter School, an elementary public charter school, has signed a lease for 17,850 square feet of space at Seven Henry Clay Dr. in Merrimack. The school is slated to open in September for the 2014 school year with 140 students, with plans to grow to 180 students by 2016. Gate City Charter School will offer an arts-integrated curriculum for grades K-8. Mike Tamposi of CBRE/New England represented the landlord, Adamian Construction & Development, while Tom Farrelly and Sue Ann Johnson of Cushman & Wakefield represented the tenant in the transaction.
With economic improvement and job gains returning the region to its pre-recession vitality, the Southern New Hampshire office sector through mid-year 2014 has enjoyed renewed momentum. The state has nearly regained all of its jobs lost during the downturn, resulting in an unemployment rate of 4.4 percent, which is well below the current national average of 6.3 percent. At the same time, the picture has changed a bit. The hard-hit financial services sector is rebounding, although slowly, while notable expansion in business services, technology, education and health services has translated to a surge in demand for office space among diverse industries. Over the past several months, Comcast leased 147,000 square feet in Hudson; Hospital Corporation of America leased 48,000 square feet in Salem; Anthem Health of New Hampshire took 46,000 square feet in Manchester; and Citizens Bank committed to 29,418 square feet in Manchester. In Bedford, Mass Mutual committed to 18,000 square feet while engineering firm Vanasse Hangen Brustlin took 19,000 square feet. This steady activity has led to improving fundamentals across the board. The overall office vacancy rate fell to 17.6 percent during the first quarter (compared to a long-term average of 18.6 percent and a recession–prompted high of …
CAMBRIDGE, MASS. — King Street Properties has purchased two laboratory buildings near the Alewife MBTA Station in Cambridge for a combined price of $54.5 million. Working on behalf of the buyer, HFF arranged $89 million in acquisition and repositioning financing through Cornerstone Real Estate Advisers. A $22 million, floating-rate loan was secured for 87 Cambridge Park Drive, and a $67 million, floating-rate loan was secured for 200 Cambridge Park Drive. The buyer plans to renovate, reposition and re-lease the properties through Cushman & Wakefield. 87 Cambridge Park Drive is a vacant 62,492-square-foot office/laboratory, and 200 Cambridge Park Drive is a vacant six-story, 221,676-square-foot Class A office/laboratory facility that was most recently renovated in 2004. Greg LaBine led the HFF team representing the borrower in the transaction.
ALTOONA, PA. — HFF has closed the sale of Logan Towne Centre, a 715,819-square-foot shopping center in Altoona. AVR-ALTOONA LP sold the property to a private investor for $101.5 million. Situated on 75 acres at 155 Falon Lane, the grocery-anchored shopping center is 98.4 percent leased to tenants, including Giant Eagle Supermarket, Kohl’s, Best Buy, Staples, Bed Bath & Beyond, Michaels, Ross, Boscov’s and Dick’s Sporting Goods. Jim Koury and Claudia Steeb led the HFF investment sales team that represented the seller in the transaction.
MOUNT VERNON, N.Y. — NAI Friedland has brokered the sale of an industrial building in Mount Vernon for $3.85 million or approximately $48.26 per square foot. 750 South Fulton Storage LLC purchased the multiuse, two- to three-story structure and plans to renovate the property into a mini storage facility. The building’s seller, Wampum LLC, previously used the building for various commercial uses, including retail, office and warehouse space. Andy Grossman of NAI Friedland represented both the buyer and seller in the transaction.