BETHEL TOWNSHIP, PA. — Dermody Properties and Granite Real Estate Investment Trust will start construction on a 750,000-square-foot industrial facility at Berks Park 78 in Bethel Township. Located at 41 Martha Dr., the state-of-the-art industrial warehousing and distribution facility will feature 36-foot clear height, 316 car parking spaces and 322 trailer parking spaces. Dermody Properties is serving as developer and operating partner, and Granite is the majority equity partner on the project. Located off Interstate 78 in the heart of the Pennsylvania I-81/I-78 Industrial Corridor, the 323-acre Berks Park 78 is currently home to distribution operations for Dollar General and PetSmart. Gerry Blinebury, Pat McBride and Adam Campbell of Cushman & Wakefield are marketing the new facility.
Northeast
WEST CHESTER, PA. — New York Life has acquired Bradford Plaza, a shopping center located at 700 Downington Pike in West Chester, for $35.7 million. The 161,000-square-foot center is 88 percent occupied by Giant Foods, Petco, Walgreens and a Giant fuel station. The 22-acre site also has a 4,300-square-foot proposed pad site for future development. Karen Iman and Gary Gabriel of Cushman & Wakefield handled the transaction.
BUFFALO, N.Y. — KeyBank has provided $16.3 million in financing for the construction of Mass Ave Community Homes, an affordable multifamily development in Buffalo. The community will include 46 units across a total of 16 scattered sites with nine newly constructed buildings and seven rehabilitated buildings. The buildings will feature one-, two-, three- and four-family residences. Additionally, the community will feature an on-site management office, community space, a computer lab, a laundry facility and a community kitchen. The development is slated for completion in third quarter 2015. The total development budget for Mass Ave Community Homes is $13.4 million. KeyBank provided approximately $10 million in Low Income Housing Tax Credit equity and $6.3 million in a construction loan. Project partners include PUSH Buffalo and Syracuse, N.Y.-based Housing Visions. When complete, the project will provide housing options to families with incomes ranging from 40 to 80 percent below the area median income.
BALDWINSVILLE, N.Y. — NorthMarq Capital has arranged an $11.58 million in refinancing of Center Point at Radisson, a 121-unit multifamily property located in Baldwinsville. The loan has a 10-year term and 30-year amortization schedule. Sam Berns of NorthMarq Capital’s Rochester, N.Y., office arranged the loan for the borrower through its seller/servicer relationship with Freddie Mac.
BURLINGTON, VT. — Nedde Real Estate has brokered the lease of 40 Sears Lane in Burlington. Champlain College has leased the 25,405-square-foot building for an undisclosed price. The tenant plans to use the building for campus-wide physical plant maintenance. Doug Nedde of Nedde Real Estate represented the landlord, RFC Realty LLC, in the transaction.
BORDENTOWN TOWNSHIP, N.J. — Grainger has purchased 96 acres of land in Bordentown Township for an undisclosed price. The company, which is a leading broad line supplier of maintenance, repair and operating products, plans to build a 1.3 million-square-foot distribution center on the property. Once opened in 2016, the facility will employ more than 400 individuals, primarily in warehouse operations. Grainger currently operates 11 locations in New Jersey, including 10 branch locations across the state and a distribution center in Robbinsville.
WARWICK, R.I.; BURLINGTON, PEABODY, FALL RIVER, READING AND WESTFORD, MASS. — HFF has secured a $50.6 million refinancing for a six-property, 224,001-square-foot retail portfolio in the New England area. The firm placed the fixed-rate loan with Allianz Real Estate of America LLC for the borrower, Burlington, Mass.-based Linear Retail Properties. The portfolio consists of 1000 Bald Hill Road in Warwick, Burlington Marketplace in Burlington, Peabody Gardens in Peabody, Flint Village Plaza in Fall River, 345 Main Street in Reading and One Carlisle Road in Westford. Overall, the properties are 97.7 percent leased to a variety of tenants, including Trader Joe’s, CVS/pharmacy, Rite Aid, Starbucks Coffee, Panera Bread, Chipotle Mexican Grill, Bank of America and Dunkin’ Donuts. Riaz Cassum and Brett Paulsrud of HFF represented the borrower in the transaction.
WILMINGTON, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Metro at Wilmington Station, a 108-unit apartment community located in Wilmington. A joint venture between EA Fish Development and Real Estate Capital Partners sold the property to Core and Value Advisors LLC, an affiliate of Stockbridge. Built in 2013, the transit-oriented property is adjacent to the MBTA train platform. The community consists of two three-story apartment buildings with one detached single-story garage structure with 35 enclosed garage spaces. The property offers a mix of 30 one-bedroom and 78 two-bedroom apartments with an average unit size of 1,067 square feet. Pursuant to Chapter 40B, the property is required to maintain 30, or 28 percent, affordable apartments governed by both income and rent limits. The affordable apartments are set aside for households earning up to 80 percent of area median income. Simon Butler and Biria St. John of CBRE/New England represented both parties in the transaction.
NEW YORK CITY — HAP Investment Management has acquired a development site at 2211-2217 Third Avenue and 214-216 East 121st Street in Harlem. Tahl Propp Equities sold the property for $13 million. Located on the southeast corner of 121 Street and Third Avenue, the 17,661-square-foot site includes 100 linear feet of Third Avenue, ideal for retail, and is zoned for 91,600 residential buildable square feet. Matthew Sparks of Eastern Consolidated arranged the transaction. Brian Beller of Phillips Nizer LLP and Neda Barzideh of Tahl Propp Equities provided legal services for the buyer, while Adrian Zuckerman of Seyfarth Shaw advised the seller.
NEW YORK CITY — AVANT Capital Partners has originated a $3.28 million bridge loan on an apartment building in Brooklyn’s Prospect Lefferts Garden neighborhood. The interest-only, 24-month loan carries an interest rate of 8 percent and refinanced the first mortgage. The 11,943-square-foot property has four ground-floor retail units and five second-floor apartments. Adam Luysterborghs of AVANT originated the loan, which was brokered by Marko Kazanjian of Meridian Capital Group.