DREXEL HILL, HAVERTOWN AND LANDSDOWNE, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $4.9 million in financing for four multifamily properties totaling 90 units throughout Pennsylvania. The properties include 4200 Woodland Ave. and 3823 Garrett Road in Drexel Hill; 1333 East Darby Road in Havertown; and 4-8 Owen Ave. in Lansdowne. The loan-to-cost ratio was 80 percent.
Northeast
The rapid evolution of e-commerce — including the relationships between the companies that manufacture product and the e-tailers that distribute and sell that product — is arguably the most significant factor impacting the Philadelphia-area and larger regional industrial real estate market today. And for those of us following this phenomenon closely, it feels like we may just be in the second inning of a nine-inning game at Citizens Bank Park. Simply put, e-commerce is creating strong industrial demand. A number of new companies are popping up on the radar, particularly along Pennsylvania’s I-81/I-78 distribution corridor. In the fourth quarter, Walmart’s 1.2 million-square-foot lease at a Liberty Property Trust asset in Bethlehem announced a new neighbor — Walmart again! Adjacent to Liberty’s building will be an additional 1 million square feet to be occupied by Walmart and the space is being developed by Majestic specifically for e-commerce. Earlier in 2013, One Kings Lane leased 500,000 square feet from DCT Industrial in Kutztown. Amazon now has a 4.8 million-square-foot footprint in Pennsylvania with constant threats of additional growth. The list goes on. These sizable transactions drove leasing volume up to nearly 9.7 million square feet at the end of the third quarter …
NEW YORK CITY — Mesa West Capital has provided $119 million in first-mortgage debt to a joint venture led by New Jersey-based Normandy Real Estate Partners. The joint venture plans to use the funds to recapitalize The Exchange, a 1.4 million-square-foot office portfolio located in Westchester County. The Exchange includes 12 suburban low- and mid-rise office buildings spread across four business parks along Interstate 287 near White Plains. Normandy has invested more than $11 million in capital upgrades throughout the portfolio in an effort to stabilize the assets. A portion of the loan proceeds will go to a targeted leasing campaign, which will be implemented on an asset-by-asset basis, as well as to allow the sponsor to continue to selectively upgrade the properties. Eastdil Secured arranged the financing.
BELLEVILLE, N.J. — Cronheim Mortgage has arranged $8 million in financing for a ShopRite-anchored retail center located in Belleville. The loan, placed with Athene Asset Management, was structured with a 10-year term and 25-year amortization, with five years of interest-only payments and a 4 percent interest rate. Belleville Center LLC was the borrower. Belleville Center is a 70,450-square-foot shopping center, anchored by a newly built, 60,000-square-foot ShopRite. The remaining space is fully occupied by Pizza Hut, Kelly's Liquors and a local jeweler. Allison Moravec and Andrew Stewart of Cronheim arranged the loan.
SOUTHBOROUGH, MASS. — Vantage Builders Inc. has completed an 84,000-square-foot renovation project for Olympus Surgical Technologies America at 136 Turnpike Road in Southborough. The multi-phase project included the renovation of the company’s executive areas, a new training area and carpet installation. Olympus Surgical Technologies America, a technology leader in the field of minimally invasive surgery device development and manufacturing, recently signed a lease renewal and was awarded a tenant allowance for office upgrades. Vantage Builders constructed a 2,100-square-foot training area that included new air conditioning via a 25-ton rooftop unit. Vantage Builders worked closely with the property managers, Capital Group Properties and Holm & Associates. The architects on the project were Fine Associates and the engineers were Avid Engineers and Hung & Associates.
NEW YORK CITY — Colliers International has arranged expansion space with Shopbop at 230 West 41st St. in Times Square West between the N.Y. Times building and 11 Times Square. The women’s clothing division of Amazon now occupies approximately 25,000 square feet in the building. Shopbob relocated to 230 West 41st St. from Soho about 18 months ago — initially signing a long-term, 13,340-square-foot lease for the entire 19th and 20th floors. The firm nearly doubled its space last year, expanding to about 24,000 square feet, with a lease for the entire 18th floor and space on the 16th floor. Now with a third expansion, also on the 16th floor, Shopbop occupies 24,954 square feet total in the building. Built in 1923, 230 West 41st Street is a 20-story building situated between Seventh and Eighth avenues.
NEW YORK CITY — Meridian Capital Group LLC has arranged $16 million in permanent financing for an office and retail property located on West 30th Street in New York City. A local savings bank provided the 12-year loan, which features a fixed interest rate of 3.88 percent. Josh Rhine of Meridian Capital Group arranged the loan. The 17-story property, located at 259 West 30th St., includes 90,000 square feet of office space and 10,000 square feet of ground-floor retail space.
PROVIDENCE, R.I. — Washington Trust’s commercial real estate group has provided $8.8 million in financing to University Medical Center LLC and Collyer Rehabilitation Center for the refinancing of two medical buildings. The properties are located at 195 and 208 Collyer St. in Providence. Both locations are in close proximity to Miriam Hospital and Interstate 95.
DANVERS, MASS. — CBRE/New England has arranged the $4.3 million sale of 18 Electronics Avenue in Danvers, a northern suburb of Boston. The 128,000-square-foot, former High Liner Foods facility was sold to 18 Electronics Ave LLC. The building is a frozen food plant that includes four spiral freezers, wash-down production rooms, refrigerated storage, waste pre-treatment and emission scrubbing. Mark Reardon and Jake Borden of CBRE represented the seller and procured the buyer.
WEST MILFORD, N.J. — Marcus & Millichap has arranged the $4 million sale of Bearfort Shopping Village, a 34,438-square-foot retail shopping village located in West Milford. Michael Lombardi in Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor.