SHREWSBURY, PA. — Joe Messina is developing Messina Highlands, a more than 36,000-square-foot shopping center in Shrewsbury. Slated to open this fall, the property will be occupied by Peoples Bank, Panera Bread, AT&T, Great Clips, Five Guys, Glamour Nails, Chipotle and Mattress Warehouse. Kevin Potter of Rhino Realty Group is marketing and leasing the property.
Northeast
BARNEGAT, N.J. — Marcus & Millichap has brokered the sale of Union Plaza in Barnegat. Located at 575 North Main St., the 9,900-square-foot retail property sold for $1.1 million. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, and Julienne Pape also of Marcus & Millichap’s New Jersey office represented the buyer in the transaction.
EAST ISLIP, N.J. — Sabre Real Estate Group has brokered a lease at Heckschere Plaza Shopping Center in East Islip. Pat’s Meat Farms Inc. will occupy 30,473 square feet at the 60,000-square-foot retail center located at 300 E. Main St. The new supermarket called Pat’s Marketplace is expected to open by third quarter 2014. The supermarket is owned by Pat LoCurto. Sabre Real Estate Group represented the lessee in the transaction.
EASTON AND ASHLAND, MASS. — Cushman & Wakefield’s Senior Housing Capital Markets group has arranged $48.2 million in senior construction financing and joint venture capital for the construction and development of two senior housing projects for LCB Senior Living. Situated approximately 30 miles south of Boston in Easton, The Residence at Five Corners will be an 84-unit, 90-bed senior living facility. Located in Ashland, The Residence at Valley Farm will be an 80-unit, 83-bed senior housing facility. Situated on Pond Road, the three-story, 72,000-square-foot building is located in a heavily trafficked retail corridor. Both projects will offer independent and assisted living, as well as memory care units. PNC Bank provided construction financing for the Easton project, while M&T Bank provided the construction financing for the Ashland project. An institutional investor provided the joint venture equity on both projects. Construction on both projects is slated to begin in June, with the properties opening in late summer/early fall 2015.
ELMSFORD, N.Y. — HKS Capital Partners has brokered $66 million in permanent financing for Ridgeview Apartments in Elmsford. Located at 32 Nob Hill Dr., the 416-unit property is owned by Ridgeview Partners LLC, which is led by Stephen Reitano. The seven-year loan, provided by Cantor Commercial Real Estate, features a three-year interest-only period. Ayush Kapahi of HKS brokered the transaction. The owners purchased the property in 2010 for $58 million, assuming $50 million in debt, and this mortgage allows the owners to take out equity on the property.
PHOENIXVILLE, PA. — Rittenhouse Realty Advisors (RRA) has brokered the sale of Maison Ridge Apartments in Phoenixville. The 16-unit property features six two-bedroom/one-bathroom units and ten one-bedroom/one-bathroom units. Historically, the property has remained 95 percent occupied or better. The property offers off-street parking, on-site laundry facilities and individual storage units. Steve Miceli and Corey Lonberger of RRA arranged the transaction. The seller was a long-term owner who had the property for more than 20 years and the buyers were undisclosed principal partners.
NEW YORK CITY — Meridian Capital Group has arranged $10.5 million in permanent financing to refinance a mixed-use property in Manhattan’s Lower East Side neighborhood. Located at 139 Essex Street, the five-story property features 18 apartments and 1,200 square feet of retail space. The property was purchased by the sponsor 14 months ago and has undergone significant renovation and was at 100 percent occupancy at the time of financing. The seven-year loan, provided by a regional balance sheet lender, features a 4.07 percent fixed rate and two years of interest-only payments. Judah Hammer and David Bollag of Meridian’s New York City office negotiated the transaction.
MAHWAH, N.J. — HREC Investment Advisors has brokered the sale of a Sheraton in Mahwah. Located in the Crossroads Corporate Center, the 225-room hotel is on the border of New York and New Jersey. Ketan Patel, Geoff Davis and Scott Stephens of HREC represented the seller in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $100 million mortgage for the refinancing of 110 Fifth Avenue in New York. Constructed in 1888, the 11-story, 176,000-square-foot office and retail building is occupied by H&M, Town Residential, Joe Fresh and Wellcare. The seven-year loan, which was provided by a regional balance sheet lender, features a 4.125 percent fixed rate and 2 years of interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York headquarters negotiated the loan for the borrower, Samson Management.
HOLBROOK, N.Y. — Long Island Industrial has completed a renovation project for Consumers Kitchens & Baths’ headquarters in Holbrook. The upgrade is part of the company’s $35 million capital improvement program, which is aimed at modernizing its portfolio of properties across Nassau and Suffolk counties. Completed by Long Island, N.Y.-based Hunt Construction Services, the renovation included the demolition of the outdated exterior and the installation of a new energy-efficient Exterior Insulation Finish System façade, as well as new electrical circuits, crown molding and window accents. As part of its capital improvements program, Long Island Industrial will invest an average of $7 million per year over a projected five-year period into its Long Island portfolio, which includes 23 buildings totaling 2 million square feet in Suffolk County and 13 buildings totaling 1.5 million square feet in Nassau County.