NEW YORK CITY — Adam America Real Estate, in partnership with Horizon Group, will begin leasing 500 Sterling Place, a 77-unit multifamily property in Brooklyn’s ProCro neighborhood, in late June. The seven-story apartment building offers studio, one- and two-bedroom units with premium kitchens, countertops and appliances. Building amenities include a rooftop deck with misting wall, outdoor movie projection capabilities, game and lounging areas and barbecuing stations. Additionally, the amenity package includes a fully equipped window gym, parking, part-time doorman, package room, bicycle storage and a live-in superintendent. Rents range from $1,995 to $3,100, and move-in is slated for July 1.
Northeast
NEW YORK CITY — Eastern Consolidated has arranged the sale of a retail center located at 1257-1267 Forest Avenue in Staten Island for $5.25 million at $200 per square foot with an 8 percent cap rate. The two-story, 25,860-square-foot property features 12 fully leased retail spaces and a 41-car parking lot. Current tenants include Avon, Papa John’s Pizza, Payless Uniforms and CKO Kickboxing. Adelaide Polsinelli and Carlos Olson of Eastern Consolidated represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 147 Leonard Street in Brooklyn. The eight-unit apartment building sold for $2.3 million or approximately $411 per square foot. James Saros, Michael Salvatico and Shaun Riney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
ALLENTOWN, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the disposition of South Mall for $23.6 million. Located in Allentown, the 406,000-square-foot mall is anchored by Stein Mart and Bon-Ton. Sales at the shopping center were $227 per square foot and the non-anchor occupancy was 90.6 percent as of March 31, 2014. Additionally, PREIT has entered into a sales agreement for the disposition of Nittany Mall in State College, Pa., and North Hanover Mall in Hanover, Pa. The 534,000-square-foot Nittany Mall is anchored by JC Penney, Sears, Bon-Ton and Macy’s and has sales of $230 per square foot and non-anchor occupancy of 74.8 percent as of end of March. The 452,000-square-foot North Hanover Mall is anchored by JC Penney, Sears, Dick’s Sporting Goods and Burlington Coat Factory. Sales at the North Hanover Mall were $275 per square foot and non-anchor occupancy was 79.3 percent as of March 31, 2014. The sales and occupancies at these properties are below PREIT’s portfolio average of $377 per square foot of sales and 90.3 percent non-anchor occupancy, making the properties ideal candidates for the company’s disposition program. The buyers have not been disclosed.
MONTVALE, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has brokered the acquisition of 102 Chestnut Ridge Road in Montvale. JD Companies purchased the property from an institutional seller for an undisclosed price. The buyer plans to relocate its headquarters to the two-story, 50,000-square-foot office building. Situated on five acres, the property is 76 percent occupied by Community Blood Services and NJ Lenders Corp. under long-term leases. Gary Gabriel, Andrew Merin, David Bernhaut and Brian Whitmer of Cushman & Wakefield negotiated the transaction.
NEWARK, N.J. — Meridian Capital Group has arranged an $18 million loan to refinance 570 Broad Street, a 200,000-square-foot office building in Newark. The borrower, Berger Organization, received a seven-year loan featuring a 4.25 percent fixed rate, which was provided by a regional balance sheet lender. The 15-story office building is located within minutes of the Garden State Parkway, New Jersey Turnpike, Routes 1, 9, 21 and 22, and Interstates 280 and 78. Tal Bar-Or and Kyle Kite of Meridian’s New York City office negotiated the refinancing.
NEWTON, MASS. — Beth Israel Deaconess (BID) Healthcare-Chestnut Hill, a new major outpatient medical center, is slated to open in July, following the opening of BID’s Advanced Urgent Care Center. Both services occupy the fourth floor of 200 Boylston St. in Newton’s 240,000-square-foot Chestnut Hill Square development, which is owned by New England Development,. The 30,000-square-foot, state-of-the-art facility will offer primary care and 20 medical and surgical specialties with physicians and staff from Beth Israel Deaconess Medical Center. Specialties offered at the BID Healthcare-Chestnut Hill will include OB/GYN and women’s health, sports medicine with orthopedics, physical and occupational therapy, imaging with CT scanning, on-site labs, a spine center, acupuncture, and yoga. In addition, the center will offer surgical specialties including oncology, a breast clinic, colorectal and podiatry.
WEST BRIDGEWATER, MASS. — Fantini & Gorga has arranged $5.5 million in financing for the development of The Turn at River Bend, a multifamily community in West Bridgewater. Located on SR 106 between South Main and East streets, the development will consist of four three-story buildings, each offering 12 one- and two-bedroom apartments, with one quarter of the units designated for affordable housing. Casimir Groblewski of Fantini & Gorga arranged the financing with a Massachusetts-based cooperative bank for the borrower, 322 East Center Street LLC, an affiliate of The Battaglino Family LP.
WATERTOWN, MASS. — Cassidy Turley has arranged the sale of Riverworks Innovation Center at 480 Pleasant St. in Watertown. Farley White Interests sold the three-building office complex to Spear Street Capital for $43 million. Situated along the Charles River, Riverworks is a three- and four-story brick-and-beam office complex offering 200,000 square feet of space. The property was formerly the headquarters to Boston Scientific Corp. until the medical device company vacated the site. Farley White purchased the vacant property in 2010 and renovated it. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.
COLLINGSWOOD, N.J. — Ingerman has topped out The Collings North, the second and final phase of The Collings at The LumberYard in Collingswood. The five-story building will feature 70 apartments, 12,000 square feet of ground-floor office space and 1,500 square feet of retail space. Located along Haddon Avenue, the second phase will feature one- and two-bedroom apartments ranging in size from 800 to 1,300 square feet. The pet-friendly residences will feature gourmet kitchens with quartz countertops, full-size washers and dryers, generous closet space and ENGERY STAR appliances. Additionally, the community features an outdoor courtyard with grill, covered parking, common-area WiFi, a community room and a fitness center. The Collings South, the community’s fully leased first phase, offers 34 apartment homes featuring a mix of one-, two- and three-bedroom units, including seven townhomes with private entrances.