NEEDHAM, MASS. — NorthMarq Capital’s Boston regional office has arranged a $10 million loan for the refinancing for a Staples/Petco building in Needham, a southwest suburb of Boston. The property contains spans 40,500 square feet and is located at 163 Highland Ave. A life insurance company provided the 10-year loan with a 25-year amortization schedule. Joseph Hegenbart of NorthMarq arranged the loan on behalf of the borrower, 163 Highland LLC.
Northeast
YORK, PA. — ASI-York LLC, an affiliate company of Schottenstein Property Group LLC, has sold a 624,800-square-foot distribution building situated on 49 acres in York for $26 million. The property is located at 325 South Salem Church Road, 25 miles southeast of Harrisburg, Pa. Endurance Real Estate Group purchased the single-story distribution center, which includes 12,000 square feet of office space, dock-high doors and parking for 50 cars and 280 truck trailers. Michael Treacy of Binswanger’s Philadelphia office represented ASI-York in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $13.9 million sale of 6 St. Marks Place, a five-story retail building located between Astor Place and Second Avenue in Manhattan’s East Village. The sales price equates to $889 per square foot. Barbara Dansker, Preet Sabharwal, Zachary Weiss and Zachary Ziskin in Marcus & Millichap’s Manhattan office represented the seller, Withinvestors LLC, and the buyer, Kunbing Inc. The 15,600-square-foot property is occupied by three tenants on a net-lease basis and was fully occupied at the time of the sale. The New York Tofu House restaurant occupies the ground floor and the lower level. The second floor was recently leased to the Gallery & Café. St. Mark’s Karaoke occupies the third, fourth and fifth floors.
WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the sale of a 5,776-square-foot office building and adjacent parking lot in Wilmington. J. Gregory Ellis of Patterson-Woods Commercial Properties represented the seller, Rockford King LLC, in the transaction. The property, located at 1320 N. King St., sold for an undisclosed price. WG&S LLP purchased the office building and is currently occupying it. The company previously occupied a 3,800-square-foot location at 4550 Linden Hill Road. Walnut Street Parking Inc. purchased the parking lot.
NEW YORK CITY — Madison Realty Capital has arranged a $7.8 million loan for a three-story, 3,360-square-foot townhouse located at 152 West 13th St. in Manhattan’s Greenwich Village neighborhood. Built in 1899, the multifamily building features three units. The borrower plans to use the loan to convert the property into a luxury single-family townhouse. Once complete, the new single-family property will include an additional 1,183 square feet of livable space for a total of 4,543 square-feet.
STAMFORD, CONN. — Skanska has signed an additional $149 million contract to build a new medical building for Stamford Hospital. The new approximately 196,850-square-foot medical specialty building will be constructed on the existing Stamford Hospital campus. Construction on the new building began in spring 2013 and is expected to be completed in spring 2016. In 2012, Skanska began construction on a different renovation and expansion project for Stamford Hospital to expand the hospital’s services and capacity.
NEW YORK CITY — Mortgage Equicap has arranged $56 million in financing for the construction of a 112,000-square-foot apartment property located at 267 Rogers Ave. in Brooklyn. Equicap arranged both the equity and construction financing for the project. The equity was provided by a New York-basedoffice. The non-recourse construction loan will be 75 percent of the total development costs. The apartment property will include 165 one- to three-bedroom units and will feature a fitness center, library, meeting and conference rooms, central laundry facility and billiard room. Equicap advised the developer in negotiating the 99-year ground lease with one of the largest not-for-profit organizations in the country.
CLINTON, MASS. — Unity Bank has provided a $3.5 million loan to St. Thomas Syro-Malabar Catholic Church of Franklin Township to fund the construction of a new 26,500-square-foot church. The church will be located at 510 Elizabeth Ave. near the intersection of Weston Road in Clinton. The 10-acre site will include an 11,000-square-foot church, 10,000-square-foot fellowship hall, mezzanine floor, meeting rooms and kitchen, as well as more than 200 parking spots. Unity has also agreed to make a $5,000 donation to the parish’s Brick-by-Brick fundraising campaign for the more than $6 million project.
NEW YORK CITY — Marcus & Millichap has arranged the $1 million sale of 1222 Rogers Avenue, a 7,400-square-foot mixed-use property in Brooklyn. Derek Bestreich and Erik Rodriguez from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor, and represented the buyer, a limited liability company.
BRIDGEWATER, N.J. – Global consulting, technology and business process outsourcing company iGATE Technologies has signed a long-term lease to occupy 13,000 square feet at Somerset Corporate Center I. The center is one of five buildings within SJP Properties’ 1.5 million-square-foot, Class A office complex in Bridgewater, located about 28 miles southwest of Newark. The company will use the space as its first New Jersey headquarters, which is slated to open in the second quarter. Ron Volk of CBRE represented iGATE in the transaction. SJP Properties was represented in-house.