WYNOCOTE, PA. — Empire Beauty School has signed a lease for 9,100 square feet at Cedarbrook Plaza in Wyncote, a city located about 13 miles north of Philadelphia. Empire Beauty School will join retailers such as Walmart, Pathmark, Ross Dress for Less, K&G Fashions, Modell’s Sporting Goods and more at the 600,000-square-foot shopping center. Brian Wherty and Rob Samtmann, agents at Equity Retail Brokers, represented the tenant in the transaction. Cedarbrook Plaza LLC is the landlord. Empire Beauty School has more than 100 cosmetology schools in 22 states.
Northeast
HICKSVILLE, N.Y. — Vornado Realty Trust has entered into an agreement to sell Broadway Mall in Hicksville, an unincorporated town on Long Island, for $94 million. The publicly traded REIT (NYSE: VNO) sold the 1.1-million-square foot Broadway Mall to an unidentified buyer for about 40 percent less than the $152.5 million it paid to purchase the property in December 2005. The mall includes the only Ikea store on Long Island, which is leased to the furniture retailer through 2088. Other tenants include Macy’s, Forever 21, a 12-screen movie theater and H&M and Target.
SECAUCUS, N.J. – Cushman & Wakefield has arranged the sale of 60-70 Seaview Drive, a 146,000-square-foot industrial building in Secaucus. Stephen Elman and Jules Nissim of Cushman & Wakefield represented both the buyer, C.R. Laurence Co. Inc. (CRL), and seller, Principal Real Estate Investors. For C.R. Laurence, a supplier to the glazing, architectural, railing, construction, industrial and automotive industries, the acquisition marks a relocation and expansion by 100,000 square feet within the Secaucus market. Constructed in 1981, the single-story distribution facility at 60-70 Seaview Drive is situated on 6.7 acres. CRL’s existing 45,000-square-foot warehouse/distribution facility, located at 211 County Ave. in Secaucus, also company-owned, is currently available for sale.
NEW YORK CITY — LargaVista Cos., a second-generation real estate development, management and investment firm, and Related Cos., a privately owned real estate firm, have formed a joint venture partnership for the development of 300 Lafayette in SoHo. The site will be transformed into a seven-story mixed-use retail and office tower. The proposed development, designed by COOKFOX Architects, includes an 83,000-square-foot retail and boutique office building that features abundant outdoor space on several landscaped terraces. The CBRE team of Mary Ann Tighe, CEO of the New York region, and Tom Duke, vice president, served as real estate consultant to LargaVista at 300 Lafayette. Gregory Tosko, vice chairman, and Lauren Crowley, vice president, joined the CBRE team advising LargaVista in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 108 Calyer Street, an eight-unit apartment property located in Brooklyn. The asset sold for $2.2 million, which represents approximately $272 per square foot. Shaun Riney, Michael Salvatico and Jim Saros of Marcus & Millichap’s Brooklyn office represented the buyer and the seller, both private investors.
EXETER, N.H. — NAI Norwood Group has arranged a 4,000-square-foot lease of the former Gary Blake Motorcars location at 84 Portsmouth Ave. in Exeter, a coastal city located in southern New Hampshire. The freestanding building was leased to Northeast Credit Union. John Mueller of NAI Norwood Group represented the owner, Gary Blake, in the transaction. The tenant, Northeast Credit Union, is a financial services company that sought a long-term tenancy in a high-profile location.
KING OF PRUSSIA, PA. — Equus Capital Partners Ltd. has sold 1000 Continental Drive, a 205,424-square-foot, Class A office building in King of Prussia to California-based KBS Realty Advisors for $63 million. At the time of the sale, the building was 99 percent occupied. Jim Vesey, Doug Rodio, Jim Galbally and John Plower of Jones Lang LaSalle represented the seller in the transaction. The six-story office building has achieved LEED Silver certification. On-site amenities include a fitness center, complimentary corporate concierge services and a deli with wireless Internet access. Major tenants include Hartford Insurance, Nationwide, FT Services, Sedgwick Services, Farmers Insurance, UNUM and Guinan Financial Group.
PLYMOUTH, MASS. — Boston-based Fantini & Gorga has arranged $11.5 million in first-mortgage financing for a 57,939-square-foot retail center shadow-anchored by Home Depot in Plymouth. A stand-alone Ethan Allen store, West Marine, Town Fair Tire and The 99 Restaurant occupy the fully leased retail property. Casimir Groblewski, managing director, and Jason Cunnane, analyst, led the Fantini & Gorga team, which arranged the financing on behalf of Viking Acquisitions. A major Massachusetts-based financial institution provided the non-recourse, seven-year loan, which includes a fixed interest rate. The center is located at 19-45 Home Depot Drive.
CAMDEN, N.J. — Hybrid Capital has arranged $12 million in permanent financing for Northgate Apartments, a 321-unit, affordable-housing complex in Camden. The 10-year loan includes a 3.49 percent interest rate. Marc Wolfe, the borrower, purchased the 21-story property in 2011 for $12 million. Since acquiring the asset, Wolfe has invested approximately $1 million in capital improvements, including 140 apartment renovations at $5,000 per apartment; adding a security system with cameras on every floor; replacing the roof and boiler; upgrading the plumbing and repairing all common areas.
BROOKFIELD, CONN. — A joint venture between Stamford, Conn.-based JCS Capital LLC and Danbury, Conn.-based ACF Properties LLC has secured and closed on land for a 100-unit residential development property in Brookfield. The 4.8-acre property has received municipal approvals for the construction of the apartments, which will feature high-end finished and one- and two-bedroom floor plans. Amenities planned for the property include a pool and fitness center with men and women locker rooms and in-unit laundry facilities. JCS Construction Group Inc., an affiliate of JCS Capital, will be the contractor for the project. Construction is slated to begin in the summer and ready for occupancy in fall 2015.