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.
Northeast
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.
SOUTH PLAINFIELD, N.J. — Cushman & Wakefield has arranged a 17,000-square-foot headquarters lease for Petra Systems at 1 Cragwood Road in South Plainfield. The global provider of distributed-power electronic technologies is relocating to the Class A office property this winter from a nearby flex property. Slava Vaynberg, Marc Trevisan and David Sherman of Cushman & Wakefield arranged the lease on behalf of Petra Systems. Tanzanite Realty LLC owns the 160,000-square-foot 1 Cragwood Road building and was represented by Adam Englander from CBRE.
MELVILLE, N.Y. — A&G Realty Partners has been engaged by RadioShack to lead the disposition of up to 1,100 underperforming stores. Radio Shack announced in early March it would close the stores after revenues and sales continued to slip for the electronics retailer, which has been struggling with an outdated image in the marketplace. RadioShack reported a loss of $191.4 million during the fourth quarter of 2013, compared to the previous year. The company is continuing to work toward rebuilding its brand, following a slow holiday season, some operational issues and some restaffing at higher levels of the company. The stores that will close were chosen based on location, area demographics, lease life and financial performance. “We will publish the store closing list when it becomes available,” says Andrew Graiser, co-president of A&G.
NEW YORK CITY — Developer Sherwood Equities has opened a free-standing sales gallery in Manhattan for its new boutique condominium at 500 West 21st St. The two-story sales gallery, located at 508 West 20th St., is situated across the street from the condo development and features 3,850 square feet of interior space, as well as a 2,000-square-foot rooftop garden. The singular space, with 30-foot ceilings, currently features a full-size model kitchen and master bathroom by Mark Zeff, the interior designer for the residences, as well a large-scale graphic of the garden. Occupancy for the 32-unit condo development is slated for the first quarter of 2015.
ERIE, PA. — Dougherty Mortgage LLC has originated a $1.3 million loan for the refinancing of Covington Valley Estates, a 43-unit, affordable-housing property in Erie, located in northwestern Pennsylvania. Dougherty arranged the 20-year loan for Covington Valley Estates Ltd.
SECAUCUS, N.J. — A joint venture between PCCP (formerly known as Pacific Coast Capital Partners) and Mountain Development Corp. (MDC) has acquired One Harmon Plaza, a 192,000-square-foot, Class A office tower in Secaucus. One Harmon Plaza is a 42 percent-leased, 10-story office building that features 22,000 square-foot floor plates with panoramic views. The property is less than five miles from midtown Manhattan. The joint venture plans to upgrade common areas and add a fitness center, free conference center and on-site food service operated by a local eatery. John Alascio, Chris Moyer and Suraj Ravi led Cushman & Wakefield’s equity, debt and structured finance team in arranging and structuring the joint venture with PCCP. The joint venture also has tapped the Cushman & Wakefield leasing team of Marc Trevisan, David Sherman, David DeMatteis and Slava Verynberg as its leasing agent.
EXETER, N.H. — Cross Insurance has purchased and moved into a free-standing building on Portsmouth Avenue in Exeter, a city in southeast New Hampshire. The 4,000-square-foot building is located at 82 Portsmouth Ave. John Mueller of NAI Norwood Group represented the buyer, Cross Realty LLC, which will operate Cross Insurance in the new location. Jean Kane represented the seller. Cross Insurance plans to move into the property by mid-May.