ATLANTIC CITY, N.J. — Titan Capital ID LCC, a Westport, Conn.-based private real estate lender, has funded a $17 million loan for the purchase of a 19.5-acre lot in Atlantic City. With 500 feet of frontage on the Boardwalk and 775 feet of frontage on Pacific Avenue, the borrower intends to develop the property as a golf range or an entertainment complex. The property’s acquisition also included a casino license.
ROBBINSVILLE, N.J. — Matrix Development Group has broken ground on a new build-to-suit warehouse and distribution center for Falken Tire Corp. in Robbinsville, located about 10 miles east of Trenton. The 222,000-square-foot facility, which is scheduled for a spring 2014 completion, will serve as a new location for Falken Tire, an international manufacturer of automobile tires. The development is located within Matrix Business Park at 7A, the Matrix Development Group’s 480-acre light industrial park.
SARVER, PA. — Digital Cinema Destinations Corp. (Digiplex) has agreed to purchase a 10-screen movie theater in Sarver, located about 31 miles northeast of Pittsburgh. The purchase price was undisclosed. Digiplex is acquiring the South Pike Cinema 10, located at 130 Cinema Way, from Cheswick Theaters Inc. Once the transaction closes, Digiplex plans to convert three or more of the screens to 3D compatibility with the assistance of technology partner RealD. The acquisition marks Digiplex’s seventh Pennsylvania location, including the five acquired from Cinema Centers in 2012 and a pending acquisition in the metro Harrisburg area.
SEABROOK, N.H. — Fantini & Gorga has arranged a $5.9 million loan for the purchase of a 101,184-square-foot retail center in Seabrook, located about 40 miles east of Manchester. A Kohl’s department store anchors the property, which also includes Famous Footwear and Sleepy’s as tenants. Kohl’s has 15.5 years remaining on its initial lease term. Keith Wentzel, managing director at Boston-based Fantini & Gorga, arranged the acquisition financing for a New Jersey-based investment group. A Massachusetts-based community bank funded the loan. Approximately 65 percent of the center’s income comes from the Kohl’s lease, according to Wentzel.
A few things happened recently that may have long-term impacts on the Northern New Jersey office market: • Regional employment continues to improve. • Facebook is more than doubling its occupancy in Manhattan. • Merck made it official and is listing its 1-million-square-foot campus for sale. • Governor Chris Christie signed into law the Economic Opportunity Act of 2013. Regional employment continues to improve. Northern New Jersey falls within an MSA that includes New York City, Long Island and a portion of Pennsylvania. The unemployment rate for this MSA stood at 8 percent in August this year compared with 9.5 percent in July 2012, according to the Federal Reserve Bank of St. Louis. Using the theory that a rising tide floats all boats, the more people at work in the region, the better our economy performs. And everyone who works in real estate knows that real estate absorption is connected to one thing and one thing only: jobs. Facebook recently inked an office lease at 770 Broadway in Manhattan for one floor of 85,000 square feet and a portion of a second floor, which more than doubles the approximately 40,000 square feet the social networking company currently occupies in New …
NEW YORK CITY — Tutor Perini Corp. has won a $510 million contract at the Hudson Yards mixed-use development in Midtown Manhattan. The Sylmar, Calif.-based construction firm will build a platform structure in conjunction with Related Cos. and Oxford Properties Group.The platform will be made of structural steel frame with a reinforced concrete deck. It will bridge the Long Island Rail Road eastern rail yard and serve as the foundation for future buildings at Hudson Yards. Construction of the platform has already started and will be completed by 2016. The platform construction will be coordinated with Tutor Perini’s work already underway on the Amtrak concrete tunnel box at the same site. The company has previously been awarded two large contracts at Hudson Yards, a 26-acre site slated for 6 million square feet of commercial space, 5,000 residences, a public school and luxury hotel.
HAMILTON TOWNSHIP, N.J. — Dynamic Marketing Inc. (DMI), a Brooklyn-based appliance and electronic cooperative, has signed a long-term lease for a 396,510-square-foot warehouse in Hamilton Township. The building is located at 400 Cabot Drive. Kenneth Lundberg, Scott Perkins and Barry Cohorsky of NAI James E. Hanson represented DMI in the transaction. Mindy Lissner, William Waxman and Steven Beyda of CBRE, along with Leslie Lanne, senior vice president with IndCor Properties, represented the building's ownership. DMI was founded in 1957 for the purpose of purchasing and servicing appliances and electronics for its members, with the goal of being price competitive with big box retailers.
LEECHBURG, PA. — Private equity real estate group Tryko Partners LLC has acquired Sandalwood Apartments, an 86-unit, affordable-housing community in Leechburg, for $4.2 million. American Housing Partners Inc. sold the property, which is located on 10 acres at 253 Sandalwood Drive, about 33 miles northeast of Pittsburgh. Sandalwood Apartments consists of 16 buildings, including mostly two- and three-bedroom townhomes. Amenities at the property include on-site laundry, a community room with kitchen, storage, a playground and basketball court and proximity to local schools and shopping. Marcus & Millichap served as broker in the transaction. CBRE Capital Markets provided financing for the acquisition.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $2.1 million loan for the refinancing of two mixed-use properties located on Greene and Myrtle avenues in Brooklyn. The seven-year loan features a fixed interest rate of 4 percent and a 77 percent loan-to-value ratio. A local savings bank provided the loan. Blake Carver, an associate at Meridian arranged the financing. The three-story properties, located at 132 Greene Ave. and 468 Myrtle Ave. in the Clinton Hill neighborhood, total four residential units and 2,000 square feet of retail space. Tenants include Aita, a casual farm-to-table restaurant, and Barking Brown, a clothing and accessories boutique.
NEW YORK CITY — NorthMarq Capital has arranged a $68.5 million loan for the refinancing of the New York Hilton Hotel at JFK Airport, a 356-room hotel in the Jamaica neighborhood of Queens. Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York City office, arranged the 10-year loan, which includes a 30-year amortization schedule. Built in 1987 and renovated in 2012, the property is located at 144-02 135th Ave