PITTSBURGH, PA. — UC Funding has provided $6.5 million in financing for the acquisition of a 60,473-square-foot, six-story mixed-use building in downtown Pittsburgh. The borrower plans to renovate floors two through six, which are currently vacant, and convert them to 40 Class A apartments. Each unit will include stainless steel appliances, granite or quartz countertops, solid maple cabinets, side-by-side washer and dryer, marble bathroom vanities and tiled flooring. Built in 1900, the building includes 7,290 square feet of ground-floor retail that is fully occupied by a restaurant. Construction is slated to begin shortly after closing and will take 12 months to complete.
ISLANDIA AND HAUPPAUGE, N.Y. — A partnership has acquired The Crossroads Corporate Center, a 400,000-square-foot, 13-building office complex in Islandia and Hauppauge. Matrix Investment Group and The Crest Group purchased the building, which has been renamed the Matrix Corporate Park. The Class A office property is situated on the north and south side of the Long Island Expressway at exit 57. Current tenants include National Life Group, Stifel Nicolaus, Paychex, EmpireNational Bank, Rubin & Rothman and TransFirst. Available space at Matrix Corporate Park ranges from 750-square-foot executive suites to 8,000-square-foot areas.
TOWNSEND, DEL. — Marcus & Millichap Capital Corp. has arranged $2.8 million in refinancing for a single-tenant retail store in Townsend, located about five miles south of Middletown. The 10-year loan carries a 4.44 percent interest rate and includes a 25-year amortization schedule. Walgreens occupies the property.
MERRIMACK, N.H. — Flip City Gym has signed a five-year lease for 9,000 square feet in Merrimack, located about 11 miles south of Manchester. The nonprofit organization, which focuses on improving the health and fitness of children, is expanding to a second location. The gym is located at 746 Daniel Webster Highway. Aron Brown of NAI Norwood Group represented Flip City Gym in the transaction. Matt Toolin of Fini Real Estate represented the landlord.
OCEANSIDE AND STONY BROOK, N.Y. — Cronheim Mortgage has arranged $94.5 million in long-term, permanent financing for a three-property retail portfolio in Long Island. The three loans were placed with two of Cronheim's life insurance company lenders. The 15-year, fixed rate loans include 25-year amortization schedules and an average interest rate of 3.6 percent. Situated on Long Beach Road, Oceanside Plaza is a 292,000-square-foot power center anchored by Waldbaum's, Marshalls, Kohl's, Michael's and Bed Bath & Beyond. Brooktown I, II and III are located adjacent to one another on Nesconset Highway across from the Smithtown Mall in central Suffolk County. Anchors include Lowes Home Improvement, Walbaum's, Marshalls/HomeGoods, Michael’s, AMC Loews Cinemas and Staples. David Turley, Anna Westhoff and Janet Proscia of Cronheim Mortgage arranged the financing on behalf of the borrower, a family investment company.
NEW YORK CITY — Massey Knakal has arranged the sale of five adjoining multifamily buildings in the Brooklyn Heights neighborhood of Brooklyn for $13.3 million. The sale price equates to approximately $413 per square foot. The buildings total 32,075 square feet and are located at 54-66 Livingston St., between Clinton and Court streets. The apartment properties include 49 units, 33 of which are rent stabilized and 16 are free market. Three buildings share an elevator and the other two are walk-ups.
ROCHESTER, N.Y. — Agree Realty Corp. has acquired a 45,000-square-foot LA Fitness located on East Ridge Road in Rochester for $10.3 million. The recently opened LA Fitness has approximately 15 years remaining on its initial lease. With this acquisition, Agree Realty Corp. owns two properties occupied by LA Fitness. “LA Fitness is the premier operator in the fast-growing health and fitness sector. We continue to execute on high-quality, accretive opportunities that complement our portfolio of net-lease assets,” says Joey Agree, president and CEO of Agree Realty.
FRANKLIN, MASS. — Richards Barry Joyce & Partners LLC (RBJ&P) has brokered the sale of two industrial buildings in Franklin, located about 40 miles south of Boston. Novaya Real Estate Ventures purchased the two buildings, which are fully leased and located at 176 Grove St. and 130 Constitution Blvd. Williams-Sonoma Direct and Spirit Delivery & Distribution Services occupy the 169,968–square-foot building at 176 Grove St. Clark Cutler McDermott occupies the 59,970-square-foot building at 130 Constitution Blvd. John Lashar, partner, and Chris Skeffington, senior vice president at RBJ&P, represented the seller and procured the buyer in the transaction. RBJ&P has been retained as exclusive leasing agent for both buildings.
NEW YORK CITY — The New York City borough of Queens will soon be home to a dual-hotel development featuring two popular Starwood brands. Starwood Hotels & Resorts Worldwide Inc. has announced plans to open two hotels — Four Points by Sheraton and Element — in the area in September 2015. The project, to be developed by Century Construction Group, will include the 178-room Four Points by Sheraton Flushing and the 118-room Element Flushing. The property, which will be about a 10-minute drive from LaGuardia Airport, will have a combined 2,600 square feet of meeting space and will include a shared fitness center and heated pool. Starwood has three Four Points properties and one Element hotel in Manhattan, in addition to another Four Points in Long Island City.
NEW YORK CITY — Besen & Associates has arranged the sale of a 17-unit apartment building in New York City for $7 million, which equates to a 3.3 percent cap rate. The 11,988-square-foot, five-story building is located at 29 W. 84th St. in the Upper West Side. Five apartments are currently stabilized, but are rented at or above $2,500 per month. Apartment layouts include seven studios, five one-bedrooms and five two-bedrooms. David Bess of Besen & Associates represented the seller, Carlton Management. Cathy Connolly of Vandenberg Inc. procured the buyer, a private foreign investor.