LOGAN TOWNSHIP, N.J. — Marcus & Millichap has arranged the sale of a new 70,000-square-foot refrigerated food storage and distribution building, located within the LogistiCenter business park at 1155 Commence Blvd. in Logan Township, 12 miles south of Philadelphia. The facility is triple-net leased to Albert's Organics/United Natural Food Inc. John Glass and Scott Pertel of Marcus & Millichap's San Francisco office represented the seller in the transaction. The buyer was a New York-based publicly traded REIT. Michael Fasano of Marcus & Millichap also provided representation in the transaction.
NEW YORK CITY — Trevi Retail, a private real estate operation firm, has purchased 859 Ninth Ave., a six-story mixed-use property in the Hell's Kitchen neighborhood of New York City. The property features one large commercial unit and 41 apartments. Puttenesca, an Italian restaurant, currently occupies the commercial unit. Paul Smadbeck and Christoffer Broadhead of Massey Knakal brokered the transaction. Trevi Retail has acquired 18 properties, including 859 Ninth Ave., since its founding in October 2011.
NEW YORK CITY — Northwood Investors, a privately held global real estate investment firm, has purchased 100 Broadway, a 24-story office building in Manhattan. The purchase price was undisclosed. Located on the southeast corner of Broadway and Pine Street, the historic downtown office building includes two floors of retail and 22 office level floors. The property features 360,000 square feet of office, as well as 40,000 square feet of retail. Brookfield Financial, a global investment bank and real estate investment sales firm, arranged the off-market transaction.
BLUE BELL, PA. — An affiliate of Endurance Real Estate Group LLC has acquired 960 Harvest Drive, a three-building suburban office portfolio in Blue Bell, for $4.1 million. The portfolio includes one single-story and two two-story buildings totaling 129,430 square feet. Endurance acquired the largely vacant portfolio from a REIT. Constructed in 1988, the portfolio features single- or multi-tenant floor plans with parking surrounding the buildings. The Bala Cynwyd, Pa.-based owner and developer plans to upgrade the building systems and renovate the lobbies and common areas. Endurance will also address deferred maintenance of the parking lots, landscaping and signage. The company has hired John Susanin and Kyle Hilbert of Colliers International to lease the portfolio.
NEW MILFORD, CONN. — Washington Trust’s commercial real estate group has provided a $1.3 million loan for the refinancing of an 11,108-square-foot retail building in New Milford, a northwest suburb of New Haven. New Milford Main Investment LLC was the borrower. Rite Aid Pharmacy leases the building, which is located at 173 Danbury Road.
KING OF PRUSSIA, PA. — Target is moving into King of Prussia for the first time, with a new 165,000-square-foot store set to open in July 2014. The new store will be part of the Valley Forge Shopping Center located on West DeKalb Pike, about 20 miles northwest of Philadelphia. The location will employ approximately 200 to 250 team members and include everyday essentials and groceries, as well as Starbucks, Target Optical and Target Pharmacy. Target currently operates 1,856 total stores, of which 1,788 are in the United States and 68 are in Canada, as well as Target.com.
NEW YORK CITY — Co-developers Taconic Investment Partners and Thor Equities have topped out 837 Washington, a 55,000-square-foot commercial and retail building located in the Meatpacking District of New York City. The six-story development will include 28,000 square feet of retail space and 27,000 square feet of office space at the former site of a 1930s factory building. Morris Adjmi Architects designed the twisting structure. Thor Equities paid $55 million for a 75 percent stake in the Meatpacking District project last December, according to the New York Post.
LEONIA, N.J. — Leonia Data Center, a 67,000-square-foot data facility in Leonia, has sold for $14.7 million. In the transaction, Sean Brady and Grace Braverman of Cushman & Wakefield represented Server Farm Realty in the property’s acquisition from Cole Realty Group, which was represented by CBRE. The property was then acquired by Carter Validus Mission Critical, a Florida-based non-traded REIT, for a final sale price of $14.7 million, or more than $220 per square foot. Infocrossing Inc., a wholly owned subsidiary of Wipro, occupies the facility on a long-term basis. The two-story building includes first-floor data center space with more than 25,000 square feet of raised floor white space, and office space on the second floor. The property is located at 2 Christie Heights, about 27 miles east of Parsippany.
CRANSTON, R.I. — The Residences at Garden City LLC has acquired Garden City Apartments, a 94-unit community in Cranston, for $6.8 million, or $72,473 per unit. Fenway Residential Properties LP sold the seven-building multifamily property. Constructed in 1948, the property is located adjacent to the Garden City Center plaza, about five miles south of Providence. Richard Robinson, Terence Scott, Jennifer Athas and Philip Lamere of Atlanta-headquartered ARA represented Fenway and procured the buyer in the transaction. Stephen Lewinstein and Paul Griesinger, also of ARA, assisted in representing the buyer.
MEDFORD, MASS. — Management Sciences for Health (MSH) has signed a 10-year, 40,475-square-foot lease at 200 River’s Edge Drive, a LEED Gold-certified office and lab building in Medford. The building, which is located about five miles northwest of Boston, is now fully occupied. MSH is a private, nonprofit international organization working in public health areas to strengthen healthcare management and improve access to critical healthcare in the world’s poorest areas. The organization is relocating its corporate headquarters from Cambridge later this year. Steven Purpura, managing partner, and senior vice presidents Eric Smith and Ron Friedman of Richards Barry Joyce & Partners represented the landlord, Preotle, Lane & Associates Ltd., in the transaction. Ted Lyon and Chris Walsh of Cassidy Turley represented MSH.