BETHLEHEM, PA. — NAI James E. Hanson has arranged the $19 million sale of 47 acres in Bethlehem, located about nine miles east of Allentown. The buyer, a joint-venture partnership of KRE Group and The Silverman Group, plans to build Madison Farms, a large-scale, mixed-use residential and retail project on the property. The first phase of the development will feature 294 apartments and 123,000 square feet of retail space. ShopRite grocery store will anchor the retail portion of the project, which is expected to open by the first quarter of 2015. Upon completion, Madison Farms will feature 837 residences that will include a mix of apartments, single-family homes and townhomes. John Schilp, senior vice president, and Sig Schorr, vice president of NAI Hanson, represented the buyer and the seller in the transaction.
SICKLERVILLE, N.J. — Marcus & Millichap has arranged the $6.6 million sale of Winslow Plaza, a 40,695-square-foot shopping center in Sicklerville, a city in southern New Jersey. Dean Zang, Mark Taylor and Christopher Munley, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a joint venture of RPC Real Estate and Wynnewood-based Merion Realty Partners. The agents also represented the buyer, Wheeler Interests, a newly formed public REIT based in Virginia Beach. Winslow Plaza is shadow anchored by a ShopRite grocery store and is located along Berlin-Cross Keys Road.
MANSFIELD, CONN. —Chozick Realty Inc. has arranged the $4.4 million sale of Renwood Apartments, a 76-unit, student-oriented multifamily community located near the University of Connecticut in Storrs. The property features 32 one-bedroom and 44 two-bedroom apartments with 46 garages. Constructed in 1966, Renwood is located 1.5 miles from campus and is situated on a 35-acre site. Rick Chozick, an investment sales broker at Chozick Realty Inc., represented the seller, 157-35 OAP Holding LLC, and procured the buyer in the transaction.
STAMFORD, CONN. — Capri Capital Partners LLC, on behalf of an institutional investor, has acquired 101 Park Place at Harbor Point, a Class A multifamily property in Stamford, for $135 million. Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre, transit-oriented community under development. The 15-story, 336-unit apartment building has an occupancy rate of 94 percent. Amenities include a roof-top terrace and large pool deck. Building Land & Technology and its partner, Lupert-Adler Real Estate Funds, developed the property.
NEW YORK CITY — Madison Realty Capital has closed a $38 million first-mortgage bridge loan for the acquisition of the former St. John's Queens Hospital building at 90-02 Queens Boulevard in the Elmhurst neighborhood of Queens. The borrower plans to use the funds to redevelop the 266,322-square-foot medical facility, which has been closed since its operator went bankrupt in 2009. The new ownership, a group of mostly foreign investors led by developer Steve Wu, will repurpose the building, creating a mixed-use project that will include 144 residential units and 118,213 square feet of commercial and community space. The buyer also acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which features 290 parking spaces.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 1128 Third Avenue in Manhattan for $9.5 million. Starbucks Coffee occupies the ground floor and anchors the 5,309-square-foot Upper East Side property. The four-story, mixed-use building includes one retail store, one commercial floor and two residential units. Adelaide Polsinelli, senior director and head of Eastern’s retail sales group, arranged the transaction on behalf of the seller, Chicago-based real estate investment firm L3 Capital LLC. Attorneys Joel Rubin and Joshua Kurtz of Seyfarth Shaw LLP also represented the seller. Ronda Rogovin, principal and senior director with Eastern Consolidated, represented the buyer, a local investor. Attorneys Anthony Cornicello of Cornicello, Tendler & Baumel-Cornicello LLP also represented the buyer.
NEEDHAM, MASS. — Fantini & Gorga has arranged $4.6 million in equity and debt financing for the construction of Webster Street Green, a 10-unit townhouse condominium project in Needham, a western suburb of Boston. Webster Street Green will include 10 two- and three-bedroom units with garages. The equity portion of the financing was placed with a private investment fund, and the debt with a regional bank. Tim O’Donnell, a principal at Fantini & Gorga, arranged the financing.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 711 Madison Avenue, a mixed-used property in Manhattan, for $49 million. A joint venture of Sitt Asset Management and Ashkenazy Acquisition purchased the five-story property from long-time owner, Madison Immobilier NV. Located at the southeast corner of East 63rd Street, 711 Madison Avenue is anchored by international women’s retailer Roberto Cavalli. The retailer occupies 1,600 square feet on the ground and second floors and the basement. The property also includes nine rental apartments on floors three through five, as well as 10,420 square feet of air rights. Adelaide Polsinelli, senior director with Eastern Consolidated and head of the firm’s retail sales group, arranged the transaction on behalf of the buyer and the seller.
NEW YORK CITY — Whitestone Grocery Shopping Center LLC, an entity controlled by Onyx Equities and Crow Holdings, has sold Waldbaum’s Shopping Center in Queens for $23.9 million. Feil Whitestone LLC, an entity controlled by The Feil Organization, purchased the fully leased, 62,000-square-foot shopping center. The property is located at the intersection of 10th Avenue and 154th Street in the Whitestone neighborhood. Waldbaum’s Supermarket anchors the center and master leases the entire property on a long-term, triple-net basis. The supermarket subleases the remaining portion to a mix of local tenants. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the buyer and the seller in the transaction.
BOONTON AND BLOOMFIELD, N.J. — Urstadt Biddle Properties Inc. has acquired two shopping centers in New Jersey. The first retail property is the 63,000-square-foot Boonton A&P Center in Boonton, located about 20 miles northwest of Newark.The shopping center was purchased for $18.4 million and includes an existing mortgage of $7.8 million. The loan requires payments of principal and interest at a fixed rate of 4.2 percent annually until September 2022, according to Urstadt Biddle Properties. Tenants at the property include A&P Grocery Store, Dunkin’ Donuts, Chase Bank, Subway, Supercuts and Sprint. The second property is the 56,000-square-foot Bloomfield A&P Center in Bloomfield, a northern suburb of Newark. The shopping center was purchased for approximately $11 million and includes an existing mortgage of $7.7 million. The loan requires payments of principal and interest at a fixed rate of 6.43 percent annually until August 2016, according to Urstadt. A 30,750-square-foot A&P Grocery Store anchors the center, along with an 8,950-square-foot Walgreens.