NASHUA, N.H. — Linear Retail Properties LLC has started construction on Daniel Webster Shops, a single-story shopping center redevelopment in Nashua, about 20 miles south of Manchester. The 12,000-square-foot retail property is located at 219 Daniel Webster Highway. Burlington, Mass.-based Linear Retail purchased the development site from Cumberland Farms in December 2012. Joel Kadis, partner of leasing at Linear Retail, will oversee leasing of the site.
BERNARDS TOWNSHIP, N.J. — Mack-Cali Realty Corp. has sold its four-story, 133,684-square-foot office building in Bernards Township for $18 million to The Silverman Group. The property, which is 54 percent leased, is located at 106 Allen Road in the Liberty Corner Corporate Center. The sale price represents a capitalization rate of approximately 3.8 percent.
PROVIDENCE, R.I. — CBRE/ New England’s Capital Markets team has arranged the sale of Gateway Center, an 117,981-square-foot, Class A office building, for $13.2 million. Located at 15 Park Row W. in Providence, the property’s tenants include TIAA-CREF, The American Athletic Conference, Admirals Bank and Andera. Alden Anderson and Bill Moylan of CBRE/ New England’s office represented the seller, 15 Park Row West Holdings LLC, and procured the buyer, Albany Road Real Estate Partners, in the transaction. The building was 87 percent leased at the time of sale.
JERSEY CITY, N.J.— The LeFrak Organization has completed construction on Laguna, a 19-story, high-end residential tower in the Newport neighborhood of Jersey City. Located at 45 Park Lane S. on the Hudson River waterfront, Laguna is 40 percent leased. The building features 158 one-, two- and three-bedroom residences ranging from 759 square feet to 2,015 square feet. Andi Pepper Design and Steven B. Jacobs Group designed the residences, which include stainless steel appliances for kitchens and baths, bathrooms with grey Basal tiled floors, glass mosaic accent walls and modern chrome fittings, quartz countertops and custom cabinetry.
EAST SETAUKET, N.Y. — HFF has arranged $10 million in financing for 45 Research Way, a 59,394-square-foot, Class A medical office property in East Setauket. Michael Gigliotti led the HFF team representing the borrower, TRITEC Real Estate Co. Sentinel Asset Management Inc., acting on behalf of Life Insurance Co. of the Southwest, provided the long-term, fixed rate loan. Yvonne Sun represented TRITEC in the transaction.
UNIONVILLE, CONN. — NorthMarq’s New York City Metro office has arranged a $5.6 million construction and permanent loan for a 13,000-square-foot retail property in Unionville, a western suburb of Hartford. Walgreens fully occupies the property. The financing was based on a two-year construction period and permanent loan of up to 10 years. Amortization is based on a 30-year schedule after conversion to a permanent loan. NorthMarq arranged the loan through a regional bank.
NEW YORK CITY — Meridian Capital Group LLC has arranged $155 million in financing on behalf of Cammeby’s International Ltd. for the purchase of The Monterey, a multifamily property located on Manhattan’s Upper East Side. Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, provided the 12-year loan at a fixed interest rate of 3.78 percent. The 29-story, 522-unit property is located at 175 E. 96th Street and includes a 209-space parking garage and 3,375 square feet of fully leased retail space. Abe Hirsch, managing director, and Zev Karpel, senior vice president in Meridian’s New York City headquarters, negotiated the transaction.
NEW YORK CITY — Savanna has sold a retail condominium at 465 Broadway in the SoHo Historic District of New York City for $80 million. The property includes 9,400 square feet of at-grade retail space and 4,700 square feet of below-grade space. Hines, Goldman Sachs and Andre Balazs developed the property in 2007, which was designed by architect Jean Nouvel. Savanna acquired the retail condominium in July 2012 for $57 million in an off-market transaction. The deal was financed with a $42 million acquisition loan from Mesa West Capital and equity from Savanna Real Estate Fund II. The street level space is fully leased to four tenants Bose, Wells Fargo, Dermalogica and Vivienne Tam. Woody Heller, Will Silverman, Eric Negrin and Daniel Parker of Studley were the sole brokers in the transaction.
MONTCLAIR, N.J. — DCH Automotive Group has sold a redevelopment site located at 638 Bloomfield Ave. in Montclair to a co-development partnership of LCOR and The Pinnacle Cos. Plans for the parcel include 259 residential units, 571 parking spaces, 23,055 square feet of office space and 22,340 square feet of retail. The project will incorporate an existing parking deck on the site. Plans for the second phase of the Montclair Center Gateway redevelopment will include a boutique hotel. The new ownership plans to develop the entire property to LEED green building standards. Brian Whitmer, Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield Inc. represented DCH Automotive Group in the transaction.
HUDSON, N.H. — Good Neighbors Specialty Foods LLC has signed a lease for a 26,600-square-foot facility at 27 Executive Drive in Hudson, located about 20 miles south of Manchester. The property will serve as the headquarters for the organic food company and be used for food production, manufacturing, warehousing and distribution. Dave Fraser of Tinkham Realty Inc. represented Good Neighbors in the transaction. Karen Leonard of Leonard Lee Co. LLC represented the landlord, Lessor Blueberry Realty Trust.
