LEOMINSTER, MASS. — Vintage Real Estate has acquired The Mall at Whitney Field, a 700,000-square-foot shopping center located in Leominster, about 35 miles west of Boston. The mall’s tenant roster includes Macy’s, Sears, JC Penny, Market Basket grocery, Toys “R” Us, Old Navy and 70 additional retailers and restaurants. Along with the acquisition, Vintage executed a 10-year lease with Burlington Coat Factory for the 66,000-square-foot former Circuit City store. The retailer is expected to open at the mall in the first quarter of 2014. The mall was sold in 2007 for $82 million, which included the assumption of a $74.5 million loan. The lender foreclosed on the mall in November 2010, with a $72.2 million loan balance, and Eastdil Secured LLC marketed it for sale.
GREENWICH, CONN. — Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired two retail properties located on Putnam Avenue in Greenwich for $18 million. The properties were purchased subject to an existing mortgage of $7.7 million that requires payments of principal and interest at a fixed rate of 6.8 percent. The mortgage matures in August 2016. The properties were purchased from a Greenwich-based family that had built the properties and held them for more than 40 years. One of the properties is a 9,300-square-foot retail strip center located on West Putnam Avenue and is shadow-anchored by Stop & Shop Supermarket. The other property, located on East Putnam Avenue, is a 15,000-square-foot retail and office center that includes national men’s clothier Jos. A. Bank and other retailers that provide basic necessities.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged $14 million in refinancing for a 58-unit mixed-use property in New York City. The five-year, fixed-rate loan carries a 2.6 percent interest rate with a 30-year amortization schedule. Christopher Marks of Marcus & Millichap’s Manhattan office arranged the loan. “Our client was eager to take advantage of the low interest rate environment,” says Marks. “They intend to use the proceeds of this loan for construction on another income-producing property.”
BALA CYNWYD AND YARDLEY, PA. — Gebroe-Hammer Associates has arranged the sale of two multifamily properties in southeastern Pennsylvania for $4.9 million. The 37-unit Edge Hill Court, located at 25 Old Lancaster Road in Bala Cynwyd, traded for $4 million, or $109,400 per unit. Located in suburban Philadelphia’s historical Main Line region, the property includes three, three-story brick buildings with five studio, 27 one-bedroom and five two-bedroom apartments. The seller was Edgehill Court LP and the buyer was Edgehill 25 LP. The second transaction was the 14-unit multifamily property located at 41 N. Delaware Ave. in Yardley, which sold for $890,000. Located on the Delaware River in Lower Bucks County, the property includes two-bedroom units, on-site parking and laundry facilities. The seller was 41 N Delaware Avenue Partners LP, and Kare Properties LLC was the buyer. Joseph Brecher and Eli Rosen of Livingston, N.J.-based Gebroe-Hammer Associates represented the sellers and procured the buyers in both transactions.
BLUE BELL, PA. — A fund sponsored by Keystone Property Group has acquired 16 and 18 Sentry Park West office properties in Blue Bell, for $19.3 million from Mack-Cali Realty Corp. The first property, 16 Sentry Park West, includes 93,093 square feet of space spanning four stories, while 18 Sentry Park West includes 95,010 square feet and also spans four floors. Mack-Cali retains a carried passive economic interest in the two properties subject to future performance. This transaction is Keystone Property Group’s second Mack-Cali property acquisition and follows the acquisition of Moorestown Corporate Center in Moorestown, N.J. in 2012.
CARLSTADT, N.J. — Marcus & Millichap has arranged the sale of Carlstadt Gardens, a 16,844-square-foot retail property located in Carlstadt, for $5.4 million, or $320 per square foot. Michael Lombardi and Preet Sabharwal of Marcus & Millichap marketed the property on behalf of the seller. Lombardi and Sabharwal generated 22 offers on the center during the listing process, resulting in a sale $100,000 over asking price, according to Marcus & Millichap. The buyer was an overseas investor. “Well located, multi-tenant retail investments in New Jersey are quite sought after, especially newer developed buildings with national tenants,” says Lombardi.
FRANKLIN, MASS. — Campanelli has sold 15 Liberty Way in the Franklin Industrial Park in Franklin, located about 35 miles south of Boston, for $4.3 million. KWL Inc./Champagne Logistics, an international shipping company, purchased the 92,490-square-foot industrial building. The new location will serve as the company’s corporate headquarters and principal distribution facility. Campanelli Construction originally built 15 Liberty Way in 1996 for FedEx. John Lashar and Chris Skeffington of Richards Barry Joyce & Partners LLC represented Campanelli in the transaction. Paul Leone, also of Richards Barry Joyce & Partners, represented KWL Inc./Champagne Logistics.
TOTOWA, N.J. — NAI James E. Hanson has completed the sale of a 27,120-square-foot, bank-owned property at 31 Vreeland Avenue in Totowa, for nearly $2 million. Russell Verducci of NAI James E. Hanson represented the seller, Boiling Springs Savings Bank. The new owner, DNG RE USA Corp., intends to use the site for the distribution of balsamic vinaigrette, with a possibility of manufacturing on the site in the future. Built in 2008, the single-tenant, two-story site is on a 1.3-acre tract of land and includes 21,000 square feet on the ground floor and 6,000 square feet on the mezzanine level. Features and amenities include ceiling heights ranging from 20 to 30 feet, 58 surface parking spaces, three exterior loading docks and one drive-in.
BOSTON — Boston-based real estate companies The Roseview Group and Winn Cos. have formed Roseview WinnResidential I, a $200 million real estate investment fund, to acquire and reposition multifamily properties across the country. Roseview WinnResidential I, a discretionary real estate separate account with a major U.S. pension fund, will invest in Class B to C+ multifamily properties that include at least 150 units. “This fund provides the Winn team an opportunity to utilize our national experience in repositioning and operating multifamily properties to generate excellent returns for the partnership,” says Samuel Ross, CEO of Winn Cos. Winn Residential, the property management arm of Winn Cos., will act as property manager and operator for each investment in the Roseview WinnResidential I portfolio. The Roseview Group is a private real estate investment and advisory firm, and Winn Cos. is a real estate development and property management company.
NEW YORK CITY — The Community Development Trust (CDT) has partnered with Proto Property Services (Proto) to acquire and rehabilitate Ocean Towers, a 360-unit property in the Coney Island section of Brooklyn. The $52 million purchase and rehabilitation of the property is being funded with $10 million of equity from CDT and Proto, along with a $35 million acquisition loan originated by Enterprise Community Loan Fund Inc. through the New York City Acquisition Fund. CDT is a private REIT that provides capital to the affordable housing sector. This is the REIT’s first acquisition in New York City. Proto, an affordable housing developer, will serve as the managing member, general contractor and property manager for the property. Ocean Towers was built in 1973 and is located at West 24th Street between Mermaid and Surf avenues.