EAST HANOVER, N.J. — Terreno Realty Corp. has acquired an industrial property located in East Hanover for $20 million. The estimated stabilized cap rate of the property is 7.4 percent. The property includes three multi-tenant industrial buildings totaling 167,000 square feet. The buildings are located on Melanie Lane and are approximately 94 percent leased to 37 tenants.
NEW YORK CITY — PCCP LLC has provided a $31 million construction loan to Arc Real Estate Group LLC for Solaria Riverdale, a 65-unit condominium project in the Riverdale section of the Bronx. Arc, a New York-based development company, constructed the 20-story condominium property in 2007 and plans to use the loan to finance the remaining units. Located at 640 W. 237th St., amenities at Solaria Riverdale include a rooftop terrace, playroom, gym and activity room for owners, as well as storage units and on-site parking. There are two to five units per floor, with the upper floors and roof deck offering views of the Hudson River to the west and Manhattan to the south. Solaria condo unit owners benefit from below-market costs, given the long-term tax abatement.
YONKERS, N.Y. — Mark Scott’s Commercial Mortgage Capital has closed a $23.3 million first-mortgage loan for a 178,150-square-foot office and industrial building located in downtown Yonkers. The four-story building is located within the iPark Hudson Business Park, which is a 97.7 percent-occupied, 24-acre technology and office campus situated in the Waterfront District. iPark Hudson includes nearly 800,000 square feet across eight newly renovated buildings, which features a newly constructed 300-space parking facility. Tenants at the property include Kawasaki Rail Car, which occupies 68,400 square feet; medical product provider Skil-Care Corp., which occupies 55,000 square feet; and Mindspark Interactive Network Inc., which recently signed a 10-year, 36,750-square-foot lease.
BOSTON — HFF has arranged $112 million in refinancing for Seaport Square, a master-planned development in Boston’s Seaport District. The Seaport Square project includes 20 buildings of varying sizes totaling 6.3 million square feet of commercial development. HFF worked on behalf of the borrower, a joint venture between Boston Global Investors and Morgan Stanley Real Estate Investing, to secure a six-year loan through Starwood Property Trust. The loan was structured to allow the borrower flexibility in selling parcels while maintaining leverage such that the loan will likely carry the sponsor through full execution of its business plan. Collateral for the loan consists of 15 development sites, which have been used as parking lots. The Boston Redevelopment Authority has granted the necessary approvals for the parking lots to be converted to 6.3 million square feet of offices, residences, shops, restaurants, schools, hotels and open space. Located across the Fort Point Channel and the Financial District, the parcels are situated in the heart of the Hub’s Seaport District. John Fowler, Anthony Cutone and Brett Paulsrud led the HFF team representing the borrower.
WILMINGTON, DEL. — RAA Management has purchased The Rollins Building, a Class A, 202,017-square-foot office building in Wilmington. The purchase price was undisclosed. However, The News Journal, a local newspaper, says the deal was worth approximately $10.5 million. Drugmaker AstraZeneca sold the 15-story property, which was vacant at the time of sale. Famed businessman John Rollins, who also served as Delaware’s lieutenant governor in the 1950s, built the Rollins Building in the 1960s. Doug Rodio and Blaise Fletcher, senior vice presidents at Jones Lang LaSalle, led the team in the transaction.
STATEN ISLAND, N.Y. — Hollister Construction Services has begun a renovation and new construction project for RiverCrest Realty’s Tottenville Shopping Center in Staten Island. Hollister will add a 20,000-square-foot building to an existing 45,000-square-foot facility, which is located at 7001 Amboy Road. Hollister is completing the exterior and interior renovation, as well as the new construction, within a 10-month deadline, while the shopping center remains open. Site work includes new paving, curbs, access points and drainage and 206 parking spaces.
NEW YORK CITY — NorthMarq Capital has arranged $3 million in refinancing for 802 Manhattan Ave., a 10,000-square-foot retail building in the Greenpoint neighborhood of Brooklyn. Associated Foods fully leases the property. Financing was based on a five-year term with one seven-year renewal option and a 12-year amortization schedule. A life insurance company provided the loan. Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged the financing.
NEW YORK CITY — Meridian Capital Group LLC has arranged $45 million in construction financing for the development of a 133,000-square-foot retail property in Brooklyn. The three-year construction loan features interest-only payments and a LIBOR-based floating rate. Located at 240-242 Bedford Ave. in the Williamsburg neighborhood, the property spans the entire block of North 4th Street from Bedford Avenue to Berry Street and will be home to a Whole Foods Market. Aaron Birnbaum, executive vice president, and Tal Savariego, vice president at Meridian Capital Group’s New York City headquarters, arranged the financing. Construction of the retail property is slated for a mid-2014 completion.
NEW YORK CITY — A local investor has sold a partial interest in a 72-year leasehold interest in the retail and medical suites at 2012-2018 Broadway on Manhattan’s Upper West Side in a transaction valued at more than $17 million. Long-time investor Isaac Shalom of Madison Realty purchased the interest. The lessee is under a 72-year leasehold rent with the co-op, which owns the building and the land. Three restaurants — Dan Japanese Restaurant, Luce Restaurant and Nanoosh Mediterranean — as well as a nail salon, occupy the four retail spaces along Broadway, while the space on the 69th Street side of the building is occupied by medical suites. Adelaide Polsinelli, senior director at Eastern Consolidated, represented the seller and procured the buyer in the sale of the corporation’s shares.
NORWALK, CONN. — Capital Construction has purchased a 22,500-square-foot mixed-use retail and office building in Norwalk for $2 million. Q SONO IV LLC sold the property. The two-story building is located in downtown Norwalk at 38-48 and 50 N. Main St. Several professional office tenants occupy the second floor of this building, and Bank of America anchors the street-level spaces, which also includes a convenience market, restaurants and a beauty store. Ralph Calabrese and Tony Valenti of the R. Calabrese Agency LLC were the sole brokers in the transaction.