NEW YORK CITY — Madison Realty Capital (MRC) has provided $31 million in financing for an eight-story building in Brooklyn. MRC provided $21 million in acquisition debt and $10 million in construction financing for the property, located at 29 Ryerson St. in the Wallabout/Clinton Hill neighborhood. Built in 1951, the 214,710-square-foot building is currently used as a storage warehouse. The borrower plans to renovate and transform the property into a Class A office building. The property also includes approximately 70 feet of frontage on Flushing Avenue.
MONTGOMERYVILLE, PA. — NorthMarq Capital has arranged $24.2 million in refinancing for Water Tower Square, a 262,788-square-foot retail center Montgomeryville, a northern suburb of Philadelphia. Home Depot, OfficeMax and Planet Fitness anchor the property. A CMBS lender provided the 10-year loan, which includes a 30-year amortization schedule. Philip Deeter, senior vice president and managing director of NorthMarq’s Philadelphia regional office, arranged the financing.
LOWELL, MASS. — Hudson Advisors LLC has sold 121 Hale St., a 60,700-square-foot industrial/research and development building in Lowell, to Calare Properties Inc. for $4 million. M/A-COM Technology Solutions (MACOM), a supplier of high-performance RF, microwave and millimeter wave products, fully occupies the building. Chris Skeffington, senior vice president, Roy Sandeman, senior analyst, and James Lipscomb, senior vice president of Richards Barry Joyce & Partners LLC, represented the building’s seller and procured the buyer.
WHIPPANY, N.J. — NAI James E. Hanson has completed an 18,710-square-foot industrial lease renewal at Whippany Business Center, located at 1 Apollo Drive in Whippany. Z&Z Supply Inc. expanded its lease by 5,500 square feet for the wholesale distribution of HVAC equipment and small motors. Owned by IndCor Properties Inc., the one-story, 120,000-square-foot industrial building also includes a 5,500-square-foot outbuilding situated on 6.6 acres. The property offers 14- to 22-foot clear ceiling heights, drive-in loading, as well as ample parking. Steven Leitner, vice president of NAI Hanson, represented the tenant, while Howard Weinberg, formerly of Cassidy Turley, represented the landlord.
UNIONDALE, N.Y. — New York's Nassau County legislators have approved a $229 million plan by real estate developer Bruce Ratner, the mastermind of the Barclays Center in Brooklyn, to renovate the aging Nassau Veterans Memorial Coliseum on Long Island and its surrounding 77-acre property. Nassau County Executive Edward Mangano announced in August that he had selected a group headed by Ratner, executive chairman of Forest City Ratner Cos., to renovate the 41-year-old Nassau Coliseum and build an entertainment center around it. Ratner's plans include a 13,000 seat arena and an adjacent plaza with shopping, restaurants and amenities, according to Newsday. Its primary tenant, the National Hockey League's New York Islanders, announced last year that it will move from the coliseum to the new Barclays arena after the 2015 season. Construction is slated to begin soon after the Islanders lease ends.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (ARC) has agreed to acquire a leasehold interest in the Viceroy Hotel and take preferred equity interest in an office building in Manhattan. The aggregate cost for the two assets is $188.5 million. The 29-story, 240-key Viceroy Hotel is located on West 57th Street, between 6th and 7th avenues. Architectural firm Roman and Williams designed the newly constructed hotel, which will be managed by Viceroy Hotel Group. The 513,000-square-foot, 27-story office building is located at 123 William St. in the Financial District of Manhattan. These acquisitions bring ARC ‘s portfolio to $1 billion in assets.
COVENTRY, R.I. — Cole Capital Advisors Inc. has acquired Coventry Crossing, a 20,752-square-foot shopping center in Coventry, located about 20 miles south of Providence, for $11.6 million. The sales price equates to $559 per square foot. CVS/pharmacy anchors the property and has 19 years remaining on its lease. Built in 2008 on 5.6 acres, the center is located at the intersection of Arnold Road and the New London Turnpike at 2250 New London Turnpike. Coventry Crossing features three freestanding buildings. CVS and Webster Bank occupy one building each and Dunkin’ Donuts and Radio Shack occupy the third building. CVS and Webster Bank make up 77 percent of the center’s gross leasable area and generate 73 percent of its income. Robert Horvath, Todd Tremblay and Margaret Huelskamp of Marcus & Millichap represented the seller, Coventry Crossing LLC. Horvath and Tremblay also represented Cole Capital Advisors in the transaction.
REVERE, MASS. — Dealership Boston Harley-Davidson has acquired the 120,000-square-foot former Johnnies Foodmaster retail plaza in Revere, a northern suburb of Boston. The two-building complex will feature Harley-Davidson’s new showroom and state-of-the-art service center. Steve Woodworth and Bob Borgman of Wyman Street Advisors represented Boston Harley-Davidson in the transaction. Scott Dragos of NAI Hunneman Commercial represented the seller.
HARTFORD, CONN. — EagleBridge Capital has arranged $11 million in construction/permanent mortgage financing secured by a 57,753-square-foot medical office building (MOB) in Hartford. Ted Sidel and Brian Sheehan, principals at EagleBridge Capital, arranged the financing with a regional financial institution on behalf of The Keystone Cos. St. Francis Hospital Medical Center leases the five-story building on a triple-net basis. The property is located at 103 Woodland St. on a 3.9-acre site across from the main campus of St. Francis Hospital Medical Center. The MOB is undergoing a major rehabilitation, which includes the build-out of new office space, as well as upgrading the roof, electrical system and elevators.
NEW YORK CITY — Marcus & Millichap has arranged the $8.3 million sale of three contiguous five-story multifamily buildings on the Upper West Side in New York City. The sales price equates to $417 per square foot. Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and Sean Lefkovits, investment associate, of Marcus & Millichap, represented the buyer and seller, both private individuals. The multifamily walk-up buildings total 30 units and 19,801 square feet.