EGG HARBOR CITY AND HOPATCONG, N.J. — Marcus & Millichap has arranged the sale of two retail buildings in New Jersey for $2.1 million. The first transaction was a United States Post Office-occupied building located at 237 Philadelphia Avenue in Egg Harbor City, about 45 miles south of Philadelphia. The 4,125 square-foot, net-leased property sold for approximately $300,000. The second transaction was a retail property occupied by Dunkin’ Donuts and the U.S. Post Office located in Hopatcong, about 35 miles west of Newark. The 7,100-square-foot building sold for $1.8 million. Michael Lombardi and Juilenne Pape represented the buyer, a local private investor and the seller in the transactions.
PARAMUS, N.J. — Vornado Realty Trust’s The Outlets at Bergen Town Center, located at 210 Route 4 in Paramus, has received a $300 million loan. The 10-year, interest-only loan carries an interest rate of 3.56 percent. The 948,000-square-foot property was previously encumbered by a $282 million floating-rate loan.
ELMWOOD PARK, N.J. — Marcus & Millichap has arranged the sale of two apartment buildings in New Jersey for a combined $9.7 million. The properties include Whalepond Village, located at 400 Stacey Drive in Ocean Township, N.J., and Broadway Apartments, located at 205 66th St. in West New York. The 96-unit Whalepond Village sold for $7.1 million. The seller was the developer of the property, K. Hovnanian. The buyer was Ocean Township. Broadway Apartments, a 30-unit multifamily property, sold for $2.6 million. The seller was Roje Realty Co. LLC, and the buyer was Sela Properties LLC. Thomas McConnell and Kevin McCrann of Marcus & Millichap brokered the transaction.
BEDFORD, N.H. — An extensive renovation of the Manchester Country Club in Bedford is currently under way. The project cost is estimated at $7 million, according to the New Hampshire Union Leader. The clubhouse, located at 180 S. River Road in Bedford, was built in 1923. The project includes an expanded and renovated 4,000-square-foot ballroom, a new conference center with a rooftop deck, a private member dining area, renovated locker rooms and a new 10,780-square-foot pro shop and training facility. The renovation is scheduled for completion this spring. Eckman Construction is the general contractor. The project was financed through Bank of America and some member contributions.
NEW YORK CITY — Colliers International has arranged an 11,000-square-foot sublease for iLevel Solutions at 2 Penn Plaza in New York City. The software company will sublease a portion of Forest Electric’s space on the fourth floor. Built in 1967, 2 Penn Plaza is a 29-story commerical building located on Seventh Avenue between 31st and 33rd streets. Mark Mandel of Cushman & Wakefield represented the sub-tenant, iLevel Solutions, in the transaction. iLevel Solutions provides private equity firms with cloud-based platforms. Forest Electric, a subsidiary of EMCOR Group Inc., provides commercial electrical contracting services to end-users, building owners and construction companies.
NEW YORK CITY — Seattle-based Sabey Data Center Properties has opened Intergate.Manhattan, a 1 million-square-foot, high-rise data center located at 375 Pearl St. in Lower Manhattan. The 32-story data center includes state-of-the-art climate control and electrical systems. Sabey’s goal for Intergate.Manhattan is that it will accommodate 40 megawatts of critical data center capacity on 600,000 square feet of data center floor space. Intergate.Manhattan is providing computing cycles to support medical research by the New York Genome Center, the building’s first tenant.
PHILADELPHIA — Rosemont Realty LLC has acquired 2000 Market Street, a 665,659-square-foot office property in Philadelphia, from a fund controlled by CBRE Global Investors. The sales price was not disclosed, but the Philadelphia Business Journal reports that the building traded for an estimated $110 million. The 29-story building was built in 1972 and was renovated in 2012. The 2000 Market Street complex was 95 percent occupied at the time of sale. Tenants include Marshall Dennehey, Fox Rothschild LLP, The Board of Pensions of the Presbyterian Church, Zurich American Insurance, Weber Gallagher, Hamburg Sud Group, Francis Cauffman and Duff & Phelps. CBRE will continue to provide property management and leasing services for the building. Robert Fahey of CBRE brokered the transaction.
JERSEY CITY, N.J. — Premier Motor Lines has signed a 97,453-square-foot industrial lease at 2 Colony Road in Jersey City. The 262,000-square-foot warehouse facility was built in 1976. The building has 24-foot ceilings, 40 tractor-trailer parking spaces and an active rail. Matthew Corpuel of CBRE represented Premier Motor Lines in the transaction. Bill Waxman, Mindy Lissner and Nicholas Nitti of CBRE represented the landlord, RREEF Management LLC. Premier Motor Lines is a third-party warehousing and logistics company that provides food-grade warehousing, brokerage and private fleet service to New York, New Jersey, New England and Eastern Pennsylvania. The business is relocating from 397 E. 54th St. in Elmwood Park.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 6203 5th Ave., a 3,527-square-foot, mixed-use property in Brooklyn for $950,000. The property is located in Chinatown and was sold in an all-cash transaction. Jakub Nowak and Derek Bestreich of Marcus & Millichap represented the seller, a private investor, in the transaction. Nowak, Bestreich, Mark Lu and Erik Lundberg of Marcus & Millichap represented the buyer, a private investor.
WALTHAM, MASS. — Equus Capital Partners, formerly BPG Properties Ltd., has sold Totten Pond Office Park, a three-building office park, for $47 million. The 297,603-square-foot office park is located at 400 and 410 Totten Pond Road in Waltham, a western suburb of Boston. Tenants at Totten Pond Office Park include Lewtan Technologies Inc., Mass Electric Construction and Milestones Inc. At the time of the sale, the office park was 83 percent occupied. Rob Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented Equus in the transaction.