NEW YORK CITY — Stan Johnson Co. has completed the sale of a retail development property for $8.4 million. The property is fully leased to Bank of America and is located at the intersection of 18th Avenue and 66 Street in Brooklyn. Nearby tenants include Walgreens, CVS/pharmacy, TD Bank, Chase Bank, McDonald’s and Starbucks. Jason Maier of Stan Johnson Co. represented the seller, a private corporation, and the 1031 tax-deferred exchange buyer, an individual investor, in the transaction. The property is slated for completion by mid-year 2013.
BERNARDS TOWNSHIP, N.J. — Hitachi Power Systems America Ltd. has renewed its lease for 50,000 square feet at Liberty Corner Executive Center in Bernards Township, about 25 miles west of Newark. Liberty Corner Executive Center, a three-story, 86,000-square-foot Class A office building, is located at the intersection of Route 78 and Martinsville and Liberty Corner roads. Murray Construction recently completed a renovation, which included a new central chiller, new roof, facade work and upgrades to common areas. Merrill Roth of Newmark Grubb Knight Frank represented Hitachi, which has occupied the space since 2005, in the transaction.
GLOUCESTER, N.J. — Boston Capital has provided a $2.6 million mortgage financing for Revere Run at Park Place, an 80-unit multifamily development, in Gloucester, located about eight miles east of Philadelphia. The fixed-rate, two-year loan carries a 15-year term. Located on eight acres, Revere Run at Park Place will feature 15 one-bedroom, 41 two-bedroom and 24 three-bedroom units in six three-story buildings. Units will include central air conditioning, dishwashers and high-speed Internet.
NEW YORK CITY — Sher Tremonte LLP, a litigation firm, has signed an office lease at 80 Broad St. in New York City for 3,822 square feet. The firm will occupy the 13th floor of the office building for five years. Sher Tremonte specializes in commercial litigation as well as trust and estate litigation. Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Grubb Knight Frank represented the landlord, an affiliate of Savanna, while Seth Hecht of Colliers International represented the tenant in this transaction.
Blessed by a favorable location and high quality of life standards, the Danbury, Conn., retail market has grown in the recent 18 months and should continue to expand in 2013. Key among growth indicators are: * Whole Foods is opening its first store in the Danbury market in 2013. * Panera Bread and Petco recently opened second stores in this market. * Toll Brothers is under way with a new 1,200-home community in anticipation of regional population growth and changing demographics. * Danbury has the lowest unemployment rate in the state (7.1 percent seasonally unadjusted as of January 2013, according to the Bureau of Labor Statistics). Location and Demographics Danbury is located in northern Fairfield County on the border of New York State and is approximately 50 miles north of New York City. (The Metro train to NYC takes just over an hour.) The population is approximately 80,000. Danbury serves Fairfield and Litchfield County in Connecticut as well as Westchester, Putnam and Dutchess counties in New York. Stamford, Conn.; White Plains, N.Y.; and Hartford, Conn., are each about an hour away. The relatively short commutes to these larger urban hubs entice real estate occupiers for office space and retail tenants …
NEW YORK CITY — SL Green Realty Corp. has arranged $925 million bridge acquisition financing for the Sony Building at 550 Madison Ave. in New York City. The building, which is currently Sony's U.S. headquarters, was purchased for $1.1 billion by a group led by real estate developer Chetrit Group, according to Reuters. The financing matures contemporaneously with the expiration of Sony’s leaseback of the property and consists of a $600 million senior loan originated by Bank of China; a $175 million senior mezzanine debt, which SL Green sold to a private investment manager; and a $150 million junior mezzanine debt originated by SL Green. Philip Johnson and John Burgee designed the 37-story, 852,830-square-foot tower. The building was originally built for AT&T. Ironhound Management was the advisor to the borrower.
WHIPPANY, N.J. — HFF has arranged $38.9 million in acquisition financing for the Hanover Marriott, an eight-story, 353-room hotel in Whippany, located about 50 miles west of New York City. HFF worked on behalf of Clarion Partners to secure a six-year, fixed-rate loan through a national life insurance company. The Hanover Marriott is located at 1401 Mount Pleasant Ave. near Interstate 287. The property underwent a $15 million renovation in 2011, which included a redesign of its main restaurant and lobby, guestrooms, bathrooms and corridor renovations, pool and fitness center upgrades and building system improvements. Steven Klein and John Bourret of HFF represented the borrower in the transaction.
NEW YORK CITY — A group of investors has sold 193 Buffalo Avenue, a five-story, 9,100-square-foot apartment building in Brooklyn, for $1.1 million. The 10-unit multifamily property was built in 1910 and has had the same owners for more than 20 years. Shlomo Antebi of GFI Realty Services Inc. represented the seller. Joseph Landau of GFI Realty Services represented the buyer, a local investor, in the transaction.
BOSTON — Winslow, Evans & Crocker Inc. has signed a 23,088-square-foot office lease for its corporate headquarters at 175 Federal St. in Boston’s Financial District. The financial advisory firm, which occupies 16,376 square feet on the sixth floor, has taken an additional 6,712 square feet on the eighth floor. The landlord of the Class A, 227,365-square-foot office building, Equity Office Properties, was represented by Britton Derkac and Ryan Enright of Cresa. Rick Lowe and Brandon Leitner of Cresa represented Winslow, Evans & Crocker Inc. in the transaction. Barry Dubé and Mike Labonte of Cresa will oversee management activities for the project, which is slated for completion by this May.
NEW YORK CITY — Commercial mortgage brokerage firm Eastern Union Funding has arranged a $9.8 million acquisition loan for a 50,000-square-foot industrial property on Grand Street in Brooklyn. The 10-year loan includes an interest rate of 4 percent and a 15-year amortization schedule. Iselin, N.J.-based Investors Bank provided the financing. Ira Zlotowitz and Dov Zabrowsky of Eastern Union secured the loan.