SETAUKET, N.Y. — Capital Advisors has arranged $4.7 million in refinancing for 33 Research Way, a 37,297-square-foot medical office building located in Setauket, about 15 miles east of Queens. Stony Brook University Hospital fully occupies the property. Cooper Willis of Capital Advisors’ Charlotte, N.C. office secured the 25-year, nonrecourse loan, which includes a 25-year amortization schedule, for Algil Holding Co. LLC. StanCorp Mortgage Investors LLC provided the financing.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (NYRR) has acquired a three-story office condominium in Manhattan for $90.8 million. Located at 50 Varick St. in the Tribeca neighborhood, the 158,573-square-foot building is fully leased to a subsidiary of Spring Studios Limited. Spring Studios Limited is a London-based provider of creative services to the world's top international fashion, beauty and luxury brands. With the addition of this asset, NYRR owns nearly $800 million in assets, including properties announced for purchase.
NEW YORK CITY — Treetop Development has purchased Saxon Hall, a 16-story high-rise multifamily building located at 62-60 99th St. in the Rego Park neighborhood of Queens, for $85.2 million. The 417-unit building is the latest in Teaneck, N.J.-based company’s plan to grow its portfolio of homes by purchasing rental properties in emerging and undervalued New York City neighborhoods. The property includes two ground-floor commercial spaces and an underground garage. Jose Cruz and Andrew Scandalios of HFF served as brokers for the transaction, and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer. Treetop plans to invest $5 million to upgrade the exterior façade, improve building systems such as elevators, electric, plumbing and roof and enhance cosmetics in the lobby and hallways. Saxon Hall features laundry rooms, secure parking, storage and an on-site playground.
PORTSMOUTH, N.H. — Boston-based Fantini & Gorga has arranged $7.3 million in financing for Millport Apartments, a 63-unit, loft-style multifamily property in Portsmouth. The FHA-insured financing includes a 35-year, self-amortizing term. Eastern Mortgage Capital provided the loan using FHA mortgage insurance under the 223(f) program, which provides long-term, fixed-rate nonrecourse financing. Millport Apartments, located at 1001 Islington St., is a former mill redeveloped into housing by the current owner in 1996. The property has a mix of studio, one-, two-, three- and four-bedroom units, as well as 3,830 square feet of commercial space.
ENGLEWOOD, N.J. — The Hampshire Cos. has sold two medical office buildings in Englewood, located about 15 miles north of Newark, to JZ Property LLC. The purchase price was undisclosed. The buildings total 32,081 square feet and are located at 200 and 214 Engle St., near Englewood Hospital and Medical Center, a 547-bed teaching hospital. Cheryl Bozzelli and Michael Walters of NAI James E. Hanson represented The Hampshire Cos. in the transaction. Adam Plawker of Plawker Commercial Real Estate represented the buyer. Plawker Commercial Real Estate will serve as the leasing agent of the property.
EAST LONGMEADOW, MASS. — New York-based Katz Properties has acquired Heritage Plaza in East Longmeadow, Mass., and Golden Ring Plaza in Rosedale, Md., for approximately $52.5 million. Heritage Plaza is an 116,840-square-foot shopping center built in 1974. The shopping center, which is located at 470 N. Main St., was purchased for $28.4 million. The 55,330-square-foot Golden Ring Plaza, located at the intersection of Philadelphia Road and Rossville Boulevard, was purchased for $24 million. Mortgage financing for both deals was arranged by Tim Breda of Goedecke & Co. Dallas-based Sentinel Investments, on behalf of Vermont-based National Life, financed Heritage Plaza. New York City-based AIG Global provided financing for Golden Ring Plaza. For Heritage Plaza, Cushman & Wakefield’s Capital Markets Group, led by Geoff Millerd, Justin Smith and Rob Griffin, represented Katz Properties and the seller in the transaction. For the Golden Ring Plaza transaction, the CBRE team of R. William Kent and Gary Lawrence represented the buyer and seller. Winslow Property Management will provide leasing and property management services for both shopping centers.
VENTNOR, N.J. — PRDC and Pelican Properties have broken ground on The Waves, a $25 million residential project in Ventor, located about 60 miles south of Brick. The development includes 27 luxury residences. Prices for the residences start at $749,000 for a 2,600-square-foot beach block property and $1.2 million for a 2,800-square foot oceanfront residence. The Waves will be developed on a parcel that is occupied by the vacant and deteriorating Monaco Motel.
FREEPORT, N.Y. — Ariel Property Advisors has arranged the sale of two multifamily buildings in Long Island, totaling 112 units, for $10.2 million. The sales price translates to approximately $91,000 per unit and $102 per square foot. The properties are located at 160 Guy Lombardo Ave. and 30 Wallace St. in Freeport. Michael Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Randy Modell of Ariel Property Advisors served as agents for the seller, a real estate investment group. Matt Albano of GCP Capital Group LLC represented the buyer, a multifamily owner-operator based on Long Island.
LEONIA, N.J. — Carter Validus Mission Critical REIT Inc. has acquired the Infocrossing Data Center property in Leonia, a northern suburb of Newark. The 67,000-square foot property is fully leased to Infocrossing Inc., a wholly owned subsidiary of Wipro (NYSE: WID). Server Farm Realty, a national data center developer and operator, collaborated with Carter Validus Mission Critical REIT in its purchase of the property.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (NYRR) has entered into an agreement to acquire the fee simple interest in a 10-story office building in Manhattan for $220.3 million. The 347,000-square-foot building is located at 333 W. 34th St. Midtown and is fully occupied. NYRR is purchasing the interest from SL Green Realty Corp. (SL Green). Tenants at the building include The Segal Co., The Metropolitan Transportation Authority, Godiva Chocolatier Inc. and Sam Ash New York Megastores LLC. The Jones Lang LaSalle New York Capital Markets team represented SL Green in this transaction.
