EDISON, N.J. — A partnership between Lubert Adler and McCarthy Properties has secured a $36 million loan for Festival Plaza, a grocery-anchored retail center anchored by H Mart, in Edison. The transaction refinanced an acquisition and construction loan for the 151,429-square-foot site at 1711-1783 Route 27. CBRE Group arranged the five-year loan through Capital One. The partnership acquired the former Tops-anchored shopping center in 2008 and secured a lease with H Mart.
NEW YORK CITY — Marcus & Millichap has arranged the $7.5 million sale of a 21,000-square-foot Walgreens property in Brooklyn. Walgreens Corp. is leasing the property, located at 1282 Fulton St., for 20 years. The property traded at a 5 percent cap rate. Glen Kunofsky and James Ventura of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Kunofsky, Russell Wachtler and John Stewart represented the buyer, also a limited liability company.
AVON, CONN. — Gaia Real Estate has acquired 163 condominium units at the Avon Place condo development in Avon. The company plans to invest $2 million for upgrades to the common areas, individual units and property infrastructure. Avon Place was built in 1973 and comprises a total of 188 units. Amenities include a clubhouse, swimming pool, tennis court and game room. HFF arranged the seven-year, $16.7 million acquisition loan through Commerce Bank & Trust Co.
BOSTON — Dune Medical Devices is relocating its U.S. office from Speen St. in Framingham to a 2,707-square-foot office space at 25 Thomson Place in Boston. The move is timed to the U.S. Food and Drug Administration recently approving the sale of Dune's breast cancer tissue assessment tool nationwide. Kevin Hanna and Colin Greenhalgh of Cassidy Turley represented Dune in the transaction. Philip Moses of Vesper Realty Advisors represented the sublessor, Boris FX.
Despite the challenging and uncertain economic climate in New Jersey where the unemployment rate is now at its highest level in three decades and major companies are placing large blocks of space on the market, there is at least one encouraging sign of progress and glimmer of hope. Due to a number of factors, small and mid-sized biotech companies are choosing Central New Jersey — and areas adjacent to the Interstate 287/78 corridor — to base their operations. Several companies have located their headquarters or expanded branch functions in the I-287/78 corridor during 2012. In Bridgewater, Allergan leased 93,000 square feet, Dendreon leased 39,940 square feet, while Aptalis Pharma expanded into a total of 50,000 square feet. In Basking Ridge, Celgene renewed its 90,000-square-foot lease and Ipsen leased 32,500 square feet. Outside the I-287/78 corridor, Watson Pharmaceuticals recently expanded into an additional 32,000 square feet in Parsippany, and leased 32,000 square feet of lab/administrative space in North Brunswick. A recent study from BioNJ, a 300-member organization founded in 1994 that is focused on advancing the growth and prosperity of New Jersey’s biotechnology cluster, reinforces this trend and paints a vivid picture of its impact over the past few years. The …
MILFORD, CONN. — Institutional Property Advisors has arranged the sale of two portfolios in Milford to separate investors for a combined $72.4 million. Perpetual Real Estate Partners LP purchased Spinnaker Wharf, Spinnaker Walk and Spinnaker Square for $31.8 million. The portfolio overlooks Milford Harbor and features 107 rental units and 38,963 square feet of retail space. Wolff Enterprises II LCC acquired Spinnaker Brook, Spinnaker Chase, Spinnaker Crest, Spinnaker Green, Spinnaker Hunt and Spinnaker Station for $40.6 million. The portfolio includes 228 rental units and 8,731 square feet of commercial space.
NEW YORK CITY — A six-building portfolio of mixed-use properties in downtown Manhattan has sold for $19.2 million. The buildings include 122 Nassau St., a 5,480-square-foot property; 20 John St., a 5,952-square-foot retail property; 53 Nassau St., a 3,044-square-foot building; 8-10 Liberty Ave., a 4,900-square-foot building; and 20 Beaver St., a 6,760-square-foot building. All of the buildings, with the exception of 20 Beaver St., are situated in the epicenter of the Financial District. Bob Knakal and Nick Petkoff of Massey Knakal represented both parties in the transaction.
NEW YORK CITY — Tavros Capital Partners has secured an $18.5 million loan for its acquisition of Chelsea Muse, a 28-unit, Class A apartment property in West Chelsea. The property is located at 537 W. 27th St. and includes 18,000 square feet of retail space that is fully occupied by tenants such as Pinch Food Design and Skylight Group. Tavros plans to rebrand the property. Steven Klein led the HFF team in arranging the five-year, fixed-rate loan.
SALEM, N.H. — Linear Retail Properties has acquired Salem Park Plaza, a 37,933-square-foot shopping center at 125 S. Broadway in Salem, for $8 million. Tenants include Pier 1 Imports, Jos. A. Bank and T-Mobile. Barnes & Noble anchors the property. The acquisition marks Linear's third purchase in New Hampshire in the last month.
GREENWICH, CONN. — Win Properties has secured a $19.1 million acquisition loan for a 32,000-square-foot office property in Greenwich. The 10-year, fixed rate loan was used to acquire the property in a sale-leaseback transaction. Located one mile north of I-95, the property is fully leased to an institutional equity trading corporation. HFF arranged the loan through Cantor Commercial Real Estate.