NEW YORK CITY— Cohen Commercial Properties (CCP) has purchased 1800 Williamsbridge Road, a 12,212-square-foot, net leased retail property in the Bronx, for $11.4 million. The seller was Rock City MC LLC. The two-tenant property was fully occupied at the time of sale by a 4,669-square-foot Citibank and a 7,543-square-foot Walgreens. CCP was self-represented by Sam Catton and Paul Trupia in the transaction.
MOUNTVILLE, PA. — Majik Properties LLC has purchased a 42,612-square-foot industrial building located at 150 Donnerville Road in Mountville for $1.5 million. Randall Rhoads and Thomas McDermott of NAI Commercial Partners Inc. represented the seller, while Daniel Berger, also of NAI, represented the buyer. The property is located 35 miles southeast of Harrisburg.
MADISON, N.J. — The Hampshire Cos. has received $75 million in financing for 175 Park Ave., a 270,000-square-foot corporate headquarters for the Realogy Corp. in Madison. Cantor Commercial Real Estate Lending LP provided the 10-year, fixed-rate financing. The loan will be used to retire existing construction financing that HFF had secured on behalf of the borrower in late 2011. After completing an extensive rehabilitation of an existing structure, the property was completed in March and is built to LEED standards. Amenities include a fitness center, full-service cafe, and conference/team room facilities. Realogy Corp. is a global provider of real estate and relocation services. Jon Mikula and Michael Klein led the HFF team representing The Hampshire Cos.
NORWALK, CONN. — Washington Trust’s Commercial Real Estate Group has provided $9.2 million in financing to MCP Medical LLC, an affiliate of Boston-based Marcus Partners, for the acquisition of a 70,000-square-foot medical office in Norwalk. “This is an attractive property as it is located less than a mile from the Norwalk Hospital and its tenants offer a full range of medical services to area patients,” says Joseph MarcAurele, Washington Trust chairman, president and CEO.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 359 Manhattan Ave., an eight-unit mixed-use property located in Brooklyn, for $2.2 million. Michael Salvatico, Shaun Riney and Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
WEST GOSHEN TOWNSHIP, PA. — A 30,000-square-foot office building, located at 1230 American Blvd. in West Goshen Township, about 35 miles west of Philadelphia, has sold for $1.5 million. Jim Lees of West Chester, Pa.-based Swope Lees Commercial Real Estate LLC represented the buyer, a local private investor, in the transaction. Bob Fox of Fox Commercial Real Estate Services represented the seller, a local private family partnership. The property was most recently the headquarters for American Telecast Products and was formerly occupied by MBB Helicopter as its U.S. headquarters. The buyer is planning extensive renovations to the building to create a Class A office space.
WAKEFIELD, MASS. — Behringer Harvard and Wood Partners have announced their investment in Alta Audubon Road, a 186-unit multifamily development in Wakefield, a northern suburb of Boston. The 5.3-acre development site at 14 Audubon Road is located off Exit 42 of I-95/Route 128. The apartment community is less than a half-mile from MarketStreet at Lynnfield, a 68-acre mixed-use development set to open this summer. Behringer Harvard Multifamily REIT I Inc. has provided equity capital for the construction of the apartment community. The project will include four- and five-story buildings next to a three-story parking facility. Construction began this month and is slated for completion in the fourth quarter of 2014. The community will be developed and constructed by affiliates of Wood Partners, an Atlanta-based firm that has six other apartment projects completed or underway in the Boston area. Apartment units will average 934 square feet each.
HOWELL, N.J. — Construction on Tropicana Power Retail Center, a 289,000-square-foot retail center in Howell, will begin in the third quarter. The development is located at 5313 Route 9 and will complement an existing 800,000 square feet of retail space, also along the Route 9 corridor. The owner of the property, AAM Mill LLC, which owns more than 10 million square feet of retail, commercial and residential properties in the U.S., Europe and Morocco, says funding was provided in-house. All options for tenancy at the center are open. Sitar Co. is handling leasing for the project.
FLORHAM PARK, N.J — HFF has arranged $31 million in financing for a three-building, 1.1 million-square-foot industrial portfolio in the northern New Jersey towns of Elizabeth, Edison and Bayonne. HFF worked on behalf of a joint venture between Cohen Asset Management Inc. and New York Life Investment Management. The seven-year, fixed-rate acquisition loan was placed through Principal Real Estate Investors. HFF sold the assets to the borrower as part of a larger portfolio in 2012.The portfolio was 99 percent leased at the time of sale. Senior managing directors Jon Mikula and Paul Brindley led the HFF team representing the borrower.
CLIFTON, N.J. — Mack-Cali Realty Corp. has sold an office building located at 777 Passaic Ave. in Clifton for $5.8 million to a joint venture comprised of Gottesman Real Estate Partners and Mountain Development Corp. (MDC). The five-story building spans 77,000 square feet and was 65 percent occupied at the time of sale. Woodland Park, N.J.-based MDC manages approximately 1 million square feet of office space in Passaic County and will serve as property manager and leasing agent for the joint venture. TriState Capital Bank provided the first mortgage financing.
