TROY, N.Y. — Marcus & Millichap has arranged the $3.9 million sale of Troy Plaza, a 129,343-square-foot retail property at 120 Hoosick St. in Troy. Joseph French of Marcus & Millichap represented the seller, a financial institution, in the transaction. He also secured the buyer, a private investor.
DEVENS, MASS. — Colliers International's capital markets group has arranged a $13.7 million loan for 112 Barnum Road, a 448,000-square-foot industrial asset in Devens. A joint venture between Calare Properties and Hackman Capital Partners acquired the property, which served as the former Evergreen Solar headquarters, earlier this year. Tom Welch and David Douvadjian of Colliers arranged the five-year, nonrecourse loan through Unibank for Savings.
NEW YORK — Newmark Grubb Knight Frank Capital Group has completed the $80.5 million sale of a portfolio of five Citibank retail bank branches in the New York metro area. A joint venture between Madison Capital and an institutional owner purchased the portfolio. The portfolio consists of 18 Citibank-leased properties and includes: 181 Montague St.; 123 East 86th St.; 2261 Madison Ave.; 107-01 71st Ave,; and 1800 Williamsbridge Road. A Newmark team lead by Kenneth Zakin represented the seller, FGP West Street.
PHILADELPHIA — New York-based Time Equities Inc. has purchased Northbrook Corporate Center in Philadelphia for $11.4 million. The Class A office space, located at 900 and 1210 Northbrook Drive, is 161,170 square feet. 900 Northbrook is a 66,690 square-foot, three-story building and 1210 Northbrook is 94,480 square feet and four stories. Northbrook Corporate Center offers office space ranging from 1,200 square feet to 20,000 square feet available for immediate lease. Asking rents start at $20 per square foot. Brian Smyth and Dennis Durkin of CBRE will oversee leasing for the property.
NEW CANAAN, CONN. — M2 Partners LLC has purchased Merritt Apartments, a four-building, 24-unit apartment complex located in downtown New Canaan, for $8.4 million. The multifamily property totals 39,531 square feet and is comprised of four buildings, just two blocks from the Metro North train station and two miles from Route 15. Cushman & Wakefield represented the seller, New Canaan Merritt Apartments LLC, and Arnold Karp and Karp Associates Inc. represented M2 Partners in the deal.
NEW YORK — Centerline Capital Group has provided a $4 million loan to refinance 55 Hudson Street, a cooperative multifamily property located in the Tribeca section of New York City. This deal was the first transaction funded through Freddie Mac’s new Cooperative Early Rate Lock Program. The program enables borrowers to lock in interest rates within 72 hours of a package submission to Freddie Mac. The loan is secured by 55 Hudson Street, a 10-story, 34-unit luxury cooperative building that was incorporated in 1980 and is 100 percent sold. The property was originally constructed as a commercial warehouse in 1890 and was converted for residential usage in the early 1980s. The borrower is New York-based Tribeca Owners Corp., whose primary purpose is to manage the operations of the property.
AMHERST, N.Y. — Locally based Zaepfel Development is constructing a 97,000-square-foot build-to-suit facility for PHH Mortgage Corp in Amherst. The new office building, which is located at 1760 Wehrle Drive, will feature an open floor plan design and have the capacity for up to 800 employees. PHH Mortgage will move from its current location in Depew, N.Y. to the new facility later this year when construction is completed. Louis Battagliese and John Morrissey of Philadelphia-based Jackson Cross Partners LLC, along with David Schiller of Buffalo, N.Y.-based Pyramid Brokerage, represented PHH. Terms of the deal were not disclosed.
NEW YORK CITY — A development site at 321-325 W. 35th St. and 320-328 W. 36th St. has sold for $33 million in Manhattan's Garment Center. Current zoning allows for a 165,000-square-foot building, containing residential and commercial space, to be constructed on the site. Bob Knakal and David Kalish of Massey Knakal represented both parties in the transaction.
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.
