NEW YORK CITY — NorthMarq Capital has arranged a $1.3 million mortgage refinancing for a 6,000-square-foot daycare center, located 2813 Farragut Road in Brooklyn. Bumble Bees R Us, an early childhood education facility, occupies the building. NorthMarq placed the 10-year, fixed-rate loan through a life insurance company. The loan has a 25-year amortization schedule.
NEW YORK CITY — Macy’s has renewed its 646,000-square-foot lease at Eleven Penn Plaza in Manhattan until 2035. Eleven Penn Plaza is a 1.1 million-square-foot office building in the Penn Plaza district where Vornado Realty Trust owns approximately 9 million square feet of office, retail and hotel space. The building was built in 1923 and has 23 floors. Macy’s, with corporate offices in Cincinnati and New York, is a national retailer with fiscal 2011 sales of $26.4 billion.
COLLINGSWOOD, N.J. — Ingerman has broken ground on the first phase of The Collings at The LumberYard, a $20 million apartment community in Collingswood, N.J. The first phase of the community will include 34 apartment homes in a mix of one-, two- and three-bedroom floor plans, including seven townhomes with private entrances. The Collings’ first phase, including the opening of a leasing center with a furnished model, is scheduled for completion this spring. The second phase will begin construction later this year and will include a five-story, mixed-use building featuring 70 apartments, as well as ground-floor commercial space. The commercial space will house Ingerman’s new corporate headquarters and 1,500 square feet of retail.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors LLC and Q10 Realty Advisors LLC have arranged financing for 170 Hamilton Ave. in White Plains for $6 million. The mixed-use property includes 60,000 square feet of office and retail space with 16 tenants and is managed and leased by GHP Office Realty. The five-year loan was placed with a local bank at an interest rate of 4.25 percent with a 30-year amortization schedule. Bryan and James Houlihan of Houlihan-Parnes Realtors arranged the loan. Michael Karger of Madison Abstract arranged the title. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower.
EXTON, PA. — Pennsylvania Real Estate Investment Trust has plans to establish an ambulatory-care facility at one of its shopping malls through a partnership with Main Line Health. Bryn Mawr-based Main Line Health will operate the 32,000-square-foot facility at the Exton Square Mall in Exton, located about 30 miles west of Philadelphia. The facility will have a broad range of diagnostic and treatment services including physicians, obstetric and gynecology specialists, oncologists, pediatricians and other specialty physician practices. The facility is scheduled to open later this year.
NEW YORK CITY — Massey Knakal has sold a development site, located at 950 Summit Ave., to 950 Summit LLC for $875,000 in Brooklyn. The site, which equates to approximately 57,190 buildable square feet, has 175 feet of frontage on Summit Avenue and 95 feet on West 162nd Street. 950 Summit LLC has plans to build a workforce housing on the site.
WESTBURY, N.Y.— Kalmon Dolgin Affiliates Inc. has arranged a 68,000-square-foot, long-term lease for Mr. Wu, a manufacturer of tofu and bean sprouts, at 750 Summa Ave. in Westbury. Linda Wong of Kalmon Dolgin represented Mr. Wu, while David Sargoy of Brown Harris Stevens represented the owner, 750 Summa Avenue LLC, in the deal. Mr. Wu will occupy the entire one-story warehouse, which includes 1,000 square feet of office space.
NEW YORK CITY — A 19,721-square-foot industrial property, located at 133 Sutton St. in Brooklyn, has sold for $3.3 million. Jakub Nowak of Marcus & Millichap represented the seller, a private investor and the buyer, a limited liability company, in the deal.
BEDFORD, MASS. — State Electric Corp. has purchased an 18,000-square-foot flex building for $1.2 million in Bedford. The property, which is located near Route 3 and I-95, is a single-story industrial building with office space on a 2.6-acre site. The Stubblebine Co./CORFAC International represented State Electric Corp. and the seller, Bill Callahan, in the deal. State Electric Corp. is a full-service electrical construction company that provides electrical construction services throughout Eastern New England.
MORRISTOWN, N.J. — A three-story, mixed-use building has sold for $1.2 million in Morristown. The 5,000-square-foot property, which is located at 28 W. Park Place, includes two commercial units with office space on the top floor. A restaurant is leasing the ground-floor unit. The upper floors were vacant at the time of sale. New York City-based Massey Knakal arranged the sale.
