NEW YORK CITY — Zar Properties has purchased a 35,000-square-foot retail condominium building in Soho for $39 million. The property is located at 105-113 Wooster St. and the current tenant, Room & Board, has seven years remaining on its lease. The transaction also includes three residential loft apartments.
RUTHERFORD, N.J. — PCCP has provided a $60 million senior loan to refinance Meadows Office Complex, a 600,471-square-foot office property in Rutherford. A joint venture between Onyx Equities and SL Green Realty Corp. owns the two-building property. The complex is 79 percent leased to 60 tenants, the largest of which is Malo, a wellness and dental clinic. The property includes structured parking, a cafeteria and full daycare services.
NEW YORK CITY — American Realty Capital New York Recovery REIT has closed on its purchase of 50 rental units and a 36-space parking facility at 163 Washington in Brooklyn. The building, developed by GLC Group, traded for $31.5 million. The acquisition of the multifamily building expands the company's portfolio to 12 properties throughout New York City. The units are 80 percent leased and monthly rents at the property average $3,000 per unit.
TEANECK, N.J. — Perception Research Services International (PRS) has signed a lease for 44,000 square feet at Glenpointe Centre in Teaneck. The privately held company is relocating its headquarters to the Class A office complex from Fort Lee, N.J. PRS conducts more than 800 packaging and research studies annually on behalf of global marketers such as Kraft Foods. Curtis Foster of Cushman & Wakefield represented the tenant in the transaction. Richard Baumstein, Marc Graham and Christian Politan of Cushman & Wakefield represented the property owner, Alfred Sanzari Enterprises.
CLINTON, MASS. — Radant Technologies has signed a lease for 58,852 square feet of industrial space at 100 Adams Road in Clinton. The company designs, builds and tests equipment for the defense industry. David and James Stubblebine and Alan Ringuette of The Stubblebine Company/CORFAC International Inc. represented the tenant in the transaction. The 344,000-square-foot facility is located off I-495, about 35 miles from Boston. The property is part of the National Industrial Portfolio, a joint venture by Hackman Capital, Calare Properties and KBS Real Estate Investment Trust.
WALTHAM, MASS. — HFF has arranged $80 million for the refinancing of three inter-connected suburban office buildings totaling 458,166 square feet in Waltham. The properties are located at 920, 930 and 940 Winter St. in the Reservoir Woods West Campus. Renovated in 2006, the buildings are fully leased to six tenants including Fresenius Medical Care and PerkinElmer. Riaz Cassum, Lauren O'Neil and Robyn King of HFF led the team that represented the borrower, an affiliate of Davis Marcus Partners. The team arranged the seven-year, fixed-rate loan through MetLife Real Estate Investments.
NEW YORK CITY — Lexington Realty Trust is acquiring Inland American (Net Lease) Sub LLC's interest in Net Lease Strategic Assets Fund (NLS), a joint venture between New York City-based Lexington and Inland. The transaction is valued at $480 million. The joint venture was intially formed in 2007 and the current deal will expand Lexington's asset base and consolidate the company's ownership of the portfolio. The portfolio is 98.7 percent leased and includes 26 office properties, 13 industrial properties and two specialty properties in 23 states. Tenants include Northrop Grumman and Honeywell. Inland previously held an 85 percent common equity interest in NLS, while Lexington held a 15 percent common equity interest and a 100 percent preferred equity interest.
NEW YORK CITY — Marcus & Millichap has arranged the $7.8 million sale of 440-450 Audubon, a 71-unit apartment building in New York City. The property is 66,240 square feet. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller, a limited liability company based in California, in the transaction. They also represented the buyer, a local investor with international partners.
SIMSBURY, CONN. — EagleBridge Capital has arranged $10.8 million in mortgage financing for the first phase of Dorset Crossing in Simbsbury. Dorset Crossing is a mixed-use development on Route 10. Phase I will include two, 15,000-square-foot medical office buildings. Additional buildings in this phase include a 20,000-square-foot medical office building, a 14,000-square-foot retail building and a 3,500-square-foot retail property. Up to 275 apartment units and three additional sites for general commercial use are planned for Phase II. Saint Francis Hospital and Medical Center of Hartford has leased 10,000 square feet in the first building. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a financial institution.
ALLENTOWN, PA. — Yorie Tile & Terrazzo has acquired a 13,000-square-foot industrial building on Schantz Road in Allentown for $1 million. Michael Adams of NAI Summit represented both parties in the transaction. The seller was D&D Property Management. The buyer plans to manufacture terrazzo and tile for the commercial building industry.
