MOORESTOWN, N.J. — Mack-Cali Realty Corp. has sold Moorestown Corporate Center on Strawbridge Drive in Moorestown for $19.9 million. The three buildings total 222,258 square feet and are 61.4 percent leased. A fund sponsored by Keystone Property Group acquired the property. Jerome Kranzel and Douglas Rodio of Jones Lang LaSalle represented Mack-Cali in the transaction.
TORRINGTON, CONN. — Fantini & Gorga has arranged a $4.3 million loan for a freestanding Walgreens in Torrington, which was acquired by a private real estate investment group from California. Casimir Groblewski of Fantini & Gorga negotiated the loan through a Connecticut-based savings institution. The 15,120-square-foot Walgreens opened in 2001. It is located on the corner of State Routes 4 and 202.
PARSIPPANY, N.J. — Meridian Capital Group has arranged a $16.7 million loan for the Parsippany Gardens multifamily portfolio in Parsippany and a mixed-use property located at 139 Essex St. in New York City. Parsippany Gardens includes five, two-story buildings totaling 124 units, located at 380-388 Parsippany Road. Judah Hammer of Meridian negotiated the $12.8 million new mortgage loan, which carries a seven-year term. Hammer also arranged a $3.8 million acquisition loan for an 18-unit mixed-use building. The three-year loan features an interest rate of 3 percent.
BERKLEY HEIGHTS AND FORKED RIVER, N.J. — Marcus & Millichap has arranged the $1.4 million sale of a fully occupied 5,734-square-foot retail property in Berkley Heights. Michael Lombardi of Marcus & Millichap represented the seller, a local private investor. Nat Gambuzza and Lauren Federgreen of Marcus & Millichap represented the buyer, a local investor. The company also arranged the $887,500 sale of a Wendy's ground lease in Forked River. The 2,9100-square-foot property is located at 301 Route 9. Preet Sabharwal of Marcus & Millichap represented the seller, a Connecticut-based developer. They also represented the buyer, a local private investor.
DALLAS — A partnership between Mitra QSR and Chalak Growth Capital Fund has closed on its purchase of 120 franchise restaurants in the Northeast. The sale included 78 Kentucky Fried Chicken units, 39 KFC/Taco Bell co-branded units and three KFC/Long John Silver's co-branded units. The properties are located in Virginia, Maryland, Delaware, Pennsylvania, West Virginia and New Jersey. The seller is Yum Brands Inc. Mitra and Chalak have also partnered on a deal for 33 additional KFC/Taco Bell units in Texas, Oklahoma, Kansas, Missouri and Illinois. After the transaction closes, Mitra will be one of the largest KFC franchisees, the company said in a statement.
NEW YORK CITY — A joint venture between Greenwich Street Equities and Kuzari Group have acquired four lots at 645-651 Union St. in Brooklyn for $2.5 million. The joint venture plans to develop an 82-room boutique hotel with construction slated to begin in the spring of 2013. The site contains 19,000 buildable square feet. Kenneth Freeman of Massey Knakal represented both parties in the transaction.
UNION, N.J. — Marcus & Millichap has arranged the $5.5 million sale of 2317 Route 22, a 16,235-square-foot retail property in Union. Four of the six retail units are occupied by GameStop, Quiznos, Radio Shack and Foot Locker. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller, a private investor. They also secured the buyer, a local developer.
ANDOVER, MASS. — 3D Systems has signed a lease for 57,600 square feet of industrial space at 19 Connector Road in Andover. The company provides 3D content-to-print solutions for customers. 19 Connector Road is a 76,800-square-foot building, which features 20-foot clear ceiling heights. Greg Klemmer and Tim Brodigan of NAI Hunneman represented the landlord, 19 Connector Road Realty Trust, in the transaction.
NORTH ATTLEBORO, MASS. and MANCHESTER, CONN. — The Lightstone Group has completed the refinancing of three of its retail centers, totaling 270,000 square feet, in North Attleboro and Manchester. The Bank of the Ozarks provided a three-year, $23 million loan. The properties include Christmas Tree Shops Plaza and Cumberland Avenue Plaza in North Attleboro and Hale Road in Manchester. The properties are more than 94 percent occupied and tenants include Bed Bath & Beyond, Guitar Center and David's Bridal. Lightstone acquired the assets in October 2000.
BOSTON — HFF has arranged a $27 million loan for the refinancing of 1249 and 1255 Boylston St., a two-building office and retail portfolio in Boston's Fenway neighborhood. Originally built in the 1920s, both properties were renovated in 1990 and are fully leased. The buildings total 70,330 square feet. Greg LaBine, Porter Terry and Robyn King led the HFF team that represented the borrower, Samuels & Associates, in the transaction. Boston Private Bank & Trust Co. provided the financing.
