KINGSTON, N.Y. — Unison Realty Partners has acquired King's Mall, a 185,233-square-foot shopping center in Kingston, for $11.1 million from the Leinbach Co. This was an off-market transaction, sourced directly by Unison. Tenants at King's Mall include Marshalls, which occupies 38,500 square feet, and a 29,000-square-foot Home Goods. The sale marks Unison's first shopping center purchase in New York and the company's sixth shopping center in the Northeast.
NEW YORK CITY — Smash Ash Music Stores will relocate and consolidate its Manhattan flagship store at 333 West 34th St. The family-owned music retailer has signed a 15-year lease to occupy 26,688 square feet in the 10-story building, located between Eighth and Ninth avenues. Jeffrey Roseman and Gregg Gropper of Newmark Knight Frank Retail represented the building owner, SL Green, in the transaction. Smash Ash plans to move into the new space in the first quarter of 2013.
NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 1023 Lafayette Ave, a 22,500-square-foot mixed-use property in Brooklyn. Naomi Shu of Marcus & Millichap represented the buyer, a private investor. Terra Firma International represented the seller, a developer.
BOLTON, MASS. — Paragon Communications Inc. has acquired a 301,647-square-foot industrial building at 41 Main St. in Bolton. The facility reportedly sold for $8 million. Paragon, which serves the information technology and communications industries, will be relocating from its current location in Ashland, Mass. The facility features reinforced concrete floors, 145,536 square feet of office space and 10 truck docks. Tim O' Callaghan of Binswanger represented the seller, Future Electronics Inc., in the transaction.
CHESTNUT HILL, MASS. — The Bulfinch Cos. has acquired Atrium Mall at 300 Boylston St. in Chestnut Hill for $46 million. The seller is Simon Property Group. Bulfinch plans to renovate the 300,000-square-foot property and rename the facility, The Atrium Center at Chestnut Hill, for use as a medical and office center with ground-floor retail. Construction at Atrium Center is set to begin this year. ADD Inc. has been selected as the architect and John Moriarty & Associates will be the project's general contractor. The project is slated for completion in 2013.
PISCATAWAY, N.J. — 121 Centennial Avenue LLC, a local hotel investment group from Edison, N.J., has purchased the 221-room Embassy Suites in Piscataway for $9.7 million. Embassy Suites is situated off Interstate I-287 and is in close proximity to Rutgers University and the Garden State Exhibit Center. Geoff Davis and Ketan Patel of HREC Investment Advisors represented the seller in the transaction.
PHILADELPHIA — Meridian Capital Group has arranged a $51 million mortgage loan for two high-rise multifamily buildings in Philadelphia. The 375-unit property is located on Walnut Street and serves the students of Thomas Jefferson University Medical School. David Fisher and Scott Jackson of Meridian Capital Group negotiated the 7-year loan at an interest rate of 4 percent.
PHILADELPHIA — Centerline Capital Group has arranged a $4.4 million Fannie Mae loan for the refinancing of the Oxford Portfolio, a 117-unit apartment complex in Philadelphia. Built in 1940, the complex consists of seven buildings on four parcels. The borrower acquired the property in 2007 and has invested $175,000 in renovations in the past three years. Owen Breheny, Darell Clark and Michael Hasse of Centerline Capital Group arranged the 10-year loan, which contains a 30-year amortization schedule.
CLIFTON HEIGHTS, PA., NEWARK, DEL. AND VINELAND, N.J. — Agree Realty Corp. has acquired a portfolio of three Wawa convenience and fuel stores in the Northeast for $14.2 million. The stores, which are located in Clifton Heights, Newark and Vineland, are master leased by Wawa. The base term of the master lease has approximately 9.5 years remaining.
BUFFALO, N.Y. — Tops Friendly Markets has agreed to buy 21 supermarkets in New York and Vermont from GU Markets, an affiliate of C&S Wholesale Grocers. The sale includes 20 Grand Union stores and one Bryant's supermarket. The stores will continue to operate under their current names and will retain the existing 600 employees. Terms of the deal were not disclosed. The sale is expected to close by this fall. Tops Friendly Markets is based in Buffalo, and the acquisition brings the number of stores operated by the company to 153.