LEBANON, PA. — Marcus & Millichap has arranged the $5.9 million sale of a 13,225-square-foot CVS/pharmacy in Lebanon. The property, built in 2008, is located at 2200 West Cumberland St. CVS has 22 years remaining on its lease. Michael Shover and Matt Gorman of Marcus & Millichap represented the seller, a developer, in the transaction. They also represented the buyer, a private investor.
NEW YORK CITY — American Realty Capital New York Recovery REIT has agreed to buy the fee simple interest in a 149,000-square-foot office building in Midtown Manhattan. The building at 229 West 36th St. traded for $65 million. The property is fully leased and tenants include American Language Communication Center Inc. and Early Bird Delivery Systems LLC. The property is the second office building American Realty has placed under contract in the Garment District in the last two weeks. The company previously announced it would acquire 256 West 38th St. for $48.6 million.
BOSTON — Hamilton Co. has acquired a 91-unit apartment portfolio in the Allston and West Roxbury neighborhoods of Boston for $18.5 million. Kiaran Co. is the seller. The portfolio is located near Boston College, Boston University and Packard's Corner. The properties are also near the MBTA Green Line trains, which provide transportation to Boston, Back Bay and Cambridge. The buildings include 26 Allston St., 10-20 Armington St., 1799 Centre St. and 34 Gardner St. Boston Realty Advisors represented both parties in the transaction.
GOUVERNEUR, N.Y. — Consolidated Properties has acquired Gouverneur Center, a 71,644-square-foot neighborhood retail center at 471 East Main St. The property is anchored by Tractor Supply Co., Peebles and Family Dollar. The new owner plans to renovate the building exterior and grounds and re-tenant the property. Larry Socia of The Sutton Cos. represented the buyer in the transaction. Dominic Pavia of Pavia Real Estate services represented the seller, Gouverneur Center Development LLC.
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.
