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.
FALL RIVER, MASS. — New England Construction has completed a 20,000-square-foot renovation of Bristol Community College's new Workforce Center, located at Commonwealth Landing in Fall River. The center includes 28 offices and 11 classrooms and will house the college's corporate education services, community education and workforce literacy program. The project included the construction of a new stair tower and upgrades to the building's existing lobby and elevator. The property is located at 1080 Davol St.
MORGANTOWN, PA. — Consolidated Graphics, a printing company, has purchased a 110,000-square-foot industrial property at 110 Thousand Oaks Blvd. in Morgantown. The property features 30,000 square feet of office space and 80,000 square feet of industrial space. The new owner plans to consolidate two of its existing facilities in eastern Pennsylvania into the new space. Timothy Brogan and Timothy Pennington of Grubb & Ellis represented The Hampshire Cos. in the transaction. Pete Pitroff of Jones Lang LaSalle represented the buyer.
BOSTON — Chestnut Hill Realty is nearing completion of a $12 million expansion project at its Ridgecrest Village Apartments property in Boston. The project will include the addition of a 48-unit apartment building, bringing the total number of units at the property to 389. The project will also include the addition of a new pool, clubhouse with fitness center and the expansion of on-site parking. The new apartment building, designed by Lowe Associates-Architects, is scheduled for completion later this month. Rents for the one-bedroom units will start at $1,650 per month, while two-bedroom units are priced starting at $1,950 per month.
WESTBOROUGH, MASS. — Ameridose LLC has purchased 205 Flanders Road, a 76,126-square-foot manufacturing building in Westborough, for $4.5 million. DSN Realty Trust is the seller. Ameridose, which provides sterile admixing services to hospital pharmacies, is currently occupying the facility. Craig Johnston and John Eysenbach of R.W. Holmes Realty represented both parties in the transaction.
BRUNSWICK, MAINE — Tremont Realty Capital has arranged a $9.5 million loan for the refinancing of Bay Bridge Estates, a manufactured housing community in Brunswick. The 493-site mobile home park features water views as well as RV and boat storage. John Chase of Tremont Realty Capital arranged the 10-year, non-recourse loan, which has a 30-year amortization schedule. The property is 83.5 percent occupied.
