SAUGUS, MASS. — Shops at Saugus, a new 87,500-square-foot neighborhood shopping center located in Saugus, has opened. Anchors at the property include Trader Joe's, PetSmart and La Z Boy Furniture Galleries. Additional tenants include Starbucks and Qdoba. The center also contains 30,000 square feet of inline retail space. Regency Centers owns the center. New York City-based CREATE Architecture Planning & Design was the project architect.
LANCASTER, N.Y. — Marcus & Millichap Capital Corp.(MMCC) has arranged $3.9 million in non-recourse financing for Forestream Center, a 68,100-square-foot mixed-use property located in Lancaster. The property features 29 apartments. The loan carries a 10-year term, a 6 percent fixed interest rate and a 72 percent loan-to-value ratio. The lender was an insurance company. Gerald Kray of MMCC's Manhattan office arranged the deal.
LISBON, CONN. — Dick's Sporting Goods has signed a lease for a new 40,000-square-foot store in Lisbon. The space is located within Lisbon Landing, a 560,000-square-foot, open-air shopping center. Other tenants at the center include The Home Depot, Kohl's, Walmart Supercenter and a 12-screen multiplex. WS Development is the property owner.
OSSINING, N.Y. — Cushman & Wakefield (C&W) has brokered the sale of Claremont Gardens Apartments, a 183-unit community located in Ossining, for $14 million. Built in 1976 as affordable housing, the community was converted to market-rate housing in 2007. C&W's Metropolitan Area Capital Markets Group — including brokers Brian Whitmer, Andrew Merin, David Bernhaut and Gary Gabriel — represented the seller, Claremont Gardens Associates, and procured the undisclosed buyer.
HACKETTSTOWN, N.J. — David Cronheim Mortgage Corp. has arranged an $18.9 million loan for a Hackettstown shopping center. Mansfield Commons totals 271,979 square feet; its anchors include Walmart and Kohl's. The loan, which was arranged by Cronheim's Andrew Stewart and Lisa McMahon, carries an 11-year term. The borrower and lender were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the sale of The East 89th Street Package, a 39-unit multifamily portfolio located in New York City's Upper East Side. The portfolio contains two properties located at 233 and 302 E. 89th St. An Upper Manhattan family owner purchased the portfolio from a private investor for $6.68 million, which equates to a 5.4 percent cap rate. The Marcus & Millichap team of Peter Von Der Ahe, Joe Koicim and David Lloyd represented both parties.
HARTFORD, CONN. — Colliers International has completed the sale of a 119,790-square-foot industrial building located at 231 Weston St. in Hartford. Summit Development purchased the property from NTAA LP for $1.1 million. Nicholas Morizio of Colliers represented both parties in the deal.
PARSIPPANY, N.J. — Commercial Mortgage Capital has arranged a $5 million loan for the refinancing of a 400-unit apartment community located in Parsippany. The loan, which was provided by Aegon USA, carries a 10-year term and a fixed interest rate. The borrower's name was not released.
BOSTON — The ribbon-cutting ceremony has been held for The Salvation Army Ray and Joan Croc Corps Community Center in Boston's Dorchester neighborhood. The $35 million project consisted of the construction of a 90,000-square-foot building. Features include three gyms, a swimming pool, a soccer field, a learning center, a library, an auditorium, a music room, a chapel and a recording studio. Chelsea, Mass.-based The Architectural Team designed the project.
NEW YORK CITY — Robert K. Futterman & Associates (RFK) has brokered the sale of the leasehold interest in two five-story mixed-use buildings located at 36 W. 34th St. and 41 W. 33rd St. in Manhattan. ISTA WEST 34 STREET LLC purchased the interest from ALGM Leasehold II LLC for $7.4 million. The two buildings total 20,000 square feet. Aerosoles occupies the retail space in the 34th Street building. Jeff Fishman and Brian Segall of RFK Investment Sales & Advisory Services represented both parties.
