STRATFORD, CONN. — Urstadt Biddle Properties has received $28 million in mortgage financing for the company's 271,000-square-foot shopping center in Stratford. The Dock Shopping Center is anchored by a 60,000-square-foot Super Stop and Shop. ING Life Insurance and Annuity Co. provided the 10-year loan, which has a 30-year amortization schedule.
WEST CHESTER, PA. — Marcus & Millichap Real Estate Investment Services has completed the $3.5 million sale of Northwyn Court Apartments, a 32-unit apartment property in West Chester. Northwyn is located at 803 E. Boot Rd. and includes one- and two-bedroom apartments. Mark Thomson and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the buyer in the transaction.
PORT WASHINGTON, N.Y. — The Nassau Industrial Development Agency has approved an economic development compact that will allow The NPD Group to undertake an $8 million renovation of its Port Washington headquarters. The 117,000-square-foot headquarters is located at 900 W. Shore Rd. NPD plans to expand the company's information technology center and develop a new entrance. The project is expected to be complete by September 2013.
SAN FRANCISCO — Dennis Williams of NorthMarq Capital's San Francisco office arranged $20.1 million in acquisition financing for the Terreno portfolio. The Torino portfolio contains a combined 444,838 square feet in five industrial properties located in New Jersey, California, Washington and Flordia. Collectively these properties are 97 percent occupied. NorthMarq arranged the 7-year loan through its relationship with Prudential Life Insurance. The loan has a 30-year amortization schedule.
HAMILTON SQUARE, N.J. —Beech Street Capital has arranged a $8.9 million HUD loan to refinance Arcadia Nursing and Rehabilitation Center, a 128-bed skilled nursing facility in Hamilton Square. The borrower had 28 years left on an existing $9 million FHA loan. Beech Street increased the loan term to 35 years. Joshua Rosen of Beech Street originated the loan.
NEW YORK CITY — An apartment building at 211 Taaffe Place, located between Willoughby and Dekalb avenues in Brooklyn, has sold for $1.2 million. The four-story building contains 6,875 square feet and is fully occupied. The apartments have newly constructed kitchens and bathrooms and the building has a new roof. Michael Amirkhanian and Kenneth Freeman of Massey Knackal represented the buyer and seller in the transaction.
Pittsburgh has been incredibly lucky in that the area has avoided the havoc wreaked on the national economy during the last couple of years. The education and medical sectors bolstered the area during the recession, and the region is fast-becoming the ‘Energy Capital’ of the Northeast, with Pittsburgh as its epicenter. These factors have allowed the region to maintain its traditional path of steady growth, which has bucked the national trend and provided a safe haven for the local industrial real estate investment community. The market continues to operate in a supply-demand imbalance with weight tipping towards demand for industrial product. This has supported irrational pricing, with a number of recent sales of industrial facilities trading higher than traditional prices. The Pittsburgh industrial real estate market comprises less than 170 million square feet. With limited new construction and virtually no impact from loan defaults, the prices for industrial assets have held value. On the flipside, the market does not provide cash-rich buyers with many opportunities to purchase assets at bargain prices. The region’s overall industrial vacancy rate is hovering at 7.5 percent, falling by 0.4 percent from the fourth quarter of 2010. This is 2.2 percent below the overall U.S. …
NEW MILFORD, CONN. — Harold Fischel, owner of the Bleachery at the end of West Street in New Milford, plans to redevelop the 130,000-square-foot property into a three-story apartment building this spring. The Bleachery mill building — named for its rich history of bleaching fabrics — is situated directly on Lake Lillinonah. The developer, Trust Realty, will create 99 one- and two-bedroom apartments. The city zoning commission also approved an expansion of the marina, allowing for 100 boat slips.
SADSBURY, TOWNSHIP, P.A. —New York City-based Area Property Partners has purchased a 314,521-square-foot bulk distribution center in Sadsbury Township for $16.2 million. The Class A facility is located at 200 W. Stewart Huston Dr. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, BPG Properties, in the deal.
PORTLAND, MAINE — New England hotel company Portland C.I. LLC has purchased a 127-room Comfort Inn Airport in Portland for an undisclosed amount. The company plans to retain the Comfort Inn brand affiliation and renovate the hotel later this year. NEHR represented the seller, Hotel Holdings of Maine, in the transaction.