NEW YORK CITY — General Growth Properties Inc. has refinanced its Staten Island Mall for $273 million. The loan is a 12-year fixed rate mortgage, which replaces a $273 million loan that was scheduled to mature in October 2015. The new financing removes $125 million of corporate recourse associated with the first loan.
HOLTSVILLE, N.Y. — An institutional investor has purchased 5000 Corporate Ct., a Class A office property in Holtsville, for $39.25 million. The property sits on 37 acres and is currently 82 percent leased to tenants such as Department of Internal Revenue Services (IRS) Compliance, IRS Appeals and the Bureau of Customs and Immigration Services. Jones Lang LaSalle Capital Market's Joe Garibaldi, Peter Nicoletti, Tom Walsh and Ray Ruiz represented the seller, Piedmont Office Realty Trust, in the transaction.
BOSTON — Cresset Development has purchased the former Bowne & Co. headquarters at 411 D St. in Boston's South Boston Waterfront. The two-story office/production building spans 74,000 square feet and sits on 1.52 acres. John Cremmen of Jones Lang LaSalle represented Cresset, while Ed Jarosz and David Corkey of CB Richard Ellis represented the seller.
SYRACUSE, N.Y. — Minneapolis-based NorthMarq Capital has arranged $6.55 million in first mortgage financing for Woodbine Warehouse, a 200,000-square-foot industrial facility at 5717 Enterprise Pkwy. in Syracuse. NorthMarq's Michael James arranged the financing based on a 10-year term with a 15-year amortization schedule through NorthMarq's correspondent relationship with Sun Life of Canada.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $31.7 million refinancing loan for a nine-property multifamily and retail portfolio in New York City. The portfolio consists of 122 residential units and 14 retail units. Gerald Kray, Jake Roberts and Anita Paryani arranged the financing based on a 10-year term and a 30-year amortization schedule through a regional bank. The loan is fixed at 5.5 percent and features a 70 percent loan-to-value ratio. The borrower is a family that wishes to remain anonymous.
MOORESTOWN, N.J. — A 78,475-square-foot office/flex facility at 1601 Schlumberger Dr. in Moorestown has been sold. The one-story facility features 13,500 square feet of office space, 22-foot high ceiling and an open floorplan. The buyer, 1601 Schlumberger LLC, plans to lease the office space and use the warehouse for storage. Binswanger's Marc Policarpo and Bob Corr represented the seller, First Industrial Realty Trust, Inc., while Marc Isdaner of Colliers International represented 1601 Schlumberger.
NEW YORK CITY — Gramercy Surgery Center Inc. has purchased a 23,000-square-foot medical office property at 59-25 Kissena Blvd. in Flushing, Queens in New York City. The two-story property features 140 feet of street frontage along Kissena Boulevard. Colliers International's Brian Given, Steven Jaray and Sheena Gohil partnered with Brooklyn-based M.C. O'Brien's William O'Brien and Karen Cohen to represent the seller, EmblemHealth, in the transaction.
NORWALK, CONN. — Pepperidge Farm, a subsidiary of Campbell Soup Co., has broken ground on a $30 million, 34,000-square-foot innovation center at Pepperidge Farms headquarters at 595 Westport Ave. in Norwalk. The facility will house a pilot plant with product development and testing lines, kitchens, laboratories and meeting rooms. The new center will focus on the baking snack sector of its inventory. The facility is slated to be delivered in fall 2012. The center will be designed to reach LEED certification by Springfield, Mass.-based The Dennis Group and Stamford, Conn.-based Perkins Eastman.
NEW YORK CITY — First Atlantic Real Estate has purchased an approximately 22,000-square-foot mixed-use property in Manhattan's Meatpacking District at 344-346 W. 14th St. in New York City for $23.25 million. Grubb & Ellis' Vincent Carrega, Neil Helman, Jason Meister and Charles Kingsley represented the seller, Real Estate Equities Corp., in the transaction, while First Atlantic was self represented. The property features 20 residential units and two retail spaces featuring selling basements. The six-story property sold with a cap rate at 5.45 percent.
MANCHESTER, CONN. — Christmas Tree Shops, Inc. has signed a $8 million, 12-year lease renewal to remain the anchor tenant at Hale Road Plaza at 120 Hale Rd. in Manchester. The store occupies 58,000 square feet in the 112,000-square-foot center. The center is 91 percent leased to other tenants including Guitar Center, The Dog House and Namco.