PHILADELPHIA — Optimum Hotel Brokerage has sold a first mortgage note securing the 240-unit Skyview Plaza Hotel in Philadelphia. Optimum’s Joseph McCann represented the seller, a regional bank, in the transaction. The buyer, a private equity fund, plans to renovate the 17-story hotel. Optimum has brokered other hotels in Pennsylvania recently, including the Hampton Inn Lehighton in Lehighton, Pa., and the York View Hotel in York, Pa.
PORTSMOUTH, N.H. — CB Richard Ellis/New England (CBRE/NE) has brokered the $1.6 million sale of 19 Post Rd., a 25,400-square-foot industrial building in Portsmouth. The buyer, 19 Post Road Group, purchased the property from Five N Associates. The building is comprised of 3,000 square feet of office space and 22,400 square feet of warehouse space. Michael Tamposi of CBRE/NE represented 19 Post Road Group and William Luers of Tamposi-Nash Real Estate Group, Inc. represented Five N Associates.
BUFFALO, N.Y. — Buffalo-based Sovran Self Storage, Inc. has completed financing totaling $500 million of senior, unsecured debt. Sovran will use proceeds from a 10-year placed term note of $100 million as well as the proceeds from a 7-year, $125 million unsecured term loan to repay its $71 million outstanding on its line of credit and a $150 million term loan that matures in June 2012. A bank lending syndicate comprised of 10 lenders including M&T Bank, SunTrust Bank, U.S. Bank and Wells Fargo Bank has committed $100 million for a 7-year delayed draw note to provide Sovran funding to repay its maturing mortgage debt. Also, Sovran negotiated a $175 million, 5-year unsecured line of credit with an accordion feature of an additional $75 million and an extension provision of up to 2 additional years.
SOUTH BRUNSWICK, N.J. — G.S. Wilcox & Co. has refinanced a nine-building, 3.2 million-square-foot industrial portfolio at 1165 Cranbury S. River Rd. in South Brunswick for $36.73 million. The refinancing allows for a 3-year extension to the portfolio. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. refinanced the loan.
PRINCETON, N.J. — AvalonBay Communities, Inc. has acquired the University Medical Center at Princeton building and nine houses on Harris Road, all of which were owned by Princeton HealthCare System (PHCS). PHCS is building a replacement 630,000-square-foot hospital in Plainsboro, N.J., with a slated 2012 opening.
MIDDLETOWN and UPPER SADDLE RIVER, N.J. — The Goldstein Group has brokered the sale of two retail properties in New Jersey: Shiki Realty Co., Inc. has sold a former Shiki Restaurant to D&D Management for $2.3 million. The 6,800-square-foot retail building is located at 1735 Route 35 in Middletown. Mark Handwerker and Chuck Lanyard of The Goldstein Group represented both buyer and seller in the transaction. D&D plans to convert the space into a funeral home. Markland 145 has purchased the former Ramsey Chevrolet dealership from Zorm 2009 for $2.65 million. The 17,000-square-foot free-standing building is located at 145 Route 17 in Upper Saddle River. Lew Finkelstein of The Goldstein Group represented Zorm 2009 in the transaction.
NEWARK, N.J. — Forem Facility Management is developing a $65 million warehouse and distribution facility at 52-62 Cornella St. in Newark for Keasbey, N.J.-based Wakefern Food Corp. The 180,000-square-foot facility is slated to be delivered within 12 months and will serve ShopRite stores in New Jersey, New York and Pennsylvania. The project will bring 120 permanent jobs and approximately 175 construction jobs to Newark. The State Economic Development Agency has provided approval for Urban Transit Hub Credit for $45 million on a $65 million capital expenditure project. TD Bank has provided a leverage loan for approximately $27 million. Also, The Reinvestment Fund has provided a $2 million loan and Newark’s city government has provided a tax abatement. Brick City Development Corp. was involved with structuring the project financings and the entitlement process.
PENNSYLVANIA — Sunoco, Inc., a transportation fuel provider, has acquired leasehold interests in 14 retail locations in central Pennsylvania from Shipley Stores. Each location will be operated by Sunoco and include an APlus convenience store. The conversion of these 14 properties is expected to be completed by the end of the year. Shipley Stores will refocus its operations to Tom’s travel centers and Arby’s restaurants in Pennsylvania.
SYRACUSE, N.Y. — The Kempner Corporation of White Plains, N.Y., has purchased Western Lights Shopping Center, a 243,000-square-foot grocery-anchored shopping center in Syracuse, for $22 million. The center sits on 26 acres on Onondaga Boulevard and is 97 percent occupied by tenants like Price Chopper Supermarket, Fashion Bug and Aspen Dental. First mortgage financing was provided by New York City-based Ladder Capital Finance. Franklin Cohen of Donald Zucker Co. acted as the mortgage broker in the transaction.
NORTON, MASS. — STAG Industrial, Inc. has acquired an $11 million, 194,975-square-foot warehouse and distribution facility in Norton. The facility is 100 percent leased to Plantation Products with more than 9 years remaining on the lease. The facility sits on 15.7 acres at 202 Washington St.
