NEWARK, N.J. — Marcus & Millichap has facilitated the $3.3 million sale of the 12,000-square-foot McCarter Plaza in Newark. Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the seller ad procured the buyer in the transaction. McCarter Plaza sits on 1.03 acres on Route 21 and is 100 percent leased.
NEW YORK CITY — Cerberus Capital Management has leased 110,000 square feet of office space and will occupy the 10th, 11th, 12th and 14th floors of Class A office building at 875 Third Ave. Paul Glickman and Diana Biasotti of Jones Lang LaSalle’s New York office represented the building owner, Eastgate Realty, and Stephen Siegel and Amanda Bokman of CB Richard Ellis represented Cerberus Capital. The 720,000-square-foot office building is now more than 98 percent leased.
SHREWSBURY, MASS. — New York-based Home Properties has purchased The Commons at Haynes Farm apartment community in Shrewsbury for $40.5 million. Travis D’Amato of CB Richard Ellis/New England represented General Electric and John M. Corcoran and Co. in selling the property and he procured Home Properties. The Commons is currently 97 percent leased and is comprised of 10 buildings and 302 apartment units.
NEW YORK CITY — GFI Realty Services Inc. represented both the buyer and seller in the $1.5 million sale of 189-03 Henderson Ave., a two-story apartment building in the Jamaica section of Queens. The property consists of 22 garden-style units totaling approximately 26,028 square feet. Yanni Simantov of GFI represented the buyer and Yosef Katz and Sholmo Antebi, both of GFI, represented the seller in the transaction.
NEWARK, DEL. — DYK Automotive has signed a lease for 60,000 square feet of industrial space from Landlord Emerald Lake in Pencader Business Park at 650 Pencader Drive in Newark. The space will be used for DYK’s distribution center for its Northeast operations. R. Kemp Conrad, Ernest Felici, John Birmingham, Gerard Blinebury and Leah Balerno, all of Cushman & Wakefield, represented DYK in the transaction. Landlord Emerald Lake was represented in-house.
NEW YORK CITY — Micro Office Solutions has leased 33,000 square feet on the sixth and seventh floors at 902 Broadway in New York’s Silicon Alley. Micro Office Solutions will use the space for its Launch Pad initiative, an office suite division targeted to technology and new media startups. Launch Pad will open in the fall and include 70 private offices and 130 work stations. Colliers International’s Perry Mesmer and Martin Meyer represented Micro Office and building owner 902 Associates. Asking rent is $39 per square foot.
NEW YORK CITY — Ghurka Boutique, a leather luggage and handbag retailer, has leased 1,140 square feet of retail space at 781 Fifth Ave. in the Plaza District. Robert K. Futterman & Associates’ Rob Cohen, Peter Whitenack and Jackie Totolo represented the landlord, The Sherry-Netherland. Steven Orfali of the Orfali Group represented Ghurka. The boutique will occupy 915 square feet on the ground floor and 225 square feet in the basement.
SHREWSBURY, N.J. — Progress Realty Advisors has secured more than $50 million in loans for properties in the Northeast. These loans include: A $35 million credit facility for Workstage to develop a 305,000-square-foot Class A office building in Wallingford, Conn. The property is pre-leased to WellPoint and Steelcase Inc. Bruce Dashevsky of Progress Realty Advisors arranged the financing. Three loans totaling $7.9 million to help a Hoboken, N.J.-borrower retire a portion of his construction loan for the Jefferson Bank Building, refinance two other buildings on the property and lock in a 4.5 percent interest rate. The loan is based on a 30-year amortization schedule. Kathy Anderson of Progress closed the loans. A $3.4 million first mortgage secured by four medical arts buildings. Joel Kraut of Progress closed the loan. A $2.5 million construction loan to acquire and renovate a former Jeep dealership and convert it into a 28,000-square-foot retail center anchored by Family Dollar. The loan is based on a 25-year amortization schedule at 4.9 percent.
ELIZABETH, N.J. — New Jersey-based Helios Capital Advisors has completed the sale of a non-performing commercial loan with an unpaid principal balance of $7.3 million. A 104-unit apartment building is the debt collateral. Steven Schultz and Jonathan Horn of HCA secured the buyer. The apartment building is located in Elizabeth in Union County.
PITTSBURGH, PA. — Salisbury, N.C.-based Bottom Dollar Food has announced its intent to open 11 stores in the greater Pittsburgh area. Most stores are aiming for an early 2012 opening. Bottom Dollar opened its first Pennsylvania store in October 2010, and now it has 17 Pennsylvania stores and two New Jersey stores.
