FAIRLESS HILLS, PA. –– Fairless 1 has purchased a 12,250-square-foot strip center on Lincoln Highway for $895,000. Christopher Munley, Mark Taylor and Dean Zang, all of Marchus & Millichap, represented the seller, Martin Investment Association, and Fairless 1. The property is located within the Oxford Valley retail submarket. Martin Investment maintained the property during the course of 30 years.
NEW YORK CITY –– Marriott is scheduled to open the Fairfield Inn & Suites hotel in Brooklyn this July. The hotel is located at 181 Third Ave. and will operate as a Marriott franchise. Freud Third Avenue Properties owns the location, which will be managed by Marshall Hotels & Resorts. The hotel offers 2,600 square feet of meeting space to host seminars, business meetings and private functions upwards of 75 people.
NEW YORK CITY –– Plaza Construction is moving its national corporate headquarters to 1065 Avenue in New York. Plaza signed a 12-year lease to occupy the entire seventh floor of the 35-story, 681,790-square-foot tower owned by The Blackstone Group. Paul and Michael Ippolito of Newmark Knight Frank and David Brooks of Paul Hastings represented Plaza in the transaction, and Lance Korman of Newmark Knight Frank and Stuart Kaplan of Blank Rome acted on behalf of Blackstone. The tower sits at West 40th Street and its tenants include HOK Architects, Federal Express Corp. and Yahoo.
NEW YORK CITY — Bijan Nassi, a New York real estate investor, has purchased a mixed-use property in Union Square district after securing a $2.2 million mezzanine loan from Malkin Strategic Capital. In addition to the five-year mezzanine loan, Nassi also received $10.6 million in financing from Sovereign Bank, a U.S. subsidiary of Spain’s Banco Santander. The property is located at 220 Park Avenue South and is occupied by Haru, a Japanese restaurant. The property is a nine-story building that is made up of 37 rental apartments and 4,650 square feet of ground floor retail space.
NEWARK, N.J. — Arbor Commercial Funding has funded a $40.7 million loan to refinance the 654-unit First King Apartments in Newark. The loan, a Fannie Mae Affordable Housing Loan DUS, is a 10-year product that amortizes on a 30-year schedule. Stephen York of Arbor’s New York City office originated the loan.
PITTSBURGH, PA. — The former Showcase West Cinema building located at 301 Park Manor Drive Parkway West was purchased by Robinson, AD, LLC from Rave Pittsburgh West, LLC. Herky Pollock and Jason Cannon of CB Richard Ellis represented Rave Pittsburgh West, and Steven Esposito and Joseph Mangiacotti of CBRE represented Robinson. The 10.66 acre property includes a parking lot that will be converted to an Auction Direct USA Used Car Superstore.
PHILADELPHIA — Grubb & Ellis Healthcare REIT II has purchased a five-property portfolio of skilled nursing facilities located throughout Philadelphia for $75 million. The portfolio, which totals more than 392,000 square feet and 1,200 patient beds, is leased to Mid-Atlantic Health Care through 2026.
BRONX, N.Y. — Bethesda, Md.-based Beech Street Capital has given a $5.8 million Fannie Mae conventional loan to refinance the 111-unit The Buckeye Apartments in the Bronx. Meridian Capital Group originated the transaction. The fixed-rate loan has a term of 7 years and a 30-year amortization schedule.
NEW YORK CITY — A joint venture between DMR CRE Opportunity Fund I LP and CTNY Investors has purchased 70,000 square feet of Class A office space at The Setai Wall Street, located at 40 Broad St. in New York City. The condominium comprises four commercial floors.
NEWBURYPORT, MASS. — Product Resources has purchased a 33,000-square-foot industrial building, located at 4 Mulliken Way in Newburyport, for $1.62 million from GEM Group Realty. Greg Klemmer and Tim Brodigan of Winchester, Mass.-based Klemmer Associates represented the buyer and Austin Spinella of North Andover, Mass.-based Minco represented the seller.