STONY POINT, N.Y. — ShopRite has opened its newest location at a Stony Point retail center. The 70,000-square-foot supermarket will anchor the Crossroads at Stony Point, an inline retail center located at 22 Holt Drive. Crossroads Cos. is the developer and leasing agent for the center.
MIDDLETOWN, CONN. — Seavest has acquired two medical office buildings in Connecticut on behalf of one of its private equity investment funds. The two properties are located within Middletown Medical Complex, an outpatient campus owned by nearby Middlesex Hospital. The buildings include a two-story, 33,482-square-foot building located at 520 Saybrook Dr. and a three-story, 30,451-square-foot building located at 940 Saybrook Rd. The buildings are 92 and 96 percent leased, respectively. Middlesex Hospital occupied 26 percent of the space in the two buildings. Concurrent with the sale, Seavest signed a ground lease for the land back with Middlesex Hospital.
UNION COUNTY, N.J. — Commercial Mortgage Capital (CMC) has arranged $28.5 million in permanent financing for a multifamily project currently under construction in Union County. When complete, the four-story apartment building will contain 159 units in a mix of 81 one-bedroom residences and 78 two-bedroom residences. Currently, 63 units have been completed and are all leased. CMC's Mark Scott arranged the loan through Wells Fargo on behalf of the undisclosed borrower.
NEW YORK CITY — Beech Street Capital has arranged $13 million in Fannie Mae DUS financing for a multifamily building in Brooklyn. The property, which is located at 342 Eldert St., was completed in April. It contains 60 loft-style units as well as a fitness center, an indoor pool, a sauna and a recreation room. The loan, which was originated by Meridian Capital Group, has a fixed interest rate, a 10-year term with interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule on an actual/360 basis.
HARTFORD, CONN. — Colliers International has completed the purchase of a commercial office building in Hartford for $1.5 million. The property totals 14,822 square feet and is located at 8 Ellsworth Road within West Hartford Center. John Cafasso and Philip Gagnon of Colliers International represented the buyer, Udolf Properties, as well as the undisclosed seller.
ROCHESTER, N.Y. — Broadstone Net Lease, an affiliate of Rochester-based private REIT Broadstone Real Estate, has acquired a portfolio of convenience stores for $14.7 million. The portfolio consists of seven properties located in New Jersey, Pennsylvania and Kentucky. The properties are triple net-leased to Lehigh Gas Corp. under several different brands. The leases carry an initial term of 20 years. Year to date, Broadstone has acquired 18 net-leased properties for a total of $46.7 million.
WAYNE, N.J. — NAI James E. Hanson has brokered the sale of a flex building located at 400 Newark Pompton Turnpike in Wayne. The property consists of a 39,000-square-foot building situated on more than 5 acres. The building features 9,000 square feet of office space, with the remainder consisting of warehouse space. The warehouse component contains 24-foot clear ceilings, three dock doors, drive-in capability, outside storage space, and car and trailer parking. The buyer, Krowne Metal Corp., plans to also occupy the building. NAI's Barry Cohorsky represented the buyer. W. Joshua Levering and Gregory Reid, also of NAI, represented the seller, The United Yarn Products Company. The acquisition price was not released.
YONKERS, N.Y. — Three major tenants have been announced at Westchester's Ridge Hill, a new 1.3 million-square-foot mixed-use center under construction in Yonkers. The new tenants include Dick's Sporting Goods, Orvis and REI. In addition, three restaurants will join the lineup. They include Brio Tuscan Grille, Texas de Brazil and Yard House. Previously announced tenants at the center include Whole Foods, L.L. Bean and Cinema De Lux. Developed by Forest City Ratner Cos., Westchester's Ridge Hill is expected to be complete next year.
NEW YORK CITY — Metropolitan 885 Third Avenue Leasehold, a limited liability company created for the ownership of Manhattan's famed Lipstick Building, has filed for Chapter 11 bankruptcy protection. As part of its reorganization plan, the company hopes to exit bankruptcy by the end of the year. According to published reports, Royal Bank of Canada (RBC), the property's main lender, sued the owner to force a sale of the property after it defaulted on a $210 million loan in June. Under the reorganization plan, a new ownership entity will be created and all of the entity's ownership stake will be pledged to RBC.
NEW YORK CITY — Arbor Commercial Funding has arranged $14 million in Fannie Mae DUS financing for the Stagg Bronx Portfolio in New York City. The portfolio consists of 13 clusters of townhomes located primarily in the northeast Bronx. The portfolio contains a total of 157 units. The loan carries a 10-year term and a 30-year amortization schedule. Edward Petti of Arbor's New York City office originated the loan.
