HAMILTON, N.J. — Morristown, N.J.-based G.S. Wilcox & Co. has arranged $17.5 million in financing for the 175,000-square-foot Hamilton Square Plaza, a ShopRite-anchored shopping center located in Hamilton. David Fryer of G.S. Wilcox arranged the financing with a 25-year term on behalf of the owner and the management, Levin Management, through Northwestern Mutual Insurance Co. The property sits on 18 acres and has undergone renovations, including a redesigned 80,000-square-foot ShopRite.
NEW YORK CITY — New York City-based Jayvanka has purchased a five-story mixed-use building, located at 82 Christopher St. in NYC, from NYC-based Beck Street Capital. The property features two retail spaces and eight apartments in Greenwich Village. Recent renovations to the property include a facade restoration, common area upgrades and apartment improvements. James Nelson of Massey Knakal's NYC office represented the seller, and Rex Gonsalves of Halstead Property's SoHo office represented the buyer.
GLEN ROCK, N.J. — A joint venture between Morristown, N.J.-based The Hampshire Companies and Onyx Equities has sold a 48,000-square-foot medical office building, located at 85 Harristown Rd. in Glen Rock, to Hajjar Medical Group. Hampshire made capital improvements to the building in 2009, including new facades, windows, lobbies, landscaping, HVAC system, roof and restrooms. Frank Gunsberg of Colliers International's Parsippany, N.J., office represented both parties in the transaction.
NEW YORK CITY — Chicago-based Waterton Residential has closed the first of two stages in its acquisition of the 352-unit 88 Leonard, a 21-story high-rise apartment building in New York City's Tribeca neighborhood. Waterton will close the second purchase in approximately 6 months. Helen Hwang of Cushman & Wakefield's New York City office represented the seller, Africa Israel Investments Ltd., and Steven Vegh of Multi Investment Group represented the buyer. The property features white oak hardwood flooring, maple cabinets, granite countertops, Whirlpool Gold appliances, climate-controlled floors, marble tile bathroom flooring, stainless steel vanity mirrors and balconies in some units. Waterton is purchasing the property as part of its $500 million discretionary multifamily investment fund called Waterton Residential Property Venture XI.
NEW YORK CITY — Harold D. Baker & Co., Inc. has secured $18 million in first mortgage financing for a 76,000-square-foot retail/office building, located at the intersection of Spring and Wooster streets in the SoHo section of New York City. Harold Baker of Harold D. Baker & Co. arranged through RiverSource Life Insurance Co. with a 10-year term and a 30-year amortization schedule.
HARRISON, N.J. — The 275-unit Phase I of Harrison Station, a mixed-use development, located at 300 Somerset St. in Harrison, has opened. Upon completion the property will feature 2,600 residences, a hotel and 80,000 square feet of retail space. Harrison Station is being developed by a joint venture between Ironstate Development Co. and The Pegasus Group, both based in Hoboken, N.J. Harrison Station first phase offers amenities including a fitness center, a lounge, an outdoor pool, a sand volleyball court, a parking garage and a landscaped courtyard.
GARDEN CITY, N.Y. — NorthMarq Capital has arranged $1.05 million in second mortgage financing for the 191-unit Cherry Valley Apartments, located in Garden City. Robert Ranieri and Charles Cotsalas of NorthMarq's Long Island office and Ernest DesRochers of NorthMarq's New York City office arranged the financing, which is coterminous with the first mortgage, with a 30-year amortization schedule through Freddie Mac.
NEWTON, MASS. — Newton-based Senior Housing Property Trust (SNH) has agreed to acquire 13 medical office properties, totaling 1.3 million square feet, for $167 million from CommonWealth REIT. The properties are currently 95 percent leased. SNH will purchase these properties using its $750 million unsecured revolving bank credit facility.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc., through its sponsor, has entered into a purchase and sale agreement to acquire four retail condominiums, totaling approximately 7,080 square feet, located at 122 Greenwich Ave. in New York City's Greenwich Village, and a free-standing Duane Reade pharmacy, located at 163-30 Cross Bay Blvd. in Queens' Howard Beach neighborhood, for a combined $36.5 million. The Greenwich Village properties consist of two units leased to TD Bank, one leased to Starbucks and the other vacant. The properties are 78 percent occupied. The acquisition of these properties is slated to be complete in November. The Duane Reed pharmacy is 100 percent leased to Duane Reed and consists of approximately 9,767 square feet. The acquisition of this property is slated to close in late September.
NEWARK, N.J. — TreeTop Development has purchased the 115-unit Willie T. Wright Apartments, located at 135 Prince St. in Newark. TreeTop is planning to invest $1.5 million for capital improvements to the three-story garden-style complex, including renovation of the common areas, unit interiors and the site landscaping.
