SEWELL, N.J. — A joint venture between Cedar Shopping Centers and RioCan Real Estate Investment Trust has closed on the $26.3 million acquisition of the Cross Keys Place shopping center in Sewell. The 148,000-square-foot property is fully leased to tenants that include Bed Bath & Beyond, Sports Authority, AC Moore, Old Navy and Petco. The Home Depot shadow anchors the center. The joint venture expects to close shortly on financing for the purchase. It expects the loan to have a 10-year term, a fixed interest rate of less than 5 percent and a 55 percent loan-to-value ratio. Cedar will handle long-term management and leasing of the property. The joint venture has closed on more than $250 million in shopping center purchases so far this year.
NEW YORK CITY — POKO Partners is in the construction contract phase for the adaptive re-use of the Loews Pitkin Theater in Brooklyn's Brownsville neighborhood. The project will include 70,000 square feet of retail space and 90,000 square feet on the building's upper levels that will be occupied by a charter school. Wilk Auslander assisted POKO with the contracts. The construction timetable for the project was not released.
NEW YORK CITY — Non-profit organization International Planned Parenthood Federation – Western Hemisphere has acquired an office condo in Lower Manhattan from Empire State Development Corp. for $9 million. The condo, which totals approximately 26,000 square feet, comprises the entire ninth floor of 125 Maiden Lane, a 17-story, 350,000-square-foot office condo tower. The Colliers International team of Richard Warshauer, Robert Tunis and Eric Ferriello partnered with Gary Curry of Cornerstone Group to represent the seller. Suzanne Sunshine of S. Sunshine & Associates represented the buyer.
WOODCLIFF LAKE, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged a $20 million loan for the refinancing of a Class A office property located in Woodcliff Lake. The building totals 118,092 square feet and is located at 155 Tice Blvd. The property's sole tenant is Eisai, which occupies this building and the one at 100 Tice Blvd. as its corporate headquarters. The loan carries a 7-year term and a 25-year amortization schedule. The borrower was Ridge Associates II LP. James Gunning of CBRE Capital Markets arranged the financing. Earlier this month, CBRE Realty Trust acquired 100 Tice Blvd., a 208,911-square-foot office building.
ARLINGTON, MASS. — Bierbrier Development has procured a $6.6 million loan for the refinancing of Arlington Village Shops, a 25,000-square-foot retail center located in Arlington. Shawn Herlihy of Goedecke & Co. arranged the financing on behalf of Bierbrier through John Hancock Financial. The center was 90 percent leased at the time of closing by a tenant roster that includes Unleashed by PETCO, Hair Cuttery and The Meat House. The building is also seeking LEED certification.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of two five-story apartment buildings on Manhattan's Upper East Side for $15 million. The elevator-served buildings are located at 530 and 534 E. 88th St. They feature 73 combined units in a mix of studio through two-bedroom residences. Of the units, 46 are free market, 19 are rent stabilized and nine are rent controlled. Massey Knakal's Thomas Gammino and Robert Knakal arranged the deal between the two undisclosed parties. The properties traded for $264 per square foot and a cap rate of approximately 4 percent.
CHELMSFORD, MASS. — CB Richard Ellis (CBRE)/New England has brokered the sale of a warehouse property located in Chelmsford for $2.75 million. The building is situated at 9 Alpha Road. It was constructed in 1966 and renovated in 1984. It features three 30,000-square-foot warehouse sections with 18-foot ceiling heights and loading docks. The remaining square footage is office space that contains offices, workrooms, meeting rooms, kitchenettes, bathrooms and a planning room. Mark Reardon and David Connolly of CBRE New England represented the seller, MassInnovation. The buyer was the Town of Chelmsford.
MILLBURY, MASS. — Boston-based EagleBridge Capital has arranged $3.47 million in permanent acquisition financing for a 31,340-square-foot industrial property in Millbury. The warehouse/distribution center is located on 5.8 acres at 10 Latti Farm Road. It features 26-foot ceiling heights and 19 loading docks. The borrower/buyer, Campanelli Cos., plans to redevelop the property by adding 10 loading docks and 10 parking space. The parking lot will also be resurfaced. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing on behalf of Campanelli through a commercial bank. Peter Brown provided in-house representation to Campanelli in the acquisition, while the undisclosed seller was represented by Jason Madden and Michael Chapin of The Madden Group.
HINESBURG, VT. — Redstone has acquired the former Saputo Cheese facility in Hinesburg for $526,500. Situated on 15.4 acres off of Route 116, the 88,000-square-foot facility contains production and storage space, including refrigerated storage space, as well as office space. The owner plans to redevelop the property. Among the discussed uses are housing, a restaurant/brewpub and food-related businesses. Yves Bradley of Pomerlau Real Estate represented the seller, Saputo Cheese USA, Inc.
HARTFORD AND WATERBURY, CONN. — Arbor Commercial Funding has arranged two Fannie Mae DUS loans for multifamily properties in Connecticut. Stephen York of Arbor's New York City office secured $1.8 million for 12 Willard Street Apartments, a 61-unit community located in Hartford. John Edwards of Arbor's Boston office secured $1.43 million for Jersey Street Apartments, a 42-unit community located in Waterbury. Both loans carry a 10-year term and a 30-year amortization schedule.