PEAPACK, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a leasehold interest in an office park in Peapack for $23 million. The property, which is located on 70 acres at 100 Route 206 North, consists of 10 connected buildings totaling approximately 518,000 square feet of space. It was built in 1982 as a campus for Beneficial Management but was most recently occupied by Pfizer, which also holds the fee interest in the property. The seller for the leasehold interest was Hamilton Associates LP, and the buyer was Pharmacia & Upjohn Company LLC, an entity controlled by Pfizer. Jeffrey Dunne, Kevin Walsh and Christopher Leonard of CBRE's New York Institutional Group teamed up with Bill Moylan of CBRE's Boston office to represent the seller.
PRINCETON, N.J. — The New Jersey and Dallas offices of Holliday Fenoglio Fowler have joined to arranged the refinancing of a Princeton office building. The property is located at 1100 Campus Road. It rises five stories and contains 166,991 square feet of Class A space. Constructed in 2006, the building is fully leased to Novo Nordisk through May 2023. The financing, which was arranged by HFF's Jon Mikula and Brian Carlton, carries a 5-year term and a fixed interest rate. The borrower is Denver-based REIT Dividend Capital Total Realty Trust, and the lender is a life insurance company. HFF also brokered the $51 million sale of the property to Dividend in November 2009.
NEW YORK CITY — A five-story apartment building located in Manhattan's Greenwich Village has sold in an all-cash transaction for $6.8 million. The building is located at 19 Greenwich Ave. It contains 12 apartments, nine of which are free-market and three of which are rent-stabilized. The building contains the restaurant SweetiePie on the ground level. James Nelson of Massey Knakal Realty Services represented the undisclosed seller. Rosa Murphy of Halstead Property represented the buyer, a private investor from Korea. The property traded at a 6.6 percent cap rate.
WOODBRIDGE, CONN. — A private investor affiliated with Aliquant Corp. has acquired a 50,000-square-foot office building in Woodbridge for $5.07 million. Woodbridge Corporate Park is a three-story building that was constructed in 1988. It was 65 percent occupied at the time of closing. Aliquant Corp. plans to move its headquarters into 15,000 square feet of the building. Steven Inglese of New Have Group represented the buyer in the deal. Inglese also helped the buyer procure acquisition financing through NewAlliance Bank. The seller is an entity controlled by Boston-based Paradigm Properties. The seller's representative was Bob Motley of Cushman & Wakefield.
ACTON, MASS. — KBS Realty Advisors has sold an Acton office park to a joint venture between National Development, Winrock Partners and Charles River Realty. Nagog Park comprises nine two- and three-story buildings situated within a 120-acre, master-planned corporate park. The nine buildings total 385,556 square feet and were constructed between 1983 and 1997. Tenants at Nagog Park include Liberty Mutual, BAE Systems, Verizon/MCI, Tatara Systems, Mintera Corp. and Azuki Systems. The Cushman & Wakefield Capital Markets Group of Robert Griffin, Jr.; Edward Maher, Jr.; David Pergola; Christopher Griffin and Brian Doherty represented the seller and procured the buyer. The acquisition price was not released.
NEW YORK CITY — A new hotel has opened in Brooklyn. The Best Western Arena Hotel is located at 1324 Atlantic Ave. near Barlcays Center, the future home of the NBA's New Jersey Nets. The hotel features 56 guestroooms with rates starting at $160 per night. Amenities include a fitness center, a business center and meeting space. The owner is Mukteshwar LLC.
SOMERS POINT, N.J. — Conshohocken, Pa.-based Soloff Realty & Development has acquired a 7,000-square-foot, freestanding retail property located in Somers Point. The building is net-leased to Advance Auto Parts. It is part of a three-pad retail development that also includes a CVS/pharmacy and a Wendy's. The seller was a locally based private trust.
SHIPPENSBURG, PA. — Marcus & Milllichap has completed the sale of a Lowe's Home Improvement Warehouse in Shippensburg for $17.55 million. The 171,069-square-foot store is located on 30 acres at 250 S. Conestoga Drive. It was built in 2008, at which time Lowe's signed a 22-year, triple-net lease for the property. The undisclosed buyer assumed a 22-year, self-amortizing loan at 7.2 percent with 20 percent down. Chris Rea, a vice president of investments with Marcus & Millichap, and Brian Munn of the firm's Atlanta office represented the seller. Jason Cropper of Marcus & Millichap's Little Rock, Ark., office represented the buyer. Spencer Yablon of Marcus & Millichap's Philadelphia office provided local representation.
NEW YORK CITY — Broad Street Development has announced plans to create a retail plaza at the street level of 55 Broadway in Downtown Manhattan. The glass-enclosed plaza will contain a total of 11,300 square feet of retail space, consisting of 4,900 square feet of ground-floor space and 6,400 square feet of mezzanine space. It will feature 30 feet of frontage along Broadway and will be complete by fall 2011. Robert K. Futterman Associates will be leasing the space. 55 Broadway is a 32-story office tower that totals more than 330,000 square feet of Class A space. It is currently more than 97 percent occupied.
WORCESTER, MASS. — Arbor Commercial Funding has arranged $1.68 million in Fannie Mae DUS funds for the acquisition of William Street Apartments, a 30-unit community located in Worcester. The loan carries a 10-year term, a 30-year amortization schedule and a 6.09 percent interest rate. Edward Petti of Arbor's New York City office originated the loan. The borrower's name was not released.