NEW YORK CITY — Madison International Realty has made a $172.3 million equity investment in a portfolio of New York City metro area retail properties owned by Forest City Enterprises. For its investment, Madison International will obtain a 49 percent interest in the partnership, with Forest City controlling the other 51 percent and maintaining leasing and management duties. The portfolio is valued at $851.5 million including $500 million in debt. The properties include three centers each in Brooklyn, the Bronx and Queens; two centers each in Manhattan and Staten Island; and one center in North Bergen, N.J.
NEW YORK CITY — A joint venture between Morgan Stanley Real Estate Investing and Kearny Real Estate Co. has acquired a loan portfolio with a principal balance of $196 million from an offshore bank. The portfolio comprises performing, sub-performing and non-performing loans for 45 properties located primarily in New Jersey, New York, California, Nevada and Washington. The properties include residential condominiums, apartments, office buildings, and industrial and residential land.
PHILADELPHIA — Metro Development Co. has broken ground for Bakers Square, a 220,000-square-foot shopping center located in the Hunting Park West submarket of Philadelphia. The project will be constructed on the site of the former corporate headquarters and production facility for Tasty Baking Company. The anchor will be a 71,000-square-foot ShopRite. US Realty will assist in leasing the center. The completion date was not released. Future development of the site calls for the preservation and redevelopment of the original 460,000-square-foot factory into a mixed-use project containing retail, office, educational and institutional space.
NEW YORK CITY — ALMA Realty has acquired the former Apple Tag Building in Queens' Long Island City neighborhood for $21.5 million. The buyer plans to redevelop the five-story, 230,000-square-foot industrial loft building into retail and office space. Two floors will be added to the structure. Education and exhibition space will also be constructed. Kostas Alafoyiannis and John Maltz of Greiner-Maltz represented ALMA as well as the undisclosed seller. The development timetable was not released.
NEW YORK CITY — Sioni & Partners has brokered the sale of 1135 Boynton Avenue, a six-story, elevator-served apartment building located in the Bronx. The building contains 82 residences comprising 11 studios, 58 one-bedrooms, seven two-bedrooms and six three-bedrooms. Moses Sioni of Sioni & Partners represented the undisclosed seller. The buyer was also undisclosed. The property traded at an 8.9 percent cap rate.
NEW YORK CITY — Beech Street Capital has arranged a $74 million Fannie Mae loan to refinance a New York City multifamily portfolio. The loan carries a 10-year term with 10 years of interest-only payments and a fixed interest rate. The portfolio consists of 615 units in 13 mid-rise buildings located throughout Manhattan that are owned by the Haruvi family. Moshe Majeski and Chaim Tessler of Meridian Capital Group originated the financing.
WALTHAM, MASS. — Holliday Fenoglio Fowler (HFF) has secured a $35 million loan to refinance an office/R&D building located in Waltham. The two buildings contain a total of 200,928 square feet of space and are located at 50 and 60 Sylvan Road within the Reservoir Woods East Campus. Verizon Laboratories is the sole tenant of both buildings. Amenities include a full-service cafeteria, a conference center and an on-site credit union. The borrower is a joint venture between Prudential Real Estate Investors, The Davis Companies and Marcus Partners. The HFF team of Riaz Cassum and Greg LaBine arranged the loan.
NEW YORK CITY — Construction is complete for VillageCare Rehabilitation and Nursing Center, a 65,000-square-foot, 105-bed skilled nursing facility located at 214 W. Houston St. in New York City. Developed by the nonprofit Village Care, the facility features a physical rehabilitation room, a meditation room overlooking a landscaped courtyard, a rooftop deck, and dining and common areas on each floor. The project has applied for LEED certification. Levien & Co. was the construction manager and Perkins Eastman was the project architect.
MONROE AND CRANBURY, N.J. — Cushman & Wakefield has brokered the sale of a 1.03 million-square-foot industrial portfolio located in Monroe and Cranbury. Situated within the New Jersey Turnpike Exit 8A submarket, the portfolio comprises six buildings that were combined 93 percent leased at the time of the sale. The buyer was an investment fund managed by Morgan Stanley and the seller was BlackRock. The Cushman & Wakefield team of Andrew Merin, David Bernhaut and Gary Gabriel represented the seller and procured the buyer.
PHILADELPHIA — The grand opening has been held for the new Philadelphia Wholesale Produce Market. Developed by O'Neill Properties, the project included the brownfield remediation of five sites formerly used as auto scrap yards. The new 667,000-square-foot building constructed on the site is 100 percent refrigerated. It contains 228 enclosed and refrigerated dock areas that are 50 feet wide each; 40-foot clear ceilings; a skylight running the length and width of the building; a central walking concourse that is open to the public; second-floor office space; ten private entrances; and one public entrance. The project also includes an 18,000-square-foot auxiliary building used for pallet and food recycling. Twenty-six vendors will relocate to the building's 68 stalls when the market officially opens on April 2.