WESTWOOD AND RIVER VALE, N.J. — Marcus & Millichap has arranged the acquisition of a four-property New Jersey multifamily portfolio through the purchase of a $22.5 million whole mortgage loan. The collateral for the loan consists of three garden-style communities located in Westwood and one located in River Vale. The buyer in the deal is Hartz Mountain Industries. Jeff Oram, Nat Gambuzza and Kevin McCrann of Marcus & Millichap's Special Asset Services group partnered with Thomas McConnell, also of Marcus & Millichap, to complete the deal.
Northeast
NEW YORK CITY — Local 32BJ of the Service Employees International Union (SEIU) has signed a lease for 245,000 square feet of office space at 620 Avenue of the Americas in Manhattan. The union will be relocating from its current offices at 101 Avenue of the Americas. As part of the tenant fit-out, a portion of the building's 18th Street freight area and elevators will be reconfigured into a private entrance leading to a welcome center, information kiosks, benefits centers and a 475-seat auditorium. Mark Weiss and Robert Eisenberg of Newmark Knight Frank represented the tenant in lease negotiations. Mitchell Konsker, Matthew Astrachan and Jonathan Tootell of Cushman & Wakefield represented the undisclosed landlord.
DEPTFORD, N.J., AND LANGHORNE, PA. — Sixth Avenue Electronics has acquired two former Office Depot stores for a total of $6 million. Both locations are situated across from major shopping centers in their respective markets. The first property is located across from Deptford Mall in Deptford and traded for $3.3 million. The second property, which traded for $2.7 million, is located at 2365 E. Lincoln Highway, across from Oxford Valley Mall. Rob Cooper of Metro Commercial Real Estate represented Office Depot in both deals. R.J. Brunelli represented Sixth Avenue Electronics.
BEDMINSTER, N.J. — Gebroe-Hammer Associates has completed the sale of an affordable senior housing property in Bedminster for $4.35 million. Pluckemin Park is a 50-unit, garden-style community contained within 15 buildings on 3 acres. It consists of 37 one-bedroom units and 13 two-bedroom units. Gebroe-Hammer's Stephen Tragash represented the seller, Pluckemin Park LLC. Scott Callahan, also of Gebroe-Hammer, represented the undisclosed buyer.
NEW MILFORD, CONN. — Urstadt Biddle Properties (UBP) has acquired New Milford Shopping Plaza in New Milford for $22.5 million. Situated on Danbury Road, the property was constructed in the 1970s and renovated in 1990. Anchors for the 229,000-square-foot property include a 102,000-square-foot Walmart and a 72,000-square-foot Stop & Shop. Additional tenants include Dollar Tree, Union Savings Bank, Radio Shack, Hallmark and GameStop. The seller was not disclosed.
NEW YORK CITY — Sherwood Equities has acquired the title to a development site located along Manhattan's High Line. The site, known alternately as 500 W. 21st St. and 175 10th Ave., currently contains a 19,000-square-foot garage. The previous owner, which was foreclosed on last year, was reportedly planning to develop the site into a boutique hotel. Sherwood plans to improve the building and lease it as a gallery in the short-term, but the site, which features a full blockfront bordering the High Line, can support approximately 100,000 square feet of new development consisting of residential, hotel, office and retail space.
FORT LEE, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a $10 million mortgage note secured by a 13-story office building located in Fort Lee. The Class A property contains approximately 139,000 square feet of space and is located at 2100 North Central Road. Its former tenants included Kwasha Lipton, PricewaterhouseCoopers and Mellon Financial. CBRE's Jeffrey Dunne, Kevin Welsh and Brian Schulz represented the seller, the senior lien holder, and procured the buyer, a foreign real estate investment firm.
LANCASTER, PA. — Marcus & Millichap has brokered a $1.19 million multifamily sale in Lancaster. Pennwick Village Townhomes is a 14-unit rental community located at 2010-2014 Pennwick Road. All but one of the townhomes were occupied at the time of closing. Zachary Pierce and Kenn Wellar of Marcus & Millichap's Philadelphia office and Steve Laurenson of the firm's Reston, Va., office represented the seller, a private investor. Pierce and Wellar secured the buyer, a limited liability company. The property traded at a 6.89 percent capitalization rate.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $3.2 million loan for the refinancing of a Bronx apartment building. The six-story, pre-war building contains 48 units, all of which are leased. The loan carries a 5-year term with 1 year interest only, followed by a 30-year amortization schedule. It carries a 5.87 percent interest rate. CBRE’s Max Herzog and Michael Diaz secured the loan. The borrower and lender were undisclosed.
NEW YORK CITY — Transwestern Realty Financing Partners has purchased a $4.4 million B-Note loan from Natixis Real Estate Capital. The loan is collateralized by 4 New York Plaza in Manhattan's Financial District. The office tower contains 1.05 million square feet of space and is 75 percent occupied by JPMorgan under a long-term lease. The purchase was made by Transwestern on behalf of Transwestern Mezzanine Realty Partners III, a fully discretionary investment fund.