SEWELL, N.J. — Jackson Cross Partners (JCP) has completed the sale of a 54,704-square-foot flex building located at 11 Enterprise Court in Sewell. The seller was Hollywood Tans Brand and the buyer was New Age Fastening Systems. JCP's Jim Young, Harry McKenna and Lou Battagliese negotiated the deal.
BROCKTON, MASS., AND PHILADELPHIA — Marcus & Millichap has brokered the sales of two retail properties for a total of $2.9 million. The first transaction involved the $1.72 million sale of a Dollar Tree located at 999 N. Montello St. in Brockton. Dollar Tree is leasing the 8,500-square-foot building for a 10-year term. Robert Horvath and Todd Tremblay of Marcus & Millichap represented the seller, Keefe Montello Street LLC. Adam Mancinone and Blake Barbarisi of Marcus & Millichap's New Haven, Conn., office represented the buyer, Phoenix Property Management. The second deal involved the sale of a McDonald's ground lease in Philadelphia for $1.18 million. The restaurant is an outparcel to Lindbergh Plaza and is operating in the location under a lease with 16 years remaining. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, Lindbergh Development Associates, and procured the buyer, Island Avenue Heights Associates.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman (CWSG) has arranged the $212 million refinancing of a hotel portfolio controlled by Irving-based FelCor Lodging Trust. The portfolio contains nine hotels totaling approximately 2,500 rooms. Five of the hotels fly the Embassy Suites flag and the other four are Sheraton hotels. CWSG's Mark Gordon, Jared Kelso, Alison Tan and Ernest Lee secured the loan, which carries a floating interest rate. The lender's name was not released.
CANANDAIGUA, N.Y. — Sperry Van Ness (SVN) has brokered the sale of the Tops Supermarket in Canandaigua for $8.75 million. The 57,498-square-foot building was constructed in 2002 and sits on 11 acres at 5150 North St. Joseph French and Tom Dalzell of SVN's White Plains, N.Y., office represented the seller, Salt Lake City-based Phillips Edison & Co., as well as the buyer, a New York City-based private investor.
NEW YORK CITY — Marcus & Millichap has completed the sale of a retail building located at 407 Park Ave. in New York City for $8.7 million. The two-story building includes 29,450 square feet of air rights. Upscale men's clothing story Stefano Ricci occupies the entire building. Adelaide Polsinelli and Steve Siegel of Marcus & Millichap's Manhattan office represented the seller, 407 Park LLC. Glen Kunofsky and James Ventura, also of Marcus & Millichap, represented the buyer, Land Finance Corp.
PITTSBURGH — Healthcare Trust of America (HTA) has acquired a 191,612-square-foot medical office building located in Pittsburgh for approximately $40.5 million. Federal North is a four-story property located within two blocks of the 724-bed Allegheny General Hospital. It features a separate 525-space parking garage. Occupancy was 99 percent at the time of closing. The seller's name was not disclosed.
PARSIPPANY, N.J. — Gebroe-Hammer Associates has brokered the sale of a rental retirement community in Parsippany for $19 million. Baldwin Oaks is located on 10.5 acres at 299 Baldwin Ave. It consists of two four-story buildings containing 251 units. Amenities include life safety services, a community room, a billiards rooms, a bocce court, a courtyard and on-site parking. The community was fully occupied at the time of closing and currently has a 2-year waiting list. Joseph Brecher and Stehen Tragash of Gebroe-Hammer represented the seller, AIMCO, and the undisclosed buyer.
PORTSMOUTH, N.H. — Construction will soon commence for a new medical facility in Portsmouth. Northeast Rehabilitation Hospital will be a 33-bed, 46,000-square-foot facility that will provide acute rehabilitation services for the Northeast Rehabilitation Health Network. The project will be located within the Pease Tradeport Campus. Concord, N.H.-based North Branch Construction is serving as general contractor, and locally based JSA Inc. is serving as project architect. Completion is expected in spring 2011.
NEWARK, N.J. — Development plans have been unveiled for what will be Newark's tallest building. One Theater Square will be a 44-story residential building located on 1.2 acres downtown, adjacent to the New Jersey Performing Arts Center. The tower will contain more than 300 units, 20 percent of which will be set aside as affordable housing for artists. In addition, the tower will contain more than 20,000 square feet of ground-floor commercial space for restaurants, cafés, galleries and other retail uses. A partnership between The N.J. Performing Arts Center and Dranoff Properties is developing the project. The New Jersey Economic Development Authority has already awarded the project a $38 million Urban Transit Tax Hub Tax Credit.
GILBERTSVILLE, PA. — The grand opening has been held for Douglass Town Center, a 90,000-square-foot shopping center located in Gilbertsville. A 70,000-square-foot Giant Food anchors the center, which was developed by Moorestown, N.J.-based Retail Sites. Other tenants include AT&T Wireless, Chinese Restaurant, Custom Cleaners, GameStop, Hair Cuttery and Hallmark. One shop space and one outparcel remain for lease.
