MARLBORO, N.J. — Whole Foods Market has signed a lease to anchor Marlboro Commons, a new shopping center under construction at the intersection of Routes 9 and 520 in Marlboro. Whole Foods will occupy 40,000 square feet of the 105,000-square-foot shopping center, which will be complete in 2012. Bill Lenaz of R.J. Brunelli represented the owner, Pagano Associates, in lease negotiations.
TAUNTON, MASS. — Holliday Fenoglio Fowler (HFF) has arranged an $18 million loan to refinance AGAR's headquarters in Taunton. The foodservice distributor occupies a 326,000-square-foot building within Miles Standish Industrial Park at 225 John Hancock Road. Robert Herron led the HFF team that arranged the long-term, fixed-rate financing on behalf of AGAR through People's United Bank.
PHILADELPHIA — Marcus & Millichap has completed the sale of a student housing property located on the campus of Temple University in Philadelphia for $5.85 million. Sydenham Commons is a four-story masonry structure that was built in 2006. It contains 90 beds in 27 units and has remained fully occupied since its completion. Ken Wellar and Corey Lonberger of Marcus & Millichap's Philadelphia office represented the seller, Sydenham Commons LLC, as well as the buyer, a local partnership.
HI-NELLA, N.J. — Gebroe-Hammer Associates has negotiated the 1031 exchange sale of Eagle Run Apartments, a 120-unit community located in Hi-Nella. The property was purchased for $5.1 million by an undisclosed buyer. The party had recently sold Brooklawn Apartments in nearby Brooklawn, N.J., and the purchase of Eagle Run will satisfy the second part of the exchange. The buyer will complete a capital improvements program to the property in the near term. Joel Schwartz of Gebroe-Hammer Associates represented the seller, Village of Hi-Nella LLC, in this deal and helped the buyer arrange its sale of Brooklawn Apartments.
DELANCO, N.J. — Endurance Real Estate Group has leased 307,000 square feet of rail-served industrial space to Boise Cascade Building Materials Distribution. The property is a two-building, 309,000-square-foot warehouse property located on 47 acres at 2700 Burlington Ave. The Colliers team of Marc Isdaner and Jim Scott represented the landlord in lease negotiations.
WESTFORD, MASS. — Fantini & Gorga has secured $26 million in financing for the historic redevelopment of Abbot Mill in Westford. The property, a series of brick structures constructed in the late 1800s, will be redeveloped into 130 luxury apartments with 103 garage parking spaces. A waterside park will also be constructed. Tim O'Donnell and Derek Coulombe of Fantini & Gorga secured the financing, which consists of a $17 million construction loan and a $9 million bridge loan that is tied to Federal, State and Historic Tax Credits. The lender was a regional bank.
PARSIPPANY, N.J. — Cornwell Corp. has purchased a 73,000-square-foot office building located within Morris Corporate Center in Parsippany for $5.25 million. The seller was EBI LLC. Cornwell plans to relocate is corporate office and the offices of one of its subsidiaries, Edifice Information Management, to 22,000 square feet within the building. The company will also complete a capital improvements program. Jon Williams of Cushman & Wakefield's Morristown, N.J., office represented Cornwell in the deal. Williams will also lease the building's vacant space — currently totaling approximately 49,000 square feet. Robert Rudin and Andrew Schiffer of Cushman & Wakefield's East Rutherford, N.J., office represented the seller.
NEW YORK CITY — Meridian Capital Group has arranged a $24 million senior underlying mortgage and a $1 million unsecured line of credit for The Royal York, a condominium co-op located in Manhattan's Upper East Side. The 12-story building contains 494 units. The loan carries a 7-year term, a 3.96 percent fixed rate and interest-only payments for the full term of the loan. Allan Lieberman of Meridian's New York City office arranged the financing on behalf of the co-op through a local savings bank.
BOSTON — Eastern Bank has sold its majority ownership stake in Boston-based lender Fantini & Gorga back to the company's executive leadership team. Eastern Bank purchased the stake in 2001. The deal also includes the bank's Eastern Mortgage Capital business line. The transaction is expected to close by April 30.
OSSINING, N.Y. — DLC Management Corp. has commenced development of a $6.3 million Walgreens in Ossining. Infill Development, an affiliate of DLC, will construct a 9,483-square-foot, freestanding building on the site of a former strip center at the intersection of Clinton and Croton avenues. Demolition of the existing structure will begin shortly; construction of the new building will be complete by the fourth quarter of 2011. Construction financing is being provided by Hudson Valley Bank.