EDGEWATER, N.J. — ARC Property Trust has acquired the ground lease for a CVS/pharmacy located in Edgewater. The property is situated on River Road within the 1 million-square-foot Riverside Park mixed-use development. CVS occupies the building under a 25-year lease. The seller's name and the acquisition price were not disclosed. ARC Property Trust was formed in January by ARC Properties and has the goal of investing $100 million in net-leased properties over the next 12 months.
NEW YORK CITY — The Kaufman Organization has brokered an 18,500-square-foot office lease at 475 Tenth Ave. on Manhattan's West Side. LivePerson Inc. will occupy the space for a 10-year term. The asking rent for the space was $35 per square foot. Michael Kaufman and Grant Greenspan of The Kaufman Group represented the tenant in lease negotiations. Kristin Fisher of Adler Group represented the undisclosed landlord.
CARMEL AND KATONAH, N.Y. — Urstadt Biddle Properties has acquired two retail properties in New York. In the first transaction, the REIT purchased a two-thirds equity interest in Putnam Plaza Shopping Center, a 193,000-square-foot property located in Carmel. Located along Route 6, the property is valued at $28.6 million. The tenant roster includes anchor Hannaford Brothers Supermarket, Rite Aid, NY Sports Club, Radio Shack, Starbucks and Dress Barn. Urstadt Biddle's partner in the property is a local real estate investor. The second transaction involved the outright purchase of three multi-use properties located in downtown Katonah. The buildings consist of 14,000 square feet of office space above 18,000 square feet of ground-floor retail. The office component is fully leased and the retail component is anchored by Mrs. Green's Natural Food Market. Urstadt Biddle purchased the buildings for $8.52 million.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a market-rate apartment building located in New York City. Situated at 979 Second Ave., the building totals 5,200 square feet and includes 8,800 square feet of air rights. All but one of the apartment units are occupied. Ety Lee of Eastern Consolidated represented the seller, the Gilbert family, and procured the buyer, 979 2nd Avenue LLC. A statement from Eastern Consolidated indicated that future plans for the building include pairing it with adjacent residential buildings as a development site.
STONY POINT, N.Y. — Construction is under way for Crossroads at Stony Point, a new shopping center located on Holt Drive in Stony Point. The 92,491-square-foot property will be anchored by an Inserra Shoprite supermarket. Stony Point Liquors has also signed on for space within the center. The developer of Crossroads at Stony Point is Mahwah, N.J.-based Crossroads Cos.
HELLERTOWN, PA., AND SOUTH PLAINFIELD, N.J. — Marcus & Millichap has completed the sales of two retail centers. The first transaction involved the Shoppes at Hellertown, a 55,480-square-foot property located at 21 Main St. in Hellertown. A Philadelphia-area partnership sold the property to a limited liability company for approximately $7 million. Tom Gorman, Matt Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer. The second deal involved the $1.08 million sale of a 14,129-square-foot neighborhood shopping center in South Plainfield. Pollack partnered with Lauren Federgreen, also of Marcus & Millichap, to represent the seller, a New York investor. Federgreen also secured the local buyer.
FIRE ISLAND PINES, N.Y. — CB Richard Ellis (CBRE) Capital Markets has arranged $10 million in acquisition financing for a portfolio of commercial real estate properties and operating companies located in Fire Island Pines, Long Island. The 35,200-square-foot portfolio consists of approximately 75 percent of the town's commercial space, including a hotel, a marina, office space, 8,300 square feet of restaurant and bar space, and approximately 14,000 square feet of retail space that includes the Pavilion nightclub, The permanent loan carries a 9 percent interest rate, a 36-month term with interest-only payments and a 60 percent loan-to-value ratio. Efrat Sharon of CBRE Capital Markets' New York City office secured the financing on behalf of the undisclosed borrower. The lender was a local bank.
NEW YORK CITY — The Nicotra Group has leased approximately 30,000 square feet of office space within Staten Island's Corporate Commons to Bridge Financial Group, an office of MetLife. The tenant will take occupancy of the Class A space, which is located within Corporate Commons Two, beginning in May. It is relocating from nearby Pleasant Plains. Corporate Commons consists of two buildings containing 300,000 square feet of office space. They are part of The Corporate Park of Staten Island.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has secured $17.25 million in permanent financing for an apartment building located in Williamsburg, Brooklyn. The building, originally constructed as a tonic factory in the 1800s, was recently converted into a residential property featuring 42 apartments and five ground-floor commercial spaces. Both components were fully occupied at the time of closing. The loan carries a 5-year term, a 30-year amortization schedule and a 5.62 percent fixed rate. The lender was a local bank.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a walk-up apartment building in Brooklyn's Carroll Gardens neighborhood for $2.44 million. The four-story buildings, which is located at 111 4th Place, contains 11 residential units, including five studios, five one-bedroom units and one two-bedroom unit. Massey Knakal's Ken Freeman and Joseph Sitt arranged the deal between both undisclosed parties.