COMMACK, N.Y. — NorthMarq Capital has secured $2.34 million in first-mortgage financing for Heatherwood Shopping Center, a 47,000-square-foot neighborhood retail property located at 6090-6136 Jericho Turnpike in Commack. The loan carries a 5.4 percent interest rate, a 10-year term and a 25-year amortization schedule. The lender was Sun Life of Canada. The NorthMarq team of Charles Cotsalas and Ernest DesRochers arranged the loan.
SOMERSET COUNTY, N.J. — New Jersey developer Russo Development has purchased a 71-acre land parcel for a new data center project. The site is located near Exit 12 of Interstate 287 in Somerset County. The project, which is known as Somerset Technology Park, could include as much as 1.3 million square feet of data center space in multiple buildings. Site work will begin in the second quarter, and the first building could be delivered as early as the second half of 2012. The campus will be located among a cluster of nearby data centers. It marks Russo's ninth data center development in the past 10 years.
DERBY, CONN. — Marcus & Millichap has brokered the sale of Derby Shopping Center for $13.7 million. The 170,097-square-foot retail property is located at 500 New Haven Ave. in Derby. It comprises five single-tenant buildings on 16.8 acres. Tenants include anchor Lowe's Home Improvement Warehouse, Dunkin' Donuts, Burger King, Webster Bank and Dollar Tree. Adam Mancinone and Blake Barbarisi of Marcus & Millichap's New Haven, Conn., office partnered with Robert Horvath and Todd Tremblay of the firm's Boston office to represent the seller, a partnership of New York investors that redeveloped the property in 2008. The team also represented the buyer, a Connecticut-based private investor.
PENNSYLVANIA AND MASSACHUSETTS — Cedar Shopping Centers has exercised the buy-sell provisions in its joint venture with Canadian firm Homburg Invest. Cedar owns a 20 percent interest in the nine-property retail portfolio and Homburg owns the other 80 percent. First, Cedar is purchasing Homburg's 80 percent interest in Meadows Marketplace, a 91,538-square-foot property located in Hershey, Pa., for $5.3 million. In addition, Cedar will be selling its 20 percent interest in the other eight shopping centers to Homburg for a total of $9.7 million. The properties include, Fieldstone Marketplace in New Bedford, Mass.; Aston Center in Aston, Pa.; Scott Town Center in Bloomsburg, Pa.; Stonehedge Square in Carlisle, Pa.; Pennsboro Commons in Enola, Pa.; Ayr Town Cener in McConnellsburg, Pa.; Parkway Plaza in Mechanicsburg, Pa.; and Spring Meadow Shopping Center in West Lawn, Pennsylvania. All nine properties are grocery anchored. The portfolio has been valued at approximately $55 million over existing property-specific financing of approximately $102.42 million.
HACKENSACK, N.J. — The Hampshire Companies will complete construction this April for a new self-storage facility in Hackensack. Located at 260 Railroad Ave., the facility will contain 81,300 square feet in 600 units. It will be branded as Hampshire Self Storage.
MORRIS TOWNSHIP, N.J. — ProSight Specialty Insurance has signed a 10-year lease for 40,310 square feet within 412 Mt. Kemble Avenue, a 474,100-square-foot office property located in Morris Township. The space will serve as the firm's new headquarters. The Jones Lang LaSalle team of Thomas Reilly and Derek DeMartino represented the tenant in lease negotiations. Brian Decillis provided in-house representation for Mack-Cali.
BURLINGTON, MASS. — NAI Hunneman has brokered the sublease of 37,207 square feet of office space at One Wall Street, a 192,000-square-foot, Class A building located in Burlington. DynamicOps will be subleasing the entire second floor of the building from Openwave Systems. NAI Hunneman's Suburban Leasing Group represented the sub-landlord in negotiations. Colliers International represented the sub-tenant.
BROCKTON, MASS. — Paramount Partners has completed the sale of a Walgreens pharmacy in Brockton for $1.77 million. The property totals 12,536 square feet and is located at 1101 Main Street. Jay Nuss of Paramount represented the seller, Cindy Lou Realty Trust. Deborah Meyers, also of Paramount, represented the buyer, 1101 Main Brockton LLC.
HADDONFIELD, N.J. — CB Richard Ellis (CBRE) has brokered the sale of Chestnut House, a multi-use property located in Haddonfield. The building contains 18 apartments and 8,200 square feet of ground-floor office space. Stephen Marzullo, Mark Duszak, John McFadden, Robert Miller, Matthew Stefanski and Justin Marlowe — all of CBRE's Philadelphia office — arranged the sale. Both parties were undisclosed.
HOLBROOK, N.Y. — Los Angeles-based UniNet Imaging has signed a lease for 40,300 square feet of industrial space at 721-725 Broadway Ave. in Holbrook. The manufacturer plans to relocate its East Coast distribution center to the new space. It had previously been located in nearby Bohemia. Richard Cohen and Ashley Cohen of Ashlind Properties represented the tenant in lease negotiations. Michael Schefren of Colliers International represented the landlord, Long Island Industrial Management. The tenant will take occupancy in March.