Northeast

PORTSMOUTH, N.H. — CB Richard Ellis/New England (CBRE/NE) has brokered the $1.6 million sale of 19 Post Rd., a 25,400-square-foot industrial building in Portsmouth. The buyer, 19 Post Road Group, purchased the property from Five N Associates. The building is comprised of 3,000 square feet of office space and 22,400 square feet of warehouse space. Michael Tamposi of CBRE/NE represented 19 Post Road Group and William Luers of Tamposi-Nash Real Estate Group, Inc. represented Five N Associates.

BUFFALO, N.Y. — Buffalo-based Sovran Self Storage, Inc. has completed financing totaling $500 million of senior, unsecured debt. Sovran will use proceeds from a 10-year placed term note of $100 million as well as the proceeds from a 7-year, $125 million unsecured term loan to repay its $71 million outstanding on its line of credit and a $150 million term loan that matures in June 2012. A bank lending syndicate comprised of 10 lenders including M&T Bank, SunTrust Bank, U.S. Bank and Wells Fargo Bank has committed $100 million for a 7-year delayed draw note to provide Sovran funding to repay its maturing mortgage debt. Also, Sovran negotiated a $175 million, 5-year unsecured line of credit with an accordion feature of an additional $75 million and an extension provision of up to 2 additional years.

NEWARK, N.J. — Forem Facility Management is developing a $65 million warehouse and distribution facility at 52-62 Cornella St. in Newark for Keasbey, N.J.-based Wakefern Food Corp. The 180,000-square-foot facility is slated to be delivered within 12 months and will serve ShopRite stores in New Jersey, New York and Pennsylvania. The project will bring 120 permanent jobs and approximately 175 construction jobs to Newark. The State Economic Development Agency has provided approval for Urban Transit Hub Credit for $45 million on a $65 million capital expenditure project. TD Bank has provided a leverage loan for approximately $27 million. Also, The Reinvestment Fund has provided a $2 million loan and Newark’s city government has provided a tax abatement. Brick City Development Corp. was involved with structuring the project financings and the entitlement process.