CENTRAL ISLIP, N.Y. — Ashlind Properties has brokered the sale of a 43,200-square-foot industrial building in Central Islip for $2.5 million, Located at 65 Jetson Lane, the building contains 11,500 square feet of office space, a loading dock, two drive-in doors and 172 car parking spaces. Barnwell House of Tires purchased the vacant building and plans to use it for the company's tire retreading and wheel refinishing operations. The seller was North American Enclosures. The Ashlind team of Richard Cohen and Michael Landsman represented the buyer.
NEW YORK CITY — Savanna has procured $47 million in first-mortgage financing to recapitalize a New York City office tower. The property is a 25-story, 333,000-square-foot building located at 5 Hanover Square in Lower Manhattan's Financial District. Savanna plans to use the funds, which were provided by Mesa West Capital, to finish its capital improvements plan for the property and to fund leasing efforts. Savanna acquired the building last year.
UNION CITY, N.J. — The Kislak Company has brokered the sale of Palisades Gardens, a five-story, 44-unit apartment building located in Union City. Almost all of the residences contain two bedrooms, and occupancy was 99 percent at the time of closing. Kislak's Robert Squires represented both parties in the transaction. Both were undisclosed private investors.
MIDDLETOWN, N.Y. — Value Cos. is nearing completion for the newest residential building at The Point at Sutton Hill in Middletown. The building will contain 12 units and is expected to be complete this spring. It will join five already-completed buildings containing 52 apartments. Value Cos. plans to proceed with development of the remaining 48 units in the project in the near future. The Point at Sutton Hill consists of luxury one- through three-bedroom apartments. Unit sizes range from 773 to 1,234 square feet and monthly rents range from $1,200 to $1,795. Value Cos. also owns the adjacent 276-unit Sutton Hill community, which it recently repositioned.
NEW YORK CITY — Real estate investment firm TF Cornerstone has relocated its headquarters to a building it owns in New York City. The company will occupy 30,000 square feet, comprising the sixth and seventh floors, of 387 Park Avenue South, a 12-story, 200,000-square-foot office building. The company plans to complete a multi-million renovation of the property that will include new elevators, upgrading both lobbies and a new façade. TF Cornerstone purchased the building in 2005.
HARRISBURG, PA. — Marcus & Millichap has completed the sale of a 36,303-square-foot flex property in Harrisburg for $2.21 million. The Class B property comprises two office/warehouse buildings occupied by JST Manufacturing Co. and R.E. Michael Co. The deal equates to a 10.86 percent capitalization rate. The Marcus & Millichap team of Derrick Dougherty, Jeffrey Algatt and Benjamin Appel represented the seller, Natale Realty Co., and procured the buyer, a limited liability company formed by two investors based out of northern New Jersey and New York City.
RUTHERFORD, N.J. — NAI James E. Hanson has brokered the sale of a 22,100-square-foot flex property in Rutherford. Situated on 1.36 acres at 255 Highland Cross, the property contains three loading docks and 48 car parking spaces. Tenants at the fully leased property include Siegfried's Basment and Columbia Filters. NAI's Scott Perkins represented the seller, PGK Holding Corp., and Brian Scheuer of Chaus Realty represented the buyer, Sitex Group.
FRANKLIN, MASS., AND BEDFORD, N.H. — Marcone Capital has arranged $13.5 million in non-recourse financing for two office buildings in Massachusetts and New Hampshire. First, an $8.2 million loan was provided for Franklin Oaks Office Park, a 122,756-square-foot property located in Franklin. In addition, a $5.3 million loan was provided for Independence Place, a 101,381-square-foot property located in Bedford. Mike Marcone of Marcone Capital secured the loan on behalf of the borrower, Aegean Capital, through a large New England savings bank.
NEW YORK CITY — Marcus & Millichap has brokered the sale of the Staten Island Package, a 180-unit multifamily portfolio located in Staten Island, for $7.5 million. The buildings were constructed in the late 90's and are located at 331 Harbor Road, 25 Slaight St. and 70 Kimberly Lane. The sale price equates to a 10.24 percent capitalization rate. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, a private investor, as well as the buyer, an institutional client.
MEADOWLANDS, N.J. — DCT Industrial has purchased an industrial property located in the Meadowlands submarket of New Jersey for $17.5 million. The deal was a sale-leaseback transaction between DCT and the property's sole tenant. The building contains 330,000 square feet of light manufacturing and distribution space. it was purchased for 30 to 35 percent of replacement cost and is expected to generate a year-one cash yield of 9.7 percent. Following the tenant's lease expiration, DCT will reposition the property as a multi-tenant, bulk distribution building.