PISCATAWAY, N.J. — Sonnenblick-Eichner Co. has arranged $21.3 million in first mortgage financing for the fee simple interest in a New Jersey office complex. One Centennial Plaza is a two-building, 121,286-square-foot office complex located in Piscataway. Its sole tenant is American Standard, a subsidiary of Ingersoll Rand, whose former U.S. headquarters is located adjacent to the property. The loan is non recourse and carries a 10-year term and a fixed interest rate priced less than 200 basis points over the corresponding treasury rate. The lender was a domestic life insurance company.
WEST CALDWELL, N.J. — Kanebridge Corp. has acquired a flex industrial property in West Caldwell for $3.85 million. The company will occupy half of the 50,000-square-foot building as its new headquarters. The other half is occupied by an existing tenant that recently renewed its lease. Cushman & Wakefield represented Kanebridge in the acquisition and is also marketing the firm's former headquarters in Oakland, N.J., for sale or lease. The Cassidy Turley team of Howard Weinberg and Matthew Turse represented the seller, JKL Properties.
PARSIPPANY AND WEST ORANGE, N.J. — The Hampshire Companies has acquired two daycare facilities in New Jersey for an undisclosed amount. The two properties total 16,320 square feet and were previously owned by New Dimensions Learning Corp., which operates them as Clockwork Learning Centers. One is located at 627 Mount Pleasant Ave. in West Orange and the other is located at 920 Edwards Road in Parsippany. Matt McDonough of CB Richard Ellis represented both sides in the deal.
STOW, MASS. — NorthMarq Capital has arranged $12 million in mortgage financing Stow Shopping Center, a community retail property located on Great Road in Stow. The property totals 123,842 square feet in two buildings. Its tenants include Shaw's Supermarket, Ace Hardware, Citizens Bank, Pet Source, Global Fitness, Red Ginger Restaurant, Dunkin' Donuts and Papa Gino's. John Hegenbart of NorthMarq's Boston office arranged the financing on behalf of the borrower, Linear Retail Properties, through the lender, Sun Life Assurance Company of Canada.
STAMFORD, CONN. — CB Richard Ellis (CBRE) has negotiated the sale of Newbury Common, a two-tower, 261-unit apartment community located in Stamford. Community amenities include a fitness center with an indoor pool, a business center, a movie theater, two tennis and basketball courts, and 24-hour concierge service. The buyer, TIAA-CREF Global Real Estate, plans to complete a capital improvements program in the near term. The CBRE team of Jeffrey Dunne and Christopher Leonard represented the seller, Seaboard Properties.
ALLAMUCHY, N.J. — Philadelphia-based Optiimum Hotel Brokerage has completed the short sale of the Inn at Panther Valley in Allamuchy. The 100-unit, boutique hotel was closed at the time of the sale. The buyer was an assisted living operator that plans to convert the hotel into senior housing. Joe McCann of Optimium represented the seller, working in cooperation with the lender.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of an approximately 35,000-square-foot warehouse located at 22 N. 15th St. in the Williamsburg neighborhood of Brooklyn. The property traded for $6.17 million, which is above its asking price. The building was formerly leased to the New York City Department of Environmental Protection. Massey Knakal's Mark Lively and Brendan Maddigan were the exclusive brokers in the deal between the two undisclosed parties.
NEW YORK CITY — Helios Capital has arranged the sale of a non-performing loan portfolio with a balance of $4.08 million. The loans are secured by three multifamily properties totaling 68 units that are located in Harlem and Upper Manhattan. Occupancy was 72 percent at the time of closing. The investor, a local private investor, acquired the portfolio at a discount off the principal amount. The lender was a regional bank.
BLOOMFIELD AND EAST ORANGE, N.J. — Prism Capital Partners has received Phase I site plan approval for The Parkway Lofts, a loft apartment conversion project located along the Garden State Parkway between Bloomfield and East Orange. The project will convert a former General Electric warehouse, which was constructed in 1897, into 355 loft-style apartment units. Prism will also construct a new three-story parking garage. The loft conversion is Phase I of a transformation of the 14.5-acre site. Phase II will include the construction of 150 for-sale townhomes, a clubhouse and other lifestyle amenities.
NEW BRUNSWICK, N.J. — The Highlands at Plaza Square, a 415-unit, Class A apartment community located in downtown New Brunswick, has traded for $112.5 million. The buyer is an entity controlled by John Hancock Life Insurance Co. through its parent company, Manulife Financial Corp. The seller was a joint venture between Prudential Real Estate Investors, Roseland Property Co., Applied Development Co. and Matrix Development Group. The CB Richard Ellis team of Jeffrey Dunne, Kevin Walsh and Christopher Leonard represented the seller.