NEWARK, N.J. — The Goldstein Group has brokered the sale of a freestanding Walgreens pharmacy located in Newark. The building is situated at 361-397 Bergen St. and is part of a shopping center that also includes The Home Depot, Applebee's and Wendy's. The buyer was undisclosed and the seller was Springfield Bergen LLC. The sale price was not release, but the property traded at a 6.5 percent cap rate. The Goldstein Group also negotiated the sale of the land for the building's development as well as the leasing of the building to the pharmacy chain.
SPRINGFIELD, N.J. — No Body Denied Health Club has opened a 21,500-square-foot anchor location within Echo Plaza, a shopping center located at the intersection of Mountain Avenue and U.S. Route 22 in Springfield. The fitness center includes a cycle studio, group fitness classrooms, a youth sport training zone and childcare areas. No Body Denied will join co-anchor Stew Leonard's Wine & Spirits at the shopping center, which is undergoing a repositioning. Other tenants include Outback Steakhouse, Sherwin Williams, Echoqua Italian Bistro and Chen's 22 Chinese restaurant. Larken Associates is the owner of Echo Plaza and Levin Management Corp. is the leasing agent.
WOBURN, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of a 5.6-acre redevelopment site located at 399 Washington St. in Woburn. The property was previously occupied by the Lannan Buick Pontiac auto dealership. Jim Koury and Nathaniel Heald of JLL represented the seller, Argonaut Holdings, and procured the buyer, Nai Nan Ko. The acquisition price was not disclosed.
CENTRAL ISLIP, N.Y. — Hauppauge, N.Y.-based Ashlind Properties has brokered the sale of a 248,000-square-foot distribution center located in Central Islip. The buyer, Raymour & Flannigan, had previously leased the property, located at 111 Windsor Place, and exercised its option to purchase it. Amenities of the building include 40-foot clear ceiling heights, 40 loading docks, a racking system and 11,000 square feet of office space. Richard Cohen of Ashlind represented both sides in the transaction, with assistance provided by Ashlind's Michael Landsman. The seller was Islip U-slip LLC. The acquisition price was not disclosed, but the original purchase option in the lease was in excess of $21 million.
NORTH BRANFORD, CONN. — Tranzon Integrated Property Group has completed the sale by auction of Central Plaza Shopping Center, a 50,000-square-foot retail property located in North Branford. The property traded for $2.86 million. Andrew Buzzi, Jr., of law firm Buzzi & Terbrusch represented the undisclosed seller. The buyer's name was also not released.
PATERSON, N.J. — CB Richard Ellis (CBRE) has arranged the sale of a 19-unit multifamily property located in Paterson. The building is located at 315 Park Ave. and was fully occupied at the time of closing. CBRE's Charles Berger, Dean Marchi and Gehane Triarsi represented the seller. Both parties were undisclosed.
LEOMINSTER, MASS. — Marcus & Millichap has negotiated the sale of Leominster Business Center in Leominster for $2.02 million. The property is situated at 34 Central St.; it consists of the 1,017-unit Easy In Self Storage as well as 68,000 square feet of multi-tenant office and commercial space. Harvey Miller and Mike Mele of Marcus & Millichap's Self Storage Group, along with Robert Horvath and Todd Tremblay of the firm's Boston office, represented the seller, Phillip Rahaim of Leominster Business Center Inc., at the property's bankruptcy auction. Mele and Miller also procured the buyer, Sanford, Maine-based Arenhall Corp.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a two-building multifamily property located at 16-18 N. Moore St. in the Tribeca neighborhood of Manhattan, New York City, for $8.1 million. The unit mix consists of eight two-bedroom units, seven one-bedroom units and three studios. The ground floors of the buildings are interconnected and occupied by Walkers Grill and Bar. Nick Petkoff and Robert Knakal of Massey Knakal negotiated the transaction.
CORTLAND AND NEW YORK, N.Y. — NorthMarq Capital has arranged two New York multifamily loans for a total of $6.61 million. In the first transaction, Scott DeVinney of NorthMarq's Upstate New York office secured $3.61 million in first-mortgage financing for Village Terrace Apartments, a 96-unit property located in Cortland. The loan carries a 10-year term and a 25-year amortization schedule. The borrower is undisclosed, and the lender is a federal credit union. In the second transaction, Craig Bjornsund of NorthMarq's New York Metro office arranged $3 million in first-mortgage financing for a retail and residential property located at 45 W. 55th St. in New York City. The property includes 7,835 square feet of retail space and 11 residential units. The loan carries a 3-year term and a 25-year amortization schedule. The borrower was Double E Realty, and the lender was Sun Life of Canada.
HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of two mixed-use buildings located on Boulevard in Hasbrouck Heights. The two buildings contain a total of six apartments, four office spaces and four retail spaces. One of the buildings is fully occupied, and the other is 25 percent occupied. David Thurston and Brian Schifilliti of Marcus & Millichap's New Jersey office represented the seller, a local private investor. Thurston also secured the buyer, an undisclosed national investor.