NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $9.5 million first-mortgage loan for the refinancing of a 13-story luxury apartment building located in Manhattan, New York City. Situated within the Plaza district, the building contains 68 rental units and four ground-floor commercial spaces. Occupancy was 98 percent at the time of closing. Keith Kurland of the New York City office of CBRE Capital Markets secured a non-recourse loan with a 5-year, interest-only term and a 5.19 percent fixed interest rate. The loan was arranged in-house by CBRE Multifamily Capital, a Fannie Mae DUS lender.
Northeast
ELLSWORTH, MAINE — A new Walmart has opened at Acadia Crossing, an open-air shopping center located in Ellsworth. The new Walmart marks the completion of Phase II construction at the 500,000-square-foot center. Acadia Crossing is located at the intersection of routes 1 and 3. Other anchors at the center include The Home Depot.
KING OF PRUSSIA, PA. — HREC Investment Advisors has completed the sale of the Park Ridge Hotel, a 265-room hotel located in King of Prussia. The buyer, Philadelphia-based Wurzak Hotel Group, plans to eventually redevelop the hotel into two hotels, an Element and a Sheraton/Westin. Geoff Davis of HREC represented the seller, Starwood Hotels. The acquisition price was not disclosed.
NEWARK, DEL. — Student housing developer Campus Living Villages is nearing completion for Studio Green Delaware, a student housing community located at 91 Thorn Lane, near the campus of the University of Delaware, in Newark. The project consists of the approximately $6 million conversion of the former Towne Court/Park Place Apartments, which was first built in the 1950s. The new Studio Green will contain 665 units in a mix of one-, two-, three- and four-bedroom residences. A 10,000-square-foot clubhouse called The Centre will feature a fitness center, an indoor basketball court, a yoga studio, a business center and meeting rooms, a game room, a screening room, an outdoor lounge, and a heated, saltwater swimming pool. Other amenities include on-site tanning facilities, laundry facilities and a bus stop for the university's bus service.
BRIDGEWATER, N.J. — Basking Ridge, N.J.-based Coldwell Banker Commercial Feist & Feist has negotiated the sale of a three-building, 100,000-square-foot industrial complex located in Bridgewater for $5.4 million. The complex is situated on more than 13 acres at 81 Chimney Rock Rd. and is currently undergoing a multi-million renovation. The buyer is Peter Chesson of Chesson Management, who is also the owner of Barker Bus Co. and plans to relocate the company to a portion of the facility. Peter Wisniewski of Feist & Feist represented the buyer. The seller was Jacksonville, Fla.-based Braddock Realty.
MAMARONECK, N.Y. — Houlihan-Parnes Realtors has arranged the acquisition of The Post Road Center, a 16,000-square-foot retail strip center located in Mamaroneck. Constructed in 1966, the center is located at 587-621 E. Boston Post Rd. It is occupied by 13 tenants, including Circle Swim Shop, Edible Arrangements, Mamaroneck Flowers, Post Restaurant and Pizza Gourmet. Jim Coleman of Houlihan-Parnes arranged the deal. The buyer, an undisclosed party participating in a 1031 exchange, plans to complete upgrades to the property. The seller was not disclosed.
NEW YORK CITY — The Kaufman Organization has brokered a 15,536-square-foot office lease at 1250 Broadway, a 39-story, 670,000-square-foot tower located in Manhattan, New York City. Gabriels Technology Solutions will occupy the fully built, Class A space for a 5-year term. The technology provider is relocating from a smaller office on Hudson Street. Michael Heaner and Daniel Kahn of Kaufman represented the tenant. Eric Levy, Brad Siderow and A.J. Camhi of Murray Hill Properties represented the undisclosed landlord. The price of the lease was not released, but the asking price for the space was $50 per square foot.
WATERTOWN, N.Y. — Jones Lang LaSalle (JLL) has brokered the sale of Arsenal Plaza shopping center in Watertown for $17.75 million. The property consists of four buildings totaling 215,648 square feet that are situated on 25 acres at 1283 Arsenal St. Grocery chain Price Chopper anchors the center; other tenants include T.J. Maxx, Staples, Dollar Tree, Michaels and Applebee's. Occupancy was 97 percent at the time of closing. JLL's Jim Koury, Nathaniel Heald and Robert Borden represented the seller, Arsenal Street Associates LP, and procured the buyer, Arsenal Plaza Associates LLC, an affiliate of Nigro Cos. The buyer plans to upgrade the center with new paint and landscaping, and Price Chopper will undergo minor interior renovations.
ARVERNE, N.Y. — Newell Funding has disposed of a 32,000-square-foot commercial building located in Arverne. The building is situated at 72-11 Amstel Blvd. and is occupied by the City of New York Sanitation Department, which will soon vacate the property. The buyer is Inwood, New York-based All Transit. Frank Rao and Michael Rao of N.Y. Commercial Realty Group represented the seller, and Brian Pinnola and Joseph Maffia of NAI Long Island represented the buyer. The acquisition price was not disclosed.
NEWARK, DEL. — CB Richard Ellis (CBRE) has completed the sale of the Bowman Building, a 15,233-square-foot office building located in Newark. The single-story building is situated on 3.81 acres at 900 Prides Crossing. It is currently configured as an auditorium on the former Bank of America campus. CBRE'S Dan Rattay represented the buyer, Medical Society of Delaware, which plans to relocate its headquarters to the building. John Kaczowka and Brian Hopkins, also of CBRE, represented the seller, The Buccini/Pollin Group.