TEANECK, N.J. — Marcus & Millichap has completed the sale of a 42,047-square-foot retail center located at 665 American Legion Drive in Teaneck. Constructed in 1961, the building's sole tenant is Stop & Shop, which currently has 8 years remaining on a 20-year, triple-net lease but has four 5-year extension options. The tenant recently completed a $1 million renovation. The Marcus & Millichap team of Bob Horvath, Todd Tremblay and Mike Lombardi represented the seller, FW Teaneck LLC, and procured the buyer, H&R LLC.
PITTSBURGH — McKnight Realty Partners has procured a $15.5 million loan for the refinancing of a Pittsburgh industrial property. The building totals 327,500 square feet and is located within RIDC O'Hara Business Park at 615 Alpha Drive. Occupancy was 80 percent at the time of closing; tenants include Benshaw Inc. The loan carries a 10-year term and a fixed interest rate; the lender is Nationwide Real Estate Investments. A Holliday Fenoglio Fowler team led by Gerard Sansosti arranged the financing on behalf of McKnight.
PHILADELPHIA — Renovations are under way at 1650 Arch Street, a 27-story office tower located at the corner of 17th and Arch Streets in Philadelphia. The project, which is being overseen by Jones Lang LaSalle, includes renovations to the lobby, new building signage and upgraded interior finishes. The lobby will include new artwork made from recycled toys, a large seating area and abundant natural light. Meyer Design is the project architect, and Lakash Constructors is the construction manager.
NEWARK, N.J. — The groundbreaking has occurred for the new Courtyard by Marriott at the Prudential Center in downtown Newark. The project will be connected to Prudential Center, which is the home of the NHL's New Jersey Devils. It will contain approximately 150 rooms as well as approximately 14,000 square feet of ground-floor retail space. Tucker Development Corp. is developing the project and will lease and manage the retail space. The construction timetable was not released. According to city officials, the project marks the first hotel to be construction in downtown Newark in the last 40 years.
FRANKLIN TOWNSHIP, N.J. — Joy Systems has signed a lease with Mack Co. for a 100,000-square-foot industrial building located at 101 Cottontail Lane in Franklin Township. The building comprises 95,000 square feet of warehouse/distribution space and 5,000 square feet of office space. The new tenant will relocate its headquarters to the building from nearby Bridgewater. The Cushman & Wakefield team of Stan Danzig, Jules Nissim, Steve Elman and Rachel Pittard represented the tenant in lease negotiations. Paul Jerkovich represented Mack in house.
RED LION, PA. — Beech Street Capital has arranged an $11.4 million Fannie Mae DUS loan for the acquisition of Windsor Pointe Apartments, a 145-unit community located in Red Lion. Constructed in 2007, Windsor Pointe comprises 33 two-story, townhouse-style units. A park constructed concurrent with the community contains sporting fields as well as picnic and playground areas. The loan carries a fixed interest rate, a 10 year term, 9.5 years of yield maintenance, 2 years of interest-only payments and a 30-year amortization schedule. Beech Street arranged the loan and Meridian Capital Group originated it on behalf of the undisclosed borrower.
HUNTINGTON STATION, N.Y. — Kimco Realty Corp. has purchased a Long Island shopping center from Centro Properties Group for $7.9 million. Turnpike Plaza is a 53,000-square-foot property located at 695-731 E. Jericho Turnpike in Huntington Station. It was 95 percent leased at the time of closing, and its anchors include Waldbaum's, whose lease will expire soon, and Rite Aid. The Cushman & Wakefield team of Gary Gabriel, Andrew Merin, David Bernhaut and Grace Braverman arranged the deal.
NEW YORK CITY — Madison International Realty has made a $172.3 million equity investment in a portfolio of New York City metro area retail properties owned by Forest City Enterprises. For its investment, Madison International will obtain a 49 percent interest in the partnership, with Forest City controlling the other 51 percent and maintaining leasing and management duties. The portfolio is valued at $851.5 million including $500 million in debt. The properties include three centers each in Brooklyn, the Bronx and Queens; two centers each in Manhattan and Staten Island; and one center in North Bergen, N.J.
NEW YORK CITY — A joint venture between Morgan Stanley Real Estate Investing and Kearny Real Estate Co. has acquired a loan portfolio with a principal balance of $196 million from an offshore bank. The portfolio comprises performing, sub-performing and non-performing loans for 45 properties located primarily in New Jersey, New York, California, Nevada and Washington. The properties include residential condominiums, apartments, office buildings, and industrial and residential land.
PHILADELPHIA — Metro Development Co. has broken ground for Bakers Square, a 220,000-square-foot shopping center located in the Hunting Park West submarket of Philadelphia. The project will be constructed on the site of the former corporate headquarters and production facility for Tasty Baking Company. The anchor will be a 71,000-square-foot ShopRite. US Realty will assist in leasing the center. The completion date was not released. Future development of the site calls for the preservation and redevelopment of the original 460,000-square-foot factory into a mixed-use project containing retail, office, educational and institutional space.