ROCHESTER, N.H. — The Kane Company has completed the acquisition of a 14,500-square-foot building located at 181 Charles St. in Rochester. The buyers, Stephen and Nicholas Marcotte, plan to use the building as the new home for their sports screen printing and embroidery business. Its former occupant was Adam Window & Door. Joseph Kane of The Kane Company listed the property and procured the buyer.
MEDIA, PA. — Marcus & Millichap has brokered the short sale of Media Townhomes, a 12-unit multifamily community in Media. The property is located at 310-320 S. Olive St. It traded for $1.39 million. Corey Lonberger, Ken Wellar and Charlie Classen of Marcus & Millichap's Philadelphia office represented the seller and the buyer, both private investors.
NEW YORK CITY — Helios Capital has arranged the acquisition of a non-performing loan for a 30-unit multifamily property located in the Bronx. The loan carries an unpaid balance of approximately $1.4 million. The parties involved in the off-market deal were not released.
Demand for industrial space remains moderate in Northern and Central New Jersey. People are, undoubtedly, out in the marketplace, but much of our regional activity ties to lease renewals. Tenants facing term expirations are opting to remain in place, reflecting the “wait and see” approach that so many companies have chosen in this tough economic climate. Relocations almost always involve a flight to quality, with tenants taking advantage of opportunities to land attractive deals for Class A space. Deals today are being made at aggressive rental rates. As a result, available Class A space, especially in the Exit 8A submarket, has seen some absorption over the past 12 months. Across all submarkets in Northern and Central New Jersey, renewal activity comprises the bulk of leasing activity. Although year-to-date leasing totals are up from a year ago by approximately 1.2 million square feet, vacancies have held steady during the past 12 months. At the end of 2010’s third quarter, the overall Northern and Central New Jersey vacancy rate rested at 11.3 percent. That figure is identical to the rate recorded at this time last year. The average direct triple-net rental rate for Northern and Central New Jersey was $5.84 per square …
NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a $92.5 million loan for the refinancing of the Hilton Times Square in New York City. The hotel comprises floors 21 through 45 of the building, which is located in the heart of Times Square. The loan carries a 10-year term and a fixed interest rate below 5 percent. The lender was Bank of America Merrill Lynch. The borrower, Sunstone Hotel Investors, plans to use the proceeds to retire the hotel's current $81 million loan, which carried a 5.95 percent interest rate and would have came to term in December. Mathew Comfort of JLL's Real Estate Investment Banking division and Jeffrey Davis of JLL Hotels secured the financing.
NEW YORK CITY — Construction is advancing for 163 Washington, a new residential condominium project located in Brooklyn's Clinton Hill neighborhood. The 16-story tower contains 49 units ranging in size from 440-square-foot studios to 1,156-square-foot two-bedroom units. The buildings contains 5,000 square feet of outdoor amenity space including two fire pits, two outdoor barbecues, a rooftop terrace and a yoga garden. Other amenities include an indoor-outdoor media room, a fitness center and on-site parking. Residences start at $250,000 and occupancy is scheduled for January. The GLC Group is the developer of 163 Washington. Karl Fischer is the project architect, and The Developers Group is handling sales and marketing.
FRAMINGHAM AND MILFORD, MASS. — NAI Hunneman has brokered two separate multifamily sales in Massachusetts for a total of $2.22 million. In the first deal, VTT Grant Street purchased a three-building, 22-unit apartment complex located at 115-135 Grant St. and 84-92 Lawrence St. in Framingham for $1.17 million. The seller was R&P Realty Trust. In the second transaction, Green Way Realty purchased a 24-unit apartment building located at 169 Medway Road in Milford from G&R Realty Trust for $1.05 million. Carl Christie and Dan McGee of NAI Hunneman represented the sellers and procured the buyers in both deals.
BAYVILLE, N.J. — Morgan Real Estate has brokered the sale of a freestanding Walgreens located in Bayville. The firm's George Morgan, Jr., and Greg Woulfe represented the buyer, Bayville Triess. Morgan Real Estate joined with Marabella Commercial Finance to obtain acquisition financing, which consisted of a $4.6 million, non-recourse, CMBS loan. The property traded at a 7.37 percent cap rate.
WATERBURY, CONN. — The Olive Oil Factory has acquired a 21,100-square-foot manufacturing facility in Waterbury for the expansion of its operations. The building, which is located at 197 Huntingdon Ave., was previously occupied by Roberts Radiator Corp., also the seller. Robert Eber of CB Richard Ellis' Stamford, Conn., office represented both parties in the deal.
PITTSBURGH — CB Richard Ellis (CBRE) Capital Markets has arranged $143 million in long-term, fixed-rate financing for PPG Place, a 1.5 million-square-foot, Class A office complex located in downtown Pittsburgh. The six-building complex is situated adjacent to the historic Market Square. The buildings surround a 1-acre plaza and feature street-level retail and restaurant space. John Clifford and William Howe of CBRE's Chicago office joined with Jeffrey Ackerman and Jack Norris of the firm's Pittsburgh office to represent the borrower, Market Associates LP. The lender's name was not released.