NEW YORK CITY — Massey Knakal has brokered the sale of a 144-unit apartment building located in the Kew Gardens neighborhood of Queens for $19.52 million. The nine-story, elevator-served building is located at 82-67 Austin St. The unit mix includes 92 rent-stabilized units, 48 market-rate units, and four rent-controlled units. The property traded at a 5.2 percent cap rate. The Massey Knakal team of Brian Sarath and Paul Massey, Jr., arranged the deal on behalf of the two undisclosed parties.
WAYNE, N.J. — Prism Capital Partners has sold an office building located at 1655 Valley Rd. in Wayne to a private real estate investment firm for $14.2 million. The four-story, 163,000-square-foot office property was constructed in 1987 and is currently occupied by UPS. Newmark Knight Frank arranged the deal.
UNIONVILLE, CONN. — Houlihan-Parnes Realtors has secured a $5.6 million first mortgage for the refinancing of The River Edge Shopping Center in Unionville. The 51,628-square-foot retail and office property is located at 45 S. Main Street. Its tenant roster includes CVS/pharmacy, Verizon Wireless, People's Choice Pizza and Quest Diagnostics. The loan carries a 5-year term with a 5.25 percent fixed interest rate and a 30-year amortization schedule. Ed Graf and Ted Sannella of Houlihan-Parnes arranged the deal on behalf of the undisclosed borrower. The lender's name also was not released.
GARDEN CITY, N.Y. — Metropolitan Realty Associates (MRA) has inked a deal with BJ's Wholesale Club for 121,000 square feet at the newly renamed Garden City Square, a 335,000-square-foot mixed-use property located at 711 Stewart Ave. in Garden City. The warehouse retailer expects to open the new location in October 2012. John Hanlon of RIPCO Realty represented BJ's in lease negotiations. Matthew Wallerstein provided in-house representation for MRA, which purchased the formerly distressed property last May for $15 million. Vacancy at the time was 71 percent.
BETHLEHEM, PA. — The Solomon Organization has procured a $27.85 million loan to refinance three of its multifamily properties in Bethlehem. The portfolio comprises the 176-unit Meadows at Leigh, the 156-unit Hills at Leigh and the 80-unit Waters Edge. All three properties have been upgraded in the past five years. The loan carries a fixed interest rate, a 7-year term, a 30-year amortization schedule, 2 years of interest-only payments and 6.5 years of yield maintenance. Beech Street Capital arranged the loan through Freddie Mac. Meridian Capital Group originated the financing.
DERBY, CONN. — Cronheim Mortgage has secured $9 million in acquisition financing for a Derby retail center. The 168,803-square-foot property is anchored by Lowe's Home Improvement Warehouse. Additional tenants include Dollar Tree, Dunkin' Donuts, Webster Bank and Burger King. The loan carries a 19-year, self-liquidating term with a 4.85 percent interest rate. Andrew Stewart and Anna Westhoff of Cronheim arranged the loan between the two undisclosed parties.
CLIFTON, N.J. — NorthMarq Capital has arranged a $3.1 million first mortgage that will refinance Middle Village Apartments, a 160-unit property located at 24 Day St. in Clifton. The loan carries a 15-year, fully amortizing term along with flexible prepayment terms and an option for a line of credit. Robert Ranieri of NorthMarq arranged the financing between the borrower, Middle Village Associates, and the lender, North Jersey Community Bank.
BRISTOL, PA. — Lexington Realty Trust has signed a 15-year lease with an undisclosed tenant for 241,977 square feet of industrial flex space at 250 Rittenhouse Circle in Bristol. The tenant will use the property, located within Keystone Park, for light assembly, warehouse/distribution and office space. The Binswanger team of Frank Cullen and Chris Pennington represented Lexington in lease negotiations. The CB Richard Ellis team of Michael Mullen and Pat Green represented the tenant.
HOBOKEN, N.J. — New Jersey developer Advance Realty will commence development this month for a new apartment tower in Hokoken. Willow14 will be located at the intersection of 14th Street and Willow Avenue. The seven-story building will contain 140 luxury apartments over 22,000 square feet of street-level retail space and 387 below-grade parking spaces. Community amenities will include a swimming pool, terraces, green roofs and a community center. The project will be seeking LEED certification. Environmental remediation of the 1-acre site will begin this month. Vertical construction will begin later this year, with completion anticipated by the end of 2013.
EDISON, N.J. — Boston-based TA Associates Realty has purchased Metroview Corporate Center, a 196,000-square-foot, Class A office building located in Edison, for $42.1 million in an all-cash deal. The 11-story building is situated on 11.5 acres at 333 Thornall Street. Occupancy was 93 percent leased at the time of closing, and less than 13 percent of the existing leases will come to term over the next three years. The building was constructed in 1984. Amenities include a renovated lobby, a 170-seat cafeteria with outdoor seating, and a two-story parking deck. The building is LEED-Silver certified. The Cushman & Wakefield team of Andrew Merin, Gary Gabriel and David Bernhaut represented the seller and procured the buyer.
