NATICK, MASS. — Parsons Commercial Group has sold an office building in Natick to Waltham, Mass.-based Legacy Real Estate Ventures for $3.5 million. The two-story, 30,000-square-foot property is located at 11 Huron Drive. Locally-based Middlesex Bank provided acquisition financing.
NEW YORK CITY — Beech Street Capital has arranged $40 million in Fannie Mae DUS funds for the refinancing of a New York City multifamily portfolio. The portfolio contains eight properties located in Queens. The buildings contain a total of 1,154 units and were constructed between 1950 and 1963. The loan carries a 10-year term with a fixed interest rate and 9.5 years of yield maintenance. Meridian Capital Group originated the financing.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has brokered the sale of a distressed multifamily portfolio in East Orange for $10.5 million. The portfolio comprises a mix of units in mid- and high-rise buildings located at 106, 120, 158 and 179 S. Harrison St. All four buildings were constructed in the 1920s. David Oropeza of Gebroe-Hammer represented the seller, which is currently in Chapter 11 bankruptcy. The buyer plans to renovate the units to bring them up to market standards. Oropeza also assisted in the recent sale of 50 units nearby at 10 S. Grove St. and 242 N. Oraton Parkway. He also brokered the $13.35 million sale of 320 distressed units located along South Harrison and Prospect streets.
UNION CITY AND HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has completed two New Jersey sales for a total of $6.2 million. In the first deal, a 47-unit multifamily property located in Union City traded for $3.95 million. Christopher Rizzolo and Nat Gambuzza of Marcus & Millichap's New Jersey office represented the seller, a New York investor, and secured the buyer, a local investor. In the second deal, an 18,608-square-foot office property located on Route 17 in Hasbrouck Heights traded for $2.25 million. David Thurston of Marcus & Millichap's New Jersey office represented the buyer, a local investor.
NEW YORK CITY — The grand opening has been held for the new Sheraton Tribeca, a 369-room hotel located at 370 Canal St. in the Tribeca neighborhood of Manhattan. Amenities at the hotel include a full-service restaurant and lounge, a fitness center, a Starbucks Café, a business center and more than 1,000 square feet of flexible meeting space. This latest opening marks the second Sheraton hotel to open in New York City; the Sheraton Brooklyn opened in April. The Sheraton brand is operated by Starwood Hotels & Resorts.
NORTHBOROUGH, MASS. — Construction is under way for Northborough Crossing, a 600,000-square-foot, open-air retail center located in Northborough. The $100 million project is already 90 pre-leased by a tenant roster that includes anchors Wegmans and Kohl's as well as junior anchors Toys “R” Us, Babies “R” Us, Michaels, PetSmart, T.J. Maxx and Golf Town. Completion is expected in fall 2011. New England Developmnent is leading the development team for the project, and Brendon Properties is serving as the local development partner. Northborough Crossing is part of a 174-acre master-planned community that also includes a new apartment community being developed by AvalonBay Communities.
SEWELL, N.J. — A joint venture between Cedar Shopping Centers and RioCan Real Estate Investment Trust has closed on the $26.3 million acquisition of the Cross Keys Place shopping center in Sewell. The 148,000-square-foot property is fully leased to tenants that include Bed Bath & Beyond, Sports Authority, AC Moore, Old Navy and Petco. The Home Depot shadow anchors the center. The joint venture expects to close shortly on financing for the purchase. It expects the loan to have a 10-year term, a fixed interest rate of less than 5 percent and a 55 percent loan-to-value ratio. Cedar will handle long-term management and leasing of the property. The joint venture has closed on more than $250 million in shopping center purchases so far this year.
NEW YORK CITY — POKO Partners is in the construction contract phase for the adaptive re-use of the Loews Pitkin Theater in Brooklyn's Brownsville neighborhood. The project will include 70,000 square feet of retail space and 90,000 square feet on the building's upper levels that will be occupied by a charter school. Wilk Auslander assisted POKO with the contracts. The construction timetable for the project was not released.
NEW YORK CITY — Non-profit organization International Planned Parenthood Federation – Western Hemisphere has acquired an office condo in Lower Manhattan from Empire State Development Corp. for $9 million. The condo, which totals approximately 26,000 square feet, comprises the entire ninth floor of 125 Maiden Lane, a 17-story, 350,000-square-foot office condo tower. The Colliers International team of Richard Warshauer, Robert Tunis and Eric Ferriello partnered with Gary Curry of Cornerstone Group to represent the seller. Suzanne Sunshine of S. Sunshine & Associates represented the buyer.
WOODCLIFF LAKE, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged a $20 million loan for the refinancing of a Class A office property located in Woodcliff Lake. The building totals 118,092 square feet and is located at 155 Tice Blvd. The property's sole tenant is Eisai, which occupies this building and the one at 100 Tice Blvd. as its corporate headquarters. The loan carries a 7-year term and a 25-year amortization schedule. The borrower was Ridge Associates II LP. James Gunning of CBRE Capital Markets arranged the financing. Earlier this month, CBRE Realty Trust acquired 100 Tice Blvd., a 208,911-square-foot office building.