NEW YORK CITY — BRT Realty Trust has provided $14 million in acquisition and construction financing for a loft office building located next to Madison Square Park in Midtown Manhattan. The undisclosed borrower is using the proceeds to purchase the building and convert it into high-end residential condominium units. In addition, the ground floor will be leased to a restaurant. Terms of the loan and details about the property were not disclosed.
GREAT NECK, N.Y. — CPEX has negotiated the sale of a 13,752-square-foot office building located at 300 Northern Blvd. in Great Neck for $1.65 million. The all-cash buyer will also occupy space within the building. The property traded at a 9.2 percent cap rate. Andrew Lester and Wyatt Uhlein of CPEX represented the undisclosed seller. CB Richard Ellis assisted in brokering the deal.
LANCASTER, PA. — MBJA Partners has purchased a 136,542-square-foot industrial property located at 180 Greenfield Road in Lancaster from Union National Community Bank for $3.7 million. Thomas McDermott of NAI Commercial Partners represented the seller, and James Wentz of High Associates represented the buyer. In addition, Groff Page LP has acquired the former Faulkner Suzuki dealership in Lancaster from Judith S. Faulkner for $1.08 million. The 31,282-square-foot property is located on 1.6 acres at 1208 Harrisburg Pike. McDermott represented the buyer, and William Boben III of High Associates represented the seller.
MIFFLINBURG, PA., AND NEW YORK CITY — Marcus & Millichap has arranged the sale of Buffalo Valley Shopping Center, a 73,542-square-foot retail center located in Mifflinburg for $2.83 million. The property was 88 percent leased at the time of closing and most of the tenants had recently renewed their leases. The property traded at a 10.25 percent cap rate. The Marcus & Millichap team of Derrick Dougherty, Mark Taylor and Dean Zang represented the seller and procured the buyer, both undisclosed parties. In addition, Marcus & Millichap's New York City office brokered the sale of a 5,408-square-foot mixed-use property located at 1373 First Ave. in New York City for $2.38 million. The brokerage team included Peter Von Der Ahe, Joseph Koicim and David Lloyd. The buyer and seller were not disclosed.
BINGHAMTON AND SYRACUSE, N.Y. — CB Richard Ellis (CBRE) / Syracuse has completed two leases in Upstate N.Y. In the first deal, L-3 Communications Corp. renewed its lease for 428,000 square feet of commercial space at 265 Industrial Park Drive in Binghamton. Bill Anninos of CBRE/Syracuse partnered with Mark Sprague of CBRE's Los Angeles office to represent the tenant. The landlord is Broome County Industrial Development Agency. In the second deal, G&C Food Distributors signed a lease for 273,225 square feet of industrial space at 3407 Walters Road in Syracuse. CBRE's Peter Finn and Mark Rupprecht represented the landlord, National Industrial Portfolio.
NEW YORK CITY — Massey Knakal has completed two New York City sales for a total of $7.02 million. First, a South American investor acquired a 2,433-square-foot medical condominium located at 915-919 Second Ave. in Midtown Manhattan for $3.85 million. The condo, which comprises the ground level and basement of The Alexander Condominium, was formerly leased to Medrite Care. Massey Knakal's James Nelson and Clint Olsen brokered the deal. In Brooklyn, Massey Knakal's Jeffrey Shalom arranged the sale of a vacant 16,032-square-foot nursing home located at 8629 Bay Parkway. The buyer, a local developer, purchased the property for $3.17 million.
MARLBORO, N.J. — Whole Foods Market has signed a lease to anchor Marlboro Commons, a new shopping center under construction at the intersection of Routes 9 and 520 in Marlboro. Whole Foods will occupy 40,000 square feet of the 105,000-square-foot shopping center, which will be complete in 2012. Bill Lenaz of R.J. Brunelli represented the owner, Pagano Associates, in lease negotiations.
TAUNTON, MASS. — Holliday Fenoglio Fowler (HFF) has arranged an $18 million loan to refinance AGAR's headquarters in Taunton. The foodservice distributor occupies a 326,000-square-foot building within Miles Standish Industrial Park at 225 John Hancock Road. Robert Herron led the HFF team that arranged the long-term, fixed-rate financing on behalf of AGAR through People's United Bank.
PHILADELPHIA — Marcus & Millichap has completed the sale of a student housing property located on the campus of Temple University in Philadelphia for $5.85 million. Sydenham Commons is a four-story masonry structure that was built in 2006. It contains 90 beds in 27 units and has remained fully occupied since its completion. Ken Wellar and Corey Lonberger of Marcus & Millichap's Philadelphia office represented the seller, Sydenham Commons LLC, as well as the buyer, a local partnership.
HI-NELLA, N.J. — Gebroe-Hammer Associates has negotiated the 1031 exchange sale of Eagle Run Apartments, a 120-unit community located in Hi-Nella. The property was purchased for $5.1 million by an undisclosed buyer. The party had recently sold Brooklawn Apartments in nearby Brooklawn, N.J., and the purchase of Eagle Run will satisfy the second part of the exchange. The buyer will complete a capital improvements program to the property in the near term. Joel Schwartz of Gebroe-Hammer Associates represented the seller, Village of Hi-Nella LLC, in this deal and helped the buyer arrange its sale of Brooklawn Apartments.