CHELMSFORD, MASS. — Linear Retail Properties has acquired Chelmsford Plaza, a 24,462-square-foot shopping center located in Chelmsford, for $6.77 million. The center is situated at the intersection of Drum Hill Road and North Road, across the street from a Walmart. The center's tenants include Starbucks, Sherwim-Williams, AT&T Wireless, UPS Store, Little Caesar's Pizza, Supercuts and H&R Block. The center has one 2,400-square-foot vacancy. The seller was the property's original developer.
NEWBURYPORT, MASS. — The Kane Company has negotiated the sale of a 7,200-square-foot flex industrial property in Newburyport. The property is located on 2.5 acres at 4 Malcolm Hoyt Drive. Anthony Triglione of Kane represented the seller, Dakota Realty Trust, and procured the buyer, M&L Realty Trust.
DANVERS, MASS. — Klemmer Associates has completed the sale of a 21.37-acre site located at 150 Andover St. in Danvers. Formerly home to Morton Thiokol Corp., the property is being redeveloped by the new owner, MRS Managhement, into an indoor multi-sport complex. Local developer Connolly Brothers is serving as general contractor for the project. Completion is slated for next spring.
MANSFIELD, MASS. — EagleBridge Capital has arranged $2 million in permanent acquisition financing for a Rite Aid in Mansfield. The 13,500-square-foot, freestanding property is located at 243 Chauncy St. Ted Sidel and Brian Sheehan, both of EagleBridge, arranged the loan on behalf of the undisclosed borrower through a commercial bank.
WHEATFIELD, N.Y. — Calamar has commenced development of the first building to be constructed as part of a new medical campus within The Woodlands Corporate Center East in Wheatfield. The project consists of an 8,000-square-foot building that will be operated by Apollo Healthcare as a full-service renal center. At full build-out, the medical campus will contain 250,000 to 400,000 square feet of medical space, representing a $50 to $75 million investment. Woodlands Corporate Center East totals 120 acres and will be able to accommodate healthcare, office, flex and residential space.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 21-unit apartment building located in Jersey City. The property traded for $1.16 million. The Marcus & Millichap team of Steven Matovski, Maz Radwan, Nat Gambuzza and Lauren Federgreen represented the seller, a local private investor, and procured the all-cash buyer.
NEW YORK CITY — Beech Street Capital has arranged $37.5 million in Fannie Mae DUS funds for the refinancing of Castle Braid Apartments, a 144-unit multifamily property located in Brooklyn. The loan carries a fixed interest rate, a 10-year term with 9.5 years of yield maintenance, a 30-year amortization schedule and 2 years of interest-only payments. Meridian Capital Group originated the loan.
WILLIAMSPORT, PA. — Berkadia Commercial Mortgage originated $3.05 million in Freddie Mac financing for Woodland Park Apartments, a 100-unit community located in Williamsport. The community was constructed in 1971. It consists of 16 two-story buildings on approximately 11 acres. The loan carries a 10-year term, a 30-year amortization schedule and a fixed interest rate. The proceeds will be used by the borrower, Towncrest Associates LP, the retire existing debt and complete renovations. Warren Higgins of Berkadia's Philadelphia office arranged the loan.
NEW YORK CITY — Massey Knakal has brokered the sale of a block-front, mixed-use portfolio in the Riverdale section of the Bronx for $16.2 million. The properties include a six-story, 66-unit apartment building located at 3300 Netherland Ave. and a 5,000-square-foot, single-story retail building located at 560-574 W. 235th St. Karl Brumback of Massey Knakal arranged the deal on behalf of the two undisclosed parties.
YONKERS AND NEW ROCHELLE, N.Y. — CVS/pharmacy will open two new locations in Westchester County this spring. The first will be a 10,000-square-foot, freestanding store located at 222 North Ave. in New Rochelle. It will be the pharmacy's fourth location in the city. In addition, CVS will open its fourth location in Yonkers. The new store will total 23,021 square feet and will co-anchor the shopping center located at 25 Prospect St. Goldschmidt & Associates represented CVS in both lease transactions.