DOBBS FERRY AND HASTINGS ON HUDSON, N.Y. — Houlihan-Parnes Realtors has sold Osborn Manor Apartments, a 78-unit, garden-style apartment community located on 300 Broadway in Dobbs Ferry. The buyer's name was not released. In addition, Houlihan-Parnes secured a $13.05 million first mortgage for Hastings Terrace Apartments, a 120-unit community located at 555-565 Broadway in Hastings on Hudson. The loan carries a 4.5 percent note rate with interest-only payments for the first 2 years, a 5-year term after that, and a 5-year extension option. The lender was a local savings bank.
WHIPPANY, N.J. — A partnership between Vision Equities and Rubenstein Partners has purchased Alcatel-Lucent's former campus in Whippany. Located on 194 acres at 67 Whippany Road, the property consists of 15 office, laboratory and support buildings. The 1.4 million-square-foot campus was vacant at the time of the sale. The Cushman & Wakefield team of David Bernhaut and Robert Donnelly, Jr., represented the seller and procured the buyer. The acquisition price was not released, but it recently appraised for more than $42 million.
NEW YORK CITY — Discount grocer ALDI has opened its first New York City location. That store is located at 61-11 Junction Blvd. in Queens' Rego Park neighborhood. The grocer also plans to open stores in the Bronx and in the Long Island community of Bay Shore in the near future.
NEW YORK CITY — Time Equities has purchased two Manhattan apartment buildings for $3.65 million. The buildings are located at 153 and 155 E. 37th St. in the Murray Hill neighborhood. They were originally constructed as two separate townhomes but converted into one-bedroom apartments in the 1950s. Christopher Sjurset of Marcus & Millichap and Todd Jacobs of Bold New York represented the undisclosed seller. Hy Schermer provided in-house representation for Time Equities.
PENNSYLVANIA — KBS Real Estate Investment Trust II has purchased a 1.6 million-square-foot Pennsylvania industrial portfolio for $90 million. The portfolio contains four properties located at 325 CenterPoint Blvd. in Pittston, 125 Capital Road in Pittston, 550 Oak Ridge Road in Hazleton and 14-46 Alberigi Dr. in Jessup. The first three buildings are wholly leased to Kimberly-Clark, Grupo Bimbo and Amazon.com, respectively. The final building is fully leased to four tenants. KBS Capital Advisors provided in-house representation to the REIT. Michael Hines and Michael Blunt of the Philadelphia office of CB Richard Ellis represented the undisclosed seller.
EAST MARION, N.Y. — Marcus & Millichap has completed the sale of a Long Island hotel for $2.02 million. Inn at the Blue is a 29-room boutique property located in East Marion. Christopher Marks and Sean Mooney of Marcus & Millichap Capital Corp. represented the seller, a financial institution. Ken Hoff of Marcus & Millichap's Manhattan office represented the buyer, which owns another hotel on Long Island.
COMMACK, N.Y. — NorthMarq Capital has secured $2.34 million in first-mortgage financing for Heatherwood Shopping Center, a 47,000-square-foot neighborhood retail property located at 6090-6136 Jericho Turnpike in Commack. The loan carries a 5.4 percent interest rate, a 10-year term and a 25-year amortization schedule. The lender was Sun Life of Canada. The NorthMarq team of Charles Cotsalas and Ernest DesRochers arranged the loan.
SOMERSET COUNTY, N.J. — New Jersey developer Russo Development has purchased a 71-acre land parcel for a new data center project. The site is located near Exit 12 of Interstate 287 in Somerset County. The project, which is known as Somerset Technology Park, could include as much as 1.3 million square feet of data center space in multiple buildings. Site work will begin in the second quarter, and the first building could be delivered as early as the second half of 2012. The campus will be located among a cluster of nearby data centers. It marks Russo's ninth data center development in the past 10 years.
DERBY, CONN. — Marcus & Millichap has brokered the sale of Derby Shopping Center for $13.7 million. The 170,097-square-foot retail property is located at 500 New Haven Ave. in Derby. It comprises five single-tenant buildings on 16.8 acres. Tenants include anchor Lowe's Home Improvement Warehouse, Dunkin' Donuts, Burger King, Webster Bank and Dollar Tree. Adam Mancinone and Blake Barbarisi of Marcus & Millichap's New Haven, Conn., office partnered with Robert Horvath and Todd Tremblay of the firm's Boston office to represent the seller, a partnership of New York investors that redeveloped the property in 2008. The team also represented the buyer, a Connecticut-based private investor.
PENNSYLVANIA AND MASSACHUSETTS — Cedar Shopping Centers has exercised the buy-sell provisions in its joint venture with Canadian firm Homburg Invest. Cedar owns a 20 percent interest in the nine-property retail portfolio and Homburg owns the other 80 percent. First, Cedar is purchasing Homburg's 80 percent interest in Meadows Marketplace, a 91,538-square-foot property located in Hershey, Pa., for $5.3 million. In addition, Cedar will be selling its 20 percent interest in the other eight shopping centers to Homburg for a total of $9.7 million. The properties include, Fieldstone Marketplace in New Bedford, Mass.; Aston Center in Aston, Pa.; Scott Town Center in Bloomsburg, Pa.; Stonehedge Square in Carlisle, Pa.; Pennsboro Commons in Enola, Pa.; Ayr Town Cener in McConnellsburg, Pa.; Parkway Plaza in Mechanicsburg, Pa.; and Spring Meadow Shopping Center in West Lawn, Pennsylvania. All nine properties are grocery anchored. The portfolio has been valued at approximately $55 million over existing property-specific financing of approximately $102.42 million.