MOUNT VERNON, N.Y. — Terranova Bakery has acquired a 26,000-square-foot office building located at 535 S. Fourth Ave. in Mountain Vernon for $1.8 million. The company plans to use the property for its back office operations. The Colliers International team of Gerard Hallock and Nick Morizio represented Terranova. Carl Austin and Phil Luria of Austin Properties represented the seller, Magnetic Analysis.
NEW YORK CITY — Meridian Capital Group has arranged a $27.6 million loan for the refinancing of a retail condominium portfolio in New York City. The five-property portfolio totals 28,000 square feet and is located on the Upper West Side. The loan carries a 7-year term with a 5.31 percent fixed interest rate. The lender was UBS. Joseph Taub of Meridian's New York City office originated the loan on behalf of the undisclosed borrower.
ROCHESTER, N.Y. — NorthMarq Capital has arranged a $19 million first mortgage to refinance a Rochester multifamily community. Greenleaf Meadows Apartments contains 572 units and is located at 500 Greenleaf Road. The loan carries a 10-year term and a 30-year amortization schedule; it was provided by Freddie Mac. Michael Elmore of NorthMarq's Los Angeles office partnered with Sam Berns of the firm's Upstate New York office to arrange the loan. The borrower was not disclosed.
BOSTON — Fantini & Gorga has arranged a $5.6 million loan for the refinancing of a retail center located in Boston's Mattapan neighborhood. The property totals 62,345 square feet and was fully leased at the time of closing. The proceeds will be used to refinance the borrower's existing acquisition and renovation debt. George Fantini, Jr., and Mark Whelan arranged the loan through a local financial institution.
LINDEN, N.J. — Cronheim Mortgage has arranged $5 million in permanent financing for two adjacent industrial buildings located in Linden. The buildings total 267,446 square feet and are fully occupied, though none of the current leases extend past 3 years. The loan carries a 10-year term with a 4.95 percent interest rate and a 25-year amortization schedule. The Croheim team of David Turley, Anna Westhoff and Janet Proscia secured the loan on behalf of the undisclosed borrower through an insurance company.
HAMPTON, N.J. — Ikaria has signed a lease for 101,641 square feet of office space at 53 Frontage Road, a 280,000-square-foot, Class A office building located in Hampton. The lease encompassed the building's entire third floor. Ikaria is relocating its Bio Therapeutics division headquarters to the space from nearby Clinton, N.J. The CB Richard Ellis team of Robert Ryan, Patricia Riedel and John Goodwin represented the landlord, an affiliate of Crown Properties.
PHILADELPHIA — Liberty Property Trust and Synterra Properties have announced plans to develop an $81 million build-to-suit office building at the Philadelphia Navy Yard for GlaxoSmithKline (GSK). Located at Five Crescent Drive within Navy Yard Corporate Center, the building will contain 205,000 square feet over four stories. It will be seeking LEED-Platinum certification. Vertical construction will begin this summer, with completion expected at the end of 2012 or beginning of 2013. GSK will relocate its offices at One and Three Franklin Plaza in Philadelphia's Center City district to the new building once it is finished. Robert A.M. Stern Architects is designing the project.
LITTLETON, MASS. — Sunny Delight Beverages has sold its Littleton manufacturing facility in a $15 million sale-leaseback deal. The drink maker will lease back the entire 290,000-square-foot plant, which is located at 20 Harvard Road, for a 15-year term. The buyer was a private equity firm. Robert Cronin of Colliers International represented both parties.
NEW YORK CITY — Commercial real estate firm Transwestern has established a Northeast region with the opening of its New York City office. The new office will provide a full range of services including property management, agency leasing, tenant advisory and investment services. Patrick Robinson, formerly of Centric Real Estate Advisors, will head the new division. Lindsay Ornstein, also formerly of Centric, will join him.
BRAINTREE, MASS. — Rader Properties has brokered the sale of a 48,000-square-foot medical office building in Braintree for $7.46 million. Blue Hills Medical Center is located at 340 Wood Road. It was built in 1982 and is leased by tenants such as South Shore Hospital, Milton Pediatrics, Boston Brace and Blue Hill Medical Associates. David Mitchell of Rader Properties represented the undisclosed seller and procured the buyer, IG Blue Hills LLC.