NEW YORK CITY — Thor Equities has acquired a 12,000-square-foot retail condo located in Manhattan's Meatpacking District. The condo comprises the first and basement levels of 411-417 W. 13th St. Thor subsequently leased the space to clothing retailer All Saints Spitalfields. The retailer also leases space from Thor for stores in Manhattan's SoHo District and in South Beach, Miami.
HARRINGTON, DEL. — The Philadelphia office of Marcus & Millichap has completed the sale of a 14,820-square-foot Walgreens located at the intersection of U.S. Route 13 and Clark Street in Harrington. The property traded for $5.49 million at a 7.5 percent cap rate. The buyer was a New Jersey-based partnership completing a 1031 exchange, and the seller was a limited liability company. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller. Brad Nathanson, also of Marcus & Millichap, represented the buyer.
NEW YORK CITY — Time Equities has sold an 11,294-square-foot office condo in New York City to KGK Group for $5.1 million. The international diamond trading company will occupy the entire sixth floor of 70 West 36th Street as its New York headquarters. Harold and Diane Siegel of Norman Bobrow & Co. represented the buyer in the deal.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a four-story apartment building located at 306 W. 22nd St. in Manhattan's Chelsea neighborhood for $3.45 million. The building contains seven studio units and five one-bedroom units. It was formerly conjoined with the adjacent Hotel Allerton but was renovated to be a separate building. Massey Knakal's James Nelson and Brock Emmetsberger arranged the deal between the two undisclosed parties.
NEW YORK CITY — Madison International Realty has acquired a larger stake in New York City's Chrysler East Building for $10 million. The firm now controls 48.9 percent of the partnership owning the property, up from 38.5 percent. Madison now has $55 million invested in the 745,410-square-foot office building, which is located at 666 Third Ave. in Manhattan.
ROCHESTER, N.H. — The Kane Company has completed the acquisition of a 14,500-square-foot building located at 181 Charles St. in Rochester. The buyers, Stephen and Nicholas Marcotte, plan to use the building as the new home for their sports screen printing and embroidery business. Its former occupant was Adam Window & Door. Joseph Kane of The Kane Company listed the property and procured the buyer.
MEDIA, PA. — Marcus & Millichap has brokered the short sale of Media Townhomes, a 12-unit multifamily community in Media. The property is located at 310-320 S. Olive St. It traded for $1.39 million. Corey Lonberger, Ken Wellar and Charlie Classen of Marcus & Millichap's Philadelphia office represented the seller and the buyer, both private investors.
NEW YORK CITY — Helios Capital has arranged the acquisition of a non-performing loan for a 30-unit multifamily property located in the Bronx. The loan carries an unpaid balance of approximately $1.4 million. The parties involved in the off-market deal were not released.
Demand for industrial space remains moderate in Northern and Central New Jersey. People are, undoubtedly, out in the marketplace, but much of our regional activity ties to lease renewals. Tenants facing term expirations are opting to remain in place, reflecting the “wait and see” approach that so many companies have chosen in this tough economic climate. Relocations almost always involve a flight to quality, with tenants taking advantage of opportunities to land attractive deals for Class A space. Deals today are being made at aggressive rental rates. As a result, available Class A space, especially in the Exit 8A submarket, has seen some absorption over the past 12 months. Across all submarkets in Northern and Central New Jersey, renewal activity comprises the bulk of leasing activity. Although year-to-date leasing totals are up from a year ago by approximately 1.2 million square feet, vacancies have held steady during the past 12 months. At the end of 2010’s third quarter, the overall Northern and Central New Jersey vacancy rate rested at 11.3 percent. That figure is identical to the rate recorded at this time last year. The average direct triple-net rental rate for Northern and Central New Jersey was $5.84 per square …
NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a $92.5 million loan for the refinancing of the Hilton Times Square in New York City. The hotel comprises floors 21 through 45 of the building, which is located in the heart of Times Square. The loan carries a 10-year term and a fixed interest rate below 5 percent. The lender was Bank of America Merrill Lynch. The borrower, Sunstone Hotel Investors, plans to use the proceeds to retire the hotel's current $81 million loan, which carried a 5.95 percent interest rate and would have came to term in December. Mathew Comfort of JLL's Real Estate Investment Banking division and Jeffrey Davis of JLL Hotels secured the financing.