WEST DEPTFORD, N.J. — Jackson Cross Partners / ONCOR International (JCP) has completed the acquisition of a 107,200-square-foot industrial property located at 1230 Forest Ave. in West Deptford. The buyer, Englewood Tire Distributors, plans to renovate the facility before using it as a distribution center for the Southern New Jersey, Eastern Pennsylvania and Delaware markets. JCP's Harry McKenna, Jim Young and Lou Battagliese represented Englewood Tire Distributors in the transaction. The seller was Goya Foods.
Northeast
NEW YORK CITY — Yonkers, N.Y.-based NAI Friedland Realty has arranged the sale of the Farrand Building in the Bronx, New York City, for $5.19 million. Located at 4401 Bronx Blvd., the building had previously been used as a substance abuse rehabilitation center, as well as for medical research, by the seller, Our Lady of Mercy Medical. The buyer, Montefiore Medical Center, plans to continue that use for the building. Rick Stassa of NAI Friedland represented both parties in the transaction.
BARTONSVILLE, PA. — Stroudsburg, Pa.-based Coldwell Banker Commercial (CBC) Pennco Real Estate negotiated the sale of a 9,600-square-foot auto repair shop in Bartonsville for $2 million. Situated at 93 Route 611, the property was purchased by Somerset Tire Service, which has opened a new STS Tire & Auto at the location. The seller was Pocono Tire Co. Terri Mickens of CBC Pennco handled the transaction.
BETHLEHEM, PA. — Marcus & MIllichap has brokered the sale of 42-55 Union Boulevard, a 21-unit apartment property located in Bethlehem. Constructed in 1920, the property comprises 14 three-bedroom units and seven one-bedroom units; occupancy was 95 percent at the time of closing. Matthew Wolf and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, an undisclosed partnership. The property traded for $987,500.
NEW YORK CITY — Vertical construction will begin shortly for The International Gem Tower in New York City. Located at 50 W. 47th St., the project consists of a Class A office tower totaling 34 stories and approximately 748,000 square feet. The first phase of the project, which is expected to be complete by the end of the year, will include three below-grade levels housing retail space, a vault, secure valet parking facilities and underground loading docks. The tower is expected to open in fall 2011. Space within the building is being sold as office condos ranging in size from 1,000 to 22,000 square feet. The developer, Extell Development Co., plans to position the property as an industry building for tenants in the jewelry sector.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 15,120-square-foot medical office property located in Brooklyn, New York City, for $4 million. The vacant three-story property is situated at 794 Union St. It was originally built in 1920 and renovated in 1990. Naomi Shu of Marcus & Millichap’s Manhattan office represented both private parties in the transaction.
TAUNTON AND WOOSTER, MASS. — Salt Lake City-based SilverLeaf Financial has purchased two commercial loans with a value of $3 million. The first loan totals $2.3 million and is secured by a 452,000-square-foot office and industrial flex building situated on approximately 40 acres in Taunton. The second loan totals $700,000 and is secured by an approximately 40,000-square-foot flex property located in Wooster. Details of the transactions were not disclosed.
NEW YORK CITY — Massey Knakal Realty Services has completed the $2.8 million sale of a multifamily property located in the Ditmas Park neighborhood of Brooklyn, New York City. The four-story building contains 21 one-bedroom units and 10 two-bedroom units. Massey Knakal’s Eric Greenfield negotiated the deal on behalf of both undisclosed parties.
BERLIN, N.J. — Marcus & Millichap has brokered the sale of Cherry Plaza Shopping Center, a 19,425-square-foot neighborhood retail property located in Berlin, for $1.5 million. The center is situated at the intersection of Route 73 and Berlin Circle and was 73 percent occupied at the time of closing. Christopher Munley, Dean Zang and Mark Taylor of Marcus & Millichap’s Philadelphia office represented both parties in the transaction. The seller was New Jersey-based The Joseph Gulli, Blair Parking & Anthony Gulli Partnership. The buyer was Cherry Plaza LLC, a local construction company owner.
NEW YORK CITY — Three leases, consisting of two expansions and one renewal, have been signed at 1350 Broadway, a 25-story, approximately 400,000-square-foot office building located in Manhattan, New York City. Law firm Tarter Krinsky & Drogin expanded its lease to 26,951 square feet, which encompasses the entire 11th floor and part of the 12th floor. Paul Amrich and Fernando Urrutia of CB Richard Ellis represented the tenant. In the second transaction, law firm Cary Kane expanded its lease to occupy 8,877 square feet on the building’s 14th floor. Finally, credit information and risk firm The Hawthorne Agency dba Coface renewed its lease for 12,288 square feet on the building’s 20th floor. Jay Lapham of Jones Lang LaSalle represented the tenant. Jonathan Fanuzzi, Bran Waterman and Julie Christiano of Newmark Knight Frank represented the landlord in all three transactions. The building is owned by 1350 Broadway Associates LLC and is managed by W&H Properties.