EDISON, N.J. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has secured $35 million for the refinancing of 379 Thornall Street, a 15-story, Class A office building located in Edison. The property totals 331,053 square feet and was 93 percent leased at the time of closing. CBRE’s James Gunning and Donna Falzarano originated the loan on behalf of M. Alfieri Co. The loan includes a 3-year term and a fixed interest rate; the lender was a New Jersey-based commercial bank.
ELIZABETH, N.J. — Matrix Development Group has completed a 432,140 lease renewal within Bayway Industrial Center in Elizabeth. The space is occupied by Cory Furniture, a Jersey City, N.J.-based furniture warehousing, storage and home delivery provider. Terms of the lease were not disclosed. Bayway Industrial Center, which is owned by Matrix, comprises four standalone warehouse buildings total of more than 1 million square feet. The property is currently undergoing a redevelopment and was 75 percent occupied at the time of closing.
NEW YORK CITY — Satellite provider DIRECTV has expanded its offices at One Rockefeller Plaza, a 600,000-square-foot office building located in Manhattan, New York City. The company signed a 12,996-square-foot lease for a portion of the second floor. It now occupies 77,471 square feet of the building, comprising the entire fifth, sixth and seventh floors, as well as the new lease on the second floor. DIRECTV was represented in lease negotiations by Arthur Mirante and Adam Rappaport of Cushman & Wakefield’s New York office, along with C.L. Baskin of the firm’s Dallas office. The landlord, Tishman & Speyer, was represented in-house by Peter Brindley and Ted Koltis. Terms of the lease were not disclosed.
NEW YORK CITY — The New York Times Company has entered into a sale-leaseback transaction with W.P. Carey & Co. for a portion of its New York headquarters, located on Eighth Avenue between 40th and 41st streets in Manhattan, New York City. W.P. Carey and two of its publicly held, non-traded REIT affiliates, CPA:16 – Global and CPA:17 – Global, will acquire 21 floors, encompassing approximately 750,000 square feet, of the 52-story building for $225 million. The lease has a 15-year term with an option for The Times Company to repurchase the office condominium interest during the 10th year of the lease for $250 million. The initial year’s rental payment will be $24 million with escalations throughout the lease. Proceeds from the sale will be used by The Times Company to pay off long-term debt. Andrew Sachs and Michael Rotchford of Cushman & Wakefield advised The Times Company in the transaction.
MONROE TOWNSHIP, N.J. — The Cranbury, N.J., office of Matrix Development Group has acquired Mid-Atlantic Corporate Center, an 80-acre business park located in Monroe Township. The property, which was renamed Matrix Corporate Campus, comprises 13 buildings totaling more than 342,000 square feet of office, laboratory and flex space. Prominent tenants include Innophos Inc., a phosphate producer that operates its 48,000-square-foot worldwide headquarters out of the campus. The seller, was Pennsylvania-based Preferred Unlimited. Negotiating the transaction were Newmark Knight Frank and Fennelly & Associates. The acquisition price was not disclosed.
HARTFORD, CONN. — The Hartford office of CB Richard Ellis (CBRE) has secured $12 million in permanent construction financing for a new industrial project in Hartford. Known as 100 International Drive, the project will consist of a 304,200-square-foot, build-to-suit facility for TireRack Inc. with the ability to expand by an additional 148,800 square feet. It will be situated on a 58-acre site within the New England Tradeport, a 600-acre business park located between the townships of Windsor and East Granby. Mike Riccio of CBRE’s Capital Markets Debt & Equity Finance division originated the non-recourse loan, which includes an initial 12-month term with a rate based on LIBOR, followed by a fixed rate. The lender was Berkshire Bank and the borrower was Griffin Land.
WASHINGTON TOWNSHIP, N.J. — Sheldon Gross Realty has arranged a 125,580-square-foot lease at 4012 Cabot Dr. in Washington Township. The tenant, Connecticut-based Eastern Bag & Paper Co., previously occupied a 50,000-square-foot distribution center located in South Brunswick, N.J. The company’s new facility, which is located within a 600,600-square-foot building within I-195 Business Park, is owned by AEW Capital Management. Terms of the lease were not disclosed.
HAVERTON AND MALVERN, PA. — The Downtown Chicago and Philadelphia offices of Marcus & Millichap has brokered the sale of two nursing centers located in Haverton and Malvern for $12 million. The properties include Haverford Nursing & Rehabilitation Center and Main Line Nursing & Rehabilitation Center. They total 190 beds. Jacob Gehl and Mark Myers of Marcus & Millichap represented the seller and the buyer, both of which were undisclosed limited liability companies.
BASKING RIDGE, N.J. — Chatham, N.J.-based David Cronheim Mortgage Corp. has secured $11 million in financing for 100 Marketplace, a retail/office lifestyle center located on Mountainview Boulevard in Basking Ridge. The property was completed in 2008 and was 97 percent leased at the time of closing. Major retail tenants include Wachovia, Panera Bread and Origins Restaurant. In addition, a medical day spa has leased 12,000 square feet of the property’s second floor. Cronheim Mortgage’s Andrew Stewart and Dev Morris originated the loan, which includes a 15-year term with a 30-year amortization schedule. The borrower and lender were not disclosed.
LAKE SUCCESS, N.Y. — Rutherford, N.J.-based Lincoln Equities Group has arranged a 63,580-square-foot lease renewal and expansion for North Shore – LIJ Health System in Lake Success. The healthcare provider will nearly double the size of its offices at 1979 Marcus Ave. The additional space will be used to expand the company’s Center for Learning and Innovation; it will contain classrooms, a state-of-the-art clinical simulation center and a standardized patient facility. Daniel Ackerman of Lincoln Equities represented the landlord, Willett Cos., in lease negotiations. The 1979 Marcus Avenue property is a three-story, 350,000-square-foot, Class A office building. It features a fitness center, a full-service cafeteria, dry cleaning, security and a three-level underground parking facility.