PHILADELPHIA — Marcus & Millichap has completed the sale of two multifamily buildings, located at 912 and 1118 Pine St. in Philadelphia, for $1.49 million. The Class C properties comprise a 10-unit building and a five-unit building with ground-floor retail space. The storefront is the only vacancy between the two buildings. Andrew Janick of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and the buyer, a limited liability company. The property traded at a 4.5 percent capitalization rate. The buyer’s long-term plans for the properties include capital improvements, which will be made in an effort to increase rents.
WILTON, CONN. — Deloitte LLP, an affiliate of Deloitte Touche Tohmatsu, has renewed its lease for 106,000 square feet at 10 Westport Rd. in Wilton. Deloitte occupies space within an approximately 539,000-square-foot office park that comprises five connected, Class A, office buildings on 57 wooded acres. Building amenities include a greenhouse corridor, walking trails, executive dining rooms and a full-service cafeteria. Jodi Pulice and Greg Smith of JRT Realty Group and Kevin Foley of the Stamford, Conn., office of Cushman & Wakefield represented the landlord, New York City-based TIAA-CREF, in lease negotiations.
NEW YORK CITY — The Brooklyn, New York City, office of Community Preservation Corp. (CPC) has provided a $1.09 million construction loan for the rehabilitation of a Brooklyn affordable housing property. The loan was financed under CPC’s Small Building loan program. The funds will provide for the gut rehabilitation of two three-story rental apartment buildings located at 1384 and 1386 Flatbush Ave. in the borough’s Flatbush neighborhood. Both buildings contain ground-floor commercial space. They were acquired out of foreclosure in 2007 by the borrower, NIOKA Estates. Terms of the financing were not disclosed.
PHILADELPHIA — Media, Pa.-based Sperry Van Ness/Location333 Realty (SVN) has brokered the sale of Erie Plaza, a 34,422-square-foot retail center located at 1240 E. Erie Ave. in Philadelphia, for $3.46 million. The property is currently 100 percent occupied by a tenant roster that includes Pa Liquor Store, City Thrift Store, a Chinese restaurant and a Mensic group. Mark Berk of SVN represented the seller, Erie Plaza Partners. The property was acquired by a New Jersey-based private investor.
LANCASTER, PA. — High Associates, Ltd., an affiliate of Lancaster-based High Real Estate Group, has completed a lease for a 147,235-square-foot industrial flex facility located in Lancaster. The nearly completed facility is located on William Penn Way within the 600-acre Greenfield Corporate Center master-planned business park. It features modern high-bay warehouse space, as well as potential office space. It contains 28- to 33-foot clear ceiling heights, 20 docks and two on-grade doors. The building was leased by children’s toys and products distributor Chicco USA, which is relocating its corporate headquarters to the facility in February. Ruth Devenney of High Associates negotiated the transaction.
MIDDLETOWN, R.I. — Storage Opportunity Partners (SOP) has acquired Aquidneck Island Self Storage, a 531-unit self storage property located in Middletown. The property totals 62,700 square feet in four two-story buildings. Almost all of the storage units are either climate controlled or direct drive-up. SOP plans to rebrand the property Storage Pros Self Storage, as well as add a Budget Truck Rental to the facility. The property will be managed by Storage Pros Management, a subsidiary of SOP. This most recent acquisition brings SOP’s portfolio to 11 properties totaling 5,700 units and 840 outdoor storage spaces, all of which were acquired in the last 19 months.
MIDDLETOWN AND HAMDEN, CONN. — NorthMarq Capital has arranged a total of $26 million in first-mortgage loans for the refinancing of three Connecticut multifamily properties. In Middletown, $13.75 million was secured for the 262-unit Ridgefield Apartments. In Hamden, $9.73 million was secured for the 135-unit Hamden Ridge Apartments, and $2.51 million was secured for the 47-unit Jefferson Arms Apartments. Robert Ranieri originated the loans for the borrower, Midcon Partners, through Freddie Mac. Terms of the loans include a 10-year term plus 1 year fixed to float with 5 years interest-only payments, followed by a 30-year amortization schedule.
OSTERVILLE, MASS. — Boston-based EagleBridge Capital has arranged $2.2 million in acquisition financing for 846 Main Street, a 19,950-square-foot retail center located in Osterville. The property comprises 18,450 square feet of first-floor retail space, as well as 1,500 square feet of second-floor office space. It is anchored by Osterville House & Garden; additional tenants include Books by the Sea, Oyster Island Emporium, Cape Cod Originals, Christine’s Osterville Needlepoint, Gone Chocolate and Upstairs Imports. Ted Sidel and Brian Sheehan of EagleBridge Capital originated the financing for the undisclosed borrower through a regional thrift institution. Terms of the financing include a 90 percent loan-to-value ratio; the interest rate was not disclosed.
NEW YORK CITY — New York City-based The Nicotra Group has acquired Teleport I and II, two three-story office buildings located in the Staten Island borough of New York City, for $25 million. The two properties contain approximately 300,000 square feet of Class A office space. The buyer has renamed the buildings Corporate Commons, and plans to incorporate them into its existing office park, The Corporate Park of Staten Island, which contains five additional office buildings, two hotels, a conference center, and a restaurant and cabaret within a 415-acre wildlife preserve. The office park is currently the only one of its kind in New York City. The Nicotra Group plans to invest between $10 and $15 million to renovate the two buildings, and will also donate 25 percent of Corporate Commons’ profits to the newly created Lois and Richard Nicotra Foundation. The sellers were Murray Construction and Silverstein Properties.
PHILADELPHIA —The grand opening has been held for Four Points by Sheraton Philadelphia Convention Center, a 92-room hotel located at 1201 Race St. in Philadelphia, across the street from the Philadelphia Convention Center. Amenities at the hotel include 2,688 square feet of flexible meeting space, a full-service restaurant, a fitness center, a hotel lounge, and free high-speed Internet access in all public areas and guestrooms. The hotel will be managed by Salisbury, Md.-based Marshall Management under an agreement with locally based Lam’s Realty Corp. The Four Points by Sheraton is Marshall’s second managed hotel in the city and its seventh in the state.