NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has arranged a 49-year ground lease for a 23,000-square-foot retail property located at 22-44 Church Ave. in the Flatbush neighborhood of Brooklyn. The property is currently occupied by a closed White Castle restaurant; it will soon house a new International House of Pancakes location, along with 9,000 square feet of retail space. Completion of the renovation is scheduled for mid-2009. KDA’s Allison Chambers represented the lessee, a locally based and investor, and Bob Klein, also of KDA, represented the landlord, Richard Ull.
WESTPORT, CONN. — Retailer Crate & Barrel has opened a new 38,000-square-foot location at 1200 Post Rd. in Westport. The lease transaction was arranged on behalf of Crate & Barrel by Eric Goldschmidt of Scarsdale, N.Y.-based Goldschmidt & Associates. The new store represents the retailer’s first location in Fairfield County. Building ownership was represented by Steven Crowley of SCA Realty.
PHILADELPHIA — Marcus & Millichap has brokered the sale of Michner Court Apartments, a 33-unit multifamily property located at 9400-9430 Roosevelt Blvd. in Philadelphia, for $1.88 million. the property comprises a mix of one- and two-bedroom units and was 95 percent occupied at the time of closing. Kenneth Wellar of Marcus & Millichap’s Philadelphia office represented the buyer, a local investor, as well as the seller, a Pennsylvania-based limited partnership.
MECHANICSBURG, PA. — Lemoyne, Pa.-based Landmark Commercial Realty has completed the sale of a 13,000-square-foot office property located at 6 Kacey Court in Mechanicsburg. The property traded at a price of $1.63 million. Thomas Posavec of Landmark arranged the sale between the buyers, David and Sally Ann Young, and the seller, Jolene Cocciardi.
MATAWAN, N.J. — CB Richard Ellis (CBRE) has secured $3.5 million in permanent financing for the acquisition of Town Square Shopping Center, a 38,836-square-foot retail property located at 343-351 Matawan Rd. in Matawan. Town Square is a retail strip center located opposite a 212,000-square-foot, Class A office building. Major tenants include Party & Play, Pizza Hut and Dunkin’ Donuts. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance arranged the loan on behalf of the borrower, T & JK Associates. The lender and the terms of the loan were not disclosed.
NEW YORK CITY — Gemini Real Estate Advisors has acquired the Wyndham Garden Chelsea Hotel, located at 37 W. 24th St. in the Chelsea neighborhood of Manhattan, New York City. The 124-room, select-service hotel is situated within the city’s Flatiron District, in close proximity to Madison Square Park, Union Square Park, the Flatiron Building and the Metropolitan Life Building. The seller, as well as the sale price, were not disclosed.
MANAHAWKIN, N.J. — Marcus & Millichap has brokered the sale of a 14-acre ground lease to a BJ’s Wholesale Club located in Manahawkin for $14.9 million. Situated at the corner of Route 72 and Doc Cramer Boulevard, the site neighbors a power center anchored by Kohl’s, TJ Maxx and Staples, as well as a grocery-anchored shopping center. The BJ’s Wholesale Club building, which was constructed in 2007, is subject to a 20-year, triple-net, unsubordinated ground lease with rent escalations every 5 years. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap’s Philadelphia office represented the seller, New Jersey-based SP 72 LLC. The buyer, New York City-based Shubert and Booth Theatre LLC, was represented by Bayard Street Capital and Real Estate Foundations Inc. The BJ’s parcel is part of a larger retail development, which the seller will retain ownership over for the purposes of constructing additional retail buildings in the future. The buyer was participating in a 1031 exchange.
SARDINIA, N.Y. — Development is continuing for Tri-County Business Park, a 210-acre, mixed-use project located along Route 16 in Sardinia. Mark 1 LLC, the project’s developer, intends to construct more than 1.5 million square feet of retail, office, hotel, light manufacturing and warehouse space. The project’s first building, a 20,000-square-foot office building, is complete and has two suites remaining. In addition, the first of four shovel-ready outparcel locations is complete and occupied by Tim Hortons. A 45,000-square-foot retail building will break ground in the spring. The project is located within a New York State Community Renewal Zone and a Federal HUB Zone, and has 30 acres that have been designated a New York State Economic Development Zone. Mark 1 is constructing build-to-suit projects, as well as leasing and selling sites for development.
NEW GALILEE, PA. — Grubb & Ellis has completed the long-term lease of 168,924 square feet of industrial space at Turnpike Distribution Center, a warehouse-distribution facility located at 1750 Shanango Rd. in New Galilee. Constructed in 2007, the property is located at the intersection of Interstate 76 and Route 60. Louis Oliva and Rick O’Brien of Grubb & Ellis facilitated the transaction on behalf of the tenant, Boston-based Iron Mountain Inc., and the landlord, Turnpike Distribution LP, which consists of a joint venture between Pittsburgh-based Castlebrook Development, Cincinnati-based Al. Neyer Inc., and Pittsburgh-based The Erect Fund. Terms of the lease were not disclosed.
NEWTON, MASS. — Quincy, Mass.-based Marcone Capital has arranged a $10.75 million loan for University Business Center, a 66,175-square-foot retail/office/flex industrial property located at 19-33 Needham St. in Newton. Situated on 2.51 acres, the property comprises three buildings, including a freestanding National Tire & Battery store, a single-story office building, and a two-story, office and industrial flex building. Mike Marcone of Marcone Capital arranged the financing on behalf of the borrower, KSKIM UBC Equity Partners LLC, which is an entity controlled by the owner of KS Partners, Kambiz Shahbazi. The borrower plans to use the financing to redevelopment a portion of the property. Tenants on the first floor of the flex building will be relocated, and the space will be converted for retail use. The lender was a regional bank. Terms of the financing include a floating interest rate below 5 percent.