YORK COUNTY, PA. — NorthMarq Capital has arranged $10.67 million in first-mortgage financing for a 452,000-square-foot, single-tenant manufacturing facility located in York County. The non-recourse loan includes a 70 percent loan-to-value ratio, and was originated by Greg Nalbandian of NorthMarq’s New Jersey office and Stephen Bye of the firm’s Denver office. The borrower was an undisclosed REIT and the lender was a regional bank.
BEDMINSTER, N.J. — Roseland, N.J.-based The Gale Construction Company has completed construction for a new fire station located at 100 Miller Lane in Bedminster. The 13,000-square-foot building will serve the communities of Far Hills and Bedminster; it features a standing seam metal roof, a brick façade, five fire truck bays with 19-foot clear ceiling heights, and a command tower with an operations center. The construction firm had previously built Bedminster’s municipal building in 2004. Gale Construction is a subsidiary of Mack-Cali Realty Corp.
WEST HARTFORD, CONN. — Meridian Capital Group has secured $5.43 million in non-recourse financing for the acquisition of Boulevard Square Apartments, an 80-unit property located in West Hartford. The loan was originated by Avner Avesar and Noam Kaminetzky of Meridian’s Florida office. Terms of the financing include a 6.27 percent fixed interest rate and a 10-year term. The borrower, as well as the seller, was not disclosed.
HARTFORD, CONN. — Lakewood, N.J.-based Paramount Realty has acquired Charter Oak Marketplace, a 300,000-square-foot shopping center located on Flatbush Avenue in Hartford. Constructed in 2005, the shopping center is anchored by a 150,000-square-foot Wal-Mart. Additional tenants include Marshall’s, PCX, Expressions, Dollar Tree, Payless Shoe Source, Sally’s Beauty Supply, Radio Shack, Sleepy’s, GameStop, AT&T Mobility, Dunkin Donuts, McDonald’s, Taco Bell, and recently opened stores Rainbow and Pollo Tropical. Charter Oak Marketplace is fully occupied except for a 5,000-square-foot pad site. Paramount acquired the property from Centro Properties, which was represented by Marcus & Millichap. The acquisition price was not disclosed.
YARDLEY, PA. — Boston-based GID Investment Advisors has acquired a 110,000-square-foot office building located at 777 Township Line Rd. in Yardley. Constructed in 2006, the Class A property is fully occupied and is LEED-certified by the U.S. Green Building Council. GID acquired the property from Malvern, Pa.-based Liberty Property Trust. It also named Jones Lang LaSalle exclusive leasing and property management agent for the building. GID made the purchase on behalf of Windsor Realty Fund IV-2002 LP, the company’s second suburban office investment fund. This acquisition marks the eighth purchase for the fund.
HADDON HEIGHTS, N.J. — The South Jersey office division of Colliers Lanard & Axilbund (CLA) has brokered the sale of Grove Office Plaza, a three-story office building located at 515 Grove St. in Haddon Heights, for $3.8 million. Occupancy at the property was 90 percent at the time of closing. The tenant roster included Pennoni Associates, Associated Insurance Partners, Quest Diagnostics, Cooper Family Medicine and Congressman Robert Andrews. Jason Wolf and Evan Zweben of CLA represented the seller, SJS-515 Grove Street LP. The buyer, 515 Grove Street Associates LLC, has retained CLA to lease the remaining space in the building.
WATERBURY, CONN. — PNC ARCS has arranged an $8.57 million loan for River’s Edge Apartments, a 156-unit multifamily community located in Waterbury. The gated community was built in 1974; amenities include a swimming pool with a cabana area, secured storage space and laundry rooms. The loan was originated by the Princeton, N.J., office of PNC ARCS through Fannie Mae. Terms of the financing include a 6.5 percent fixed interest rate and a 10-year term with 2 years of interest-only payments. The borrower was not disclosed.
CAMDEN, N.J. — The grand opening has been held for Market Street Pizzeria & Italian Bistro, a new restaurant located at One Market St. in Camden. The restaurant, which is owned by Jeff Anastasi and Joe Cavalieri, is situated on the ground floor of The Victor Lofts, a 341-unit luxury loft apartment building owned by Philadelphia-based Dranoff Properties. The Victor is located on the Camden waterfront, and consists of the adaptive reuse of the historic RCA Victor cabinet manufacturing building. Market Street features seating for 34, as well as take-out and delivery service for residents of The Victor. Other retailers at The Victor Lofts include The Victor’s Pub, Susquehanna Bank, Miss G’s, Park ‘N Clean Dry Cleaners, Symphony in C and Rita’s Water Ice.
NORTH READING AND HUDSON, MASS., HATBORO, PA., AND NUTLEY, N.J.— Marcus & Millichap has brokered three Northeast real estate transactions. First, Bob Horvath and Todd Tremblay of the firm’s Boston office were the sole brokers in the $16.2 million sale of two newly constructed Walgreens in Massachusetts. The first property, located in North Reading, traded at a 6.38 percent cap rate, and the second property, located in Hudson, traded at a 6.5 percent cap rate. The buyer was a regional investor, and the seller was a regional developer. In Hatboro, Marcus & Millichap brokered the $3 million sale of Wynfair House Apartments, a 48-unit multifamily community located at 250 N. York Rd. Mark Thompson of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and procured the buyer, a local family partnership. Finally, Kevin McCrann, Thomas McConnell and Natale Gambuzza of Marcus & Millichap’s New Jersey office represented both parties in the disposition of The Miriam Apartments, a 26-unit property located in Nutley. The property traded for $2.75 million.
VERNON, CONN. — Chozick Realty has completed the sale of two apartment properties, located in Vernon, for $1.76 million. The communities are Regency I and Regency II, and are located at 71 Loveland Hill Rd. and 55 Old Town Rd., respectively. The communities total 31 units; Regency I contains 18 one-bedroom units in two brick buildings, as well as a single-family home; Regency II contains 12 one-bedroom units in a single brick building. Tom Boyle of Chozick Realty represented the seller, West Boulevard Associated, and the buyer, a private individual investor. This transaction marks the fourth time that Tom Boyle has brokered the disposition of the properties.