SHERRILL, N.Y. — CB Richard Ellis (CBRE) has completed the sale of an approximately 206,000-square-foot warehouse/distribution center located in Sherrill. The property, which is situated on approximately 34 acres of land at 100 Highbridge Hwy, traded for $5.75 million. Don Noland and John MacAffer of the Albany, N.Y., office of CBRE represented the seller, Oneida Ltd. The buyer, Equity Industrial Partners Corp., was represented by Hart Corp.
PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of Pastorious Court Apartments, a 42-unit mid-rise apartment community located in the West Mount Airy neighborhood of Philadelphia, for $3.6 million. Located at 6600 Lincoln Dr., the property contains a four-story building with a mix of one-, two- and three-bedroom units. The property was fully occupied at the time of closing, and monthly rents range from $700 to $1,200. Eli Rose of Gebroe-Hammer represented the seller, Pastorious Court LP, and procured the buyer, PC Apartments LP. The property traded for a price of approximately $85,000 per unit.
CLIFFSIDE, N.J. — 24 Capital has provided a $27.5 million bridge loan for Aurora Over the Hudson, a 131-unit condominium project located in Cliffside. Situated on 3.32 acres, the project comprises twin condo towers with underground parking. Units range from 1,872 to 3,724 square feet, and include two parking spaces per unit. The borrower was Aurora Development Partners, a joint venture involving Brian Stolar of The Pinnacle Cos. and Alan Litt of Kohl Partners. Terms of the loan were not disclosed.
PAWCATUCK, CONN. — POKO Partners is planning to redevelop the former William Clark Threadmill located in Pawcatuck into a multifamily residential project. The three-building, 129,000-square-foot mill will be converted into Threadmill Apartments, which will comprise 58 rental units and 9,000 square feet of new retail construction. POKO has received preliminary approval for federal historic tax credits from the National Park Service for the redevelopment project. Construction is slated to begin this fall, with completion expected 15 to 18 months afterward.
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed the sale of The Wimbledon, a 230-unit apartment tower located at 200 E. 82nd St. on the Upper East Side of Manhattan, New York City, for $150.35 million. Located near Central Park, the 28-story building contains 6,203 square feet of ground-floor retail space, which is fully occupied by Citibank. The transaction was handled by Jubeen Vaghefi, Jeff Morris, Nat Rockett and Thomas Beneville of JLL. JP Morgan Investment Management purchased the building from P&H Associates.
MILLSBORO, DEL. — Construction has commenced for Peninsula Crossing, a 600,000-square-foot power center located on U.S. Highway 113 in Millsboro. The retail property will comprise 400,000 square feet of big box and junior box space, 50,000 square feet of specialty store and restaurant space, and eight highway-fronted outparcels. Lowe’s Home Improvement Warehouse and BJ’s Wholesale Club will co-anchor the new center; additional tenants already signed include Royal Farms and WSFS Bank. Completion is scheduled for late 2008 or early 2009. The project is being developed by Millsboro Town Centre LLC.
WEST CARTERET, N.J. — A joint venture between Stamford, Conn.-based RiverOak Investment Corp. and Cofinance has acquired the former Pathmark headquarters building in West Carteret for $14.7 million. Situated on 12.24 acres at 200 Milik St., the property contains a two-story, 150,000-square-foot, Class B office building. Pathmark has vacated the property, but its lease runs until the end of 2011. In the meantime, Pathmark has signed an agreement with the new owners that permits them to sublease the space for the duration of Pathmark’s term. The buyers also plan to invest in a capital improvements program to lease up the property. The joint venture acquired the property from entities controlled by Lexington Property Investors. The acquisition of the former Pathmark building marks the fourth acquisition made on behalf of RiverOak Investment Fund IV, a $26 million, value-added real estate fund started by RiverOak in 2007.
WEST ORANGE, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of three office buildings for $2.62 million. The properties are located at 95-99 Northfield Ave. in West Orange and total 14,000 square feet. As of closing, the buildings were 91 percent occupied, with only one vacant space remaining. Joni Sweetwood of Kislak represented the seller, Chrisdon LLC, as well as the undisclosed buyer.
CHERRY HILL, N.J. — CB Richard Ellis (CBRE) has brokered the sale of the Cherry Hill Business Park portfolio in Cherry Hill. The portfolio contains 15 properties located along Springdale Road within Cherry Hill Business Park that total 737,392 square feet of warehouse, flex and retail/showroom space, as well as two land parcels totaling 25 acres. The park’s tenants include B. Braun Medical, Avalon Carpet & Tile, Commerce Bank, Dal-Tile Corp., Cooper Lighting, International Paper and Aquahab. The undisclosed seller was represented by Michael Hines and Michael Blunt of CBRE’s Philadelphia office. The buyer was a partnership between Bala-Cynwynd, Pa.-based Endurance RE Group and Assurant. The acquisition price was undisclosed.
PRINCETON, N.J. — RexCorp Realty has completed construction of University Square, a 313,000-square-foot office building located at the intersection of U.S. Highway 1 and Alexander Road in Princeton. The five-story building features a two-story atrium lobby, concierge service, a health club with locker rooms and saunas, a full-service cafeteria and reserved parking for hybrid vehicles. David Simson of GVA Williams is handling leasing for the property.