NEW YORK CITY — Yonkers, N.Y.-based NAI Friedland has brokered the $14 million sale of a 193,000-square-foot industrial property, located at 2338 Hermany Ave. in the Parkchester neighborhood of the Bronx, New York City. The site formerly served as a milk depot, and contains antiquated tanks and building. The buyer, Clarendon Holdings, plans to convert the property into a parking lot for school buses and other vehicles. Peter Cokin of NAI Friedland represented the seller, Atlantic Development. The buyer was represented by Queens, New York City-based Crosstown Realty. Acquisition financing was provided by Citigroup.
BOSTON — Boston-based Cabot Properties has secured a $65 million loan for the acquisition of a 2.4 million-square-foot industrial portfolio. The portfolio comprises 14 buildings located in major metropolitan markets across the country. Steve Roth and Steve Kundert of Chicago-based Cohen Financial arranged the financing, which includes a 70 percent loan-to-value ration and a fixed interest rate priced off of the 7-year U.S. Treasury. The lender was a national life insurance company. Details about the portfolio were not disclosed.
NEW YORK CITY — CB Richard Ellis (CBRE) has arranged the relocation of the Hunter College School of Social Work, located in New York City. The graduate school plans to sell its current building and land, located at 129 E. 79th St., to locally based The Brodsky Organization for $65 million. Brodksy will then construct a new facility for the school at Third Avenue, between 118th and 119th streets in East Harlem, at cost, receiving a lump-sum fee for administrative expenses. The new facility will rise eight stories and total 142,000 square feet, making it 32,000 square feet larger that the school’s current building. The building will be located on land currently owned by The Lois and Samuel J. Silberman Fund, in conjunction with the New York Community Trust. The state of New York has already appropriated $95 million to help complete the construction of the new building. CBRE’s Mary Ann Tighe, Stephen Siegel, Darcy Stacom and Joan Meixner represented Hunter College in the transaction. New York Community Trust was represented by Ira Schuman of Studley. Construction for the new facility will begin next summer, with completion expected in June 2011.
NEW YORK CITY — Manhattan, New York City-based Fifth Square Partners is advancing construction for The Steelworks Lofts, a residential loft conversion project located on North Fourth Street in the Williamsburg neighborhood of Brooklyn, New York City. The project comprises the conversion of the 130,000-square-foot Lewis Steel Products building into 88 residential loft units, ranging in size from 640 to 1,683 square feet. Units will range from studio to three bedroom lofts and penthouses, and will feature 7-foot tall factory windows and ceiling heights ranging from 11 to 20 feet. Living spaces will have white oak flooring, custom wood detailing made from recycled building joists, and a specially crafted light at each unit entrance made from an original Brookfield Insulator. Reclaimed lumber from the conversion will be used to create shelving and interior details throughout the building, as well as a rough-hewn wood reception desk in the lobby. Building amenities include an 8,500-square-foot, landscaped roof deck that will feature a skyline cinema, open air bungalows, outdoor communal kitchens, private rooftop cabanas, and stone fire pits. Other amenities include a two-story library, a mezzanine lounge, a fitness center, refrigerated storage for residents, and a secure parking garage. Units will be price …
NEW YORK CITY — Cohen Financial has secured $5 million in financing for a leased-fee interest in 557 Broadway, a 10-story, approximately 112,500-square-foot office building located near Washington Square Park in New York City. The building is currently owned by Scholastic Corp., which uses it as the company’s international headquarters. The ground lease is owned by a private family via a tenant-in-common structure. The ground floor of the property features 50 feet of frontage along Broadway and Mercer Street; the ground floor and mezzanine levels are occupied by a 6,700-square-foot Scholastic Company Store, which sells Scholastic products. The basement level contains a 299-seat auditorium, and floors three through 10 align with and expand the existing floors of the neighboring 555 Broadway building. Howard Taft and Charles Penan of Cohen Financial’s Miami office arranged the financing. The non-recourse loan carries a 6-year term with interest-only payments and an interest rate below 6.25 percent. The lender was Principal Global Investors.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 14,000-square-foot Walgreens pharmacy, located in Brooklyn, New York City, for $7.09 million. Ben Sgambati and Michael Lombardi of Marcus & Millichap represented the seller, an undisclosed Northeast-based developer. The duo also represented the Manhattan-based buyer in the transaction.
JERSEY CITY, N.J. — Sperry Van Ness (SVN) has completed the sale of 440 Commons, a 162,533-square-foot shopping center, located on Route 440 in Jersey City, for $24.6 million. Situated on 15 acres, the property is fully occupied by The Home Depot and Raymour & Flanigan. Both tenants are currently paying below-market rents, with 5-year rent escalations built into their leases. The shopping center is located on the west side of Jersey City, in an area that is poised to undergo a massive redevelopment. Joseph French and Thomas Dalzell of SVN’s White Plans, N.Y., office represented the seller, Beachwood, Ohio-based Developers Diversified Realty, as well as the undisclosed buyer. The property traded at a 6.76 percent cap rate.
NEW YORK CITY — Construction has been completed for Sister Thomas Apartments, a seven-story affordable housing property located at 870 Southern Blvd. in the Hunts Point neighborhood of the South Bronx, New York City. The 114,000-square-foot building, which was designed by New York City-based Meltzer/Mandl Architects, features 105 two-bedroom units with hardwood floors. Rents range from $739 to $899 per month, depending on household income. Building amenities include a first-floor laundry facility, community rooms, outdoor space and gated parking for 24 vehicles. Galaxy Contracting served as general contractor for the project.
DEPTFORD, N.J. — The Philadelphia office of Marcus & Millichap has brokered the sale of a 5,000-square-foot retail building, located at 1188 Hurfville Rd. in Deptford, for $2.45 million. The two-tenant property, which was completed in late 2007, is occupied by FedEx/Kinko’s and The Vitamin Shoppe. At the time of occupancy, FedEx/Kinko’s signed a 5-year triple net lease with two 5-year extension options, and The Vitamin Shoppe signed a 10-year triple net lease with two 5-year extension options and scheduled rent escalations every 5 years. Mark Taylor, Dean Zang and Chris Munley of Marcus & Millichap represented the seller, 1188 Hurfville Associates LLC, which is an affiliate of EDEN Property Co. The trio also procured the private, out-of-market buyer. The property traded at a capitalization rate of 7.51 percent.
MALDEN, MASS. — Boston-based Fantini & Gorga has arranged $11.1 million in interim financing for Plaza 188, a 71,500-square-foot retail center located in Malden. Situated on 5.55 acres along Commercial Street, the property is anchored by grocer Super 88; other tenants include Ace Hardware, Brookline Bank, Dunkin Donuts and CitiFinancial. Additionally, the Social Security Administration will soon move its local offices into the center. There is currently 3,400 square feet of space still vacant within the center. Terms of the financing, as well as the borrower and lender, were undisclosed.