BALDWIN, N.Y. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has arranged $11.2 million in acquisition financing for Baldwin Plaza Shopping Center, a 77,804-square-foot retail property located at 660 Sunrise Highway in Baldwin. Situated on 6.5 acres, the center was 95 percent occupied at the time of closing; anchor tenants include Best Buy and CVS/pharmacy. James Gunning and Donna Falzarano of CBRE arranged the loan on behalf of Millbrook Properties with Principal Real Estate Investors. Terms of the financing were not disclosed.
STAMFORD, CONN. — The New York Institutional Group of CB Richard Ellis (CBRE) has brokered the sale of a 154,533-square-foot flex warehouse building located at 88 Hamilton Ave. in Stamford. The fully occupied building comprises 58,340 square feet of flex space, 56,534 square feet of warehouse space and 39,659 square feet of office space. It is fully occupied, with AmeriCares Foundation leasing all of the office space and most of the warehouse space until 2023. Additional tenants include Carolee and World Wrestling Entertainment, which occupy their spaces until 2017 and 2012, respectively. CBRE’s Jeffrey Dunne, Patrick Bisceglia and Todd Newman represented the seller, Poplar Pointe Partners Ltd. The trio also procured the buyer, 88 Hamilton Avenue Associates LLC, which is an affiliate of Seaboard Properties. The acquisition price was not disclosed.
NEW YORK CITY — Construction is nearing an end for The St. Claire on Fifth, a seven-story residential condominium building located at the corner of Fifth Avenue and 128th Street in Harlem, New York City. Upon completion, the building will include 13 two- and three-bedroom residences ranging in size from 1,125 to 1,625 square feet. Each unit includes a balcony and/or terrace, as well as white oak flooring, double casement windows, gas-burning fireplaces and 8.5- to 9.5-foot ceilings. Building amenities include a 1,500-square-foot common roof deck with a clubroom; a fitness center with a sauna; a massage room with a shower room; and an on-site parking garage. Prices for the residences start at $700,000. Five of the units are already under contract, and occupancy is scheduled for this fall. Griffin Real Estate Group is serving as exclusive marketing and sales agent.
NEW YORK CITY — Chatham, N.J.-based Cronheim Mortgage has arranged a total of $18 million in financing for three office buildings located in Manhattan, New York City. Bruce Theuerkauf of Cronheim secured an $11 million loan for a 14-story, 100,165-square-foot office building located at 1270 Broadway Ave. The Class B building also includes ground-level retail space. The loan carries a 5-year term with a 30-year amortization schedule. Andrew Stewart of Cronheim secured a $4 million loan for a six-story, 74,425-square-foot office building located at 45 W. 21st St. The building is currently occupied by 20 tenants, one of which is leasing the first floor of the building as retail space. The loan carries an 8-year term with a 25-year amortization schedule and a 6.24 percent interest rate. Stewart also arranged a $3 million loan for a 12-story, 52,000-square-foot office building located at 32 E. 31st St. The building also includes ground-floor and second-story retail space. The loan carries a 15-year term with a 25-year amortization schedule and a 6.26 percent interest rate. The lenders and borrowers in each transaction were not disclosed.
HAZELTON AND CAMP HILL, PA. — Lemoyne, Pa.-based Landmark Commercial Realty has brokered the sale of two Pennsylvania industrial facilities. The first is a 240,000-square-foot, Class A distribution facility located within Humboldt Industrial Park in Hazelton. The property was acquired by Exeter 490 Forest LP, an affiliate of Exeter Property Group, for $10.5 million from an affiliate of Philadelphia-based Equilibrium Equities. Jason Grace of Landmark negotiated the transaction. The second property is a 165,000-square-foot warehouse facility located at 801 Spangler Rd. in Camp Hill. It was acquired by 801 Spangler Road Associates LP, which was represented by Grace. He was also subsequently named exclusive leasing agent for the property. The seller, as well as the sale price, was not disclosed.
WEBSTER AND HUDSON, MASS. — Jones Lang LaSalle (JLL) has completed the sale of a two-property retail portfolio in two separate transactions totaling $27.88 million. The first property is Price Chopper Plaza, a 101,000-square-foot shopping center located in Webster. The property is anchored by Price Chopper Supermarket, with additional tenants including Papa Gino’s, D’Angelo’s, and freestanding CVS/pharmacy and Burger King locations. It was acquired by Cedar-Webster LLC for $17.58 million. The brokers were not disclosed. The second property is Washington Square Plaza, a 46,512-square-foot strip center located in Hudson. The center was 98 percent occupied at the time of closing; tenants include CVS/pharmacy, Family Dollar, Applebee’s, Dominos Pizza, and Dunkin’ Donuts. Jim Koury and Nathaniel Heald of JLL represented the undisclosed seller and the buyer, RK Associates, in the $10.3 million transaction. The property traded at a price of $222 per square foot.
HACKENSACK, LITTLE FERRY AND MIDDLESEX, N.J. — New Jersey-based The Orbach Group has sold three New Jersey residential buildings in a $12 million transaction. Totaling 106 rental units, the three buildings are located at 107 Hudson St. in Hackensack, 440 Liberty St. in Little Ferry and 57 Park Brook Gardens in Middlesex. Occupancy was more than 98 percent at the time of closing, and rents range from $800 to $1,250 per month for the studio, one- and two-bedroom units. The buyer was Fort Lee, N.J.-based Lenox Real Estate Partners. Orbach originally acquired the buildings last year as part of a $45 million, 13-building transaction. The remaining buildings in the portfolio will remain under Orbach’s management.
LANCASTER, PA. — CB Richard Ellis (CBRE) has negotiated the sale of Imaging Center of Lancaster, a 12,630-square-foot, Class A medical office building located at 924 Red Rose Ct. in Lancaster, for $2.48 million. Situated on 2.2 acres within close proximity to Lancaster General Hospital Health Campus, the single-tenant property is occupied on a long-term basis by Lancaster Outpatient Imaging. Stephen Marzullo of CBRE’s Greater Philadelphia office, along with Kevin Fry of the firm’s Harrisburg, Pa., office represented the seller, RAIT Financial Trust. The buyer was not disclosed.
FLORHAM PARK, N.J. — CB Richard Ellis (CBRE) has closed on the first part of a $180.7 million office sale in Florham Park. The property, Park Avenue at Morris County, is a six-building, Class A office campus situated on approximately 136 acres at 100-600 Campus Dr.; it contains 1.12 million square feet of office space. The campus is 99 percent occupied by a tenant roster that includes Accenture, BASF, BlackRock, The Hartford Fire Insurance Company, Mapfre Reinsurance, McKinsey & Co., Merrill Lynch, PricewaterhouseCoopers, Quincy Mid Atlantic, Smith Barney, UBS and Wachovia Securities. Jeffrey Dunne, Kevin Welsh and David Gavin of CBRE’s New York Institutional Group, along with Samuel Buckley of the firm’s Saddle Brook, N.J., office, represented the seller in the initial closing of the 100 and 200 Campus Dr. buildings. The team also procured the buyer, KBS Real Estate Investment Trust II. The four remaining buildings will close in the fourth quarter of 2008.
SHIPPENSBURG, PA. — Marcus & Millichap has brokered the sale of Bard Townhouses, a 173-unit student housing community located at 100 Bard Dr. in Shippensburg, for $19.38 million. Situated on 32.54 acres across the street from Shippensburg University, the community comprises 23 two-story buildings with a mix of two-, three- and four-bedroom units. It was fully occupied at the time of closing. Brian Kelly of Marcus & Millichap’s Indianapolis office and Spencer Yablon of the firm’s Philadelphia office represented the sellers, Shippensburg Townhouses LLC and Shippensburg Townhouses II LLC, which are managed by Pennsylvania-based James Properties. The pair also represented the buyer, Ventures Shippensburg LP. The property traded at a price of $112,023 per unit.