PHILADELPHIA — Vince Jolly of SSH Real Estate has brokered the $25.5 million sale of 714 Market St., a 212,000-square-foot office building in Philadelphia. Liberty Resources acquired the building from 714 Holdings LLP. Liberty was the facility’s largest tenant, leasing 60,000 square feet in the building. Jolly represented Liberty Resources, and Cushman & Wakefield represented the seller in the sale. Andrew Noll of Citizens Bank handled the financing for the purchase.
EDISON, N.J. — Ivy Equities has sold Raritan Plaza III in Edison to The Silverman Group of Short Hills, N.J. The 182,616-square-foot Class A office building is located on 13.5 acres at 105 Fieldcrest Ave. The six-story building was 97 percent occupied by 27 tenants at the time of the sale. Gary Gabriel, Andrew Merin, David Bernhaut and Jose Cruz orchestrated the sale. The sale price was undisclosed.
NEW YORK — Cantor Fitzgerald, L.P. has launched a new real estate group, Cantor Real Estate, LLC. Andrew Stark, who will be the executive managing director of the firm, will head the new group up. Cantor Real Estate will create a real estate opportunity fund as an investment vehicle for Cantor partners and other investors. The fund will focus on opportunistic investments in various real estate sectors and dislocated assets. Prior to joining Cantor, Stark was the president of the Northeast and Mid-Atlantic regions of WCI Communities.
ROCHESTER, N.Y. — Sam Bearns of NorthMarq Capital has closed a $2.7 million loan for a PriceRite Grocery Store in Rochester. The non-recourse, 10-year loan has a 25-year amortization schedule and exceeded 80 percent loan-to-value. The fixed-rate loan was locked in at the low 7 percent range. The loan was placed through the firm’s relationship with a national real estate commercial credit company. The borrower was undisclosed.
PLYMOUTH, MASS. — Equibase Capital Group has arranged a $1.35 million bridge loan for Abbot Real Estate Development. The company plans to use the funds for the acquisition, zoning and redevelopment of a vacant Wal-Mart in Plymouth. The 5.8-acre property will be redeveloped into Abbott Residences at Cordage Park, a 150-unit apartment complex.
BOOTHWYN, PA. — CB Richard Ellis (CBRE) has completed the sale of two office condominium units at Garnett Plaza, a new flex business park in Boothwyn. The units total 9,120 square feet and are located in the first building constructed within the park. Steve Italiano of CBRE represented the seller, Wood Duck Real Estate, and the buyer, 3060 LP, in the disposition. The sale price was undisclosed.
NEW YORK CITY — Cushman & Wakefield has negotiated an approximately 163,000-square-foot lease for Newsweek at 395 Hudson Street in Manhattan, New York City. The 600,000-square-foot Class A office building is owned by the New York City District of Carpenters Pension Fund. Josh Kuriloff, Gus Field and Melissa Bazar of Cushman & Wakefield represented Newsweek, and Jonathan Serko, Barry Zeller and David Malawer, also of Cushman & Wakefield, represented the building owner in the negotiations. American Realty Advisors’ Christina Hill is the asset manager advising the pension fund. Peter Bassano of Blealley, Platt & Schmidt LLP acted on behalf of the pension fund.
NEW YORK CITY — Marcus & Millichap has completed the $2.1 million sale of an 8-unit multifamily property in Brooklyn, New York City. Located at 9 St. Marks Ave., the facility was sold as part of a larger portfolio of properties located throughout Park Slope and Brooklyn Heights. Matthew Fotis, Daniel O’Brien and Matthew Rosenzweig of Marcus & Millichap represented the undisclosed seller, and Fotis procured the undisclosed buyer in the transaction.
NEW YORK CITY — Dmitri Gourianov of Kalmon Dolgin Affiliates has completed the $1.9 million sale of an industrial facility in the Queens Village neighborhood of Queens, New York City. The 15,000-square-foot property is located at 212-20/24 99th Ave. The property features a 10,000-square-foot industrial building and a 5,000-square-foot lot that contains a single-family home. The building features multiple drive-in doors, high ceilings and offices on the second floor. Gourianov represented the buyer, Public Utilities Maintenance, and George Kines of Kaplon-Belo represented the seller, Albert Abney, in the transaction.
JERSEY CITY, N.J. — Toll Brothers City Living is set to begin construction on Provost Square within the Powerhouse Arts District in Jersey City. Bordered by Warren Street and Marin Boulevard, the mixed-use project will feature condominiums that will contain 32 units of workforce housing; a performing arts center with a 550-seat theater, exhibition space and 16,000 square feet of classrooms, studios and rehearsal space; a 25,000-square-foot arts-oriented public plaza; and 50,000 square feet of retail space that will include shops, cafes, galleries, other art-oriented uses and the entrance to the Performing Arts Center. Provost Square was designed by Carol R. Johnson Associates.