COLLEGEVILLE, PA. Construction is underway on 399 Arcola Rd., a 14,872-square-foot office building in Collegeville. The two-story building is located within the Providence Corporate Center at the intersections of Route 422 and 29 interchange. Developed by 399 Associates LP, the facility is slated to be complete in second quarter 2008. GVA Smith Mack is the exclusive leasing agent for the building.
YARMOUTH, MAINE — Potomac Realty Capital has structured and closed $32 million in acquisition financing for two multifamily properties in Yarmouth. Located just 2 miles apart in Portland’s MSA, the rental properties total 363 units. The borrower, a New England-based real estate investment firm, plans to implement a $3.1 million capital improvement plan. The loan was structured as a Fannie Mae first mortgage and a preferred equity loan.
YARMOUTH, MAINE — Potomac Realty Capital has structured and closed $32 million in acquisition financing for two multifamily properties in Yarmouth. Located just 2 miles apart in Portland’s MSA, the rental properties total 363 units. The borrower, a New England-based real estate investment firm, plans to implement a $3.1 million capital improvement plan. The loan was structured as a Fannie Mae first mortgage and a preferred equity loan.
UNION, N.J. — David Simson, Ward Greer, Lori Zuck and Marvin Rosenberg of GVA Williams have completed the sale of a 176,600-square-foot warehouse and office facility in Union. The building, which is located at 700 Liberty Ave., was purchased by Bed Bath & Beyond for an undisclosed price from Breeze-Eastern Corp. The buyer plans to convert the warehouse facility into corporate offices for its headquarters. Simson and Greer represented the buyer and Zuck and Rosenberg represented the seller in the disposition.
UNION, N.J. David Simson, Ward Greer, Lori Zuck and Marvin Rosenberg of GVA Williams have completed the sale of a 176,600-square-foot warehouse and office facility in Union. The building, which is located at 700 Liberty Ave., was purchased by Bed Bath & Beyond for an undisclosed price from Breeze-Eastern Corp. The buyer plans to convert the warehouse facility into corporate offices for its headquarters. Simson and Greer represented the buyer and Zuck and Rosenberg represented the seller in the disposition.
MORRIS TOWNSHIP, N.J. — Wrightwood Capital has provided a $17 million loan for the acquisition of 138,000-square-foot office building in Morris Township. The Class A facility is located at 465 S. St., which is adjacent to Interstate 287 and is in close proximity to Route 24 and interstates 78, 80 and 280. The borrower was National Business Parks, Inc. The loan was sourced through Bill Fielder of Ridgefield Financial.
MORRIS TOWNSHIP, N.J. — Wrightwood Capital has provided a $17 million loan for the acquisition of 138,000-square-foot office building in Morris Township. The Class A facility is located at 465 S. St., which is adjacent to Interstate 287 and is in close proximity to Route 24 and interstates 78, 80 and 280. The borrower was National Business Parks, Inc. The loan was sourced through Bill Fielder of Ridgefield Financial.
NEW YORK CITY — GFI Realty Services has completed the $25.5 million sale of 201 Linden Blvd. and 221 Linden Blvd. in Brooklyn, New York City. The two six-story buildings contain a total of 352,540 square feet and approximately 300 units. The units range from two-, three- and four-bedrooms. Erik Yankelovich of GFI represented the buyer, an undisclosed New York-based investor. The seller was undisclosed.
NEW YORK CITY — GFI Realty Services has completed the $25.5 million sale of 201 Linden Blvd. and 221 Linden Blvd. in Brooklyn, New York City. The two six-story buildings contain a total of 352,540 square feet and approximately 300 units. The units range from two-, three- and four-bedrooms. Erik Yankelovich of GFI represented the buyer, an undisclosed New York-based investor. The seller was undisclosed.
FARMINGTON, CONN. — GTJ REIT has purchased 8 Farm Springs Rd. in Farmington for $23.3 million. The two-story, single-tenant office building totals 107,654-square-foot and is situated on 10.53 acres. Located in the Farm Springs/Batterson Park Road corridor with immediate access to Interstate 84. At the time of the sale, the facility was 100 percent leased to the Hartford Fire Insurance Co. Jeffrey Dunne, Patrick Bisceglia, John McCormick, Patrick Mulready and Matthew Innes of CB Richard Ellis represented the seller, 8 Farm Springs Road Associates LLC, in the sale.