UNION CITY, N.J. — CardioMed Services has acquired 3100 Bergenline Ave., a retail/office property in Union City from 3100 Bergenline Avenue LLC for $5 million. The 42,000-square-foot, two- and three-story building is located between 31st and 32nd streets and Bergenline and New York avenues. TD BankNorth currently occupies the ground floor and CardioMed plans to convert the remaining space into medical offices for its daily operations. Stephen Siegel, Michael Laginestra, Scott Gottlieb and Randy Eigen of CB Richard Ellis represented the seller, and Rick Metjian of The Avanti Group represented the buyer in the transaction.
Northeast
NEW YORK CITY — Monday Properties, along with joint venture partner Whitehall Street Real Estate Funds, has purchased 230 Park Avenue in Manhattan, New York City, from Istithmar. The 34-story building, which is located at E. 45th and E. 46th streets at the base of Park Avenue, is set to undergo an expansive multi-year capital improvement program. Current tenants include ING, Tokio Marine Fire & Insurance Co., Bear Stearns & Co. and HSH Nordbank. Anthony Westreich of Monday Properties represented the company in-house in the transaction. The sale price was undisclosed.
EDISON, N.J. — Cushman & Wakefield has completed the sale of the former L.A. Dreyfus Co. manufacturing facility in Edison. The facility is situated on 50 acres at 3775 Park Ave. near the intersection of Oak Tree Road. It contains 507,400-square-feet of warehouse manufacturing space and executive offices. The new owners, a partnership between Tulfra and Hampshire Properties, plan to market the building as industrial condominium units. The sale price was undisclosed.
CARLSTADT, N.J. — CB Richard Ellis (CBRE) has secured $6 million in financing on behalf of 590 Commerce Boulevard LLC, the borrower, for 590 Commerce Blvd. in Carlstadt. The 78,721-square-foot office/warehouse building is situated in close proximity to routes 17 and 46, Interstate 80 and the New Jersey Turnpike. James Gunning and Donna Falzarano of CBRE arranged the financing, which was funded by Principal Real Estate Investors.
QUINCY, MASS. — Meredith & Grew has brokered the $3.2 million sale of a 21,000-square-foot office building located at 122 Quincy Shore Dr. in Quincy. The two-story building is situated 8 miles from downtown Boston and only 1 mile from Route 93. James Elcock, David Goodhue and Katherine Barry of Meredith & Grew represented the seller, Eastport Real Estate Services, and Dana Narlee of Pearson Associates represented the buyer, Lee Kennedy Co.
BETHLEHEM, PA. — Jackson Cross Partners has completed the $1.7 million sale of a 20,000-square-foot flex building in Bethlehem. The buyer, Eastern Pennsylvania Nephrology Associates, will use 4,000 square feet of space within the building for its operations and lease the remaining 10,000 square feet to Fresinius Medical Care North America and 6,000 square feet to RMS Lifeline Inc. MaryFrances McGarrity of Jackson Cross represented the buyer, and Frank Smith of Summit Realty and Management Co. represented the seller, Dennis Benner of Prime at City Line Road, in the transaction.
NEW YORK CITY — MMS USA Holdings has renewed its 350,000-square-foot lease at 1675 Broadway in Manhattan, New York City, for 10 years. The building, owned by the Rudin Family, is comprised of 35 stories and 800,000 square feet. MMS USA houses a number of its advertising and communications units at the facility, including MediaVest Worldwide, Publicis Healthcare Communications Group and Manning, Selvage & Lee. Robert Steinman of Rudin Management represented the building owner, and Joseph Thanhauser and Gordon Ogden of Byrnam Wood represented the tenant.
SYRACUSE, N.Y. — Sperry Van Ness has completed the $12.5 million sale of a retail center in Syracuse. The 67,000-square-foot center is anchored by a Price Chopper SuperCenter and is currently fully occupied. Located at 2525 Erie Blvd. E., the center is also shadow anchored by Lowe’s Home Improvement Warehouse. Joseph Pietrafesa II of Sperry Van Ness and Anthony Pugliese of TAP Capital represented the seller, Cor Erie Blvd. LLC. The undisclosed California buyer, who bought the property in a 1031 exchange, represented itself in-house.
CARTERET, N.J. — Joseph Brecher of Gebroe-Hammer Associates has brokered the $1.56 million sale of an 18-unit garden apartment complex in Carteret. Located at 7, 9 and 11 Byron St., the facility includes one-bedroom residences and is only a quarter of a mile to Exit 12 of the New Jersey Turnpike. The building was 95 percent occupied at the time of the sale. The buyer and seller were undisclosed.
MARS, PA. — Travis Fite and Peter Dunn of Marcus & Millichap have arranged $5.62 million in financing for the Comfort Inn Cranberry Township in Mars. Located at 824 Sheraton Dr., the hotel contains 103 guestrooms. The loan was provided through a commercial mortgage lender at a 6.5 percent interest rate and a 75 percent loan-to-value ratio. It is fixed with a 10-year term and a 30-year amortization schedule.