PHILADELPHIA — JLL has arranged a $55 million bridge loan for Quartermaster Plaza, a 456,208-square-foot retail power center in South Philadelphia. Built in 2004, the property was 99 percent leased at the time of sale, with BJ’s Wholesale Club, The Home Depot and Sprouts Farmers Market serving as the anchor tenants. Other tenants include Bank of America, Wendy’s, Walgreens, PetSmart and Planet Fitness. Michael Gigliotti, James Galbally, Michael Pagniucci and Blaine Fleming of JLL arranged the five-year loan through an undisclosed bank. The borrower was a partnership between two New York City-based firms, DRA Advisors and KPR Centers, which acquired the center from Cedar Realty Trust in July 2022 as part of an $879 million portfolio deal. Cedar Realty Trust bought the center in 2014 for $92.3 million.
MARLBOROUGH, MASS. — A partnership between Boston-based private equity firm Rockpoint and Connecticut-based developer Post Road Residential has sold The Burrow at Green District, a 235-unit apartment community located in the western Boston suburb of Marlborough. The newly built complex sits on 10 acres and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, coworking space, rooftop deck, podcasting room and access to 40 acres of trails and woodlands. The buyer and sales price were not disclosed.
WESTFIELD, N.J. — Coldwell Banker Realty has begun leasing The Franklin Westfield, a 40-unit apartment complex in Northern New Jersey. Locally based developer Adoni Property Group owns the property, which offers one-, two- and three-bedroom units ranging in size from 750 to 2,650 square feet. Amenities include a pool, fitness center, resident lounge, outdoor grilling and dining stations, business center, library and a pet park. Rents start at $4,300 per month for a one-bedroom apartment.
NEW YORK CITY — Cushman & Wakefield has negotiated a 45,689-square-foot office lease at 1180 Avenue of the Americas in Midtown Manhattan. The tenant, nonprofit organization SelfHelp Community Services, will occupy the entire second and third floors of the 398,937-square-foot building. Mark Boisi, Bryan Boisi, Michael Baraldi and Harry Blair of Cushman & Wakefield represented the landlord, Northwood Investors, in the lease negotiations. Thomas Hines of Transwestern, along with Stephen Powers, Lindsay Ornstein and Alex Smith of OPEN Impact Real Estate, represented the tenant.
NEW YORK CITY — ENT & Allergy Associates has signed an 8,200-square-foot lease renewal and expansion in the Flushing area of Queens. The provider is expanding from 1,800 to 10,000 square feet at the 37,421-square-foot retail and medical center located at 35-30 Francis Lewis Blvd. Jonathan Serko of Cushman & Wakefield represented the tenant in the lease negotiations. Miles Mahony of RIPCO Real Estate represented the locally based landlord, Simone Development Cos.
TROY, N.Y. — United Group of Cos. has received construction financing from Berkshire Bank for City Station North, a $42 million mixed-use project in Troy, located just outside of Albany. The project represents the fourth phase of the larger City Station development that began in 2009. The latest phase will feature 87 one- and two-bedroom apartments and Class A amenities, 40,000 square feet of office space that will be the future home of United Group’s headquarters and 154 covered and surface parking spaces. Project partners include QPK Design, Colliers Engineering & Design and Franco Construction Services. Completion is slated for late 2025.
NEW YORK CITY — San Francisco-based mortgage banking firm Gantry has arranged a $9 million Fannie Mae acquisition loan for a 23-unit apartment building located at 47 E. Seventh St. in Manhattan’s East Village. According to LoopNet Inc., the five-story building was constructed in 1930. Patrick Barkley and Chad Metzger of Gantry arranged the 10-year loan, which features seven years of interest-only payments, through Walker & Dunlop. The borrower was an undisclosed private investor that acquired the asset via a 1031 exchange.
TREXLERTOWN, PA. — Northmarq has brokered the sale of Mayo’s Mobile Home Park, a 75-site manufactured housing property in the Lehigh Valley city of Trexlertown. Mayo’s Mobile Home Park was built in 1950 and was 98 percent occupied at the time of sale. Ari Azarbarzin and Anthony Pino of Northmarq represented the seller, Mayo Homes Co., in the transaction. The buyer and sales price were not disclosed. The deal marks the first time that the property has traded hands since 1963.
NORTH CONWAY, N.H. — Tractor Supply Co. has opened a 39,097-square-foot store in North Conway, located near the New Hampshire-Maine border. The facility, which was constructed from the ground up, consists of 19,097 square feet of retail space and 20,000 square feet of fenced outdoor display space. The store is the 21st in New Hampshire for Nashville-based Tractor Supply Co. Conway Development Partners LLC, a division of New England Retail Properties, owns the site.
NEW YORK CITY — The American National Standards Institute (ANSI), which oversees the development of voluntary consensus standards, has signed a 22,819-square-foot office lease at 1180 Avenue of the Americas in Midtown Manhattan. The nonprofit organization will occupy the entire 10th floor of the 398,937-square-foot building. Mark Boisi, Bryan Boisi, Michael Baraldi and Harry Blair of Cushman & Wakefield represented the landlord, Northwood Investors, in the lease negotiations. Michael Burgio, also with Cushman & Wakefield, represented ANSI.