LINDEN, N.J. — Bridge Industrial has acquired a 115,000-square-foot facility located in the Northern New Jersey community of Linden. The property was originally built on 9.2 acres in 1949 and offers a clear height of 19 feet, 19 drive-in doors and 7,500 square feet of office space. The seller and sales price were not disclosed. The Blau & Berg Co. brokered the deal. Bridge plans to implement capital improvements to the building’s interior and exterior features, and the facility is expected to be available for occupancy in the fourth quarter.
NEW YORK CITY — Marcus & Millichap has arranged the $3.6 million sale of a multifamily property located at 88 Fifth Ave. in Brooklyn’s Park Slope neighborhood. According to LoopNet Inc., the four-story building was constructed in 1920 and houses seven units. Shaun Riney, Mark Zarrella and Andrew Bronsteen of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. Additional terms of sale were not disclosed.
SAN FRANCISCO AND NEW YORK CITY — Prologis Inc. (NYSE: PLD) has agreed to acquire a 14 million-square-foot industrial portfolio from Blackstone (NYSE: BX) for $3.1 billion. The all-cash deal is expected to close in the coming days. The names and locations of the properties were not disclosed, but The Wall Street Journal reports that the portfolio encompasses about 70 assets in gateway markets such as Atlanta, Dallas and Washington, D.C., as well as in areas of New York, California and South Florida. The portfolio is collectively leased to 127 different tenants. Of those, 50 have preexisting relationships with Prologis, and 77 are effectively new customers. San Francisco-based Prologis now owns about 1.2 billion square feet of industrial assets across 19 countries. Over the past 11 years, Prologis and New York-based Blackstone have collaborated on more than a dozen transactions. With this deal, the price translates to a capitalization rate of approximately 4 percent based on net operating income in the first year and a 5.75 percent cap rate when adjusting to today’s market rents. “Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses,” says Nadeem Meghji, head of Blackstone Real Estate Americas. Blackstone retained …
WAYNE, N.J. — The Pomeranc Group, a hospitality-oriented investment firm, has acquired Mountain View Crossing, a 465-unit apartment community located in the Northern New Jersey community of Wayne. The property’s unit mix consists of eight studios, 309 one-bedroom apartments, 141 two-bedroom units and seven three-bedroom units. Residences feature private patios/balconies, stainless steel appliances, hardwood flooring and stone countertops. Amenities include a pool, tennis and basketball courts, fitness center, clubroom, dog park and outdoor grilling and dining areas. Niko Nicolaou, Ryan Dowd, Peter Welch and Brian Whitmer of Cushman & Wakefield represented the seller, UBS Realty Investors, in the transaction and procured The Pomeranc Group as the buyer. John Alascio, T.J. Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein of Cushman & Wakefield arranged $97.7 million in acquisition financing through Greystone for the deal.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $39.3 million sale of a portfolio of nine affordable housing properties totaling 309 units in New York City. Two of the properties are located in the Morrisania neighborhood of The Bronx, and the remainder are in Harlem. The portfolio also includes four commercial spaces. Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer and property addresses were also not disclosed.
NEW YORK CITY — The Child Mind Institute, a nonprofit dedicated to helping children with mental illnesses and learning disorders, has signed an 81,810-square-foot at 825 Third Avenue in Midtown Manhattan. The tenant will occupy the entirety of the second through fifth floors and have a dedicated ground-floor entrance. The Durst Organization owns the 530,000-square-foot building, which is currently undergoing a $150 million capital improvement program. Lance Korman and Brian Waterman of Newmark represented Child Mind Institute in the lease negotiations. Tom Bow, Ashlea Aaron, Lauren Ferrentino and Bailey Caliban represented The Durst Organization on an internal basis.
HOBOKEN, N.J. — Locally based development and investment firm Maridian Properties has completed the majority of the renovations at 95 River Street, a historic building in Hoboken that comprises 22,500 square feet of office and retail space. Upgrades to common areas and office suites are complete, though a full remodel of the lobby remains ongoing. Maridian also rebranded the property as Lions Gate in homage to a decorative frieze on the building’s façade. Maridian acquired the building, which was originally constructed in 1910 for Steneck Trust Co. and last renovated in 1983, last December.
NEW YORK CITY — Black Bear Capital Partners has arranged a $58 million loan for the refinancing of 503-511 Broadway, a five-story office building in Manhattan’s SoHo district. Built in the early 1900s, the property includes 111,164 square feet of office space and 10,000 square feet of ground-floor retail space, with the remainder consisting of storage space. The building was fully leased at the time of the loan closing. Bryan Manz, Emil DePasquale and George Pektor of Black Bear Capital Partners arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of the borrower, HSR Corp.
EVERETT, MASS. — South Carolina-based developer Greystar has begun leasing Mason, a 330-unit apartment community located in the northeastern Boston suburb of Everett. Designed by CBT Architects, the property offers studio, one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. According to the property website, rents start at $2,200 per month for a studio apartment.
ERIE, PA. — Matthews Real Estate Investment Services has brokered the $22 million sale of Northgate Commons, a 180,000-square-foot shopping center in Erie, located near the Pennsylvania-Ohio border. Tenants at the property, which was 95 percent occupied at the time of sale, include Quest Diagnostics, DaVita Dialysis, MedCare and Dollar General. Joseph Nelson of Matthews represented the seller, an undisclosed private investor, in the transaction. The buyer was also not disclosed.