WACHTUNG, N.J. — A joint venture between two regional investment firms, Agus Holdings and Treeco, has acquired a 10-screen Cinemark movie theater in the Northern New Jersey community of Wachtung. The theater was constructed in 2019 at the six-acre site of a former Sears store, spans 37,630 square feet and features luxury recliners and an XD auditorium. J.B. Bruno, Kevin O’Hearn, Ryan Robertson and Jose Cruz of JLL represented the undisclosed seller in the transaction.
ALTOONA, PA. — Marcus & Millichap has brokered the $2.4 million sale of a 5,290-square-foot retail property at 220 Park Hills Plaza in Altoona, located roughly midway between Pittsburgh and Harrisburg, that is net leased to Denny’s. Mark Taylor, Howard Levy and Brian Sy of Marcus & Millichap represented the buyer, a private investor that acquired the asset via a 1031 exchange, in the transaction. The seller was a REIT. Both parties requested anonymity.
NEW YORK CITY — Fitness club 54D has opened a 7,000-square-foot gym on the ground floor of 125 West 25th Street, a 12-story building in Manhattan. Westbuilt Construction Managers and architecture firm THIRLWALL completed the $2.2 million renovation and build-out of the space. The project team also included Mija Architecture, Criterion Acoustics, NY Engineers and Stys Hospitality Initiative, the owner’s representative.
WINDSOR, CONN. — Regional investment firm WinStanley Enterprises has acquired a 1 million-square-foot industrial facility in Windsor, located north of Hartford, that is fully leased to Amazon. The sales price was $122.3 million. The facility was built on an 89.5-acre site in 2014 and features 32-foot clear heights. The seller was German investment firm Deka Immobilien.
VOORHEES TOWNSHIP, N.J. — Basis Industrial, a Florida-based owner-operator, will develop an 855-unit self-storage facility in Voorhees Township, located just outside of Philadelphia in Southern New Jersey. The facility will span 113,000 gross square feet and feature climate-controlled space. Construction is scheduled to begin later this month and to be complete in fall 2024. WSFS Bank provided $12.1 million in construction financing for the project. Berkadia arranged the loan on behalf of Basis Industrial. Public Storage will operate the facility.
DURHAM, N.H. — Colliers has brokered the $8.8 million sale of Mill Road Plaza, a 53,238-square-foot shopping center in Durham, located near the New Hampshire-Massachusetts border. Grocer Hannaford and Rite Aid serve as the anchor tenants of the two-building, 10.6-acre property. Abigail Bachman and David Choate of Colliers represented the seller, Colonial Durham Associates LP, in the transaction. The buyer was regional investment firm Torrington Properties.
PRINCETON, N.J. — Cushman & Wakefield has negotiated a 53,000-square-foot office lease at Princeton Point, a two-building office complex located within the university’s 2,000-acre business and research campus. The property offers an onsite café/restaurant, conference center and a courtyard with outdoor private seating. Kevin Carton and Todd Elfand of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Shawn Straka, also with Cushman & Wakefield, represented the tenant, pharmaceutical company Dr. Reddy’s Laboratories.
NEW YORK CITY — New York Cares, a nonprofit organization that coordinates volunteer opportunities throughout the city, has signed an 8,280-square-foot office lease at 39 Broadway in Manhattan’s Financial District. The 447,400-square-foot building is also home to tenants such as Waterfront Commission of New York Harbor and Food Bank for New York City. Carri Lyon and Jenna Catalon of Cushman & Wakefield represented the tenant in the lease negotiations. Brian Siegel of The Lawrence Group represented the landlord, Cammeby’s Management Co. LLC.
Walker & Dunlop Provides $35.6M Agency Loan for Refinancing of Brooklyn Affordable Housing Portfolio
NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of a portfolio of eight affordable housing buildings totaling 251 units in Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing, which was structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development Fund Corp., will use $8 million of the proceeds to fund capital improvements and preserve the portfolio’s affordability status.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $13.5 million sale of a 21-unit multifamily building located at 14 Bedford St. in Manhattan’s West Village. The six-story building was originally constructed in 1900 and includes two ground-floor commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group represented the seller, private investor Michael Laub, in the transaction. The trio also procured the buyer, Wharton Properties.