MARSHFIELD, MASS. — Marcus & Millichap has brokered the $9.9 million sale of The Shops at Ocean’s Gate, a 38,247-square-foot shopping center in Marshfield, about 30 miles south of Boston. The center was built on 1.3 acres in 2010 and was 90 percent leased to tenants such as Domino’s Pizza, The Genesis Fit and Sweetfrog Frozen Yogurt at the time of sale. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor. Both parties were Massachusetts-based entities that requested anonymity.
NEW YORK CITY — Locally based firm LargaVista Cos. has opened Gaseteria Works, a 23,784-square-foot coworking space in the Long Island City area of Queens. Gaseteria Works offers coworking memberships, fully furnished private suites, meeting rooms and virtual addresses, as well as an onsite team offering concierge and administrative services. JLL manages and leases the space via Flex by JLL, the real estate giant’s flexible office and coworking platform.
NEW YORK CITY — Novartis Inc. has signed a 15,865-square-foot office lease at 452 Fifth Avenue in Midtown Manhattan. The pharmaceutical corporation will occupy the entire 12th floor at the 30-story building. Paul Glickman, Ben Bass, Kristen Morgan and Kate Roush of JLL represented the landlord, Property & Building Corp. Ltd., in the lease negotiations. David Stockel and Christopher Menard of CBRE represented Novartis.
MONTGOMERY, N.Y. — New Jersey-based developer Diversified Properties has broken ground on a seven-building, 495-unit self-storage facility in Montgomery, about 80 miles north of New York City. The facility will consist of one two-story building totaling 39,000 net rentable square feet, and six single-story buildings, each of which will total 6,900 net rentable square feet. Morris Construction Management is overseeing construction of the project, which is scheduled for an October completion. CubeSmart is the proposed operator of the facility.
VERNON TOWNSHIP, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. An ACME grocery store anchors the property, which was built between 2001 and 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities that requested anonymity. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carried a five-year term, fixed interest rate and a 30-year amortization schedule.
SHELTON, CONN. — Locally based brokerage firm Vidal/Wettenstein has arranged the sale of a 32,325-square-foot office complex in Shelton, located outside of New Haven in southern Connecticut. According to LoopNet Inc., the property was built on 3.1 acres in 1967 and renovated in 1987. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. Wettenstein also procured the buyer, an affiliate of New York-based investment firm Kirchhoff, which plans to redevelop the property into a self-storage facility.
LINCOLN PARK, N.J. — CBRE has negotiated a 40,000-square-foot office and industrial lease renewal in the Northern New Jersey community of Lincoln Park. Thomas Mallaney and Denise Kokulak of CBRE represented the tenant, Hishi Plastics USA, a division of Mitsubishi Chemical America, in the lease negotiations. The Frassetto Cos. owns the building.
NEW YORK CITY — Alcoholic beverage provider Rémy Cointreau has signed a 29,852-square-foot office lease at 3 Times Square in Midtown Manhattan. The lease spans the entire 20th floor for 10 years. The 30-story building, which originally opened in 2001 as the North American headquarters of Reuters, is currently undergoing a multimillion-dollar renovation. Ron Lo Russo of Cushman & Wakefield and internal agent Tom Keating represented the landlord, Rudin, in the lease negotiations. Peter Sabesan, Richard Selig, Nicholas Markel and Benjamin Grajzgrund of Cresa represented Rémy Cointreau, which plans to relocate from 1290 Avenue of the Americas this summer.
NEW YORK CITY — Walker & Dunlop has arranged $120 million in financing for a portfolio of three affordable housing properties totaling 557 units in Harlem. The portfolio’s capital stack now includes agency debt originated by Freddie Mac and historic tax credit equity that was generated by The New York City Housing Authority (NYCHA) and was subsequently purchased by J.P. Morgan Chase. Proceeds will be used to rehabilitate and preserve the affordability status of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, which were built between 1962 and 1985. The owner, a partnership between Dantes Partners and NYCHA, plans to invest about $200,000 per unit in capital improvements. Interior upgrades will include new kitchens, bathrooms, windows, appliances and flooring, and the project team will also modernize the properties’ HVAC systems. Construction is expected to be complete by August 2025. John Gilmore led the Walker & Dunlop team that structured the agency financing.
CAMDEN, N.J. — Campbell Soup Co. (NYSE: CPB) will invest $50 million in capital improvements to its headquarters campus in the Southern New Jersey community of Camden. The project will both enhance existing workspaces and amenity spaces as well as deliver new ones. As part of the initiative, the company will consolidate its offices in Charlotte and Norwalk, Conn., into the Camden office, yielding a regional workforce of about 1,600 employees. Campbell Soup has been headquartered in Camden since 1869, and this project represents the first renovation of the campus since 2010. Construction is set to begin in March. Employees will begin relocating from the other offices later this year.