ASBURY PARK, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $2.2 million sale of a four-unit multifamily building located in the coastal New Jersey city of Asbury Park. The building consists of two one-bedroom units, two two-bedrooom units and 3,300 square feet of retail space. Daniel Lanni of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — HBK Capital Management has signed a 16,428-square-foot office lease at 452 Fifth Avenue in Midtown Manhattan. The alternative investment firm will occupy the entire 22nd 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. Silvio Petrillo and Tamika Kramer of CBRE represented the tenant.
BALTIMORE — Baltimore-based M&T Realty Capital has arranged $62.5 million in financing for a portfolio of industrial properties totaling approximately 1.9 million square feet that are located in various areas in Rochester, New York, and Southern New Jersey. An undisclosed life insurance company provided the nonrecourse financing, which was structured with a 10-year term and a fixed interest rate. The names and addresses of the properties, as well as the borrower, were also not disclosed.
MOUNT POCONO, PA. — Metro Philadelphia-based investment firm Agora Commercial has acquired Mount Pocono Plaza, a 195,735-square-foot shopping center located in northeastern Pennsylvania, for $17 million. Regional grocer Weis anchors Mount Pocono Plaza, and other tenants include Ollie’s Bargain Outlet, Harbor Freight, Planet Fitness and Dollar Tree. The center’s occupancy rate at the time of sale was roughly 90 percent. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, New Jersey-based Heidenberg Properties Group, in the transaction.
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.