ROCHELLE PARK, N.J. — Cushman & Wakefield has brokered the $17.8 million sale of Park 17, a 105,000-square-foot office building in the Northern New Jersey community of Rochelle Park. The five-story building is home to tenants such as the Bergen County Board of Social Services and St. Joseph’s University Medical Center. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, GHP Office Realty LLC, in the transaction. The buyer was not disclosed.
BELLEVILLE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged an $11.5 million permanent loan for a 70,450-square-foot shopping center in the Northern New Jersey community of Belleville. Grocer ShopRite anchors the center. Allison Villamagna and Andrew Stewart placed the 12-year loan through Farm Bureau Life Insurance Co. on behalf of the undisclosed borrower.
NORTH BRUNSWICK, N.J. — General contractor Peak Construction is underway on Crossroads Commerce Center, a 191,481-square-foot industrial project located in North Brunswick, about 40 miles south of New York City. Building features will include a clear height of 40 feet, 130-foot truck court depths, 29 dock positions, two drive-in doors, 161 car parking spaces and 31 trailer parking spaces. Principal Asset Management is the developer of the project. Other project partners include construction manager D. Loeffler Consulting, Environetics Group Architects and Bohler Engineering. Completion is slated for May 2023.
PITTSBURGH — JLL Capital Markets has negotiated the $46 million sale of The Mall at Robinson, an 874,553-square-foot shopping center in Pittsburgh. Dick’s Sporting Goods, Macy’s, J.C. Penney and a space formerly occupied by Sears anchor the retail center, which was 92.1 percent leased at the time of sale. Kohan Retail Investment Group purchased the property from an entity doing business as QIC US Management Inc. David Monahan, Claudia Steeb, Cameron Pittman and Emerson Pierce of JLL brokered the sale.
HARTFORD, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Connecticut. Totaling 380 beds, the properties are all located in the northeastern suburbs of Hartford. A joint venture owner sold the assets to a regional buyer for an undisclosed price, with both parties requesting anonymity. The new ownership plans to focus on operational efficiencies, including staffing, and to invest in capital projects at the facilities.
GARDEN CITY, N.Y. — Northmarq has arranged a $20 million loan for the refinancing of a 111,674-square-foot office complex in the Long Island community of Garden City. The complex consists of two sister buildings that are situated on a one-acre lot at 1010 and 1050 Franklin Ave. Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq arranged the loan, which carried a fixed interest rate, 15-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.
ALLENDALE, N.J. — Azarian Realty Co. has secured two new leases at Allendale Town Center, a 90,000-square-foot shopping center located in Northern New Jersey. Bergen County Pediatric Dentistry will occupy 2,270 square feet, and AM/PM Walk-In Urgent Care will occupy 3,100 square feet. Kevin Pelio of Azarian represented the landlord and tenant in both sets of lease negotiations. Primo Hoagies, a sandwich shop, is also scheduled to open a 2,008-square-foot shop at the center in 2023.
NEW YORK CITY — Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, a 176,000-square-foot office building in Manhattan’s SoHo neighborhood. American business magnate John Jacob Astor originally developed the building in 1882, and in 1991, the property was redesigned to become the Guggenheim Museum SoHo. The museum subsequently occupied the site for the next decade. Today, the property is owned by entrepreneur Peter Brant and houses an array of traditional office and retail users such as Estee Lauder, H&M and the New York City flagship location of Prada. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani of Newmark arranged the loan through Citigroup and Société Générale.
NEW YORK CITY — BXP (NYSE: BXP), a REIT formerly known as Boston Properties, has acquired a $121 million interest in 200 Fifth Avenue, an 870,000-square-foot office building in Midtown Manhattan. With this acquisition, BXP now holds 27 percent of the equity, with institutional investment firms advised by J.P. Morgan Global Alternatives owning the remaining 73 percent. The 14-story building was originally constructed in 1909 and is currently 93 percent leased to tenants such as Grey Advertising, Tiffany & Co. and Yelp. The building’s mortgage loan has an outstanding principal balance of $600 million, bears interest at 4.34 percent per annum and matures in November 2028.
PHILADELPHIA — Locally based brokerage firm Rittenhouse Realty Advisors has negotiated the $25.2 million sale of Avenue V, an 82-unit apartment complex in Philadelphia’s Old Kensington neighborhood. The transit-served property features one-, two- and three-bedroom units with stainless steel appliances and quartz countertops, as well as three commercial spaces. Philadelphia-based developer The Riverwards Group sold the asset to an undisclosed, New York-based investment firm. Ken Wellar and Corey Lonberger of Rittenhouse represented both parties in the deal.