GLOUCESTER CITY, N.J. — New Jersey-based mortgage banking and advisory firm Progress Capital has arranged a $25 million loan for the refinancing of River Pointe Apartments, a 141-unit complex in the Southern New Jersey community of Gloucester City. The borrower, Cyzner Properties, acquired the garden-style community in 2017 with plans to renovate the 11 buildings, but eventually decided on a complete demolition and rebuild. Amenities now include a fitness center, clubhouse with a business center and party room, communal garden and a dog park. Kathy Anderson of Progress Capital arranged the nonrecourse loan, which carried a 30-year amortization schedule and 24 months of interest-only payments, on behalf of Cyzner Properties. The direct lender was not disclosed.
PITTSBURGH — Terravet Real Estate Solutions, an investment firm focused on commercial properties occupied by veterinary users, has purchased two such facilities totaling 48,000 square feet in Pittsburgh. The sales price was $22.6 million. The buildings represent the real estate holdings of the Pittsburgh Veterinary Specialty & Emergency Center. Following this transaction, Terravet now owns and operates about 70,000 square feet of veterinary facilities in the Pittsburgh area and 1 million square feet nationwide.
BOURNE, MASS. — Boston-based brokerage firm Horvath & Tremblay has negotiated the $6 million sale of Bourne Bridge Crossing, a 23,968-square-foot retail strip center located south of Boston in Barnstable County. Tenants at the three-acre property include PetSmart, Starbucks and Domino’s. Bob Horvath and Todd Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.
DEPTFORD, N.J. — JLL has negotiated the sale of Deptford Landing, a 517,096-square-foot retail power center located in Southern New Jersey’s Gloucester County. The property sits on a 67.3-acre site that sees more than 107,000 vehicles per day and was fully leased at the time of sale. Tenants include Designer Shoe Warehouse, Michaels, Five Below, PetSmart, Raymour’s Furniture, The Mattress Factory, Hand & Stone, Carter’s, Five Guys, Great Clips, Chipotle Mexican Grill and National Vision. Jose Cruz, Chris Munley, Steve Simonelli, J.B. Bruno, Jim Galbally, Colin Behr and Austin Pierce of JLL represented the undisclosed seller in the transaction. New Jersey-based Wharton Realty Group purchased the asset for an undisclosed price.
PORTSMOUTH, N.H. — New York City-based shopping center REIT RPT Realty (NYSE: RPT) has acquired The Crossings, a 510,000-square-foot retail power center located near the Massachusetts-New Hampshire border in Portsmouth, for $104 million. The open-air center was 95 percent leased at the time of sale, with grocers Trader Joe’s and Aldi anchoring the property. Other major users include Dick’s Sporting Goods, Best Buy, Kohl’s, Five Below, Ulta Beauty, Chipotle Mexican Grill and McDonald’s. The seller was not disclosed.
MILFORD, CONN. — Colliers has brokered the sale of Liberty Rock Shopping Center, a 175,000-square-foot shopping center in Milford, located in the southern central part of the state. Tenants at Liberty Rock Shopping Center include Ocean State Job Lot, Dollar Tree, Walgreens and Taco Bell. John Cafasso and Ian Hunt of Colliers represented the seller and procured the buyer, a locally based development and investment firm, in the transaction. Both parties requested anonymity.
WOODBURY, N.Y. — New Jersey-based Cronheim Mortgage has arranged a $13 million loan for the refinancing of a 55,000-square-foot retail property on Long Island. Located along the Jericho Turnpike in the community of Woodbury, the property is fully occupied by grocer Stop & Shop. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the 10-year, nonrecourse loan, which carried a fixed interest rate and four years of interest-only payments. The borrower was full-service firm Woodpath Associates LLC. Texas-based Aurora National Life Assurance Co. provided the loan.
POINT PLEASANT, N.J. — Marquis Health Consulting Services has completed a $3 million renovation project at Crest Pointe Rehabilitation & Healthcare Center, located near the Jersey Shore. The centerpiece of the renovation was the addition of a 3,000-square-foot rehab therapy gym and the incorporation of an activities of daily living suite. Other renovations included a lobby/reception area redesign and expansion, reconfigured and updated dining area and lounges and updates to resident rooms.
WHITEHALL, PA. — Maryland-based investment firm 1788 Holdings LLC has sold Riverside Business Center, a 423,900-square-foot industrial facility located in the Lehigh Valley city of Whitehall. The property was originally built on 34 acres in 1910 and has been renovated numerous times over the years. Those renovations most recently included a $9 million capital improvement program in 2006 that converted the property from a single-use manufacturing facility to a multi-tenant warehouse. Michael Hines of CBRE represented 1788 Holdings in the transaction. The buyer, Buligo Capital Partners, purchased the asset for $34.6 million.
SHELTON, CONN. — New Jersey-based investment firm BDP Holdings has acquired 27 and 35 Waterview Drive, a 310,094-square-foot office complex in the southern coastal Connecticut city of Shelton. The waterfront complex includes warehouse and engineering space and was fully leased at the time of sale to global technology company Pitney Bowes. Amenities include a cafeteria, fitness center, outdoor amenity spaces and a medical clinic. Jon Mikula, Michael Klein and Ryan Carroll of JLL arranged a $31.3 million acquisition loan for the deal through Ladder Capital Finance on behalf of BDP Holdings. The loan carried a 10-year term and a fixed interest rate.