MANAHAWKIN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6 million loan for the refinancing of a 24,900-square-foot office building in the Northern New Jersey community of Manahawkin. The two-building property was constructed in 2008. Joseph Belgiovine off MMCC originated the 12-year, nonrecourse loan, which carried an interest rate of roughly 3.6 percent, a 70 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.
NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation project at Spring Grove Rehabilitation & Healthcare Center in New Providence, about 30 miles west of Manhattan. The renovation included a retrofit of the facility’s dedicated subacute unit and enhancements throughout its long-term care accommodations. The work also centered on an expansion of the rehab therapy gym and the incorporation of an activities of daily living (ADL) suite.
NEW YORK CITY AND AUSTIN, TEXAS — CBRE Investment Management and facility operator William Warren Group have acquired a 64-property self-storage portfolio for $588 million. Austin-based World Class Holdings was the seller. The self-storage portfolio includes over 4.1 million rentable square feet across 10 states including Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada. The properties include a total of 28,601 units. The self-storage properties will now operate under the StorQuest brand. The facilities were previously operated by Great Value Storage. The assets are primarily single-story drive-up units. The portfolio was 82 percent leased at the time of sale. “We expect these assets to add significant value to our investment stack given the high demand for self-storage facilities across multiple markets and end-users amid the pandemic,” says Justin Shanahan, deputy portfolio manager for CBRE Investment Management. “This specific portfolio offered a unique opportunity to acquire a diverse collection of facilities in various states that have strong population demographics. We believe that the portfolio is well-positioned to continue its robust leasing momentum and yield long-term profitability.” With this transaction, CBRE Investment Management, a New York City-based global real estate assets investment management firm and affiliate of Dallas-based …
NORWALK, CONN. — A partnership between New York City-based Clarion Partners and Boston-based Marcus Partners is nearing completion of the renovation of Merritt 7, a 1.4 million-square-foot office campus in the southern Connecticut city of Norwalk. Following completion of the capital improvement program, the six-building campus will feature energy-efficient utility systems and upgraded amenities. Merritt 7 now houses two food halls with indoor and outdoor seating, 10,000 square feet of conference space, 60,000 square feet of outdoor amenity space, a fitness center, hair salon and car detailing service. The partnership has tapped JLL to provide leasing services for the upgraded building. Gensler served as the architect of the renovation program.
SARATOGA SPRINGS, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $13.5 million loan for the refinancing of a 63-unit multifamily property in the upstate New York city of Saratoga Springs. The unnamed property includes 5,423 square feet of commercial space. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.
NEW YORK CITY — Avison Young has negotiated the $10.5 million sale of a 15,540-square-foot office and retail building located at 206 Spring St. in Manhattan’s So District. The five-story building houses tenants such as Korean restaurant The Woo and cosmetic dentistry firm SoHo Smile. James Nelson, Brandon Polakoff, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller, locally based investment firm Corigin, in the transaction. The team also procured the undisclosed buyer.
NEW YORK CITY — Marcus & Millichap has brokered the $9.6 million sale of a 28,000-square-foot civic building located at 555 Remsen Ave. in the East Flatbush neighborhood of Brooklyn. Jakub Nowak and Thomas Brennan represented the undisclosed seller in the transaction. Yossi Hackner of Sapphire Realty represented the buyer, a religious institution that also requested anonymity.
BRIDGEWATER, N.J. — Patio/outdoor furniture and accessories retailer Fortunoff Backyard Store will open a 9,400-square-foot retail establishment at Somerset Shopping Center in the Northern New Jersey community of Bridgewater. The tenant will backfill a space at the 219,000-square-foot center that was formerly occupied by Pier 1 Imports, which declared bankruptcy and began liquidating its stores in May 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord in the lease negotiations. Jake Frantzman of RIPCO Real Estate represented Fortunoff Backyard Store.
BELLEVILLE, N.J. — Baltimore-based developer Klein Enterprises has opened SilverLake Apartments, a 232-unit multifamily community located about 15 miles outside of Manhattan. Units feature studio, one- and two-bedroom floor plans, and amenities include a fitness center, dog park and pet spa, game room, entertainment lounge with a kitchen, rooftop terrace, business center and package lockers. The property opened to an initial occupancy rate of 87 percent.
NEW YORK CITY — Locally based lender Lightstone Capital has provided a $52 million loan for the refinancing of a portfolio of two Manhattan office buildings totaling approximately 152,000 square feet. The buildings are located at 28 W. 36th St. and 32-36 W. 39th St. in the Midtown South neighborhood and respectively total 66,000 and 86,000 square feet. Both properties include ground-floor retail space, and the second building is being converted from an office rental to condo usage, with sales set to begin in the third quarter. The borrower was R&B Realty Group.