FAIRFIELD AND SHELTON, CONN. — Nashville-based Montecito Medical has acquired two medical office buildings totaling approximately 113,000 square feet in Fairfield and Shelton, both of which are located in Connecticut’s Fairfield County. The Fairfield property was built in 2018 and totals 46,593 square feet, while the Shelton building spans 54,745 square feet. Orthopaedic Specialty Group is the primary tenant at both properties.
Northeast
Institutional Property Advisors Arranges $90M Sale of Camp Hill Shopping Center Near Harrisburg, Pennsylvania
by Katie Sloan
CAMP HILL, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $90 million sale of Camp Hill Shopping Center. The property is located at 3301 Trindle Road in the borough of Camp Hill, roughly three miles outside Harrisburg. The 430,198-square-foot center was 96 percent leased at the time of sale to tenants including Giant Food Markets, Boscov’s Department Store, Staples, Five Below, Barnes & Noble and LA Fitness. Brad Nathanson of IPA represented the seller, Cedar Realty Trust (NYSE: CDR), and identified the buyer, GSD CampHill Pradsavi Group LLC, in the transaction. Marcus & Millichap also arranged financing on behalf of the buyer. Cedar Realty Trust will be retaining management of the property. “There is tremendous demand for dominant grocery-anchored shopping centers nationally, given the rebound in the markets post-COVID-19 and the attractive debt markets,” says Nathanson. “Demand is outpacing the supply of first-class, high-performing assets like Camp Hill Shopping Center.” Cedar Realty Trust is a real estate investment trust (REIT) focused on owning, operating and redeveloping grocery-anchored shopping centers across urban markets from Washington, D.C., to Boston. The Port Washington, N.Y.-based company’s stock price closed on Wednesday, June 23, at $16.61 per share, up …
HOPEWELL, N.J. — Newmark has arranged a $76 million acquisition loan for Princeton West Innovation Campus, a 1.1 million-square-foot life sciences property in Hopewell, about 55 miles southwest of New York City. The property, which formerly served as the global R&D headquarters of pharmaceutical giant Bristol Myers Squibb, is located less than 10 miles from its namesake university’s main campus. Amenities include a full-service cafeteria, an 8,000-square-foot fitness center, a 28,000-square-foot child development center and multiple conference areas. The borrower was a partnership between H.I.G. Realty Partners and Lincoln Equities Group. Dustin Stolly and Jordan Roeschlaub of Newmark placed the debt through Denver-based ArrowMark Partners. The new ownership will use a portion of the proceeds to fund capital improvements and speculative leasing costs.
LAWNSIDE, N.J. — Developer Sterling Properties has opened Station Place, a 144-unit apartment community in Lawnside, located outside of Philadelphia. The transit-oriented property offers studio, one- and two-bedroom units with European-style cabinetry, stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool, resident lounge, fitness center, bocce courts, outdoor grilling area, package lockers and a private parking garage.
CHELSEA, MASS. — Burgess Properties LLC has brokered the sales of two industrial buildings located in the northeastern Boston suburb of Chelsea for a combined $17.5 million. The first property at 3-7 Griffin Way spans 33,515 square feet and features a clear height of 20 feet. Oliver Street Capital purchased that asset for $10 million. The second building at 25 Griffin Way totals 25,000 square feet and features a clear height of 27 feet. That property sold to an undisclosed, Boston-based investor for $7.5 million. Steve Nohrden of Burgess Properties brokered the deals. The sellers in both transactions requested anonymity.
NEW YORK CITY — Dattner Architects has signed a 30,000-square-foot office lease at 498 Seventh Avenue, a 25-story building in Midtown Manhattan. Recent capital improvements at 498 Seventh Avenue include new lobbies and entrances, new retail storefronts, upgraded destination dispatch elevators, new turnstiles with facial recognition software, a grab-and-go coffee kiosk by Ground Central Coffee and a dedicated lounge area for tenants. Robert Frost and Andy Weiss of Signature Partners LLC represented the tenant in the lease negotiations. Andrew Conrad and Matt Coudert represented the landlord, George Comfort & Sons, on an internal basis.
NEW YORK CITY — Brokerage firm TerraCRG has negotiated the $3.7 million sale of a 6,684-square-foot industrial building in the Gowanus area of Brooklyn. ABC Collision, an auto repair shop that has operated in the area for more than 20 years, purchased the property from Advanced JAF Holding LLC. Brokers involved in the deal included Dan Marks, Daniel Lebor and Adam Tannenbaum of TerraCRG, as well as Jakub Nowak and Jake Torre of Marcus & Millichap and Thomas Cordasco.
RUTHERFORD, N.J. — Cushman & Wakefield has arranged a $115 million construction loan for Highland Cross, a 360,000-square-foot industrial project that will be located in the Northern New Jersey community of Rutherford. Los Angeles-based PCCP LLC provided the loan to the borrower, Lincoln Equities Group. A tentative completion date for the project, which is a build-to-suit for an undisclosed, investment-grade logistics user, was not disclosed. John Alascio, Chuck Kohaut, T.J. Sullivan and Zachary Kraft of Cushman & Wakefield placed the debt.
POMONA, N.Y. — An affiliate of Harbor Group International LLC (HGI) has purchased The Henry, a 169-unit luxury apartment community in Pomona, about 40 miles north of New York City, for $54 million. Built in 2001 and recently renovated, the property’s units feature stainless steel appliances, tile backsplashes and granite countertops. Amenities include a resident clubroom, pool and sundeck, billiards room, fitness center and basketball courts. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer of CBRE represented the seller, a joint venture between Spirit Investment Partners and The Bascom Group, in the transaction, and procured the affiliate of HGI as the buyer.
BURLINGTON, PENNSAUKEN AND MOUNT LAUREL, N.J. — CBRE has negotiated the sale of the Southern NJ Logistics Portfolio, a collection of three buildings totaling 401,827 square feet in Southern New Jersey. The properties are located in Burlington, Pennsauken and Mount Laurel. High Street Logistics Properties purchased the portfolio, which was fully leased at the time of sale, from a private developer based in the region. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki of CBRE brokered the transaction.