SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of Western Lights Shopping Center, a 250,193-square-foot retail property in Syracuse, for $18.2 million. Tenants at the center include Price Chopper, Valu Home Center, Dollar Tree, Rainbow Shops, Mavis Discount Tire, Supercuts and Subway. Joseph French Jr., Kodi Traver and Thomas Dalzell of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also secured the buyer.
PATERSON, N.J. — Kirker Enterprises Inc., a manufacturer that serves the fashion industry, has sold a 152,000-square-foot industrial building located in the Northern New Jersey community of Paterson. The building sits on three acres and features four drive-in doors, 12 loading docks and clear heights of 14 to 22 feet. Russell Verducci and Eric Demmers of NAI James E. Hanson teamed with Hanna Commercial Real Estate to represent the seller in the transaction. The buyer was an entity doing business as 55 East 6 LLC.
STRATFORD, CONN. — Locally based brokerage firm Vidal/Wettenstein has arranged the $8.2 million sale of Spinelli Plaza, a 58,200-square-foot shopping center in Stratford, located in southern Connecticut’s Fairfield County. Tenants at Spinelli Plaza include Chase Bank, Family Dollar and Starbucks. The Spinelli Family sold the center to an undisclosed 1031 exchange buyer. Bruce Wettenstein of Vidal/Wettenstein brokered the deal.
PHILADELPHIA — French investment bank Natixis has provided a $73.6 million acquisition loan for Mansion at Bala, a 276-unit apartment community in northwest Philadelphia. Built in 2010, the property offers one-, two- and three-bedroom units with an average size of 1,059 square feet. Amenities include a pool, resident clubhouse, business center and a fitness center. Robert Lipson, T.J. Piper and Jeremy Lynch of Berkadia arranged the five-year, floating-rate loan on behalf of the borrower, Rose Valley Capital, an affiliate of Hampshire Properties.
METUCHEN, N.J. — Locally based investment firm Seagis Property Group has purchased a 158,641-square-foot industrial facility located in the Northern New Jersey community of Metuchen. The front-load building features a clear height of 21 feet, 20 tailgate doors, two drive-in ramps and parking for 25 trailers. The seller was New Jersey-based trucking company P&V Warehouse Distribution. Steve Bussel of Bussel Realty Corp. represented both parties in the transaction. Seagis plans to implement a multimillion-dollar value-add program.
PITTSBURGH — Developer Westrise Capital has completed Launchpad, a 60,000-square-foot redevelopment project located in between Pittsburgh’s downtown and West Oakland areas. The site at 304 Jumonville St., which previously housed an industrial laundry facility that served a local hospital, can now support office, technology, life sciences, research and development or light manufacturing and assembly uses. JLL is marketing the property for lease.
EAST RUTHERFORD, N.J. — California-based Temco Logistics has signed a 57,076-square-foot industrial lease in the Northern New Jersey community of East Rutherford. The space features a clear height of 24 feet, two drive-in ramps and 4,700 square feet of office space. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented the tenant in the lease negotiations. Monte Radfar and Eric Lewin of Team Resources represented the landlord, Safer Development & Management.
HACKENSACK, N.J. — Cushman & Wakefield has brokered the $7.3 million sale of the Burlews Industrial Portfolio, a collection of seven industrial buildings totaling 44,500 square feet in Hackensack. Andrew Schwartz, Jordan Sobel and André Balthazard of Cushman & Wakefield represented the seller, Brentwood Realty, and procured the buyer, private investor Dave Goldberg, in the transaction. The portfolio was fully leased to 11 tenants at the time of sale.
BOSTON — Diversified Healthcare Trust (NASDAQ: DHC) has sold a 10 percent equity interest in a two-building life sciences complex located at 11 Fan Pier and 50 Northern Ave. in Boston’s Seaport District for $108 million. The property comprises two 15-story buildings with a combined 1.1 million square feet of lab, office and retail space. The locally based REIT, which still owns another 10 percent stake, sold its interest to an existing joint venture partner that now owns 45 percent of the property. Diversified Healthcare Trust intends to use the proceeds from the sale to fund capital expenditures, reduce outstanding indebtedness and address other general business needs. At the time of sale, the property was 95 percent leased to Vertex Pharmaceuticals.
NEWARK, N.J. — Locally based mortgage banking and advisory firm Progress Capital has placed a $54.5 million construction loan for an educational project in Newark. The borrower, an entity doing business as 155 Jefferson LLC, plans to redevelop the site of the former St. James Hospital, which has been vacant for 15 years, into a 179,100-square-foot specialized higher learning center. Specifically, the new facility will support students studying architecture, computer-aided design and construction technology, as well as students who have opted for traditional trade programs. Completion is slated for July 2023. David May and Evan Boles of Progress Capital arranged the financing. The direct lender was not disclosed.