NEW YORK CITY — Greystone has provided $59 million in HUD-insured financing for a portfolio of three affordable housing properties totaling 143 units in Harlem. Proceeds will be used to preserve the affordability of the Section 8 properties and to take out a $45 million bridge loan previously provided by Greystone for the acquisition of the assets. Leor Dimant of Greystone originated the nonrecourse financing, which carries a fixed interest rate, a 35-year term and a 35-year amortization schedule, through HUD’s 223(f) program. The borrower was not disclosed.
SEWELL, N.J. — Sterling Organization, a Florida-based private equity firm, has acquired Mill Pond Village, a 94,550-square-foot, grocery-anchored retail center located in the Southern New Jersey community of Sewell. ShopRite is the anchor grocer at the center, which is located approximately 14 miles outside of Philadelphia. The seller was EDENS, a national retail development firm. Jim Galbally, Chris Munley and Colin Behr of JLL brokered the transaction. The property was 95 percent leased at the time of sale.
BOONTON, N.J. — JLL has negotiated the sale of a 55,000-square-foot light industrial property located at 95 Fulton St. in Boonton, about 30 miles west of New York City. The property is situated on 14.2 acres and features 24- to 40-foot clear heights, 112 parking spaces and 11,000 square feet of office space. Howard Weinberg of JLL represented the seller, steel manufacturer Erasteel Inc., in the transaction. Jeffrey Fulton and Jason Levy of Team Resources Inc. represented the buyer, J. Supor & Son Trucking & Rigging.
CLIFTON, N.J. — NAI James E. Hanson has brokered the sale of a 45,670-square-foot industrial building located at 9 Bridewell Place in the Northern New Jersey city of Clifton. Building features include 23-foot clear heights and 11,102 square feet of office space. Ken Lundberg, Darren Lizzack, Randy Horning, Pat Lennon and Lorenzo Lambiase of NAI Hanson represented the seller, Challenge Partners LLC, in the transaction. The buyer was beverage producer and distributor 3 V Co. Inc.
WILMINGTON, MASS. — CBRE has arranged the $154 million sale of an eight-building, 687,000-square-foot industrial portfolio in Wilmington. The properties were 96 percent leased at the time of sale to 27 tenants including Crate & Barrel, Energy Sciences, 3Step Sports and Altro USA Inc. A joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate acquired the portfolio, which spans 49 acres. The buildings are located at 21, 42, 65 and 80 Industrial Way; 42 and 80 Rear Industrial Way; 1 Progress Way; and 844 Woburn St., four miles north of the Interstate 95-93 interchange and 17 miles north of Boston Logan International Airport. Scott Dragos, Doug Jacoby, Chris Skeffington, Tony Hayes, Tim Mulhall, Roy Sandeman and Daniel Hines of CBRE represented the seller, I. Fred Dicenso Trust LLC, in the transaction. “Boston is a target market on all investors’ radar right now, and it’s not very often a true infill industrial cluster becomes available,” says Dragos. “What this portfolio uniquely offered was its scale, location, proximity to I-93 and market opportunities.” — Alex Tostado
PHILADELPHIA — Urban Outfitters (NASDAQ: URBN) reported an 8.4 percent sales decrease for the two months that ended on Dec. 31, 2020 compared with the same period a year earlier. The Philadelphia-based apparel retailer said that lower sales within its brick-and-mortar stores were partially offset by double-digit sales growth across the digital platforms of its family of brands, which includes Free People and Anthropologie Group. For the fiscal year 2020, the company’s net sales declined by 14.3 percent year-over-year, although the retailer did open 18 new stores over the last 12 months. In addition, Urban Outfitters has announced that current CEO Trish Donnelly will be stepping down on Jan. 31, 2021 after a seven-year stint with the company and will be replaced by Sheila Harrington. Urban Outfitters’ stock price opened at $27.90 per share on Wednesday, Jan. 13, up from $26.47 per share a year ago.
NEW HAMPSHIRE — Tampa-based Skyview Advisors has brokered the sale of the 603 Self-Storage Portfolio, a collection of 12 properties totaling 2,453 units in New Hampshire. The portfolio spans 325,914 net rentable square feet. Richard Riddle and Ryan Clark of Skyview Advisors represented the undisclosed, New Hampshire-based seller in the transaction. An out-of-state institutional investor purchased the portfolio for an undisclosed price.
FAIRLESS HILLS, PA. — A partnership between New Jersey-based developer J.G. Petrucci Co. and Boston-based Cabot Properties will develop a 225,000-square-foot industrial project in Fairless Hills, about 25 miles north of Philadelphia. The property will be situated on 18.3 acres and will feature 36-foot clear heights, 50 trailer parking spaces and 172 parking stalls. Jon Mikula and John Plower of JLL arranged the partnership between the co-developers. The project is expected to be complete by the end of the year. Jeffrey Licht, Adam Lashner and Jared Licht of NAI Mertz represented the seller, Hiossen, a supplier of implants and prosthetics, in the disposition of the land.
NEEDHAM, MASS. — Talonvest Capital, a mortgage banking firm focused on the self-storage sector, has arranged a $15.6 million bridge loan for the acquisition of a 970-unit facility in Needham, a western suburb of Boston. The property was built on 1.9 acres in 2020 and spans 92,500 net rentable square feet. Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler and Jim Davies of Talonvest arranged the nonrecourse, floating-rate loan on behalf of the borrower, a joint venture between Westport Properties Inc. and investment management firm Heitman.
FAIRFIELD, N.J. — A partnership between Chicago-based Venture One Real Estate and Kovitz Investment Group has acquired a two-building, 72,045-square-foot industrial portfolio in Fairfield, about 25 miles west of New York City. The first building totals 46,536 square feet and was built in 1981, while the second building spans 25,509 square feet and was constructed in 1980. The portfolio was fully leased to five tenants at the time of sale. Thomas Atler of Graham Realty Group LLC represented the seller in the transaction.