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.
LYNBROOK, N.Y. — Breslin Realty Development Corp. will build The Langdon, a 201-unit multifamily project that will be located in the Long Island community of Lynbrook. Located at 47 Broadway, the new development will replace the former Mangrove Feather factory, which has been vacant for 15 years. The Langdon will consist of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space and onsite parking for 205 vehicles. Construction is expected to begin within 60 days and to be complete in summer 2023. Lee Spiegelman, Mark DeLillo, Marc Schulder and Felipe Marin of BlueGate Partners arranged construction financing for the project, which carries a total price tag of $109 million, according to the debt placement team.
NEW YORK CITY — The Museum of Women will open a 25,000-square-foot venue at 480 Broadway in Manhattan’s SoHo neighborhood. The museum will offer 14 interactive exhibits, as well as a commissary and gift shop. The short-term lease agreement will expire in January 2023. Richard Skulnik, Lindsay Zegans and Ben Sabin of RIPCO Real Estate represented the landlord, KPG Funds, in the lease negotiations. Josh Berger of Norman Bobrow & Co. represented the tenant.
PHILADELPHIA — Rhode Island-based construction firm Gilbane Building Co. has signed a 16,655-square-foot office lease at 1200 Intrepid Ave. within the Philadelphia Navy Yard. Gilbane is relocating from the Wanamaker Building, a historic structure in the Center City neighborhood that originally housed a department store, where the company has been a tenant since 1996. Tony Rossi and Richard Levine of CBRE represented Gilbane in the lease negotiations., Ensemble Real Estate Solutions & Investments owns the property.
LINDENHURST, N.Y. — JLL has negotiated the $146 million sale of The Wel, a 260-unit apartment community located in the Long Island community of Lindenhurst. Built in 2021, The Wel offers studio, one-, two- and three-bedroom units with an average size of 916 square feet. Residences are furnished with stainless steel appliances, stone countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking space, game room, rooftop lounge, fire pits, a dog wash station and landscaped courtyards. Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy of JLL represented the seller, a joint venture between Tritec Real Estate Co. and an affiliate of Rockwood Capital, in the transaction. The buyer was Fairfield Properties.