JERICHO, N.Y. — New Jersey-based investment firm The Birch Group has acquired 1 and 2 Jericho Plaza, a 665,592-square-foot office complex on Long Island, for $212 million. The property was 95 percent leased at the time of sale to tenants such as AIG, Deloitte, Morgan Stanley, Ernst & Young, Valley Bank, Sterling National Bank and UBS. The seller was a partnership between New York City-based private equity firm DRA Advisors and New Jersey-based Onyx Equities.
MOUNT OLIVE, N.J. — Locally based brokerage firm R.J. Brunelli & Co. has negotiated the $49.8 million sale of ITC Crossing South, a 373,612-square-foot shopping center located on 46 acres in Mount Olive, for $49.8 million. The property is home to retailers such as Lowe’s, Michaels, PetSmart, Old Navy, T.J. Maxx, Panera Bread, McDonalds, Longhorn Steakhouse and Bed, Bath & Beyond. The buyer, California-based Black Lion Investment Group, plans to implement a capital improvement program.
LAWRENCE, MASS. — MassHousing has provided $26.9 million in financing for the redevelopment of a portion of the historic Marriner Mill in Lawrence, a northern suburb of Boston, into an 87-unit mixed-income residential complex. The financing consisted of a $2.3 million permanent loan, $22.5 million in bridge loan financing and $2.1 million in funding from the agency’s workforce housing initiative. Of the 87 units, 17 will be restricted to lower-income households earning 30 percent or less of the area median income (AMI). Forty-nine units will be rented to households earning 60 percent or less of AMI, and 21 apartments will be workforce housing units for households earning up to 80 percent of AMI. The borrower and developer is Trinity Financial. ICON Architecture is designing the project, and Aberthaw Construction Co. is the general contractor. Completion is slated for summer 2023.
WESTBOROUGH, MASS. — A joint venture between Dallas-based Lincoln Property Co. and Cara Real Estate, the U.S. investment arm of German firm Cara Investment, has purchased a 198,000-square-foot manufacturing facility in Westborough, located in between Boston and Worcester. The sales price was approximately $20.6 million. At the time of sale, the majority of the property was leased to two tenants, NEO Tech, which produces electronics components, and Columbia Tech, which provides product development and engineering solutions to an array of industries. The seller was not disclosed.
SHELTON, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18.9 million loan for the refinancing of The Ridge at Sawmill, an 89-unit multifamily property in Shelton, located in Fairfield County. The property was built in 2020 and offers a fitness center, resident clubhouse and a conference facility. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.
BOSTON — A Korean investment group led by Hana Financial and KTB Asset Management has purchased a 95 percent stake in Congress Square, a 371,996-square-foot office tower located at 40 Water St. in downtown Boston. The group purchased the stake from Related Fund Management, which will retain the remaining 5 percent interest and continue to manage the property. Paul Gillen, Anthony Ledesma, Daniel Parker and Allie Boyan of Atlanta-based Hodges Ward Elliott (HWE) arranged the recapitalization of Congress Square, which included refinancing of existing debt. Lawrence Britvan and Jordan Kirkbride of HWE placed that loan through global asset management firm KKR.
GREENCASTLE, PA. — Marcus & Millichap has brokered the sale of A-1 Greencastle Self Storage, a 378-unit facility located in Franklin County in the southern part of the state. The facility consists of 71,426 net rentable square feet across 365 non-climate-controlled units, 10 climate-controlled units and three commercial spaces. The property also features 17 parking spaces. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
PHILADELPHIA — Luxury hotel operator Radisson has completed the multimillion-dollar renovation of the 212-room Radisson Hotel Philadelphia, located in the Center City District. The remodeled hotel now features an open-concept lobby area that houses individual check-in pods, coffee and tea facilities, a snack shop and the Whit Lounge, the hotel’s onsite bar and restaurant. The hotel also offers a fitness center, meeting space and airport parking and valet services.
HAZLETON, PA. — Metro Philadelphia-based brokerage firm Legend Properties Inc. has arranged the sale of Church Hill Mall, a 168,000-square-foot retail property in Hazleton, located roughly midway between Scranton and Allentown. The property sits on 14 acres and was 92 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Family Dollar and Firestone. James Smith of Legend Properties brokered the deal. The new ownership, an entity doing business as 1065 Church Street Properties LLC, plans to invest about $2 million in capital improvements and rebrand the property as Church Hill Commons.
HARRISBURG, PA. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Summerdale Plaza, a 141,451-square-foot shopping center in Harrisburg. At the time of sale, the property was 85 percent leased to a tenant roster that includes Rite Aid, AutoZone, Dollar Tree and Tractor Supply. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.
