GREAT NECK, N.Y. — New York-based Namdar Realty Group has sold a portfolio of 10 net-leased retail properties located across five states. Five of the properties are located in California. Two assets are in Oregon, and each of the remaining three properties are split between Illinois, Maine and Connecticut. The portfolio spans more than 100,000 square feet and was approximately 95 percent leased at the time of sale to tenants such as Buffalo Wild Wings, Best Buy, Cost Plus World Market, State Farm, AT&T and Uno Pizzeria. Andrew Ebrani and Jonathan Abda represented Namdar Realty Group on an internal basis. The buyer and sales price were not disclosed.
WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a three-property, 66-unit multifamily portfolio in West New York, located across the Hudson River from Manhattan. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap represented the seller and the buyer, both of which were private investors that requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
PRINCETON, N.J. — JLL has negotiated the $92.1 million sale of Parc at Princeton Junction, a 232-unit luxury apartment community located about two miles from Princeton University’s campus. Built in 2018, the property features one-, two- and three-bedroom units that range in size from 750 to 1,349 square feet and that have private balconies and patios in select apartments. The building also houses 19,913 square feet of retail space. Amenities include a pool, fitness center, bocce ball court, dog spa and wash, two-story clubhouse, outdoor grills and fire pit, a courtyard and a sundeck. Jose Cruz, Michael Oliver, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, a joint venture between Toll Brothers Apartment Living and The Davis Cos., in the transaction. An undisclosed private investor purchased the asset.
NEWINGTON, N.H. — Torrington Properties, an investment firm with offices in Boston and Durham, New Hampshire, has acquired the 102,000-square-foot Newington Park Shopping Center. The property is located in the southern coastal part of the Granite State and sold for $13.3 million. The seller, Urstadt Biddle Properties Inc., had owned the 15-acre center since 1979. Torrington Properties purchased the asset in partnership with regional development and investment firm The Mount Vernon Co.
NEW YORK CITY — Chicago-based investment firm CenterPoint Properties has acquired an 81,000-square-foot warehouse located at 511 Barry St in The Bronx. Earlier this year, CenterPoint purchased an adjacent property at 1080 Leggett Ave; both buildings are occupied by an e-commerce tenant that the New York Business Journal reports is Amazon. The building covers about 32 percent of a 4.6-acre site, providing ample space for employee and trailer parking. Brian Fiumara, Doug Middleton and Ryan Silber of CBRE, along with Rob Kossar, Tyler Peck, Leslie Lanne and Andrew Scandalios of JLL, brokered the deal.
PITTSBURGH — Regional lender TriState Capital Bank Inc. (NASDAQ: TSC) has signed a 22,000-square-foot lease to occupy the entire 16th floor at 11 Stanwix Street, an office building in downtown Pittsburgh. Jason Stewart and Jeff Adams of JLL represented the landlord, a partnership between M&J Wilkow and DRA Advisors, in the lease negotiations. Brendan McManus and Michael Connor of Hanna Langholz Wilson Ellis represented the tenant. The deal increases TriState’s total footprint in downtown Pittsburgh to roughly 68,000 square feet.
NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) has entered into an agreement with an undisclosed buyer to sell five Manhattan retail properties for $184.5 million. The properties are located at 677–679 Madison Ave., 759–771 Madison Ave., 828–850 Madison Ave., 478-482 Broadway and 155 Spring St. Combined, the properties currently have negative income and a street-level occupancy rate of approximately 30 percent. Vornado is selling the properties in three separate transactions. The sale of the Madison Avenue properties is expected to close in the third quarter, and the sales of the Soho properties are expected to close in the first quarter of 2022.
SECAUCUS, N.J. — New York City-based Meridian Capital Group has arranged $60 million in financing for Hudson Regional Hospital, a 204-bed healthcare facility located outside of Manhattan in Secaucus. Cross River provided the financing, which consisted of a $50 million senior loan to refinance existing debt and a $10 million credit facility. Jake Handelsman, Ari Adlerstein, Ari Dobkin, Josh Simpson and David Gottlieb of Meridian Capital originated the financing. The sponsor, Yan Moshe, who serves as the hospital’s chairman of the board, has invested more than $10 million in capital improvements to the property since acquiring it in 2018.
WEYMOUTH, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $17 million loan for the refinancing of Spanish Trace, an 87-unit apartment complex in Weymouth, about 15 miles south of downtown Boston. Casimir Groblewski of Fantini & Gorga placed the loan with an undisclosed, New England-based bank. The borrower was a Massachusetts-based, family-owned development and management firm doing business as Spanish Trace LLC.
ISELIN, N.J. — Cushman & Wakefield has brokered the $15.7 million sale of a 48-unit luxury multifamily building in the Northern New Jersey community of Iselin. Units at the property, which was built in 2018, feature stainless steel appliances and woodgrain ceramic tile floors. Cushman & Wakefield’s Andy Merin, Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, Adoni Property Group, and procured the buyer, FM Ferrari Investments.