NEWARK, N.J. — Alpha Realty has brokered the $22 million sale of a 255-unit multifamily portfolio in Newark. The portfolio consists of eight buildings totaling 251,000 square feet, all of which are located on either Martin Luther King Jr. Boulevard or Quitman Street. The buyer was a New Jersey-based owner-operator of multifamily buildings. The seller was a Brooklyn-based landlord liquidating its holdings in New Jersey. Lev Mavashev of Alpha Realty represented both parties in the off-market transaction.
NEW HAVEN, CONN. — Marcus & Millichap has arranged the $3.8 million sale of Georgetown Apartments, a 32-unit apartment community in New Haven. Located at 241 Quinnipiac Ave., the property features townhouse-style apartments with two-bedroom floor plans. The property offers convenient access to Yale University, Albertus Magnus College and University of New Haven. Wes Klockner and Eric Pentore of Marcus & Millichap brokered the sale and arranged acquisition financing through Freddie Mac on behalf of the buyer. Both parties were limited liability companies that requested anonymity.
HAWTHORNE, N.J. — NAI James Hanson has negotiated the sale of a 10,761-square-foot office and residential building in Hawthorne, a northwestern suburb of New York City. Located at 297-301 Lafayette Ave., the property includes 7,381 square feet of office space and two apartments. Andrew Somple and Justin Allessio represented the seller, a private investor, in the transaction. The team also procured the buyer, Lighthouse Pregnancy Resource Center, which will use the property as its headquarters. The sales price was undisclosed.
NEW YORK — The International Council of Shopping Centers (ICSC) has requested financial support from the federal government to guarantee or directly pay for business interruption coverage for retailers, restaurants, other tenants and landlords as a result of the coronavirus outbreak. In a letter addressed to President Donald Trump, Vice President Mike Pence and Secretary of the Treasury Steven Mnuchin, ICSC cited the $6.7 billion in consumer activity and $400 billion in annual state and local taxes that the retail, restaurant and entertainment industries generate, and appealed to a need to be able to continue to pay employees and suppliers. ICSC also volunteered the use of the parking lots of its member centers to facilitate the delivery of emergency supplies, as well as the construction of temporary health centers and shelters. <Read the full letter>
NEW YORK CITY — Brooklyn-based startup SG Blocks has launched a line of container-based residences designed for personal isolation in response to the coronavirus outbreak. Constructed from shipping containers, the blocks are designed to be cheap and safe places for people who may have been exposed to the virus to live temporarily. SG Blocks is known for repurposing shipping containers for various construction projects, many of which have been incorporated into retail and residential developments nation-wide. Prices of the individual isolation blocks have not yet been determined.
NEW JERSEY — Gebroe-Hammer Associates has negotiated the $65 million sale of the Golden Peak Portfolio, a collection of multifamily properties totaling 400 units in northern New Jersey. The portfolio’s 13 buildings are located throughout the North Hudson County cities of West New York (250 units), Union City (119 units) and North Bergen (31 units). Niko Nicolaou of Gebroe-Hammer Associates represented the seller, a partnership of Urban American Management and Dixon Advisory. Nicolaou also procured the buyer, Tuli Realty LLC. Elliot Treitel of Meridian Capital Group arranged financing through an undisclosed lender on behalf of the buyer.
JERSEY CITY, N.J. — JLL has arranged the $53 million sale of Bela Apartments, a recently developed, 104-unit luxury multifamily community in the Bergen-Lafayette neighborhood of Jersey City. The property features one- and two-bedroom apartments with amenities including a fitness center, yoga studio and a grilling area. The property also features approximately 2,600 square feet of ground-floor retail space. Jose Cruz, Michael Oliver and Kevin O’Hearn led a JLL team that represented the seller, a partnership between Alpine Development, Fields Development Group and Grade Development Co. Golden Glades Capital Management was the buyer.
YORK, PENN. — Advanced Industrial Services Inc. has acquired a 42,683-square-foot industrial property in York, located approximately 25 miles south of Harrisburg. The sales price was $2.3 million. Located at 3250 North Susquehanna Trail, the property was constructed in 1994 and offers convenient access to Interstate 83 and State Route 30. Ted Turnbull and Jason Turnbull of Rock Commercial Real Estate represented the undisclosed seller in the transaction. The team also procured Advanced Industrial as the buyer.
PHILADELPHIA — Newmark Knight Frank has arranged a $163 million floating-rate loan for the acquisition and refinancing of a 12-property industrial portfolio located in various markets across the United States. A partnership of CIT Group and BlackRock provided the loan. The borrower, Philadelphia-based Arden Group, will use the proceeds to acquire assets located in Texas, Georgia and Ohio and to refinance assets located in Pennsylvania and North Carolina. Dustin Stolly and Jordan Roeschlaub led an NKF team that arranged the loan. The seller of the portfolio was California-based investment firm Avistone LLC.
ATLANTIC CITY, N.J. — Eldorado Resorts has temporarily closed its 2,379-room Tropicana Atlantic City casino and hotel in New Jersey. In an effort to limit the spread of COVID-19, the disease caused by the coronavirus, the company is complying with an order from the governments of New Jersey, New York and Connecticut to temporarily close movie theaters, gyms and casinos in the Tri-State area. The property features 125,935 square feet of casino space, 20 restaurants, 18 bars and amenities including a fitness center, indoor and outdoor pools and full-service spa.