MANCHESTER, PENN. — Advanced Industrial Services Inc. has acquired a 25,000-square-foot property in Manchester, located approximately 20 miles south of Harrisburg. Located at 45 Devco Drive, the property was constructed in 1988 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. The sales price was undisclosed.
NEW YORK CITY — Helmsley Spear LLC has arranged a $9.5 million refinancing loan for the 49-room Kings Hotel in Brooklyn. Crown Bank provided the 10-year, fixed-rate loan that carries a 25-year amortization schedule. Located at 2416 Atlantic Ave., the hotel features a fitness center and conference rooms. Showket Ahamed of Helmsley Spear arranged the financing.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 52-unit multifamily property in Toms River, located approximately 55 miles east of Philadelphia. Located at 1255 Route 66, the property features units are spread across four garden-style buildings. Andrew Townsend, Ridge McLaren and Clark Talone of Marcus & Millichap represented the seller, a local private investor, in the transaction. Chez Eider, also with Marcus & Millichap, represented the buyer, a privately held investment group. Both parties requested anonymity.
FRAMINGHAM, MASS. — TJX Cos., the Framingham-Mass.-based parent company of T.J. Maxx, HomeGoods and Marshalls, has closed all stores under its brands for two weeks in response to the coronavirus outbreak, according to a statement from company CEO and president Ernie Herrman. In addition to T.J. Maxx (approximately 1,200 stores in the United States), HomeGoods (700) and Marshalls (1,000), the corporation also owns Sierra and Homesense, which have a combined 43 stores in the United States. TJX will also be closing all of its online businesses, distribution centers and offices.
HOBOKEN, N.J. — Federal Realty Investment Trust, a Maryland-based REIT, has acquired a 39-property multifamily and retail portfolio in Hoboken, an eastern suburb of New York City, for $203 million. Concentrated primarily along the Washington Street retail corridor, the portfolio includes 129 residential units and 171,959 square feet of retail space. The portfolio totals 278,879 square feet. Retail tenants include French beauty chain Sephora, CVS and several restaurants. Kevin Welsh, Brian Schulz and Dean Tselepis of Newmark Knight Frank represented the seller, a private owner. The team also procured Federal Realty as the buyer.
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.