BEDFORD, N.H. — Montecito Medical Real Estate, a healthcare investment and development firm with four offices around the country, has acquired a 30,500-square-foot medical office building in Bedford. The property, which is located just south of Manchester and about 50 miles north of Boston, was fully leased to New Hampshire NeuroSpine Institute at the time of sale. The facility was built in 2004 and features an ambulatory surgery center with two operating rooms, four prep and recovery rooms and an MRI imaging suite. The second floor is primarily devoted to clinical office space and a physical therapy rehab center. The seller and sales price were not disclosed.
KING OF PRUSSIA, PA. — German discount grocer Aldi will open a 19,230-square-foot store at 197 E. Dekalb Pike in Montgomery County, Pa., this spring. The retail property will be situated at the 119,000-square-foot King of Prussia Center, about 20 miles northwest of Philadelphia. Jeffrey Cohen and Nelson Wax of CBRE represented the landlord, D&P Associates, in the lease negotiations. The family-owned business developed the mall beginning in the 1980s.
SPRINGFIELD, MASS. — CIT Group Inc. has arranged a $24.7 million acquisition loan for a medical office complex located in the western Massachusetts city of Springfield. The borrower was a joint venture between Los Angeles-based Kayne Anderson Real Estate Advisors and Chicago-based MBRE Healthcare. The property consists of multiple buildings that house a mix of service providers, including ambulatory surgery, women’s health, ophthalmology, urology, podiatry and sleep medicine. The seller was not disclosed.
YORK, PA. — New Jersey-based Larken Associates has acquired The Reserve at Copper Chase, a 132-unit apartment community in York, a southern suburb of Harrisburg. The property was 90 percent occupied at the time of sale and offered amenities such as a pool and a playground. The new ownership will expand the community by an additional 107 units and rebrand it as Larken Luxury Living Community. As part of the expansion, Larken plans to add a new clubhouse, fitness center and upgrades to units’ floors, cabinets, appliances and plumbing fixtures. The seller was not disclosed.
PHILADELPHIA — Marcus & Millichap has brokered the sale of a 44,500-square-foot office building located at 5548 Chestnut St. in west Philadelphia. The property, which sold for $5.8 million, is situated near multiple public transit lines. Fred Paisley of Marcus & Millichap represented the seller, a limited liability company that acquired the property in 2006, in the transaction. Paisley also secured the buyer, another limited liability company.
NEW YORK CITY — Gerber Finance has signed a 6,667-square-foot office lease at 8 West 40th Street, a 22-story building located in Manhattan’s Bryant Park district. The company will relocate from 488 Madison Avenue this summer and will occupy the entire 14th floor. Brett Greenberg and Fran Delgorio represented the landlord, Jack Resnick & Sons, in the lease negotiations on an internal basis. Rob Silver of Newmark Knight Frank represented Gerber Finance.
MALDEN, MASS. — Burgess Properties Inc., a brokerage firm serving the greater Boston area, has arranged the $2.8 million sale of a medical office building located at 450 Pearl St. in Malden, a northern suburb of Boston. The property spans 11,790 square feet, features 70 parking spaces and formerly housed the headquarters of North Suburban Orthopedics Inc. Steve Nohrden of Burgess Properties brokered the deal between the undisclosed seller and the buyer, MIC Pearl Property LLC.
LYNN, MASS. — A joint venture between affiliates of global investment firm The Carlyle Group and local developer The Procopio Cos. will develop The Caldwell, a 259-unit multifamily high-rise project in the northern Boston suburb of Lynn. The 10-story, transit-served property will offer amenities such as a rooftop deck, pool, fitness center and a gaming lounge. Square Mile Capital Management LLC provided a $63.9 million construction loan for the project that was placed by CIT Group Inc. Jeff Black and Sean Burke of Colliers International also worked on behalf of Procopio to place the construction debt and arrange the equity partnership, resulting in an $84 million capital stack. The development team broke ground on The Caldwell in March 2019 and expects to complete construction by fall 2020.
NORWALK, CONN. — Los Angeles-based Thorofare Capital has provided a $53.5 million loan for the refinancing of a 198-unit apartment community in Norwalk, located between Stamford and Bridgeport in coastal Connecticut. The name of the property, which includes 10,350 square feet of retail space and a 228-space parking garage, was not disclosed. The nonrecourse loan carries a five-year term and a floating interest rate. The borrower was also undisclosed.
WEST ORANGE, N.J. — The Township of West Orange, located just west of Newark in New Jersey, has acquired Montclair Golf Club at Rock Spring, a 138-acre course and future commercial development site. The sales price was $11.1 million. The site is located near Interstate 280 and is situated adjacent to South Mountain Reservation, a 2,000-acre park featuring a zoo, indoor ice skating rinks, walking trails and miniature golf. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented seller Montclair Golf Club in the transaction. The buyer did not disclose specific development plans.