WARREN, PA. — Cushman & Wakefield has arranged $25.2 million in financing for an 853,611-square-foot industrial property in Warren, located north of Pittsburgh. According to LoopNet Inc., the complex at 100-200 Murray Drive consists of two buildings that span 304,642 and 548,969 square feet. Building features include clear heights of up to 70 feet and 59 total dock doors. Brad Domenico, Frank Stanislaski and Ethan Thompson of Cushman & Wakefield arranged the debt on behalf of the borrower, private investor Yisroel Cherns. The direct lender was not disclosed. The property was 83 percent leased at the time of sale to tenants such as Cummins Inc., Whirley Industries and USA Medical Supplies.
WILMINGTON, DEL. — Regional investment firm Buccini Pollin Group has purchased three office buildings totaling approximately 252,000 square feet within Bellevue Park Corporate Center, a 52-acre campus in Wilmington. The purchase includes two four-story office buildings and a historic mansion that serves as a private amenity space for tenants. Jim Galbally and Brett Segal of JLL represented the undisclosed seller in the transaction. Buccini Pollin also owns three other buildings within Bellevue Park Corporate Center and has invested $1.1 million in capital improvements to the campus this year.
SAYVILLE, N.Y. — SRS Real Estate Partners has brokered the $20.7 million ground-lease sale of a 145,000-square-foot retail building in the Long Island community of Sayville. Target occupies the building at 5750 Sunrise Highway, which was constructed on 12.1 acres in 2014, and has roughly 14 years remaining on its corporate-guaranteed lease. Calvin Short of SRS, along with Jeff Christian of First Street Inc., represented the seller in the transaction. Tyler Leeson and Peter Deltondo of Marcus & Millichap represented the buyer. Both parties were California-based private investors that requested anonymity.
NEW YORK CITY — A partnership between Slate Property Group and Evenhar Development Corp. has broken ground on a medical office and civic facility at 1578 Lexington Ave. in Upper Manhattan’s Carnegie Hill neighborhood. Designed by Kutnicki Bernstein Architects, the 13-story building will feature 150,000 square feet of medical office space that will be occupied by providers within the Mount Sinai Health System. In addition, the facility will feature an employee daycare center, an 18,978-square-foot community hub that will be operated by Children’s Aid and a new facility for Life Changers Church. Financing for the project includes a $119 million construction loan from J.P. Morgan and a $40 million preferred equity investment by GoldenTree Asset Management. Occupancy is slated for spring 2028.
BOSTON — JLL has negotiated the $83 million sale of a 28,856-square-foot retail property in Boston’s Back Bay neighborhood. Known as the Mandarin Oriental Retail Collection, the spaces are located at 772 and 776-778 Boylston St. at the base of the Mandarin Oriental Hotel and within the Prudential Center. Citizens Bank anchors the space, which was 82 percent leased at the time of sale. Other tenants include Frette, MiniLuxe and Lunette Optic. Chris Angelone, Zach Nitsche, Sam Wiesman and Anthony Cutone of JLL represented the undisclosed seller in the transaction and procured the buyer, The Hennick Group.
WEST CALDWELL, N.J. — New Jersey-based developer Accordia has received final site plan approval for The Vail, a 92-unit multifamily project that will be located in West Caldwell, about 25 miles outside of New York City. Accordia has closed on the land at 780 Passaic Ave. and plans to break ground on the project in the first quarter of next year. Plans for The Vail call for a mix of studio, one- and two-bedroom units that will feature individual washers and dryers in all units and private balconies in select residences. Amenities will include a fitness center, community room and coworking spaces. Accordia tapped local firm Minno & Wasko Architects and Planners for the design of The Vail.
PATCHOGUE, N.Y. — PGIM has provided a $19.2 million mezzanine loan for the construction of Carriage House, a 262-unit multifamily project that will be located in the Long Island community of Patchogue. Carriage House will be a two-building development in which 20 percent of the units will be reserved as affordable housing. Information on floor plans and amenities was not disclosed. The development will also include the construction of a 30,000-square-foot riverwalk and park area. The borrower is a partnership between Asia Capital Real Estate and Nord Development.
FLORHAM PARK, N.J. — CBRE has brokered the $9.2 million sale of a 50,600-square-foot office and industrial building in the Northern New Jersey community of Florham Park. The facility at 5 Vreeland Road was originally built in 1976 and formerly housed the operations of Tropar Trophy until the plaque-making company was sold last year. Tom Mallaney, Elli Klapper and Denise Kokulak of CBRE represented the seller, the Ilaria Family Trust, in the transaction. The team also procured the buyer, Faropoint, which has retained CBRE as the leasing agent.
NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. has broken ground on the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom formats that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is expected to be complete in 2027.
NEW YORK CITY — Affinius Capital has provided a $120 million loan for the refinancing of the Prime NYC Self-Storage Portfolio, a collection of three self-storage facilities totaling 7,230 units in New York City. The names and addresses of the properties, which exclusively offer climate-controlled space, were not disclosed, but the locations span Brooklyn, Queens and The Bronx. Drew Anderman of CBRE arranged the loan through Affinius Capital on behalf of the owner, Prime Group Holdings. Miami-based lender 3650 Capital provided an undisclosed amount of junior mezzanine financing for the deal.