SOUTH PORTLAND, MAINE — Newmark has brokered the $19.7 million sale of Mall Plaza, a 153,576-square-foot shopping center in South Portland. Mall Plaza is located across from The Maine Mall and was 83 percent leased at the time of sale, with Dick’s Sporting Goods serving as the anchor tenant and Petco as a junior anchor,. The center also features five pad sites, four of which are occupied by Burger King, Verizon, Maine Community Bank and Friendly’s. An entity doing business as GMG LLC sold the property to New Gen Hospitality Inc. Robert Griffin, Jonathan Martin, Paul Penman and Casey O’Brien of Newmark brokered the deal.
NEW YORK CITY — Aaronson Rappaport Feinstein & Deutsch LLP has signed a 15-year, 42,764-square-foot office lease extension in Midtown Manhattan. The deal keeps the law firm on the entire fifth and sixth floors at 600 Third Avenue, a 575,254-square-foot building that was originally constructed in 1970, through 2042. Mark Weiss and David Mainthow of Cushman & Wakefield, along with Larry Bank of Matador Capital Management, represented the tenant in the lease negotiations. Jonathan Tootell, Tanya Grimaldo and Giannina Brancato represented the landlord, L&L Holding Co., on an internal basis.
SEEKONK, MASS. — Locally based brokerage firm The Stubblebine Co. has arranged the sale of a 2.6-acre industrial outdoor storage (IOS) site in Seekonk, located near the Massachusetts-Rhode Island border. The site at 75 Mead St. houses a 17,500-square-foot building. Anawan Realty Inc. sold the property to Philadelphia-based Alterra IOS for an undisclosed price. Matty Drouillard and James Stubblebine of The Stubblebine Co. represented both parties in the transaction.
MANCHESTER, N.H. — Metro Boston-based investment firm The Grossman Cos. has acquired South Willow Shops, a 9,869-square-foot retail strip center in Manchester, located near the Massachusetts-New Hampshire border. Built in 1988, the center is home to tenants such as Hannoush Jewelers, Mattress Firm and Chipotle Mexican Grill. The seller was Linear Retail Properties. Bob Horvath of Horvath & Tremblay brokered the deal.
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Franklin BSP Realty Trust Agrees to Acquire Multifamily Mortgage Originator NewPoint Holdings
NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT), a REIT based in New York City, has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator headquartered in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not released. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide. The company operates as both a direct lender and third-party placement provider. NewPoint, through its wholly owned subsidiary NewPoint Real Estate Capital LLC, is one of 19 multifamily originators and servicers approved to make loans on behalf of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD). The acquisition will now allow Franklin BSP Realty Trust to originate agency mortgage loans. “For years we have been looking to add agency capabilities to the platform,” says Michael Comparato, president of Franklin BSP Realty Trust. “We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle.” The acquisition will …
STAMFORD, CONN. — Newmark has arranged a $133 million loan for the refinancing of The Link, an office building located at 200 Elm St. in the southern coastal Connecticut city of Stamford’s downtown area. According to LoopNet Inc., The Link totals 588,345 square feet. The property was built in 1984 and underwent a $50 million renovation in 2023 that reimagined the lobby, modernized the elevators and upgraded the common areas. Jordan Roeschlaub, Nick Scribani and Chris Kramer of Newmark arranged the loan on behalf of the borrower, a partnership between A.M. Property Corp. and Northeast Capital Group. Deutsche Bank and Urban Standard provided the debt.
NEW YORK CITY — Locally based investment and development firm Savanna has acquired a 95,000-square-foot office building in the Meatpacking District of Lower Manhattan for $85 million. The building at 430 W. 15th St. rises eight stories and includes 8,000 square feet of outdoor terrace space following a renovation in 2015. Will Silverman, Alana Bassen, Gary Philips and Jeff Organisciak of Eastdil Secured represented the undisclosed seller in the transaction. Adam Kopald of law firm Goodwin Procter acted on behalf of Savanna. The building was fully leased at the time of sale.
HARRISON, N.J. — A partnership between two local firms, Ironstate Development Co. and Pegasus Group, has completed the renovation of the 138-room Element Harrison-Newark hotel in Northern New Jersey. The hotel, which operates under the Marriott family of brands, now features redesigned guestrooms with kitchenettes, rainfall showers and windows that maximize natural light. In addition, the renovation involved equipping meeting/event spaces with new furnishings and technological infrastructure and upgrading the fitness center. The project team also added a new food-and-beverage concept.
HAINESPORT, N.J. — New Jersey-based developer Walters is underway on construction of a 73-unit affordable housing project in Hainesport, located outside of Philadelphia. Cornerstone at Hainesport will consist of six buildings that will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a basketball court, children’s play area and a clubhouse with computer workstations. The first units are expected to be available for occupancy by December.
NEW YORK CITY — Gymshark has signed a 15,000-square-foot retail lease in Manhattan’s NoHo district. The British fitness apparel and accessories retailer will occupy the entirety of the building at 11 Bond St., which was originally constructed in 1913, for its flagship U.S. store. Joel Stephen of CBRE represented Gymshark, which plans to open later this year, in the lease negotiations. Brandon Singer of Retail by MONA represented the landlord, RFR.