CHERRY HILL, N.J. — Newmark Knight Frank (NKF) has arranged the sale of a 183,000-square-foot mixed-use property in Cherry Hill, an eastern suburb of Philadelphia. The sales price was approximately $13.6 million. The facility, which was fully leased to Hikma Pharmaceuticals at the time of sale, includes warehouse, office, distribution and lab space. The property’s location offers convenient access to Interstate 295 and the New Jersey Turnpike. Mike Margolis, Dave Dolan, Dave Garonzik, Kenneth Zakin and David Noonan of NKF represented the seller, Ingerman & Ginsburg, in the transaction. The buyer was not disclosed.
BRICK, N.J. — Lancaster Pollard Mortgage Co. has provided a $17.3 million HUD loan to refinance Willow Springs, a skilled nursing facility in Brick, located in New Jersey’s northern coastal region. The borrower was local investment firm Tryko Partners LLC, which purchased the community from its developer, NuVision Management, in 2013 and subsequently rebranded it. At that time, Willow Springs featured 148 skilled nursing beds with expansion potential and an assisted living component that could accommodate 23 clients. Tryko then implemented a $1 million improvement plan that delivered an expanded rehabilitation facility with cutting-edge equipment and technology and updated common areas, patient rooms and assisted living accommodations.
NEW YORK CITY — Savills has negotiated a 34,000-square-foot office lease renewal and expansion for The Innocence Project, a local nonprofit organization, at 40 Worth Street in lower Manhattan. The tenant, which advocates for criminal justice reform, originally leased 20,000 square feet at 40 Worth Street in 2010 and expanded by an additional 3,000 square feet in 2014 prior to this expansion. Roy Lapidus of Newmark Knight Frank represented the landlord, GFP Real Estate, in the lease negotiations. The building was originally constructed in 1929 and houses the East Coast headquarters for The Gap, among other tenants.
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.