ELMSFORD, N.Y. — Mack-Cali Realty Corp. has sold the Elmsford Distribution Center in Elmsford for $70.2 million. The six-building, 386,000-square-foot industrial park is located at 1-6 Warehouse Lane in Elmsford, approximately 22 miles north of Manhattan. Jose Cruz, Jordan Avanzato and Marc Duval of HFF represented Mack-Cali in the transaction. Realterm Logistics, an owner and manager of logistics facilities, acquired the property.
CONSHOHOKEN, PA. — HFF has negotiated the $52 million sale of Millennium I, II and III, a three-building creative office complex in Conshohocken. Located at 20 Ash St. and 225 and 227 Washington St., the 196,769-square-foot complex was built between 2000 and 2003. Doug Rodio, Brett Segal and Tom Hall of HFF represented the seller, a fund managed by Stabilis Capital Management, in the transaction. The buyer was Morgan Properties Inc.
NEW YORK CITY — Cushman & Wakefield has brokered the $7 million sale of a 69,990 buildable-square-foot development site in the Wakefield neighborhood of the Bronx. Located at 761-775 E. 233rd St., the property currently consists of five separate lots. Nearby retailers in the area include Key Food, T-Mobile, McDonald’s, Rite Aid, Chase Bank and Dunkin’ Donuts. Jonathan Squires, Addison Berniker, Michael Fioravanti and Josh Neustadter of Cushman & Wakefield represented the seller, RW Real Estate Group, in the transaction. The buyer was real estate developer Mark Stagg.
PARAMUS, N.J. — Deka Immobilien GmBH has acquired Paramus Junction, a fully leased, grocery-anchored shopping center in Paramus. The sales price was not disclosed. Located at 60 N. Route 17, the 75,000-square-foot property is occupied by a tenant roster that includes Asian grocer H Mart, DSW, PetSmart and BJ’s Wholesale Club. Deka Immobilien was represented by Madison Marquette in the transaction. The seller, a joint venture between Invesco Real Estate and Advance Realty was represented by Cushman & Wakefield’s New Jersey capital markets team.
NEW YORK CITY — Delancey Street Associates has opened The Essex, a 98-unit, 26-story luxury apartment building on Manhattan’s Lower East Side. The Essex is the tallest building in the nine-site Essex Crossing project being developed by Delancey Street Associates. The ground floor of the building will include a 14-screen Regal Cinemas, the Essex Street Market and The Market Line, an expansive, bazaar-like marketplace. Essex Crossing comprises 1.9 million square feet of residential, commercial, and community space. Located at 125 Delancey St., The Essex consists of a mix of studios to three-bedroom apartments, starting at $4,295. Amenities at the property include a rooftop terrace, attended lobby concierge, a social lounge with billiards, a library lounge, private meeting room, children’s playroom and a fitness center. Handel Architects designed the building.
NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The portfolio’s unit mix includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units. Ryan Maconachy and Chad Lavender of HFF represented Dominion Partners in the portfolio sale. Sarah Anderson led HFF’s debt placement team to secure acquisition financing on behalf of Bridge. Bridge currently owns 90 properties totaling 10,600 units across two private equity funds managed by its seniors housing affiliate, Bridge Seniors Housing Fund Manager. “We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” says Robert Chapin, CEO of Bridge Seniors Housing Fund Manager. Bridge plans to retain David Grady, president and chief operating officer of Somerby, to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level …
NEW YORK CITY — HFF has secured a $32 million loan to refinance Caesura, a newly completed, 123-unit apartment building in Brooklyn’s cultural district. Located at 280 Ashland Place, the 12-story property comprises a mix of 74 market-rate and 49 affordable units. Amenities at Caesura include walk-in closets, in-unit washers and dryers, and a fitness center. Steven Klein and Geoff Goldstein of HFF secured the 10-year, fixed-rate financing on behalf of the borrower, Jonathan Rose Companies through lender Allegiant Real Estate Capital LP. Loan proceeds were used to replace the existing construction loan.
NEW YORK CITY — Cushman & Wakefield has brokered the $7 million sale of an 8,730-square-foot retail building in the Jackson Heights neighborhood of Queens. Located at 84-02 Roosevelt Ave., the property is situated in an R6/C1-3 zoning district, which allows for a maximum mixed-use development potential of 35,000 square feet. Stephen Preuss of Cushman & Wakefield represented the seller, LDG Associates LLC, in the transaction. The buyer was Malachite Services LLC.
BLAIRSTOWN, N.J. — NAI James Hanson has negotiated the sale of a 15,070-square-foot industrial building in Blairstown. The sales price was undisclosed. Located at 126 Route 94, the property features four 14-foot drive-in doors and parking for 30 cars, as well as 2,000 square feet of office space. Joseph Vindigni of NAI James E. Hanson represented the seller, L&W Supply Corp., in the transaction. The buyer was refrigeration assembly and distribution company Khalil Alijla LLC.
BRISTOL TOWNSHIP, PA. — Urban Outfitters has signed a 309,000-square-foot industrial lease at the Bristol Commerce Center in Bristol Township. The clothing retailer will occupy a new industrial facility on 20 of the industrial park’s 81 acres. Construction on the fabric warehouse began in December and is expected to be ready for occupancy by mid-year. Current tenants at the Bristol Commerce Center include XPO Logistics, AirGas Corp., Goodyear and PetValu.
