BORDENTOWN, N.J. — Marcus & Millichap has arranged the $1.6 million sale of a net-leased retail property occupied by Investors Bank in Bordentown, approximately 30 miles northeast of Philadelphia. The 2,760-square-foot property is located at 213 US-130. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was undisclosed.
NEW YORK CITY — NKF has brokered the sale of a 349,274-square-foot mixed-use building in the Bryant Park neighborhood of Manhattan for $282 million. Located at 114 W. 41st St., the 22-story property is currently 91 percent leased to 13 office tenants and several street-level restaurants. Office tenants include Roku, Quartet Health, View the Space (VTS), Kensington Publishing, SpotCo and the New York headquarters of Guess?. The property recently underwent nearly $30 million in capital investment, including a dual-entrance lobby and tenant-only amenity center. James Kuhn, Edward Maher, David Colen and James Tribble of NKF’s New York Capital Markets team represented the seller, Blackstone, in the transaction. The buyer was Clarion Partners.
NEW YORK CITY — German bank Helaba has provided a $125 million loan to refinance The Paris, a 24-story multifamily tower on the Upper West Side of Manhattan. Located at 752 West End Ave., the property was originally built in the 1930s as the Hotel Paris. The 191,500-square-foot property consists of 168 units. Amenities include a fitness center, children’s playroom, rooftop terrace, storage units and bike racks. A newly renovated pool is scheduled to open in early 2019. Helaba provided the financing to Stellar Management, a New York City-based owner-operator of commercial real estate. Nesenoff & Miltenberg LLP represented Stellar Management, while Dentons US LLP represented Helaba Bank.
PHILADELPHIA — Berkadia has secured a $45 million acquisition loan for Versailles Apartments, a high-rise multifamily property in Philadelphia. Located at 1530 Locust St., the property was originally built in the 1920s and fully rehabbed by Alterra Property Group over the past 36 months. Amenities at the community include a fitness center, yoga studio and roof deck. Matt Cullison of Berkadia’s Philadelphia office secured the financing on behalf of funds affiliated with Spring Creek, a Philadelphia-based family office. The lender was New York Life Insurance Co. Terms of the financing include five years of interest-only payments followed by a 30-year amortization schedule.
NEW YORK CITY — Cushman & Wakefield has negotiated the $6.1 million sale of a four-story mixed-use property on the Upper East Side of Manhattan. Located at 218 E. 61 St., the property includes two floors of commercial space as well as two floors of residential space. A periodontics practice currently occupies the commercial space. Will Conrad of Cushman & Wakefield, in partnership with Olshan Realty, represented the seller, Teri Betesh. The buyer was Justin Derfner of the Feil Organization.
GLEN MILLS, PA. — LCB Senior Living has broken ground on The Residence at Chadds Ford, an independent living, assisted living and memory care community in Glen Mills, located west of Philadelphia and north of Wilmington, Del. Once completed, the community will offer 84 luxury apartment units. The Residence at Chadds Ford will be LCB’s flagship community in the area. The property is located near a variety of shopping and recreation. LCB’s portfolio includes properties in Massachusetts, New Hampshire, Rhode Island, Connecticut, Vermont and Pennsylvania.
NEW YORK CITY — Search engine giant Google (NASDAQ: GOOGL) plans to invest $1 billion to create a new office campus in Manhattan’s Hudson Square district. Situated just south of West Village, the 1.7 million-square-foot campus is a crucial next step for the company’s goal to double its New York workforce to 14,000 over the next 10 years. Google has signed two leases and a letter of intent to establish the campus, to be named Google Hudson Square. The tech firm will occupy 315 and 345 Hudson St. beginning in 2020 and move into 550 Washington St. when it wraps up construction in 2022. The campus will be the primary location for the company’s New York-based Global Business Organization. The site is located near Pier 40 at Hudson River Park and the Holland Tunnel. According to the owner of 315 Hudson, Jack Resnick & Sons, Google will occupy five full floors and portions of another at the 500,000-square-foot building. Google’s new 280,000-square-foot office space will feature open workspaces, a café, rooftop garden and event space. CBRE represented Google and Newmark Knight Frank represented the owner in the lease transaction, which brings the redeveloped office building to full occupancy. Google will …
SOMERSET, N.J. — JLL Capital Markets has brokered the $33.5 million sale of Atrium Corporate Park in Somerset. Located at 300, 400 and 500 Atrium Drive, the 679,251-square-foot office park consists of three buildings and is situated on more than 47 acres. Joseph Garibaldi, Thomas Walsh, Heather Lombardi, Katelyn Borovsky and Nick Vanderslice of JLL represented both the buyer and seller, who were undisclosed, in the transaction.
EAST NORRITON, PA. — HFF has negotiated the $12.3 million sale of Norriton Medical Center, a 74,212-square-foot medical center in the Philadelphia suburb of East Norriton. Located at 160-190 W. Germantown Pike, the four-building complex is currently 92 percent leased and is anchored by Einstein Orthopedics and Moss Rehab. Ben Appel, Jim Cadranell, Doug Rodio and Brett Segal of HFF represented the seller, an indirect wholly owned subsidiary of Franklin Realty Development Corp., in the transaction. The buyer was undisclosed.
NEW JERSEY — Arbor Realty Trust has originated a $10.4 million loan through Freddie Mac for the refinancing of New Jersey SFR portfolio, a 78-unit, 33-property portfolio in Jersey City, Newark, Paterson and Bayonne. Stephen York of Arbor’s New York City Office secured the financing for the borrower, who was undisclosed. Terms of the financing included a 10-year, fixed-rate loan with a 30-year amortization schedule. A majority of the properties in the portfolio were acquired in the past two years and have been recently renovated.