PRINCETON, N.J. — CBRE Institutional Properties has negotiated the sale of a 110,000-square-foot, two-building office complex in Princeton. The sales price was undisclosed. Located at 100 and 101 Thanet Circle, the property sits on 15 acres and is less than two miles from downtown Princeton and Princeton University. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE represented the undisclosed seller in the transaction. The buyer was KABR Group.
ITHACA, N.Y. — HREC Investment Advisors has brokered the sale of the 106-room Fairfield Inn & Suites in Ithaca. The sales price was undisclosed. The property is located at 359 Elmira Road, approximately two miles from both Cornell University and Ithaca College. Ketan Patel of HREC Investment Advisors represented the seller, Titan Hotel Group, in the transaction. The buyer was undisclosed.
CLINTON, MASS. — Cornerstone Realty Capital has arranged a $1.9 million loan to refinance a mixed-use property in Clinton. The property consists of 16 apartments and two commercial spaces. The commercial spaces average approximately 2,300 square feet and include wood flooring and brick exterior. Patrick Brady of Cornerstone secured a fixed-rate loan with a 30-year amortization schedule for the undisclosed borrower through a correspondent lender.
NEW YORK CITY — A partnership between Taconic Investment Partners LLC and TH Real Estate has acquired 440 Ninth Avenue, a 411,000-square-foot office building in Manhattan, for $269 million. The property, known locally as the Harding Building, is located at Ninth Avenue and West 35th Street near the Hudson Yards mixed-use development on Manhattan’s west side. The 18-story building was originally constructed in 1927 and currently includes retail space. The seller was UNIZO Holdings Co. Ltd., a Japanese real estate investment firm. Darcy Stacom and Bill Shanahan of CBRE represented UNIZO in the deal. Evan Pariser and Michael Gigliotti of HFF represented the buyer. Tom Traynor and James Millon of CBRE arranged acquisition financing through MetLife Real Estate Investors for the transaction. The new ownership will implement a value-add plan that will upgrade the lobby, elevators and mechanical systems.
EDISON, N.J. — HFF has arranged a $41.5 million loan for the acquisition of Middlesex Logistics Center, a 507,000-square-foot warehouse and distribution center in Edison. Built in 2014, the fully leased property features 36-foot clear heights, 101 loading docks and parking for 190 cars and 135 trailers. The property is located at 549 Mill Road, approximately 35 miles southwest of New York City. Jon Mikula and Andrew Zilenziger of HFF represented the borrower, Cohen Asset Management in the transaction. Principal Real Estate Investors provided the 10-year, fixed-rate loan.
STAMFORD, CONN. — UC Funds has cut the ribbon on the newly completed Residence Inn Stamford Downtown. Located at 25 Atlantic St., it is the first hotel in Stamford to offer extended-stay lodging. UC funds acquired the property in 2017 and completed construction of the project. The eight-story, 156-room hotel opened Nov. 21. The Marriott-franchised hotel is managed by Urgo Hotels & Resorts. The Residence Inn features apartment-style accommodations and more than 2,000 square feet of meeting and event space. Amenities include complimentary Wi-Fi, a whirlpool spa, a 2,000-square-foot fitness center and a 24-hour market as well as a mezzanine-level outdoor bar. UC Funds also acquired the adjacent Courtyard Stamford Downtown in 2016.v
MILLSBORO, DEL. — Marcus & Millichap has brokered the sale of Nanticoke Crossing, a 50,590-square-foot retail property in Millsboro. The sales price was undisclosed. The fully occupied property is anchored by supermarket chain Weis Markets. Nanticoke Crossing was the first shopping center developed along the John G. Williams Highway retail corridor in Millsboro. Chris Burnham and Dean Zang of Marcus & Millichap represented the seller, a local family, in the transaction. The buyer was a Pennsylvania-based corporation.
FALMOUTH, MAINE — PGIM Real Estate Finance has originated a financing package totaling $9.9 million for OceanView at Falmouth, an 80-acre seniors housing campus in the Portland suburb of Falmouth. Sea Coast Management Co. owns the property, which features 42 custom-designed homes, 57 cottages, 118 independent living apartments and a 30-bed memory care facility. The financing includes two HUD healthcare loans and each is for a different property on the campus. A $4.4 million loan will be used for the construction of a two-story expansion to the assisted living portion of the campus, as well as renovations to the existing common areas. A $5.5 million loan will refinance the memory care portion of the campus, extending the loan term and converting from a floating rate to a fixed rate. The memory care wing was built in 2014 and has maintained 100 percent occupancy with a waiting list since its construction.
LOS ANGELES COUNTY, CALIF. — Bellwether Enterprise Real Estate Capital has arranged $85 million in permanent financing for s five-building warehouse portfolio. Totaling 1.1 million square feet, three buildings are located in Los Angeles County, one in the Inland Empire West area and one in Central Pennsylvania’s Lehigh Valley submarket. Each building is a concrete tilt-up warehouse building with minimal office build-out and clear heights ranging from 24 feet to 36 feet. Additionally, each building is leased to a single tenant. Shelley Magoffin and Max Sauerman of Bellwether Enterprise secured the loan with one of the company’s correspondent life insurance companies and Thrivent Financial.
BOSTON — A joint venture between Allianz Real Estate, Beacon Capital Partners and the Massachusetts Pension Reserves Investment Management (PRIM) Board has acquired 53 State Street, a 1.2 million-square-foot office property in Boston’s Financial District. The sales price was $845 million. The Class A property, known locally as Exchange Place, comprises the historic Boston Stock Exchange building that was completed in 1891 and a 40-story office tower that was built in 1985. The building also features ground-floor retail space. The seller of 53 State Street, which was 93 percent leased at the time of sale, was not disclosed. The property features a seven-story, glass-enclosed atrium and an outdoor arcade with seating areas along Congress Street. Amenities include a rooftop deck, fitness center and conferencing facilities. “Allianz recognizes this acquisition is a unique opportunity to expand into Boston and to continue to diversify our investors’ portfolio,” says Christoph Donner, CEO of Allianz Real Estate. “Our real estate portfolio includes some of the top office buildings in the U.S., and this investment is consistent with our overall strategy to generate strong returns from Class A properties,” adds Michael Trotsky, executive director and chief investment officer of Mass PRIM. Allianz Real Estate is …
