PATERSON, N.J. — Marcus & Millichap has negotiated the $6.7 million sale of Park Ave Apartments, a multifamily building in Paterson. The property is located at 61 Park Ave. Daniel Aviles and Greg Babaian of Marcus & Millichap’s New Jersey office represented the seller, a developer, in the transaction. The buyer was a limited liability company.
NEW YORK CITY — Ariel Property Advisors has arranged the $5.9 million sale of the Liberty-Tuckerton Assemblage, a 22,928-square-foot development site in Jamaica, Queens. Located at 150-28 Liberty Ave., 150-30 Liberty Ave. and 299 Tuckerton St., the site is nearby the Jamaica Hospital & Medical Center as well as York College. Michael Tortorici, Sean Kelly, Victor Sozio, Matthew Lev and Alexander Taic of Ariel Property Advisors represented the seller, a private company, in the transaction. The buyer was The Sandhu Group, led by Tejpal Sandhu.
PHILADELPHIA— Ballard Brands, a Covington, Louisiana-based restaurant and hospitality group whose brands include PJ’s Coffee of New Orleans, WOW Café and New Orleans Roast Coffee & Tea, has expanded its restaurant holdings to include several Latin American concepts in Philadelphia. Brothers Paul, Steven and Scott Ballard of Ballard Brands recently purchased Philadelphia-based Garces Group — which filed for Chapter 11 bankruptcy earlier this year — resulting in the inception of IdEATtion Hospitality. The brothers purchased Garces in partnership with Mississippi native Ronnie Artigues and Philadelphia investor David Maser. Garces restaurants and catering companies were founded by Chef Jose Garces, an Iron Chef and James Beard Award winner. IdEATion Hospitality now leverages the resources of two established brands, Garces and Ballard Brands. As part of the acquisition, the Ballards and their investment partners acquired several popular and award-winning Garces Philadelphia restaurants: Amada, Tinto, Village Whiskey, The Olde Bar, JG Domestic, Volvér and their full-service catering division, Garces Events. Chef Garces remains in a leadership position as chief culinary officer. Artigues will serve as CEO of the Philadelphia-based operations. “Chef Jose is a culinary expert who brings a renowned reputation and vision to our team and we’re thrilled for the new partnership,” …
NEW YORK AND NEW JERSEY — Supermarket chains Lidl US and Best Market have announced an agreement in which Lidl will acquire 27 Best Market stores in New York and New Jersey. Beginning next year, the German discount retailer will convert the Best Market stores to the Lidl brand. The process will involve the remodeling, reinvestment and reflagging of Best Market locations as Lidl stores. Best Market is a privately owned fruit and grocery store chain headquartered in Bethpage, New York. Of the 27 Best Market locations, 24 are located in Long Island, two are located in New York City and one is located in New Jersey. The terms of the acquisition are undisclosed, and it is expected to close in the first quarter of 2019.
BEVERLY, MASS. — HFF has arranged a $33 million loan to refinance North Beverly Plaza, a 197,471-square-foot, grocery-anchored retail center in Beverly, approximately 26 miles north of Boston. Located at 55 Dodge St., the property is anchored by a 65,000-square-foot Shaw’s supermarket and features a tenant roster that includes CVS, People’s United Bank, Staples and Chipotle. Greg LaBine and Amy Lousararian of HFF secured the long-term, fixed-rate loan on behalf of the borrower, North Beverly Plaza LLC, an entity of Mugar Enterprises. The lender was TD Bank.
NEW YORK CITY — Newmark Knight Frank has secured a $23.5 million loan to refinance a multifamily property in Manhattan. Located at 16 E. 18th St., the 10-story property includes eight full-floor units as well as ground-floor retail space occupied by Paragon Sports. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Josh Egert of NKF secured the financing on behalf of real estate investment firm Stone Street Properties. The lender was undisclosed.
YONKERS, N.Y. — AMS Acquisitions has purchased a 50,000-square-foot development site in Yonkers for $18.3 million. The property is located at 55 Buena Vista Ave. AMS plans to build a 400,000-square-foot, 24-story, 361-unit residential building at the site, which is the former Teutonia Music Hall. AMS acquired the property from seller Kohl Construction. The AMS portfolio includes approximately two million square feet of retail, residential and office space in the tri-state region.
NEW YORK CITY — Cushman & Wakefield has brokered the $4.5 million sale of a 10,000-square-foot warehouse in the Astoria neighborhood of Queens. Located at 19-57 Steinway St., the single-story property features 16-foot ceiling heights and four drive-in gates. A month-to-month tenant currently occupies the warehouse. Stephen R. Preuss of Cushman & Wakefield represented the seller, 19-57 Steinway ST RTY CP, in the transaction. The buyer was J&N Development.
CONSHOHOCKEN, PA. — Wedding dress retailer David’s Bridal has filed for Chapter 11 bankruptcy protection. The Conshohocken-based company says it plans to keep its more than 300 David’s Bridal stores and online platform open and operating without disruption. According to Monday’s announcement, “orders will arrive on time and bridal appointments will not be impacted” as the company says it has sufficient liquidity to operate during the court-supervised restructuring process. David’s Bridal announced on Nov. 15 its restructuring support agreement (RSA) with the vast majority of its term loan lenders, senior noteholders and equity holders. The filing of Chapter 11 is the next step in the RSA, which David’s Bridal says will reduce the company’s debt by more than $400 million. “The plan will allow us to reduce our debt significantly while continuing to run our business as usual,” says Scott Key, CEO of David’s Bridal. “We will be able to move through the court process very quickly. And in the end, we will be able to allocate even more of our resources toward making strategic investments in digital technologies and talent that will drive long-term growth and operational excellence at David’s Bridal.” Real Estate Implications While David’s Bridal says it …
NEW YORK CITY — Cushman & Wakefield has brokered the $10.5 million sale of a three-story, mixed-use property in Long Island City. Located at 44-61 11th St., the 18,500-square-foot property includes retail and office space and is fully leased to four separate tenants. Stephen Preuss of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.