MONTVALE, N.J. — NAI James E. Hanson has negotiated the sale of a 14,000-square-foot office building in Montvale. The price was not disclosed. Located at 50 Craig Road, an undisclosed buyer acquired the 3.8-acre property and plans to convert the office building into a medical diagnostic center. NAI James E. Hanson represented the seller, Premier Associates LLC, in the transaction.
MELVILLE, N.Y. — CBRE has brokered the $54.5 million sale of a flex facility in Melville on Long Island. Located at 235 Pinelawn Road, the 48-acre site is the former headquarters, newspaper production and distribution center of Newsday. CBRE represented the seller, Tribune Real Estate Holdings, in the transaction. The buyer was New Jersey-based real estate owner/developer Hartz Mountain, which plans to build an 800,000-square-foot high-bay logistics space on the property.
NEW YORK CITY — HKS Real Estate Advisors has secured a $55 million acquisition loan for the Chelsea Collection, an eight building multifamily portfolio in Manhattan’s Chelsea neighborhood. HKS arranged the financing on behalf of Dalan Management and Elion Partners through lender M&T Bank. The portfolio, which is located at 102-116 8th Ave., is comprised of 102 multifamily units and 10 ground-floor retail units spanning 115,046 square feet. Terms of the financing were not disclosed.
WORCESTER, PA. —Meadowood Senior Living, a nonprofit, independent continuing care retirement community, has broken ground on The Grove, a $30 million independent living expansion. Located in Worcester, approximately 25 miles northwest of Philadelphia, the project will add 52 new units to the 133-acre campus. The Grove will add four buildings to the Meadowood campus, and it will be completed in two phases of two new buildings each. While the first phase will finish in November 2019, Meadowood is planning to complete The Grove in January 2020. The new buildings will contain 13 apartments each, with residences ranging from 1,400 to 1,800 square feet.
MALVERN, PA. — HFF has negotiated the sale of a 299,809-square-foot office building in Malvern. The sales price was undisclosed. Located at 1400 Atwater Drive, the five-story property is approximately 30 miles southeast of Philadelphia. Built in 2013, the building is fully leased to Endo Pharmaceuticals as its North American headquarters. HFF represented the seller, Gramercy Property Trust, in the transaction. The buyer was Equus Capital Partners.
IRVINGTON, N.J. — Progress Capital has arranged a $4.4 million refinancing for the Irvington Medical Office in Irvington. Located at 40 and 50 Union Ave., the property consists of two buildings. 40 Union Ave. is a four-story, 19,982-square-foot medical office building built in 1962. The adjacent building, 50 Union Ave., is an eight-story, 50,638-square-foot building built in 1969. The property is currently subject to a ground lease. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower, who will use $1.5 million of the proceeds to acquire the land at 50 Union Ave. The five-year, fixed-rate loan includes a 4.5 percent interest rate and a 10-year term with a 25-year amortization. The lender was undisclosed.
RIDGEWOOD AND MONTCLAIR, N.J. — Evans Senior Investments (ESI) has arranged the sale of a two-property skilled nursing portfolio in New Jersey for $31.5 million. Totaling 161 beds, the two Van Dyk Health Care facilities are located in Ridgewood and Montclair, approximately 15 miles apart from each other and just west of Manhattan. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was a New York-based private equity group, and a New Jersey-based operator will manage both communities.
HARTFORD, CONN. — The Hampshire Cos. Has acquired a 106,500-square-foot self-storage facility in Hartford. The sales price was undisclosed. The property is located at 1407 Park St. in the Parkville neighborhood of Hartford. After acquiring the facility, the Hampshire Cos. completed renovations and capital improvements to the property that included a new elevator, roof, floor and façade repairs as well as upgraded security and fire/life safety systems. Self-storage REIT Extra Space Storage has been selected to manage the new location.
EATONTOWN, N.J. — HFF has secured an $8.8 million refinancing for a 79,258-square-foot office building in Eatontown. Located at 4 Industrial Way W., the three-story property is 98 percent leased to nine tenants in a variety of industries ranging from technology to medical practice. The tenant roster includes Wayside Technology Group Inc., Clinilabs Inc., Polaris Alpha and The Memory Enhancement Center of America. HFF represented the borrower, The Donato Group, which originally developed the property in 1988. The lender was First Bank.
MALDEN, MASS. — Encore Real Estate Investment Services has negotiated the $5.3 million sale of a net-leased Walgreens Pharmacy in Malden. The property is located three miles from the massive Encore Boston Harbor casino project that is currently under construction. Danny Samona and James Roberts of Encore Real Estate represented the undisclosed seller in the transaction. The buyer was also undisclosed.