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.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a vacant 3,750-square-foot industrial building in the Hunts Point neighborhood of the Bronx. The sales price was $975,000. Located at 1318 Oak Point Ave., the property consists of 2,500 square feet of industrial space with 14-foot ceilings on the ground floor, five roll-up garage doors and 1,250 square feet of space on the second floor. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was an Opportunity Fund formed by My Tool Rental, a Brooklyn-based tool rental firm that is expanding into the Bronx.
PHILDELPHIA — Binswanger has secured an 81,226-square-foot industrial lease for Hunter Keystone Peterbilt in Philadelphia. The property is located at 2811 Charter Road. Hunter Keystone Peterbilt plans to operate a full-service Navistar International heavy and medium duty truck dealership and an Idealease heavy and medium duty truck leasing company at the location. Hunter is a network of truck dealerships that has been in business for more than 80 years. Chris Pennington of Binswanger’s Philadelphia office secured the 10-year lease on behalf of Hunter from the property owner, Charter Road Realty.
NEW YORK CITY — New York City-based real estate investment owner/operator Savanna has acquired a 12-story, 126,256-square-foot office and retail building in the NoMad neighborhood of Manhattan. The sales price was $100 million. Located at 48 W. 25th St., the property was built in 1920. Savanna plans to implement a $21 million capital improvement plan at the property, which will include a complete lobby renovation as well as roof and façade repairs. Adam Spies, Adam Doneger and Josh King of Cushman & Wakefield represented the seller, a longtime family owner, in the transaction.
NEW YORK CITY — Equicap has provided a $24 million construction loan for the development of a 60-unit apartment building in East Harlem. The property also includes 6,500 square feet of retail space. The building is part of NYC Fresh, a program that allows developers to construct or renovate retail space that will be leased by a minimum 6,000-square-foot grocery store operator. Equicap provided the non-recourse loan to the borrower, a developer. The financing was secured at 475 basis points above the 30-day LIBOR.
BRAINTREE, MASS. — Cornerstone Realty Capital has arranged a $14.3 million loan to refinance a 72-unit apartment complex in Braintree. The property consists of six buildings, each with in-unit laundry and a private balcony or patio. The borrower, True North Capital Partners, plans to update the property with full bathroom, kitchen and electrical upgrades. Community updates will include a grilling station, sports court and playground. Cornerstone secured a full-term fixed-rate financing structure through an undisclosed lender with 36 months of interest-only payments followed by 30-year amortization schedule.