IRVINGTON, N.J. — Marcus & Millichap has arranged the $3.9 million sale of an 8,000-square-foot retail asset net-leased to AutoZone. The property is located at 1128 Springfield Ave. in Irvington, a western suburb of Newark. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a developer, in the transaction. The group also procured the buyer, a private investor. Both parties requested anonymity.
SWEDESBORO AND LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has negotiated a pair of industrial leases totaling 331,794 square feet in New Jersey. In the first deal, UPS renewed its 251,044-square-foot lease at 200 Birch Creek Road in Swedesboro. In the second transaction, Ryder Logistics signed an 80,750-square-foot lease at 395 Pedricktown Road in Logan Township. Both cities are located about 30 miles south of Philadelphia on the western part of the state. A brokerage team led by John Gartland of Cushman & Wakefield represented the landlords, both of which were undisclosed, in each of the lease negotiations.
SEACAUCUS, N.J. — CBRE has arranged the $34.2 million sale of One Harmon Plaza in Secaucus. The 192,089-square-foot office building is currently 95 percent leased. Samuel Bernhaut and Robert L’Abbate of CBRE represented the seller, a joint venture between Mountain Development Corp. and PCCP LLC. The buyer was ZI One Harmon Plaza LLC. The joint venture has made significant upgrades since purchasing the office building in 2014, including the renovation of the lobby and the addition of a new conference center, cafeteria and fitness facility.
HAVERTOWN, PA. — HFF has negotiated the sale of the Crozer-Keystone Medical Office and Surgery Center, a 68,737-square-foot building in Havertown. The sales price was undisclosed. Located at 2010 and 2050 West Chester Pike, the medical office building is 92.5 percent leased and is anchored by Crozer-Keystone Health System. Havertown is approximately 10 miles northwest of Philadelphia. HFF represented the undisclosed seller in the transaction. The buyer was Anchor Health Properties.
BREINIGSVILLE, PA. — Marcus & Millichap has brokered the $9.7 million sale of the Holiday Inn Allentown I-78 (Lehigh Valley), a 175-room hotel in Breinigsville. The three-story property is located approximately 11 miles southwest of Allentown. Jerry Swon, Tim McCaffrey, Dan Zagoria and Brian Whelan of Marcus & Millichap represented the seller, Meyer Jabara Hotels, in the transaction. A local buyer purchased the property.
COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.
ROBBINSVILLE, N.J. — Colliers has arranged the sale of The Shoppes at Foxmoor, a 125,295-square-foot retail center in Robbinsville. The sales price was undisclosed. The property is situated on 19 acres and is within walking distance of Town Center, a mixed-use development with over 900 residential units and 220,000 square feet of retail and office space. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the undisclosed seller. The buyer was also undisclosed.
CAMBRIDGE, MASS. — MassHousing has provided $24.7 in financing for Concord Highlands, a six-story, 98-unit affordable housing community in Cambridge. MassHousing provided the borrower, Homeowners Rehab, with an $8.9 million permanent loan, $11.9 million tax credit equity bridge loan and $3.8 million in workforce housing funding. All apartments at the community will be deed-restricted and affordable to low-, moderate- and middle-income households. The project is the largest affordable housing community to be built in Cambridge in 40 years. Ten of the 98 new apartment homes at Concord Highlands will be affordable to households earning 30 percent of the area median income (AMI). Fifty units will be affordable for households earning up to 60 percent AMI. Thirty-eight units will be workforce-housing units, with 21 of the workforce units affordable for households earning up to 80 percent AMI, and 17 workforce housing units for households earning at or below 100 percent AMI. The AMI for Cambridge is $107,800 for a family of four. NEI General Contracting is serving as general contractor for the project. The architect is ICON Architecture.
NEW YORK CITY — Cushman & Wakefield has brokered the $13.5 million sale of a three-story retail building in Midtown, Manhattan. John Ciraulo, Craig Waggner, Doug Blankrot and Lou Magarelli of Cushman & Wakefield represented the seller, who was undisclosed, in the transaction. The buyer was also undisclosed. Located at 976 Avenue of the Americas, the property is fully leased to a tenant roster that includes 5 Boro Burger and Red Rocket Tattoo.
NEWTON, MASS. — HFF has secured a $9.8 million acquisition loan for the leasehold interest in the Crowne Plaza Boston Newton, a 270-room hotel in Newton. HFF arranged a long-term, non-recourse loan through UniBank on behalf of the undisclosed borrower. Loan proceeds are being used to both acquire and renovate the hotel. The property is located approximately five miles west of Boston and features a restaurant and bar, indoor pool, fitness facility, on-site parking, room service and 15,000 square feet of meeting and event space.