MONTVALE, N.J. — JLL has arranged the sale of a 93,916-square-foot office building in Montvale. Located at 3 Paragon Drive, the building is occupied by global R&D firm Pentax Medical. Joseph Garibaldi, Thomas Walsh, Stephen Feinberg and Katelyn Borovsky of JLL represented the seller, The Davis Cos., in the transaction. The buyer was Northeast Capital Group. The sales price was undisclosed.
NEW YORK CITY — Marcus & Millichap has negotiated the $2.4 million sale of a 2,100-square-foot mixed-use building in Brooklyn. The property is located at 488 Metropolitan Ave. Shaun Riney and Michael Salvatico of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, who was undisclosed.
BRIDGEWATER, N.J. — Gebroe-Hammer Associates has negotiated the $32.5 million sale of Woodmont Square Apartments, a 100-unit multifamily community in Bridgewater. The market-rate apartment community was built in 2012 and is located at 100 Bellis Court. Amenities include a clubhouse, fitness center, game room, business center, basketball court and picnic area. Greg Pine, Stephen Tragash and Eli Herskowitz of Gebroe Hammer represented the seller, Woodmont Properties at Bridgewater LLC, in the transaction. The buyer was undisclosed.
WEST DEPTFORD, N.J. — HFF has secured a $13 million construction loan to expand a 113,000-square-foot industrial facility in the Philadelphia-area community of West Deptford. Located at 301 Grove Road, the facility is fully leased to global adhesive and sealant manufacturer Bostik Inc. The planned construction will add 122,000 square feet of distribution space with a 32-foot clear height, bringing the total square footage up to 235,000 square feet. Completion is expected in the spring of 2019. Michael Pagniucci and Doug Rodio of HFF represented the borrower, Foxfield Industrial, in securing financing through lender Webster Bank. The proceeds of the financing will take out the existing loan on the facility and fund the expansion.
NEW YORK CITY — Marcus & Millichap has brokered the $2.9 million sale of a 4,620-square-foot mixed-use property in Brooklyn. The property is located at 148 Metropolitan Ave. in the Williamsburg neighborhood of Brooklyn. Shaun Riney, Michael Salvatico and John Barney of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a private investor.
FAIRFIELD, N.J. — Alexander Property Group has acquired a four-story, 48,000-square-foot office building in Fairfield. The sales price was undisclosed. Located at 700 Route East, the property is currently 98 percent leased. Alexander Property Group purchased the office building from Boston-based real estate development and management company the Davis Cos. and joint venture partner Rubicon Cos. The office building is located adjacent to the 204-room Fairfield Crowne Plaza Hotel.
NEW YORK CITY — Bessemer Trust has signed a 239,000-square-foot lease at the Time Life Building in Midtown Manhattan. The privately owned wealth management company will occupy the top seven floors at the 48-story skyscraper. Located at 1271 Avenue of the Americas, the tower was built in 1959 as part of Rockefeller Center. Cushman & Wakefield represented Bessemer Trust in the transaction. An in-house Rockefeller Group leasing team represented the building’s owner. Terms of the lease were not disclosed.
FORT LEE, N.J. — New York Life Real Estate Investors has provided a $135 million loan for the refinancing of Hudson Lights, a residential and retail mixed-use development in Fort Lee. The floating-rate loan has an initial term of three years. The borrower was an institutional investor. Built in 2016, the development includes 276 market-rate apartments, 136,000 square feet of retail space and a parking garage.
SOMERVILLE, MASS. — Cornerstone Realty Capital has secured a $9 million acquisition loan for a 34-unit apartment community in Somerville. The property is located at 625 McGrath Highway, three miles north of Boston. Each unit features granite countertops, stainless steel appliances, a breakfast bar, vinyl plank flooring and a NEST thermostat. Cornerstone Realty Capital represented the borrower, the Micozzi Cos., in securing a fixed-rate financing structure with 12 months of interest-only payments followed by a 30-year amortization schedule. The lender was undisclosed.
NEW YORK CITY — Ariel Property Advisors has brokered the $3.2 million sale of a six-story multifamily building in East Harlem. Located at 57 E. 130th St., the newly constructed property includes five units and spans 6,268 square feet. The units feature Bosch appliances and walnut cabinetry in the kitchens as well as marble tiling with Grohe and Toto finishes in the bathrooms. Matthew L. Gillis, Michael A. Tortorici, Victor Sozio, Marko Agbaba, and Daniel Mahfar of Ariel Property Advisors represented the seller, Yoori Oh of Verse Development LLC, in the transaction. The buyer was Joshua Lee.