SAYVILLE, N.Y. — NAI Long Island has brokered the $1.6 million sale of a 7,300-square-foot medical office building in Sayville. Located at 160 Middle Road, the property is occupied by the Long Island Family Medical Group. Gary Pezza of NAI Long Island represented the seller, John Zimmerly, in the transaction. The buyer was 1449 Holdings LLC.
ABERDEEN, N.J. — LA Fitness has signed a 34,000-square-foot lease at Aberdeen Plaza in Aberdeen. The shopping center is located at the intersection of Route 35 and Cliffwood Avenue. LA Fitness will take possession in spring 2019. Area retailers include Target, Costco, Pier 1 Imports, Stein Mart, BJ’s, and Modell’s. Michael Horne of CBRE and John Kalamaris of RealSource Partners represented LA Fitness in the transaction. Basser Kaufman, the owner of Aberdeen Plaza, represented itself.
NEW YORK CITY — Rosewood Realty Group has brokered the $48 million sale of an apartment community in the Washington Heights neighborhood of Manhattan. Located at 80 and 86 Fort Washington Ave., the two building community totals 138,228 square feet. The building at 80 Fort Washington Ave. was built in 1920 and 86 Fort Washington Ave. was built in 1930. Aaron Jungreis of Rosewood represented the buyer, RCR Management. David Berger of Rosewood represented the seller, a group of investors including Mike Spira and the estate of Josh Sternhell.
RADNOR, PA. — IMC Construction has broken ground on Penn Medicine Radnor, a four-story, 250,000-square-foot medical center in Radnor. Located at 145 King of Prussia Road, the center will house a heart and vascular center, cancer care, women’s health, orthopedic and rehabilitation medicine, neurosciences and other medical subspecialties. An outpatient surgery suite will include six surgical and four endoscopy rooms, along with radiology and laboratory services. Brandywine Realty Trust will purchase and serve as the designated developer and manager of the site, and develop an adjacent office space and a hotel on property. The outpatient center is expected to be complete in Spring 2020.
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.