HAMILTON, N.J. — Marcus & Millichap has brokered the $8.3 million sale of Quakerbridge Shoppes, a 42,912-square-foot shopping center located in the Central New Jersey community of Hamilton. The center sits on 5.1 acres and is home to 18 tenants, including Northfield Bank and Villa Maria’s Restaurant. Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CAMBRIDGE, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.4 million loan for the refinancing of a 16-unit apartment building in Cambridge, located across the Charles River from Boston. According to Zillow.com, the building at 891 Massachusetts Ave. offers one- and two-bedroom units. Robert Damigella of MMCC arranged the nonrecourse loan, which carries a fixed interest rate of 7.12 percent and a 65 percent loan-to-value ratio, through a local credit union. The sponsor was not disclosed.
NEW YORK CITY — New York Cancer & Blood Specialists (NYCBS) has signed a 35,469-square-foot office lease in Upper Manhattan. The oncology practice will occupy three full floors at Radio Tower, a mixed-use building in the Washington Heights neighborhood. Marty Cottingham, Michael Gottlieb, Patrick Steffens, Joel Wechsler and Alexis Odgers of Avison Young represented the landlord, Youngwoo & Associates, in the lease negotiations. Arthur Mirante II of Savills and Ari Malul of Schuckman Realty represented NYCBS.
NEW YORK CITY — SharkNinja will open a 14,296-square-foot office in Midtown Manhattan. The Massachusetts-based product design and technology company plans to occupy an entire floor at 41 Madison Avenue, a 42-story, 560,000-square-foot building. Steven Jacobson of Hopkinson Associates represented SharkNinja in the negotiations for the 10-year lease. Robert Steinman represented the landlord, Rudin, on an internal basis.
ROCKLIN, CALIF. — USA Properties Fund has completed Terracina at Whitney Ranch, an affordable housing property in Rocklin. USA Properties Fund developed the $104 million apartment community without local or state subsides, relying only on tax credits. Bank of America is the construction and tax credit lender on the project, while Citi Community Capital is the permanent lender. Located at 801 University Ave., Terracina at Whitney Ranch offers 288 one-, two- and three-bedroom apartments with energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Rents for one-bedroom units range from approximately $592 to $1,374 per month, based on household income, while three-bedroom apartments range from $781 to $2,007 per month. Apartments are reserved for residents who earn 30 percent to 70 percent of the median income for Placer County, Calif. Onsite amenities include a 4,000-square-foot clubhouse with a community room, fitness room, swimming pool, courtyard with seating, tot-lot play area, a dog park and EV charging stations, as well as laundry facilities. Additionally, the community includes an outdoor fitness area with workout equipment.
MARANA, ARIZ. — FJM Merced Associates LP has acquired 26,400 square feet of industrial space at 6898-6910 N. Camino Martin in Marana, a suburb of Tucson. An entity doing business as Acorn Ventures LLC sold the asset for $2.5 million. Alex Demeroutis and Andrew Keim of Cushman & Wakefield | PICOR represented the buyer, while Max Fisher of BRD Realty represented the seller in the transaction.
SAN RAFAEL, CALIF. — Marcus & Millichap has arranged the sale-leaseback of a mixed-use building located at 2066 4th St. in San Rafael. A limited liability company sold the asset to an undisclosed buyer for $1.4 million. Built in 1946, the 5,739-square-foot property offers one retail unit, one office unit, six single-room occupancy units and a one-bedroom/one-bath residential unit. John Lee, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal. The seller will remain as a commercial tenant at the property.
SAN JOSE, CALIF. — Forbright Bank has provided a $44.2 million HUD-insured loan to finance a 318-bed skilled nursing, assisted living and memory care facility located in the Silicon Valley city of San Jose. Further details about the property were not released. Provided under the HUD 232/223(f) program, the 35-year, fully amortizing term loan will be used to refinance existing Forbright Bank bridge and partnership debt, as well as cover the cost of recent capital expenditures and critical repairs. Forbright originally provided acquisition financing and a line of credit for working capital for the undisclosed borrower in 2022.
BUFFALO GROVE, VERNON HILLS AND ELGIN, ILL. — Westmount Realty Capital has sold a light industrial portfolio in metro Chicago comprising 17 buildings and 925,391 square feet. The portfolio is located within the Lake County and Northern Fox Valley submarkets. Westmount owned and managed the assets for over five years. There are 13 assets in Buffalo Grove and Vernon Hills as well as four properties in Elgin. At the time of sale, the portfolio was 94 percent leased to 154 tenants. New leases with notable tenants included Volkswagen, Subaru of America, Blackjack Lighting, Nexus Pharmaceuticals and American Molecular. Constructed between the late 1980s and early 2000s, the buildings feature an average office finish of approximately 50 percent. Over $6.5 million in total building improvements were completed during the hold period, including modification to reduce office area to meet the demand of the market. The buyer and sales price were undisclosed. Westmount owns and manages 51 buildings totaling nearly 5 million square feet throughout the Chicago market.
MUNCIE, IND. — Regency Properties has acquired Muncie Towne Plaza, a 173,773-square-foot shopping center in Muncie. The purchase price and seller were undisclosed. Developed in 1997 and renovated in 2005, Muncie Towne Plaza was fully leased at the time of sale. Key tenants include Kohl’s, TJ Maxx, Old Navy, Ulta Beauty and Shoe Carnival. The property includes a 1.1-acre undeveloped land site immediately adjacent to Old Navy. Regency plans to develop the parcel following consideration of what represents the greatest opportunity between a single- or multi-tenant space. The parcel can accommodate a 50,000-square-foot development. Regency says the purchase underscores its acquisition philosophy as a “county seat” community retail property investor. County seat communities are defined as towns that typically serve as the hub for business, local government, recreation and shopping for a surrounding rural area.