NEW YORK CITY — ABS Altman Warwick has arranged the $51 million refinancing of the Pergament Enterprises Mall, a 360,000-square-foot grocery-anchored power center in Staten Island. Located adjacent to the 1.3 million-square-foot Staten Island Mall on Richmond Avenue, the center in anchored by Stop & Shop. ABS Altman Warwick arranged a 15-year, interest-only loan with a rate of 4 percent on behalf of the undisclosed borrower. The lender was a major life insurance company.
VERNON, CONN. — KeyBank has secured a $16 million first mortgage loan through Freddie Mac for Vernon Gardens Apartments in Vernon. Built in 1965, the property is comprised of 10, two-story buildings and has undergone a number renovations and upgrades since 2014. John Ward of KeyBank secured the non-recourse, floating-rate financing through Freddie Mac’s Green-Up Program on behalf of an undisclosed borrower. The loan is structured with five years of interest-only payments on a 30-year amortization schedule.
NEW YORK CITY — Greystone has provided a $45 million bridge loan for three Section 8 affordable housing properties in Manhattan. The properties are located in Washington Heights, Morningside Heights, and West Harlem. The borrower was undisclosed. The financing will go toward preserving affordability for residents across the three properties through a new 30-year regulatory agreement with New York City Department of Housing Preservation and Development and the extension of the Section 8 contract with HUD.
SEWELL, N.J. — Marcus & Millichap has negotiated the $5.4 million sale of a 2,000-square-foot retail property net leased to Wawa in Sewell. The property is located at 485 Woodbury Glassboro Road. The sales price represents a 4.5 percent capitalization rate. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
EASTON, PA. — Markward Group has brokered the sale of a 20,096-square-foot industrial building in Easton. The sales price was undisclosed. The property is located at 1298 Spruce St. Matt Macdonald of Markward Group represented the seller, Ealer Realty Corp., in the transaction. VM Realty Group represented the buyer, GLCJ Holdings LLC. The building was the former location of Ealer Electric and United Electric Supply.
AUSTIN, TEXAS — Austin-based Lincoln Ventures has broken ground on The Ruckus 2.0, a 239-bed student housing community serving the University of Texas at Austin. The 67-unit property is located at 2401 Rio Grande St. and features amenities such as a gym, sky lounge, study lounge, conference rooms and package service. Completion is slated for fall 2019.
IRVING, TEXAS — Chase Industries, a Cincinnati-based manufacturer of custom traffic doors, has signed a 172,120-square-foot industrial lease within Liberty Park GSW in Irving. The company will occupy all of Building 1, the shell construction of which is expected to be complete this week. Kurt Griffin, Nathan Orbin and David Eseke of Cushman & Wakefield represented the landlord, Liberty Property Trust, in the lease negotiations. Colliers International represented Chase Industries.
HOUSTON — SVN | Investment Sales Group has negotiated the sale of The Alara, a 155-unit apartment community in north Houston. The Class B property offers one- and two-bedroom units and amenities such as a pool, playground and a business center. Mark Allen and Todd Franks of SVN represented the seller and procured the buyer, both of which were out-of-state investors, in the transaction.
SAN DIEGO — Shorenstein Properties has acquired Sorrento Towers North & South, two Class A office project in San Diego. Rick Reeder and Brad Tecca of Cushman & Wakefield advised Shorenstein in the transaction. The name of the seller and acquisition price were not released. The 565,000-square-foot asset serves as the gateway to Sorrento Mesa, San Diego’s technology hub. First developed in 1989 and renovated in 2014, the North buildings consist of two seven-story structures totaling approximately 286,000 square feet at 5355 and 5375 Mira Sorrento Place. Built in 2001, the South buildings consists of two six-story structures totaling 278,000 square feet at 9276 and 9330 Scranton Road. The towers feature high-image glass exteriors, modern building lobbies and common areas, outdoor lounge areas, modern fitness centers, state-of-the-art conference facilities and structured parking. The properties are also located adjacent to the Sorrento Court and Sorrento Plaza retail centers.
GOODYEAR, ARIZ. — A joint venture between DRA Advisors and Pine Tree has purchased Palm Valley Pavilions West, a shopping center located at 1478 N. Litchfield Road in Goodyear, a suburb 20 miles west of Phoenix. Retail Value Inc. sold the property for $44.7 million. Built in 1994 and situated on 28 acres, the 232,577-square-foot property was 98.5 percent leased at the time of sale. Tenants include Ross Dress for Less, Best Buy, Total Wine & More and ULTA Beauty. Pete Bethea, CJ Osbrink, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.