PLAINSBORO, N.J. — Grandbridge Real Estate Capital has arranged a $61 million first mortgage loan for Ravens Crest Apartments, a 704-unit community in Plainsboro. Mike Ortlip of Grandbridge originated the acquisition financing through Fannie Mae. Built in 1985, the apartment community includes 37 buildings on 40 acres. Amenities include an outdoor swimming pool, playground, tennis courts and a jogging trail.
NORTON, MASS. — Bodek & Rhodes, an apparel company, has signed a 209,000-square-foot lease expansion at 176 S. Washington St. in Norton. The company also extended its lease by seven years. Located within Norton Commerce Center, 176 S. Washington St. is a warehouse, distribution and office building with 28-foot clear height ceilings and access from I-495. Catherin Minnerly and Ovar Osvold of NAI Hunneman represented the landlord, Paradigm Properties, in the transaction. Rick Schuhwerk and Anthony Coskren of Jones Lang LaSalle represented the tenant.
NEW YORK CITY — Real estate private equity firm Savanna has acquired 576 Fifth Ave., a 72,000-square-foot boutique office building on the corner of Fifth Avenue and 47th Street in Midtown. Savanna initially acquired the defaulted first mortgage and subsequently took control of the leasehold interest in the property in a consensual transaction with the former leasehold owner. Savanna plans to begin a multi-million renovation of the property. The project will include upgrades to the elevators, a roof replacement and a facade restoration. Cushman & Wakefield will manage the property while Todd Korren and Tal Masica of Savanna will be responsible for leasing.
BAYONNE, N.J. — RPM Warehouse has renewed its 304,000-square-foot industrial lease at 99 Hook Rd. in Bayonne, east of Newark. Situated on 20 acres, the property includes 50 exterior doors, reinforced concrete floors and secured parking. The owner, Avidan Management, was represented in-house by Josh Avidan in the transaction.
HYDE PARK, N.Y. — The Stop & Shop Supermarket Co. has started construction of a new store that will anchor the Hyde Park Mall in Hyde Park. The mall owner, Azarian Group, has also started its renovation of the shopping center. The grocery chain will construct a 55,000-square-foot building and install a gas station in the parking lot. Additional work will include a new parking lot, updated landscaping and fresh storefront facades throughout the mall. Construction is expected to be complete by this November.
AMARILLO AND HOUSTON — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has purchased two medical office buildings (MOBs) as part of $52.5 million portfolio acquisition of MOBs in Texas, California and Arizona. The 58,000-square-foot medical office building in Amarillo is fully leased to Amarillo Heart Group through May 2023. The 30,000-square-foot property in Houston is fully leased by Memorial Hermann Health System through 2019.
GRAND PRAIRIE — Marcus & Millichap has arranged the sale of the 42,148-square-foot Carrier Parkway Shopping Center, located at 1000 N. Carrier Pkwy. in Grand Prairie. The center is 83 percent leased to tenants such as Family Dollar, Ace Cash Express, Edward Jones and Little Caesars. Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a private investor, in the transaction and procured the buyer, a private investor.
HOUSTON — Moody Rambin has secured two leases totaling 167,652 square feet of office space at the 188,113-square-foot Ashford 7 building, located at 900 Threadneedle St. in Houston. Sasol North America signed a lease renewal/expansion for 83,960 square feet, and Mustang Engineering leased 83,692 square feet. Robert Cromwell and Kevin Nolan of Moody Rambin represented the landlord, CFS Ashford VII, in both lease transactions. Mary Caldwell-Coughran of Caldwell Cos. represented Sasol North America.
VICTORVILLE, CALIF. – A 14,740-square-foot property in Victorville that is currently net leased to Walgreens has sold to a private investor for $7,469,000. The buyer was represented by Vincent Schwab of Marcus & Millichap’s San Francisco office.
KENNEWICK, WASH. – A 63-unit Fairfield Inn in Kennewick has received a $4,075,000 cash-out refinance. The hotel is located at 7809 West Quinault Ave. The long-term, fixed-rate loan was arranged by Premier Capital Associates.
