BSA Lines Up $30M Facility for Net Lease REIT

New York City

Broad Street Advisors has arranged a $30-million secured revolving line of credit on behalf of non-traded REIT American Realty Capital Trust Inc. Rob Rizzi at BSA comments in a release that locally based ARC ”has proven to be one of the more responsive and reliable buyers” in the single-tenant net lease sector. “This credit facility will enhance their ability to take advantage of the significant buying opportunities anticipated over the coming years.” The facility has a term of two years, with an extension for an additional year. Rizzi arranged the facility with US Bank.

Arbor Commercial Funding’s Stephen York recently originated a $23.8-million acquisition loan for Clinton Towers, a three-building, 455-unit apartment complex in the Bronx. Eastern Union Commercial’s Barry Lefkowitz, Nate Hyman and Ira Zlotowitz arranged the acquisition financing for the undisclosed borrower ahead of a 1031 exchange’s expiration. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 4.87%.

Sioni & Partners has completed the sale of 2055 Cruger Ave., a six-story, 72-unit elevatored apartment building in the Bronx, to a buyer identified in city records as 2055 Cruger LLC. The $6.3-million sale price equates to a 6.3% cap rate, a gross rent multiplier of 8.25 and a per-unit price of $ 87,847. Managing director Moses Sioni says in a release that owner Ed-Bob Management Corp. had tried to sell the property in the past but was unable to get more than $4.9 million previously.

A 17,720-square-foot property at 1941 Forest Ave. in Staten Island, net leased to Pep Boys, has traded for $5.8 million at a 7.69% cap rate. The buyer was not disclosed. Scott Plasky of Marcus & Millichap Real Estate Investment Services marketed the property on behalf of the seller, a fund manager.

Arbor Education & Training has relocated its New York office from 116 John St. in Lower Manhattan to the fourth floor of 471-485 Fulton St. in downtown Brooklyn. The workforce development services firm moved into its 25,000-square-foot space within the 130,000-square-foot, mixed-use office building his month. Arbor was represented by Gregg Espach and Douglas Levine of UGL Equis. The landlord Fulton Street Realty Ventures LLC, agreed to do a tenant build-out for Arbor, and was self-represented in negotiations.

The Innocence Project, a nonprofit associated with Yeshiva University’s Cardozo School of Law, has taken 20,829 square feet at 40 Worth St., future home of Gap Inc.’s 265,000-square-foot headquarters. Studley’s John Mambrino and Nicholas Farmakis represented the Innocence Project in its long-term relocation from 100 Fifth Ave. The landlord, 40 Worth Street LLC, a partnership led by Jeff Gural and Newmark Holdings, was represented in-house by Brian Steinwurtzel, Roy Lapidus and Dan Segal, all of Newmark Knight Frank. Gural, who is fully renovating the Tribeca property, agreed to fully build out the nonprofit’s space.
A pair of showroom leases totaling 3,100 square feet has been arranged by the Kaufman Organization, the exclusive leasing agent for 260 W. 39th St. Thorn by Nancy Rose signed on for 1,500 square feet in a three-year deal, while Jane Marvel Inc. took 1,600 square feet there for five years. Michael Heaner of the Kaufman Organization represented the tenant and landlord 39-260 Realty LLC in both transactions.

Floral and event company Ovando has leased its second retail store at 19 E. 65th St., a 1,000-square-foot space it plans to open before the end of 2010. Hal Shapiro at Winick Realty Group represented landlord Madison Avenue Co. in the long-term lease. Ovando was represented by Michael Nazarian of Norman Bobrow and Co. Ovando already operates one boutique at 337 Bleecker St. as well as a production studio at 120 W. 28th St.

Long Island

Massage Envy, a national chain of relaxation clinics, has opened its ninth Long Island location at the Southgate Shopping Center, 4096 Merrick Rd. in Massapequa, NY.  CB Richard Ellis’ Jayson Siano, who has spearheaded the retailer’s regional expansion since 2007, arranged the lease with Southgate owner Kabro Associates. Future plans include adding another 10 to 15 Massage Envy locations across Nassau and Suffolk counties.

Tex/Mex restaurant Ay Caramba has leased a 1,900-square-foot retail space at 1320 Broadway in Hewlett, NY. The space, within a neighborhood shopping center, formerly housed a Jamba Juice. Sholom & Zuckerbrot Realty’s Marc Geller and Doug Weinstein represented both the building owner and the tenant in the deal.

Westchester County

A 13-unit apartment property located at 33 Oakwood Ave. in White Plains has sold from one private investor to another, says Marcus & Millichap Real Estate Investment Services. The $1.2-million sale price reflects a gross rent multiplier of 8, a per-square foot price of $124.28 and a cap rate of 7%. Marcus & Millichap’s Harry Delany marketed the property on behalf of the seller, while the buyer was represented by the firm’s Marco Lala.

Fairfield County

Reinsurer White Mountains Re Group Ltd. has signed a new 10-year, 4,143-square-foot lease at the Matrix Center, 39 Old Ridgebury Rd. in Danbury, CT.  Robert Eber of CBRE’s Stamford, CT office represented the ownership, Matrix Realty Group LLC, and White Mountains in the transaction.