Long Island
Ten months after buying the 71% vacant 711 Stewart Ave. in Garden City, NY for just $44 per square foot, Metropolitan Realty Associates has brought in a major retail tenant for the 335,000-square-foot mixed-use property. BJ’s Wholesale Club will occupy 121,000 square feet in a deal negotiated by Metropolitan’s Matthew Wallerstein and Ripco Realty’s John Hanlon. The warehouse club is expected to open its doors in October 2012; the property is adjacent to the 2.2-million-square-foot Roosevelt Field Mall.
New York City
A pair of Fashion District leases have been brokered by Adams & Co. In one, Pure Element Apparel LLC has taken 4,298 square feet for eight years at 463 Seventh Ave. David Levy and Joseph Friedman of Adams & Co. represented both the tenant and the landlord, the Arsenal Co. Levy also represented both tenant and landlord 411 Fifth Avenue Associates in the 3,985-square-foot deal for Beauty Solutions Ltd. at 411 Fifth Ave. The latter deal is for five years.
In another multi-transaction announcement, Arbor Commercial Funding said this week it had provided loans for three separate Brooklyn multifamily properties, part of a $32.9-million slate of Fannie Mae DUS Loan and Fannie Mae DUS Small Loan deals the Uniondale, NY-based company has completed recently. These included $6.4 million worth of funding for the 107-unit Crooke-Woodruff Apartments, a $2.1-million loan for the 12-unit Bushwick Avenue Apartments and $1.1 million for the 1145 Dean Street Apartments, a 10-unit property. Other financings through Arbor announced this week were for properties in Richwood, TX; West Palm Beach, FL; Lauderhill, FL; Corning, NY; Yonkers, NY; and Raleigh, NC.
Connecticut
The commercial real estate group of Washington Trust has provided $6,850,000 to CT Properties LLC to refinance its Colony Shopping Plaza on North Colony Road in Wallingford, CT. The 97,202-square-foot shopping center is anchored by national retailers Staples and Dollar Tree, as well as several other local businesses.
Another shopping center refinancing was arranged by Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, who lined up a first mortgage refi for $5.6 million on the River Edge Shopping Center at 45 S. Main St. in Unionville, CT. Comprising 51,628 square feet on 2.23 acres, the center is anchored by CVS.
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