Retail

Somera Road acquired the defaulted loans on the property in October 2018, took title of the property in June 2019 and closed on majority and controlling ownership this month, replacing its prior capital partners.

Infinity Real Estate landed a $20.5 million floating-rate loan for the acquisition of the Shops at Richmond Avenue.

The recent transactions in New Jersey include space at the Morris Hills Shopping Center, 3035 US 46 in Parsippany (5,100 square feet) and Woodbridge Crossing, 465 Greene St. in Woodbridge (5,642 square feet).

The Elizabeth General Hospital was shuttered more than two decades ago. The mixed-use project at 901 E. Jersey St. will be developed on a 5.41-acre site.

Midtown East has undergone a period of changes since its rezoning in 2017. The change that is happening has spiked real estate values, for instance, 242 East 58th St. in the Midtown East submarket has recently changed hands, selling for $11.5 million, $500,000 higher than the original asking price.

Los Angeles-based firms DEODATE Retail Strategies and Black//Brown have partnered to launch Diverse Demographic Retail Insights.