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BIG DAY FOR BRONX; THE DEAL SHEET

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BIG DAY FOR BRONX; THE DEAL SHEET
Our headline doesn't refer to the Yankees playing the Jays tonight. We mean that Prestige Properties & Development just nabbed a $210M loan from MetLife to refi the 517k SF Bay Plaza Community Center in the northeastern Bronx, part of NYC's largest retail complex.
Bay Plaza Community Center
The retail center—which includes an office component—is part of the 1.3M SF Bay Plaza shopping complex. The five-year, fixed-rate loan bears a sub-4% interest rate with an IO portion and was financed by MetLife’s real estate investments division. The refi follows the recent groundbreaking of the Mall at Bay Plaza, the new $300M, 780k SF enclosed fashion mall that will be anchored by Macy’s and JCPenney and bring the entire Bay Plaza complex to over 2M SF.

Residence Inn coming to Hutchinson Metro Center
Newman Design Group
That’s not the only boon for the Bronx: This morning, Simone Development Cos announced that the borough is getting its first luxury hotel with a 125-room extended-stay Residence Inn coming to Hutchinson Metro Center in 2014. Marriott signed an agreement to operate the hotel as the centerpiece of Simone’s new Metro Center Atrium mixed-use project, a 370k SF office/retail/hotel complex that the developer is constructing on the 42-acre, multi-building campus.
SALES
Extra Space Self Storage purchased a 10-property self-storage portfolio totaling more than 1M SF throughout New York and New Jersey from The Hampshire Cos for an undisclosed price. HFF’s Aaron Swerdlin and Jon Mikula repped the seller.***L&B Realty Advisors purchased the 39k SF retail, medical, and upscale recreational building at 7 and 17 Popham Rd, Scarsdale from F&R Popham and F&R Construction. The price was not disclosed, but sources peg the buy at $28M. HFF’s Andrew Scandalios, Jose Cruz, Jeffrey Julien, and Kevin O’Hearn repped the sellers.

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Tal Realty purchased the 25-unit apartment building at 815 180th St from IB West 180 for $4M. Cignature Realty’s Lazer Sternhell and Peter Vanderpool brokered the deal.

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Marcus & Millichap brokered two sales: a 16-unit apartment building at 92-94 Decatur St, Brooklyn (brokers: Derek Bestreich and Shaun Riney) for $1.7M and a 20-unit apartment building at 277 W 150th St in a 1031 exchange for $1.6M (brokers: Peter Von Der Ahe,Scott Edelstein, and Seth Glasser).

LEASES Coty signed a 16.5-year, 98k SF lease for R&D space at 500 The American Rd, Morris Plains, NJ. Cassidy Turley’s Richard Bernstein and Ralph Giordano repped the tenant, while Paul Cooper and Louis Sheinker repped owner Lighthouse Real Estate Ventures in-house.

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Smith Electric Vehicles Corp leased 90k SF at 295 Locust Ave, Port Morris, Bronx for its new clean tech manufacturing facility.Simone Development Cos is the landlord.

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Aon Hewitt inked a 10-year, 50k SF lease renewal at Somerset Corporate Center I, Bridgewater, NJ. CBRE’s John Nugent,Edward DaCosta, and Christopher Adam repped the tenant, while owner SJP Properties was repped in-house.

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Perception Research Services International leased 44k SF at Glenpoint Centre , Teaneck, NJ. Cushman & Wakefield’s Curtis Foster repped the tenant, while C&W’s Richard Baumstein, Marc Graham, and Christian Politan repped owner Alfred Sanzari Enterprises.***Colliers International’s law firm group brokered two leases: Brandt Steinberg & Lewis’ 10-year, 8,900 SF lease at 1430 Broadway(tenant reps: Colliers’ Ted Rotante and James Emden; landlord reps: Newmark Grubb Knight Frank’s Ken Kronstadt and Ricky Kramer for Steinberg & Pokoik); and Richards Kibbe & Orbe’s sublet of 15k SF to Build America Mutual at 1 World Financial Center (subtenant rep: Cushman & Wakefield’s Melissa Bazaar; sublandlord reps: Colliers’ Rotante and James Marcellino).

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600 Steamboat Rd, Greenwich, Conn. saw two deals: RSR Partners’ 10-year, 9,400 SF lease (tenant rep: Newmark Grubb Knight Frank’s James Ritman) and Bessemer Trust Co’s 10-year,7,800 SF lease. JLL’s Brian Higgins, Chris Kraus, George Walker, and Ethan Rice repped both Bessemer and landlord GRC Realty Corp.

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231 W 39th St saw four deals: Stargate Apparel’s five-year, 9,100 SF renewal and expansion; Zinc & Matty M’s five-year, 2,600 SF renewal; Between the Notes’ five-year, 1,600 SF renewal; and Judith & Charles’ five-year, 1,000 SF renewal. Adams & Co’s James Buslik and Jeff Buslik brokered all deals.

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VeriFone Systems signed a 14k SF lease at 1400 Broadway. JLL’s Bill Peters and Sean Black repped the tenant, while Newmark Grubb Knight Frank’s Scott Klau, Erik Harris, Neil Rubin, and Anthony Sciacca repped owner W&H Properties.

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Xenon Products inked a 14k SF lease at 100-24 91st Ave,Richmond Hill. Kalmon Dolglin Affiliates’ Dmitri Gourianov repped the tenant, while KDA’s Neil Dolgin repped owner Wilmington Properties.

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Cambridge Security Services is relocating its HQ and national command center from Manhattan to Newark, taking 10k SF at 1100 Raymond Ave (90 Mulberry St).

FINANCING

Meridian Capital Group’s David Hayum negotiated a $72.3M, 10-year, fixed-rate permanent loan at 4.83% through Morgan Stanley to refi two office properties in the Garment District.

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PCCP provided a $60M senior loan to refi the 601k SF Meadows Office Complex at the corner of NJ Rts 17 and 3 in the Meadowlands market on behalf of the JV owners of Onyx Equities and SL Green.***

Greystone Servicing Corp provided a $45M Fannie Mae MAH DUS loan for the 278-unit Capitol Apartments at 840 Eighth Ave. The firm’s Rob Meehan and Brian Liske originated the 10-year, 3% fixed-rate loan with a 53% LTV.

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Meridian Capital Group arranged over $28M in financing, including:$7M for a 51k SF mixed-use building on Albemarle Rd, Brooklyn(arranged by Scott Assouline); $6.8M for two multifamily buildings totaling 39 units on Ludlow Street (arranged by Assouline); $5M for a 14-unit, five-story multifamily building on East 81st Street(arranged by Carol Shelby and Dani Sabesan); and $3.7M for a 136-unit, six-story co-op building on Kings Highway, Brooklyn(arranged by David Zlotnick).

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GCP Capital Group arranged nearly $20M in financing, including:$6.3M for a 15-unit, six-story mixed-use building with 2,500 SF of retail space on Kenmare Street (arranged by Matthew Classi);$4.5M for a 61-unit, six-story apartment building on Gates Place, the Bronx (arranged by Classi); $3.8M for a 61-unit, six-story mixed-use buildings with four retail spaces on Jerome Avenue, the Bronx(arranged by Adam Brostovski); and $3.5M for a 42-unit, six-story elevator apartment building on West 158th Street (arranged by Michael Charnowitz).

BUSINESS

W.P. Carey & Co’s proposed conversion to a REIT and merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 15, were approved by its shareholders and the stockholders of CPA:15. The transactions are expected to close Sept. 28 and it will elect REIT status on Oct. 1, still trading under symbol WPC.

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Houlihan Lawrence launched Houlihan Lawrence Commercial Real Estate Group, which will be HQ’s new corporate offices at 800 Westchester Ave, Rye Brook. The new group will include Thomas LaPerch as commercial group director and Steven Salomone as director of real estate investment sales.

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Eastern Consolidated launched a new retail sales group. Adelaide Polsinelli will lead the new group; the firm has hired Matt Crosby,Robert Khodadadian, Patricia Garcia, Mat Avital, Ari Schwartz, and Jamie Rogovin to focus on new biz opportunities in this arena.

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JEMB Realty Corp and Aurora Capital entered into a JV to market and dispose of 15 Daffy’s leasehold interests, including: 18k SF at 50 Broadway; 30k SF at 462 Broadway; 28k SF at the Times Square Building; and the 50k SF flagship at 135 E 57th St.

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Related Cos and KSW Inc—an HVAC and process piping systems provider—entered into a definitive merger agreement, in which Related will acquire all outstanding shares of KSW stock, valuing the transaction at $32M.

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UGL Limited’s property services businesses—comprised of UGL Services (which includes Unicco, Equis, and Premas ops) and DTZ will be united under a single global brand, known as DTZ, a UGL Company. The rebranding will take place in FY’13.