Robert W. Ranieri of NorthMarq Capital has arranged a $9.8-million first mortgage financing for 12-01 Jackson Ave., a 37-unit multifamily property in the Long Island City section of Queens. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, 1201 Jackson Avenue LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.

A quartet of tenants have relocated from Manhattan to Brooklyn's DUMBO section. Three of them—BBMG, Modern Brands Inc. and Guerin Glass Architects—opted for spaces of 4,850, 2,558 and 2,446 square feet, respectively, at 20 Jay St., while Quint & Quint chose 55 Washington St. All but the Modern Brands deals are for three years; Modern Brands has signed on for five years. Caroline Pardo of Two Trees Management represented the ownership in all four leases; none of the tenants were represented by brokers.

Fairfield County
The Hertz Corp. and Avis Rent-A-Car System, LLC have both renewed their leases on car rental outlets at Metro Center in Stamford, CT, taking 2,560 and 2,089 square feet, respectively. Both car rental companies have operated out of Metro Center since the mid 1990s. Malkin Properties' Jeffrey Newman represented the building ownership; the tenants spoke for themselves.

New Jersey
Concurrent Technologies Corporation has signed a 2,613-square-foot lease at Advance Realty's flex building at the Picatinny Applied Research Campus, a new high-tech office/research park in Picatinny Arsenal. Thisdevelopment is one of the first under the US Army's Enhanced Use Leasing program for non-excess real property, which gives Department of Defense installations the authority and incentive to obtain a range of in-kindconsideration in exchange for leasing revenue.Advance's 27,500-square-foot, single-story flex building is part of the PARC's initial development phase that will feature approximately 100,000 square feet of office/lab space within Picatinny's downtown area.

Lam Properties recently sold a 6,700-square-foot lot at 324 62nd St. in West New York to Juan Cifuentes for an undisclosed amount. The land, which has a five-year tax abatement, was sold with full approvals and plans for the construction of a 15-unit building with 18 parking spaces and a 1,500-square-foot roof deck. "Land sales are still happening," says Robert De Ruggiero, president of Robert De Ruggiero, Inc., which brokered the sale.

NorthMarq Capital has arranged permanent loans totaling $7.2 million for two multifamily complexes in Somerset County. Jim Poole of NorthMarq's New Jersey office secured Fannie Mae financing through its affiliate, AmeriSphere Multifamily Finance. "Both of these projects provide moderate income housing in Somerset County and really speak to the mission of Fannie Mae," he notes. "Because of the relatively low LTV structure on these 10-year, fixed-rate loans, full-term interest-only was obtained."

Massachusetts
Holliday Fenoglio Fowler's Boston office closed the $13.7-million sale of a 108,510-square-foot BJ's Wholesale Club at 100 Corporate Dr. in Franklin, MA and arranged $7.5 million in acquisition financing. HFF's Coleman Benedict and Ben Sayles represented National Development, and procured the 1031 exchange buyer in the off-market transaction. HFF's Fred Wittmann secured a fixed-rate acquisition loan through Flagship Bank.

Additional reporting by Alyson Grala.