Hanrock Group

Real Estate Weekly, March 28, 2001

Three apartment complexes have been acquired recently by Hanrock Group, LLC. The acquisitions include a 67-unit property at 1405-1415 Palisade Ave., 16 units at 140-142 4th St., and 12 units at 1401-14015 New York Ave. in Union City, N.J. Financing on the purchase was provided by Independence Savings Bank, with Meridian Capital acting as the mortgage broker.

Brandywine Realty Trust and Hirsch International Corporation announced the completion of a sale and leaseback of Hirsch's headquarters facility in Hauppauge, NY. The sale of the 50,000 SF facility located on 5.5 acres of land was valued at $4.25 million. Hirsch will be leasing back approximately 25,000 SF.

Mark Hamer, vice president of Brandywine Realty Trust said, "We are very pleased to have been chosen for this transaction. Considering that Hirsch will be leasing back approximately half of the facility due to its consolidation of several facilities, we look forward to a long and mutually beneficial ongoing relationship. In addition, our acquisition of this property reaffirms our commitment to the Long Island marketplace."