NEW YORK CITY — Progress Capital has secured a $30 million bridge loan for the American Self Storage Building in Brooklyn. Brad Domenico of Progress Capital secured the interest-only bridge loan for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction. The lender was Nataxis. Located at 202-208 Tillary St., the 115,000-square-foot property will continue to be operated as a self-storage facility until plans to convert it into a residential building are finalized.
BOSTON — HFF has negotiated the sale of the 120-room Residence Inn Boston Downtown Seaport located in the Fort Point neighborhood of Boston. The sales price was undisclosed. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Norwich Partners, in the transaction. The buyer was Claremont Cos. The property was built in 1901 as the Stillings Building by the Boston Wharf Co. In 2013, the building was redeveloped into a Residence Inn and was honored as the “Best Custom Project” in 2014 by Marriott International. The guest rooms at the hotel feature 12-foot ceilings, exposed brick walls, wooden beams and fully equipped kitchens. Amenities include meeting space, a business center, fitness center and two restaurants.
NEW YORK CITY — Cushman & Wakefield has arranged the $14.3 million sale of a five-story, mixed-use building in the Greenwich Village neighborhood of Manhattan. Hall Oster, Guthrie Garvin, Michael Gembecki and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. Located at 228 Thompson St., the building has recently undergone a complete renovation and includes ground-floor retail space as well as four large apartments above. The property features stainless steel appliances, private outdoor spaces and a curated common roof deck.
NEW YORK CITY — Marcus & Millichap has brokered the $8.6 million sale of a six-story apartment building in the Prospect Heights neighborhood of Brooklyn. Located at 528-530 Bergen St., the property consists of 21 residential units and 11 onsite parking spaces. Matt Fotis and Dylan Renicker of Marcus & Millichap represented the seller, a private investor. The buyer, a local private investor, purchased the property in a 1031 exchange.
NEWBURYPORT, MASS. — Nauset Construction has finished building Port Healthcare Center, a 123-bed skilled nursing facility in Newburyport, located in the very northeastern corner of the state. Whittier Health Network, a family-owned healthcare organization with operations in Massachusetts and New York, owns and operates the facility. The new center is a replacement property, more than doubling the bed count of the original asset. Designed by longtime Whittier architect Ranere Associates Inc., the two-story, steel-and-concrete building totals 62,000 square feet.
As the e-commerce industry continues to grow and evolve, demand for industrial warehouse product located in dense urban areas situated with access to transit infrastructure, particularly air transit, has grown. The industrial sector has been experiencing multiple years of record rent growth, both locally in New York City and nationally, with average asking rents reaching nearly $30 per square foot in western Brooklyn and parts of Queens. This rapid rise in rents is driving property values higher and generating robust investor demand for this asset class. By way of example, the newly constructed FedEx warehouse in Maspeth, Queens recently sold for nearly $750 per square foot. Simultaneously, we are seeing the evolution and realignment of the supply chain to match a changing retail landscape. E-commerce sales have caused a 300 percent increase in the demand for logistics and distribution spaces, as opposed to traditional brick-and-mortar retail locations. The impact of e-commerce will only continue to accelerate, and the need for new industrial product will grow along with it. For every $1 billion increase in e-commerce sales, an additional 1 million square feet of distribution space will be required. And it’s not solely e-commerce companies that are starting to think about …
BOSTON — CBRE/New England has negotiated the sale of Troy Boston, a 378-unit apartment tower in the South End neighborhood of Boston. The 19-story high-rise opened in 2015 and has an overall average unit size of approximately 630 square feet. The property is certified to LEED Gold standards. Simon Butler and Biria St. John of CBRE represented the seller, a fund advised by Gerding Edlen, in the transaction. Equity Residential bought the property for an undisclosed price.
WEST HARTFORD, CONN. — CS Acquisition Group LLC has purchased Westwood Apartments, a six-building, 200-unit apartment community in West Hartford for $20.8 million. The complex is the largest market-rate multifamily property in West Hartford by number of units and was constructed in 1971. Victor Nolletti and Wes Klockner of Institutional Property Advisors represented the seller, Westwood Apartments LLC, in the transaction.
BREINIGSVILLE, PA. — Cronheim Hotel Capital has arranged a $12.5 million acquisition loan for a Holiday Inn in Breinigsville. The property is located approximately seven miles east of Kutztown. Built in 1988, the 175-room hotel includes 14,000 square feet of meeting space as well as a 10,660-square-foot ballroom. Cronheim secured the non-recourse, floating-rate loan with a three-year term on behalf of borrower Infinity Asset Management. The lender was undisclosed. The property will be converted into a Delta by Marriot hotel.
LEMOYNE, PA. — Marcus & Millichap has brokered the sale of 840 Market Street Shopping Center, a 32,379-square-foot retail center in Lemoyne. The property sold for $2.8 million, which equates to an 8.9 percent capitalization rate. Craig Dunkle of Marcus & Millichap represented the seller, a private investor based in Mechanicsburg, in the transaction. RSR Realtors represented the buyer, a regional investor. The tenant roster at the shopping center includes Dollar General, Little Caesars, Akita’s Sushi Restaurant, 717 Cross Fit, Burn 30, and Rem Staffing.
