PHILADELPHIA — Marcus & Millichap has negotiated the $15.7 million sale of a 74-unit apartment building at 1217 Spring Garden St. in Philadelphia. The property also includes two retail spaces. Phil Sharrow and Jon Massaro of Marcus and Millichap represented the buyer, Arts & Crafts Holdings, in the transaction. The seller was Juniata Design Inc. The building is located in the Spring Arts neighborhood. The buyer plans to revitalize the nearby abandoned railway into a public park, similar to The High Line, a 1.45-mile long elevated linear park, greenway and rail trail in New York City. The first phase of the park in Philadelphia runs from Callowhill Street to Broad Street and is scheduled for completion this year.
CHATHAM, N.J. — Redwood Realty Advisors has brokered the sale of 258 Main St. in Chatham, about 30 miles west of Manhattan. The $3 million price represents a capitalization rate of 5.2 percent. Built in 1927, the 12,000-square-foot, mixed-use property includes 10 apartment units and two commercial spaces. Redwood represented the undisclosed buyer in the transaction, a repeat client of the firm. The buyer plans to renovate the units in an effort to enhance the value and performance of the building.
NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality have broken ground on a 270,000-square-foot, dual-branded Marriott and Residence Inn property at John F. Kennedy International Airport. The 540-room hotel will include 4,000 square feet of meeting space, fitness facilities, and lounge and bar areas. Gene Kaufman Architect PC designed the building and the interiors for both the hotel’s public spaces and guest rooms. DLC Development Corp. is serving as general contractor. This is the 12th Marriott-branded hotel designed by Kaufman. The hotel is expected to open in 2020
SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of 121 Corporate Blvd., a 36,000-square-foot industrial building in South Plainfield. The price was undisclosed. Herb Zimmerman of Bussel Realty represented the buyer, Touch Dynamic, in the transaction. The seller was Adler Development. Touch Dynamic, a maker of touch-screen computers and monitors, will utilize the facility for the manufacturing, servicing, testing, shipping and distribution of its products. The property is fully air-conditioned and includes three loading docks, one drive-in door and 19-foot ceiling heights.
PHILADELPHIA — CBRE has brokered the $130.5M sale of Five Crescent Drive, a 207,779-square-foot office building in Philadelphia’s Navy Yard. An affiliate of Korea Investment Management Co. purchased the property. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Liberty Property Trust, in the transaction. Built in 2013, the four-story property is one of only a few office buildings in the United States to achieve LEED Double Platinum status. GlaxoSmithKline, a global leader in the life sciences industry, fully occupies the building on a long-term lease. The property is located in Philadelphia’s Navy Yard complex, a master-planned, 1,200-acre urban waterfront development on the Delaware River. The development currently serves as home to more than 13,000 employees and 152 companies in the life sciences, financial services, engineering, manufacturing and research and development sectors.
BANGOR, MAINE — Out of the Box Ventures LLC, a subsidiary of global real estate development firm Lionheart Capital, has signed Furniture Mattress & Moreto a 150,000-square-foot lease at a former Macy’s location in Bangor. The transaction includes an option to purchase the property. Furniture Mattress & More will backfill the anchor space that previously housed Macy’s at the 650,000-square-foot Bangor Mall. The longtime Bangor-based retailer offers a wide selection of furniture, home furnishings, mattresses and home décor. Out of the Box acquired the former Macy’s in an online auction conducted by Ten-X in December 2017 for $750,000, according to the Bangor Daily News. Other anchor tenants at the Bangor Mall include Dick’s Sporting Goods and JCPenney.
NEW YORK CITY — NorthMarq Capital has arranged the $47 million refinancing of 64 West 48th Street, a 128,251-square-foot mixed-use building in Manhattan. The property is located one block south of New York City’s iconic Rockefeller Center. The refinancing was structured as a 15-year term with two years of interest-only payments followed by a 30-year amortization schedule. Charles Cotsalas and Bob Delitsky of NorthMarq arranged financing for the undisclosed borrower through a life insurance company.
SAYVILLE, N.Y. — Brightview Senior Living has acquired a 7.5-acre plot of land in the Long Island hamlet of Sayville. Anthony James Fusco LLC sold the property for $5.5 million. Brightview plans to begin development of a seniors housing property on the plot, starting in June. Although the type of care offered was not disclosed, Brightview generally offers independent living, assisted living and memory care. The community will be Brightview’s first on Long Island. The company’s current portfolio totals 25 seniors housing communities in Connecticut, Florida, Maryland, Massachusetts, Missouri, New Jersey, Pennsylvania, Rhode Island and Virginia. Dennis McCoy of NAI Long Island represented Brightview in the transaction.
NEW YORK CITY — Progress Capital has arranged $36 million in mortgage loans for two self-storage locations branded under the name Storage Fox in Queens and Yonkers. The two separate $18 million loans will go toward refinancing existing debt and recapturing equity in the two properties. Kathy Anderson of Progress Capital worked with Signature Bank to secure a seven-year, fixed-rate loan at 4 percent with a 25-year amortization. The combined loans represent a 66 percent loan-to-value for both properties. The proceeds of the loans represent a significant cash-out financings that Storage Fox plans to reinvest in future real estate acquisitions. Chris Read of the Amato Law Group represented Storage Fox in the transaction. Constructed in 2013, 30-46 Northern Boulevard in the Long Island City section of Queens is a 12-story 123,000-square-foot building with 70,000 square feet of self-storage space as well as the Davita Dialysis Center. The second property, located in Yonkers at 280 Fullerton Avenue, is a five-story, 190,000-square-foot self-storage facility constructed in 2012.
GREENWICH, CONN. — Arch Street Capital Advisors has brokered the sale of an 11-property industrial portfolio located across seven states for $156.7 million. The buyer was an institutional client of Greenwich-based Arch Street Capital. The portfolio totals 2.8 million square feet and is made up of primarily single-tenant, long-term, net-leased, industrial properties.