KING OF PRUSSIA, PA. — CBRE has brokered the sale of a retail property located at 611 W. Dekalb Pike in King of Prussia. Matrix Real Estate Holdings acquired the building from OneCorp for $11.7 million, or $652 per square foot. Bassett Furniture occupies the 18,000-square-foot property, which was constructed earlier this year. Matthew Gorman and Michael Shover of CBRE represented the seller in the deal.
BRANCHBURG, N.J. — Larken Associates has acquired Branchburg Centre, a two-story office building located at 3040 U.S. 22 West in Branchburg, for an undisclosed price. At the time of sale, the 90,000-square-foot Class B property was 74 percent leased. Kronus, Pure Technologies and Tri-County Care Management are tenants at the building. Larken is renovating and updating the property, including the commons areas, lobby and hallways. Additionally, the company will install new tenant signage, refresh the landscaping and renovate the entrance-facing employee parking lot. The name of the seller was not released.
NEWARK, N.J. — Terreno Realty Corp. has purchased two industrial land parcels in Newark for an undisclosed price. The transactions include a 7.2-acre improved land parcel located at 178 Stockton St. and a 10.6-acre improved land parcel at 422-470 Frelinghuysen Ave. Alex Conte, Jason Crimmins, Kenneth Crimmins and Peter Murano of The Blau & Berg Co. represented the buyer and undisclosed seller in the transactions. The properties, which offer easy access to U.S. highways, ports and Newark Liberty International Airport, are currently available for lease.
SHELTON, CONN. — Sun Equity Partners has purchased a flex building located at 710 Bridgeport Ave. in Shelton. RA 710 Bridgeport Avenue LLC, an entity controlled by RNY Property Trust, sold the property for $26.2 million. At the time of sale, the 452,414-square-foot property was 72 percent leased by a variety of tenants, including PerkinElmer Health Sciences and Panolam Industries International. The property is approximately 30 percent office and R&D space, with the remainder warehouse and distribution space. Additionally, the facility features 16 loading docks and nearly 870 parking spaces. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller and procured the buyer in the deal.
BRUNSWICK AND TOPSHAM, MAINE — A joint venture between Presidium Group and Portland, Maine-based Helios has acquired a 407-unit multifamily portfolio in the Mid-Coast area of Maine for an undisclosed price. The portfolio includes five assets located adjacent to the former Brunswick Naval Air Base in Brunswick and a sixth property located in the neighboring town of Topsham. The portfolio consists of a combination of townhouses, garden-style apartments, single-family homes and land for future development. The Mid-Coast area consists of approximately 95,000 people within a 15-mile radius. The name of the seller was not released.
FRANKLIN LAKES, N.J. — Sterling Properties has received a $146.6 million mortgage loan for the refinancing of Mill Pond Apartments, a garden-style apartment complex located in Franklin Lakes. New York Life Real Estate Investors arranged the 10-year, fixed-rate loan. The Class A property features 100 apartments.
HEWLETT, N.Y. — Chicago-based Associated Bank has closed a $15.3 million construction loan for 1150 Broadway Holdings LLC/LSC Development. The borrower plans to convert an existing warehouse/office building, located at 1150 Broadway in Hewlett, into a 111,900-square-foot multi-story self-storage facility. Slated to open in late 2018 or early 2019, the new facility will feature approximately 2,116 climate-controlled storage units. Edward (Ted) Notz of Associated Bank’s commercial real estate division managed the loan and closing.
PINE BROOK, N.J. — Weiss Realty has arranged the sale of an office and flex building located at 34 Maple Ave. in Pine Brook. iStar Realty acquired the property from a partnership between the principals of CHT Group and Jaime Weiss, managing member of 34 Maple Avenue LLC, for an undisclosed price. Situated on 10.4 acres, the property features 130,180 square feet of space. Prior to the sale, Weiss Realty acted as property manager and leasing agent for the ownership. Greg Sabato and Scott Peck of Resource Realty of Northern New Jersey represented the buyer in the transaction. Meyner & Landis of Newark, N.J., acted as legal advisor to the seller, while Roseland, N.J.-based Mandelbaum Salsburg acted as counsel to the buyer.
BOSTON — The Boston Housing Authority (BHA) has selected WinnCompanies, a Boston-based developer of mixed-income multifamily properties, to deliver a $1.6 billion redevelopment of the Mary Ellen McCormack public housing development in South Boston. The redevelopment project will demolish the 27 three-story buildings that comprise the property. It will replace all of the existing 1,016 units with a combination of workforce housing for middle-income residents, as well as market-rate apartments and condominiums. The total number of units will remain the same. The BHA intends for the project to leverage the 27-acre property’s market value to avoid displacement of and preserve affordability for the city’s low-income residents. It also aims to ensure that the property will remain operational in the long run. “It is important that we think outside the box to preserve our existing affordable housing and develop new housing to meet the future needs of all our city’s residents,” says Boston Mayor Martin Walsh. “This project has the potential to meet the housing needs of people from a broad spectrum of economic backgrounds.” Mary Ellen McCormack was built in the 1930s and is the first public housing project in New England. The redevelopment site will be located along Old …
TROY, N.Y. — United Group of Companies Inc. has opened College Suites at Hudson Valley, a 268-bed student housing community located near Hudson Valley Community College in Troy, New York. The $24 million property offers two- and four-bedroom, fully furnished units. Shared amenities include a fitness center and bike storage, laundry facility, and computer studio, as well as study and lounge areas.
