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IPA-Albany-NY
MultifamilyNew YorkNortheast

IPA Negotiates Sale of Four-Property Multifamily Portfolio in Albany, New York

by Amy Works

ALBANY, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a four-property multifamily portfolio located in the greater Albany area. ROCO LLC acquired the portfolio from GGMW LLC for an undisclosed price. Totaling 274 units, the portfolio includes the 80-unit Willowbrook Luxury Apartment Homes, the 73-unit Greenbush Terrace community for residents who are 55 or older, the 20-unit Maplewood Estates, and the 101-unit Greenbush Station. Victor Nolletti, Steve Witten, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the deal. J.D. Parker of Marcus & Millichap is the broker of record in New York.

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HospitalityNew YorkNortheast

Cushman & Wakefield Arranges $44M in Acquisition Financing for Dual-Branded Marriott Hotel in Queens

by Amy Works

NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Chris Xu, founder and president of United Construction and Development Group, in arranging $44 million in financing for the acquisition of an under construction dual-branded Marriott hotel located at 148-18 Archer Ave. in the Jamaica neighborhood of Queens. Morris Betesh and Omar Ferreira, both formerly of Cushman & Wakefield, secured the non-recourse loan, which features full-term interest-only payments and two one-year extension options, for the borrower. Slated for completion in late 2017, the property will be a 15-story, 203,800-square-foot building consisting of a Marriott Courtyard and Fairfield Inn & Suites. The Marriot Courtyard will feature 224 rooms, while the Fairfield Inn & Suites will offer 114 room. Additionally, the building will provide a 42-space underground parking garage. Betesh is now at Meridian Capital Group.

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121-Seaport-Boston
MassachusettsNortheastOffice

PTC Signs 250,000 SF Lease for Global Headquarters in Boston’s Seaport District

by Amy Works

BOSTON — PTC, a global technology provider, has signed a lease for 250,000 square feet of office space at 121 Seaport in Boston’s Seaport District. The company will move its global headquarters to Skanska’s elliptical tower in early 2019. PTC will occupy two-thirds of the 17-story, 400,000-square-foot building, from floors nine through 17. Designed by CBT, 121 Seaport is slated to come online in the first quarter of 2018. Newmark Knight Frank represented the developer/owner, Skanska, while Cresa represented PTC in the transaction.

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Bancroft-Worcester-MA
LoansMassachusettsMultifamilyNortheast

Cushman & Wakefield Secures $38M in Financing for Two Multifamily Properties in Worcester, Massachusetts

by Amy Works

WORCESTER, MASS. — Cushman & Wakefield has arranged $38 million in financing for MG2 Group for two multifamily properties: Bancroft on the Grid and Portland on the Grid. Located along the Common in Worcester, the adjacent properties total 335 residential units and 27,000 square feet of ground-floor commercial space. The loan will facilitate the assets’ transition to luxury apartments and provide necessary capital to build out two high-end restaurant spaces at ground level. The properties are part of a large contiguous assemblage of 540 residential units and 60,000 square feet of commercial space that MG2 rebranded as The Grid District in 2016. Tom Sullivan of Cushman & Wakefield secured the financing through Ladder Capital of New York for the borrower.

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Mill-Commons-Apt-Simsbury-CT
ConnecticutMultifamilyNortheast

IPA Arranges $20.9M Sale of 88-Unit Apartment Complex in Simsbury, Connecticut

by Amy Works

SIMSBURY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mill Commons Apartments, an apartment complex located at 1 Millers Way in Simsbury. Beachwood Partners acquired the 88-unit property from Mills Commons LLC for $20.9 million, or $237,500 per unit. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and procured the buyer in the deal.

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Medford-Medical-Center-Medford-NJ
HealthcareNew JerseyNortheastOffice

Atkins Cos., Capital Solutions Acquires 46,400 SF Building for Medical Office Use in Medford, New Jersey

by Amy Works

MEDFORD, N.J. — Atkins Cos., in conjunction with Capital Solutions, has acquired Medford Medical Center, a medical office building located at 103 Old Marlton Pike in Medford. A condominium association sold the 46,400-square-foot property for $2.4 million. Prior to the sale, the facility was comprised of 20 condominium units owned by individual medical groups. As part of the transaction, the individual units converted back into a single ownership entity and the condominium association was dissolved. The buyer plans to renovate the exterior and interior of the property to create a new state-of-the-art medical facility. Larchmont Imaging and South Jersey Eye Physicians anchor the property. Evan Zweben of Colliers International was the sole broker in the transaction.

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10-Abeel-Rd-Monroe-Township-NJ
IndustrialNew JerseyNortheast

Sheldon Gross Realty Brokers Sale of 45,000 SF Warehouse Facility in Monroe Township, New Jersey

by Amy Works

MONROE TOWNSHIP, N.J. — Sheldon Gross Realty has arranged the sale of a warehouse and office facility located at 10 Abeel Road in Monroe Township. NBR Equipment acquired the 45,000-square-foot property from Abeel Associates for an undisclosed price. The property, which features 24-foot ceiling heights, was 50 percent office space at the time of sale. The buyer plans to convert the building into a warehouse distribution facility. Jonathan Glick, Glenn Jaffe and Matthew Leonelli of Sheldon Gross Realty, along with Simone Realty, represented the buyer in the deal.

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Residence-Inn-Colchester-VT
HospitalityNortheastVermont

Norwich Properties Sells 108-Suite Extended-Stay Hotel in Colchester, Vermont

by Amy Works

COLCHESTER, VT. — Norwich Properties has completed the disposition of Residence Inn Burlington Colchester, an extended-stay hotel located in Colchester. AAM 15 Management acquired the 108-suite property for an undisclosed price. Completed in 2010, the hotel features suites with fully equipped kitchens, an indoor swimming pool and soaking tub, a fitness facility, a business center, a sundries shop, a barbecue and picnic area, complimentary hot breakfast and the Residence Inn Mix, evening socials. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller in the deal.

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Mixed-UseMultifamilyNew YorkNortheastOfficeRestaurantRetail

Sinatra & Company Real Estate Acquires 10 Mixed-Use Properties in Buffalo, New York, for $12.7M

by Amy Works

BUFFALO, N.Y. — Sinatra & Company Real Estate has acquired 10 mixed-use properties in Buffalo for a combined total of $12.7 million. Roger Chainani’s 1000 Elmwood Associates LLC and 1256 Hertel Avenue Associates LLC sold the properties. The properties include a variety of uses and tenants: – 427 Elmwood features a three-story, 10,246-square-foot mixed-use building with two retail businesses, a restaurant space, 4,000 square feet of vacant office space and two apartments. – 494 Elmwood is a 12,938-square-foot restaurant property occupied by Tokyo Shanghai Restaurant. – 500 Elmwood is a 3,024-square-foot building with restaurant, retail and apartment space. – 502 Elmwood is a single-story, 2,464-square-foot restaurant building, which will be occupied by House of Hummus. – Saigon Café occupies the 6,992-square-foot restaurant property at 520 Elmwood. – Mezza Restaurant & Lounge occupies the 3,747-square-foot building at 929 Elmwood. – 1000 Elmwood is a 10,560-square-foot mixed-use building currently occupied by The Market on Elmwood and Ashker’s on the first floor with residential or office space on the second floor. – India Gate and Hong Kong Kitchen occupy the 6,710-square-foot building at 1116 Elmwood. – The properties at 1122 Elmwood and 1256 Hertel Ave. both offer retail space.

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