BOSTON — JLL Capital Markets has arranged the sale of 10 Cabot Road in Medford, a 107,026-square-foot office building for $25 million. Frank Petz, Matthew Sherry and Scott Carpenter of JLL brokered the sale of the property on behalf of Boston-based Morris & Morse Co. The buyer was KS Partners. At the time of the sale, 10 Cabot Road was 79 percent leased to nine tenants. The building is located four miles north of downtown Boston with access to the Massachusetts Bay Transportation Authority’s Orange line.
TRUMBULL, CONN. — Washington Trust’s Commercial Real Estate Group has provided $6.6 million to refinance and make tenant improvements to an 83,193-square-foot multi-tenant office and industrial property in Trumbull. The 14-acre property located at 60 Commerce Drive is the former headquarters of the Pilot Pen Corp. and consists of two interconnected buildings. The front building is three levels totaling 15,505 square feet of office space while the rear building contains 67,688 square feet of office and industrial space. 60 Commerce Drive is owned by CH Commerce Drive Associates and City Park Commerce Drive.
NEW YORK CITY — The Blumenfeld Development Group has acquired an 80,000-square-foot industrial building at 260 Spur Drive South in Bay Shore, Long Island for $6.15 million. The property currently serves as the North American headquarters of Tensator, a provider of electronic queuing solutions in several industries including the retail and healthcare sectors. Blumenfeld, in partnership with The Hampshire Companies, acquired the property and negotiated a lease extension for Tensator. Kyle Burkhart of Cushman & Wakefield represented Tensator and Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate represented the undisclosed seller in the transaction. Bay Shore is 50 miles east of Manhattan.
NEW YORK CITY — Jamestown LP has sold Chelsea Market in Manhattan to Google Inc. (NASDAQ: GOOG) for $2.4 billion. Formerly a Nabisco factory in the West Chelsea district, the nearly 1.2 million-square-foot complex features office and retail space, as well as a large food hall on the ground floor that serves more than 500,000 locals and tourists on a monthly basis. The property occupies an entire city block bounded by Ninth and Tenth avenues between 15th and 16th streets. Jamestown will continue to manage Chelsea Market’s food hall and retail component. “I don’t think we could think of a more appropriate buyer and better steward for the asset. We’ve been working with Google for 17 years and we’ve watched them grow from 30 people in an office to now being one of the largest tech employers in the city,” says Michael Phillips, president of Jamestown. “It’s a bittersweet day. We’ve spent a lot of time there, and we love all the tenants. We’ll continue to have our offices there, but I think it’s a good time for Google to step in.” In 2010, Jamestown and its partners sold 111 Eighth Avenue, a roughly 3 million-square-foot office building in Manhattan, …
PHILADELPHIA — Equus Capital Partners has acquired a portfolio of seven office buildings in Philadelphia’s western suburbs from Liberty Property Trust for $92 million. The properties, four Class B and three Class A assets, encompass 593,000 square feet of office space in Wayne, Malvern and King of Prussia. The transaction was completed on a direct basis between Equus Capital and Liberty Property Trust, a publicly traded REIT based in Malvern. George Haines, Joseph Felici, Tim Feron, and David Thomas oversaw the acquisition for Equus. The portfolio is located throughout the Western Suburban submarkets of Philadelphia and close to a mix of amenities including the King of Prussia Mall, Uptown at Worthington and SEPTA’s regional high-speed line.
NEW YORK CITY — Hersha Hospitality Trust has completed the disposition of its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Virginia-based Shamin Hotels was the buyer. Located at 32 Pearl St. in the heart of the financial district, the 81-key hotel includes a business center, lounge and fitness center and is in close proximity to Wall Street, Battery Park and the 9/11 Memorial Museum. Hersha acquired the property in 2011 for $28 million and spent $4.5 million to convert and expand the 1930’s Art Deco apartment building into a hotel.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a 10,000-square-foot mixed-use building at 168 Suffolk St. on the Lower East Side for $12.8 million. Peter Carillo of Eastern Consolidated represented the seller, 168 Suffolk St. Owners LLC. Elad Dror and Tony Parks of PD Properties represented the buyer, Eunhasu Corp. In addition to the leased ground-floor retail space, the building consists of nine, two-bedroom, free-market apartments. In 2016, the building was fully renovated which included the installation of a new roof and rear building extension on all floors. Amenities include a shared roof deck as well as bike and locker storage. Located between East Houston and Stanton streets, the property is two blocks from the F, J, M and Z trains on Delancey Street.
TOTOWA, N.J. — Cushman & Wakefield has been appointed as leasing agent for a 113,000-square-foot, Class A office property in Totowa. The property is a former call center located at 515 Union Blvd. and is currently undergoing a multi-million dollar redevelopment by the owner, Totowa Investment Group. Slated for delivery later this year, the building sits on 6.6 acres and offers close proximity to major retailers and hospitality providers along the route 46 corridor. Frank Truesdell, Christian Politan and Adam Matloff of Cushman & Wakefield are heading the assignment.
SEYMOUR, CONN. — Fischer Commercial Real Estate has arranged the sale of a 12,980-square-foot office building in downtown Seymour. Alan Fischer of Fischer represented both the buyer and seller in the all-cash transaction. The building, located at 115 Main St. on .8 acres, is the former home of a Bank of America branch. The buyer is a local investor who plans to reconfigure the space into multiple office suites and street retail.
NEW YORK CITY — A partnership between investment and development firm HFZ Capital Group and an affiliate of New York-based Westbrook Partners is undertaking a multifamily conversion project involving a landmark building in Manhattan. The partnership will transform The Belnord, a 215-unit apartment building that was constructed in 1908, into a luxury condo community. Designed by Hiss and Weekes, an architecture firm active in New York between 1899 and 1933, the 14-story building is located on Manhattan’s Upper West Side and was given landmark status in 1980. The cost of the project was not disclosed. However, The Real Deal reports that HFZ paid approximately $575 million to New York-based Extell Development Co. for the site in 2015. The New York real estate publication also reports that the conversion of all units into luxury condos is expected to generate sales proceeds of more than $1.3 billion. Robert A.M. Stern Architects is providing design services for the redevelopment of The Belnord. “We are thrilled to partner with Westbrook Partners as we carry out our vision to transform The Belnord into a luxury residential development that is unlike anything on the Manhattan market today,” says Ziel Feldman, chairman and founder of HFZ Capital. …