DANBURY, CONN. — Summit Development has acquired a 1.2 million-square-foot mixed-use development site in Danbury for $17 million. The property is the former headquarters of Union Carbide. Summit Development plans to renovate the building and convert it into an office, retail and residential complex to be rebranded The Ridge at Danbury. When completed, the 100-acre property will include 700,000 square feet of office space, 400,000 square feet of residential apartments, 100,000 square feet of event space and 100,000 square feet of core services and amenities.
NEW YORK CITY — Avison Young has brokered the $12.8 million sale of a 13,998-square-foot office condominium in Manhattan. Located at 20 W. 33rd St., the property is currently vacant. James Nelson, Henry Post and David Lawrence of Avison Young represented the sellers, 60 Guilders and The Carlyle Group, in the transaction. Rudder Property Group represented the buyer, Glocap Search LLC.
BRISTOL TOWNSHIP, PA. — Herring Properties has announced it will break ground on a new 248,500-square-foot speculative industrial facility in Bristol Township. The facility will be located on 20 acres in the Bristol Commerce Center and will feature clear heights of 40 feet. The property is expected to be ready for occupancy by the second quarter of 2019. Herring Properties is the developer of the Bristol Commerce Center. Current tenants at 81-acre industrial park include XPO Logistics, AirGas Corp., Goodyear and PetValu.
MEDFORD, N.Y. — Developer Farmington Valley LLC has opened a 19,097-square-foot Tractor Supply retail store in Medford. The property, which also includes 20,000 square feet of outdoor display and sales space, is the first Tractor Supply location in Long Island. Farmington Valley is an operating company of New England Retail Properties Inc. Tractor Supply Co. owns and operates over 1,750 stores in 49 states, supplying basic maintenance products to home, land, pet and animal owners.
CHESTER, N.J. — Marcus & Millichap has negotiated the $1.2 million sale of the Centennial Building, a 10,650-square-foot mixed-use property in Chester. The property was built in 1876 and is located at 18-28 Main St. Michael Lombardi of Marcus & Millichap represented the seller, a private invester, in the transaction. The buyer was also a private investor.
NEW YORK CITY — Madison Realty Capital has provided a $36.1 million construction loan for a mixed-use development in the Upper West Side neighborhood of Manhattan. Located at 214 W. 72nd St., a vacant, five-story building currently occupies the property. The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000-square-foot mixed-use project on the site that will include both residential and retail uses.
PITTSBURGH — Greystone has provided $19.5 million in bridge financing for the acquisition of Squirrel Hill Center for Rehabilitation and Health in Pittsburgh. The borrower is Squirrel Hill PA Realty LLC. The property is an eight-story, 178-bed skilled nursing facility, and will be renamed The Squirrel Hill Wellness & Rehabilitation Center. It was originally built in 1964 and is currently undergoing refurbishing and improvements. Fred Levine of Greystone originated the non-recourse, floating-rate loan. The financing features a 24-month term, two six-month extension options and interest-only payments for the life of the loan. The borrower intends to refinance the bridge loan with a fixed-rate, HUD-insured permanent takeout loan.
CAMBRIDGE, MASS. — Newmark Knight Frank has arranged the $10.7 million sale of a 12,128-square-foot retail strip center in Cambridge. Located at 351-359 Fresh Pond Parkway, the property is fully leased to a tenant roster that includes Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe. The retail center was built in 2013. NKF represented the seller, a joint venture between Spellman Ventures and Sydney Associates, in the transaction. The buyer was an affiliate of The Grossman Companies.
CEDAR KNOLLS, N.J. — HFF has brokered the sale of a 120,000-square-foot office building in Cedar Knolls. Located at 240 Cedar Knolls Road, the four-story property is situated on 14 acres and is approximately two miles from downtown Morristown. HFF represented the seller, MB1 Capital Partners, in the transaction. The buyer was Highstone Equity Group. The building is currently 78 percent leased to a tenant roster that includes JAG Physical Therapy and P Value Communications.
NEW YORK CITY — Marcus & Millichap has negotiated the $6.7 million sale of a 14,000-square-foot development site in the Red Hook neighborhood of Brooklyn. Located at 153-161 Van Dyke St., the property includes 140 feet of frontage on Van Dyke Street. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.