HAMPSTEAD, N.H. — NAI Norwood Group has negotiated the $2.4 million sale of the former Granite Rose events center located at 22 Garland Drive in Hampstead. Matt Bacon, Pam Lynch and Karl Norwood of NAI Norwood Group represented the seller of the 32,000-square-foot property. Z Golf Food & Beverage was the buyer. Z Golf operates a collection of banquet and meeting centers under the Wedgewood Wedding & Banquet Center brand, and will rename the center Wedgewood Granite Rose.
SYRACUSE, N.Y. — Meridian Capital Group has arranged $19 million in acquisition financing and $2 million for the repositioning of One Lincoln Center, an office property in Syracuse. The financing was arranged on behalf of Asher Zamir of Zamir Equities. Meridian’s Steven Edelstein, Steven Adler and Luke Hingson negotiated the loan, which was provided by a debt fund. One Lincoln Center is a 19-story, 305,594-square-foot office tower anchored by JPMorgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis, and Earthlink. Located at 110 W. Fayette St., the property is adjacent to the intersection of I-81 and I-690.
BOSTON — HFF has secured the $8.9 million sale of Newmarket Center, a 55,000-square-foot office building located at 67 Kemble St. in Boston’s Roxbury submarket. HFF arranged the sale on behalf of the seller, DDJB Real Estate Holdings, and procured the buyer, The Winhall Cos., on an off-market basis. Urban Core Development redeveloped the property and served as its manager. Newmarket Center was originally built in the 1880s to house one of the area’s blacksmith shops, which operated until the 1930s. After sitting vacant, the building was again occupied in the 1940s by Newmarket Wool and operated as a wool storage and sorting warehouse for roughly 50 years. The building then ended up vacant during the late 1990s. Urban Core Development redeveloped the former warehouse into a loft-style office building in 2014 and 2015. Ben Sayles and Adam Dunn led the HFF investment sales team representing the seller.
WESTFIELD, N.J. — Redwood Realty Advisors has negotiated the $3.5 million sale of a multifamily development site in Westfield. The site will be developed into a three-story apartment project known as “The Parker,” featuring 26 market-rate units and five affordable rentals. Westfield Auto Wash formerly occupied the location at the corner of West Broad Street. Redwood’s Jeremy Wernick represented both the seller, Jeff Zoraian, and the buyer, a New Jersey-based multifamily developer, in the transaction.
HANOVER, N.J. — RD Management and JMF Properties will develop BJ’s Shopping Center, a retail project, in Hanover. BJ’s Wholesale Club will occupy 89,770 square feet of the center, with almost 28,000 square feet available for leasing. The site will share a traffic light with the Mennen Sports Arena, located directly across from the center on Hanover Avenue. Nearby retailers include Walmart, TJ Maxx, Home Goods, ShopRite and Acme/SavOn Drugs.
REVERE, MASS. — NAI Hunneman has brokered the $6.3 million sale of 777 N. Shore Road, a 31,950-square-foot office/warehouse building located on Route 1A in Revere. The location will be the new headquarters location for AmQuip, a crane rental company. NAI Hunneman’s Trey Agnew represented the landlord, N.S. Realty Trust, while Steve Clancy of CBRE represented the buyer, Alterra LLC. The property includes a one- and two-story office and warehouse building, with the office component accounting for 25 percent. The warehouse component features 23-foot clear heights and 10 overhead doors.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019. Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.
NEW YORK CITY — The Britannia Group has negotiated the $23 million sale of a 41-unit apartment property in the South Williamsburg neighborhood of Brooklyn. Britannia’s Jacob Rogosnitzky and David Zlotnick represented the buyer, a German family, in the acquisition of the property at 218 S. 3rd St.
FORT LEE, N.J. — PMZ Realty Capital has arranged a $23.7 million construction loan for Hyatt Place Fort Lee. The 168-room property will offer rooms including work desks, refrigerators, coffee makers and an in-room safe. The hotel also features complimentary breakfast.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $11.3 million sale of 44 apartment units at 75 Prospect St. in East Orange. The property is known as Castle on Prospect. Gebroe-Hammer’s David Oropeza represented the seller and procured the buyer, a longtime East Orange investor, in the transaction. Built in the late 1920s, the property includes three two bedroom/one bath units, three two bedroom/two bath units, 21 three bedroom/two bath units, 17 four bedroom/three bath units and one five bedroom/four bath unit.
