BRICK, N.J. — Gebroe-Hammer Associates has arranged the sale of Olympic Gardens, a mixed-use property located along Route 88 in Brick. Brick APTS LLC acquired the property from Longwood Ave LLC for $10.1 million. The property features an 80-unit multifamily complex and an adjacent 14,336-square-foot office building. Joseph Brecher and Adam Zweibel of Gebroe-Hammer represented the seller and secured the buyer in the deal.
NORTH HAVEN, CONN. — O,R&L Commercial has arranged the sale of an industrial park located at 222 Universal Drive in North Haven. The 11-building park totals 133,283 square feet; each building is on separate utilities. Corporate Drive Properties acquired the park from Branco Inc. for $3.7 million. Frank Hird of O,R&L Commercial represented the seller, while Bryan Atherton of Northeast Investment Realty represented the buyer in the transaction.
LAKE GROVE, CARLE PLACE AND VALLEY STREAM, N.Y. — NAI Long Island has brokered deals for three new corporate locations for AT&T Mobility in Lake Grove, Carle Place and Valley Stream for a total transaction value of $15.5 million. Al Centrella of NAI Long Island brokered the three transactions on behalf of AT&T Mobility. The company acquired a 4,164-square-foot retail space located at 2093 Smith Haven Plaza in Lake Grove. Matthew O’Grady of C&B Realty represented the undisclosed seller. In Carle Place, AT&T leased a 5,000-square-foot retail space at 235 Old Country Road from Jim Dalta of Park East LLC. In the third transaction, AT&T leased 4,500 square feet of retail space within Plaza at Green Acres in Valley Stream from Jeremy Isaacs of Ripco Realty in conjunction with Macerich.
SOUTH PORTLAND, MAINE — The RAM Companies has completed the disposition of RiverPlace, an apartment complex located at 1 River Place Drive in South Portland. RiverPlace Properties LLC acquired the 136-unit property for an undisclosed price. Situated on 11 acres, the four-building complex features apartments with private decks and central A/C, a waterfront pool, tennis courts, a clubhouse with fitness center, a private dock for canoes and kayaks, gated access and covered parking. Simon Butler of CBRE represented the seller, while Jim Harnden of Harnden Commercial Brokers represented the buyer in the transaction. RiverPlace was opened by developer Howard A. Goldenfarb and his team at RAM in 2003.
BRIDGETON, N.J. — WinnCompanies has begun an $18.7 million rehabilitation of Bridgeton Villas Apartments in Bridgeton. The project will modernize the community, improve energy efficiency and expand resident services. Constructed in 1966 and 1969, the community features eight buildings housing 28 one-bedroom, 92 two-bedroom and 36 three-bedroom units with an on-site leasing and management office. WinnDevelopment will oversee the first phase of the renovation project, which will improve five buildings totaling 100 units. Interior work will include mechanical system upgrades along with complete kitchen and bathroom overhauls, including the installation of EnergyStar appliances and sustainable plumbing fixtures. Exterior improvements include the beautification of building facades, new entryways, complete roof replacement, landscape work and parking lot repair. Along with the overall rehabilitation, five units will be brought up to ADA compliance and 10 units will be set aside as special needs housing for homeless individuals and families. WinnCompanies will partner with Gateway Community Action Partnership to deliver supportive services for residents occupying the designated units. WinnCompanies acquired Bridgeton Villas in March 2017.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 316 E. 55th St. in Manhattan. An undisclosed buyer acquired the seven-story 25,040-square-foot building for $17 million, or $678 per square foot. The elevator-serviced building features 41 rent-regulated apartments, a laundry room and 1,000 square feet of amenity space. The buyer plans to implement a significant renovation program at the building. Clint Olsen, Alex Woodlief and Will Conrad of Cushman & Wakefield represented the undisclosed seller in the deal. George Samarjian of Lineaire Group served as advisor to the seller.
ROSELAND, N.J. — CBRE has arranged the sale of an office building located at 4 Becker Farm Road in Roseland. An undisclosed buyer purchased the 281,762-square-foot building for $16.7 million. At the time of sale, the building was 95 percent leased to a variety of tenants, including KMPG and CohnReznick. Jeffrey Dunne, Jeremy Neuer, Patrick Arangio, Jack Howard and Nick Savage of CBRE represented the seller, a special servicer, in the transaction.
NEW YORK CITY — Besen & Associates has arranged the sale of a mixed-use building located at 151 Bruckner Blvd. in the South Bronx’s Port Morris section. The five-story building features 12 apartment units and four retail spaces. A group led by Steven Satz (151 Realty LLC) acquired the property for an undisclosed price. Amit Doshi and Shallini Mehra of Besen & Associates represented the undisclosed seller in the deal.
NEW YORK CITY — Madison Realty Capital (MRC) and Artemis Real Estate Partners have acquired two adjacent industrial buildings in the Jamaica neighborhood of Queens for $78 million. A long-term family ownership sold the properties, which total 613,000 square feet and are located at 184-10 and 186-60 Jamaica Ave. The joint venture plans to upgrade both buildings, including enhancing the building envelope, mechanical infrastructure and elevators. At the time of sale, the properties were 75 percent occupied by several warehouse and manufacturing tenants such as French Connection, Hanky Panky and Gotham Greens. Originally built in 1923 and 1953, the buildings feature five freight elevators, two passenger elevators and 500 feet of frontage along Jamaica Avenue. Additionally, the property features 12 loading docks and a 30,000-square-foot parking lot with more than 100 parking spaces. Adam Doneger, Adam Spies, Josh King and Avery Silverstein of Cushman & Wakefield sourced Artemis as the equity partner in the transaction. Decio Baio, Fredric Stein, Steve Nadel and Paul Bralower of Pinnacle Realty represented the seller in the deal. New York-based MRC is a real estate investment firm that pursues equity and debt investments. The firm has invested in approximately $6 billion of transactions in the multifamily, …
BEVERLY AND DANVERS, MASS. — Colliers International has brokered the sale of a seven-building flex/industrial portfolio located in Beverly and Danvers, approximately 25 miles northeast of Boston. Brookwood Financial Partner sold the portfolio to R.J. Kelly Co. Inc. for $52.8 million. Scott Dragos, Doug Jacoby, Tony Hayes, Tim Mulhall and Dan Hines of Colliers represented the seller in the deal. Totaling more than 500,000 square feet, the portfolio is located at 24-42, 33, 35, 37, 54, 71 and 72 Cherry Hill Drive.