NEW YORK CITY — Marcus & Millichap has brokered the $2.9 million sale of a 4,620-square-foot mixed-use property in Brooklyn. The property is located at 148 Metropolitan Ave. in the Williamsburg neighborhood of Brooklyn. Shaun Riney, Michael Salvatico and John Barney of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a private investor.
FAIRFIELD, N.J. — Alexander Property Group has acquired a four-story, 48,000-square-foot office building in Fairfield. The sales price was undisclosed. Located at 700 Route East, the property is currently 98 percent leased. Alexander Property Group purchased the office building from Boston-based real estate development and management company the Davis Cos. and joint venture partner Rubicon Cos. The office building is located adjacent to the 204-room Fairfield Crowne Plaza Hotel.
NEW YORK CITY — Bessemer Trust has signed a 239,000-square-foot lease at the Time Life Building in Midtown Manhattan. The privately owned wealth management company will occupy the top seven floors at the 48-story skyscraper. Located at 1271 Avenue of the Americas, the tower was built in 1959 as part of Rockefeller Center. Cushman & Wakefield represented Bessemer Trust in the transaction. An in-house Rockefeller Group leasing team represented the building’s owner. Terms of the lease were not disclosed.
FORT LEE, N.J. — New York Life Real Estate Investors has provided a $135 million loan for the refinancing of Hudson Lights, a residential and retail mixed-use development in Fort Lee. The floating-rate loan has an initial term of three years. The borrower was an institutional investor. Built in 2016, the development includes 276 market-rate apartments, 136,000 square feet of retail space and a parking garage.
SOMERVILLE, MASS. — Cornerstone Realty Capital has secured a $9 million acquisition loan for a 34-unit apartment community in Somerville. The property is located at 625 McGrath Highway, three miles north of Boston. Each unit features granite countertops, stainless steel appliances, a breakfast bar, vinyl plank flooring and a NEST thermostat. Cornerstone Realty Capital represented the borrower, the Micozzi Cos., in securing a fixed-rate financing structure with 12 months of interest-only payments followed by a 30-year amortization schedule. The lender was undisclosed.
NEW YORK CITY — Ariel Property Advisors has brokered the $3.2 million sale of a six-story multifamily building in East Harlem. Located at 57 E. 130th St., the newly constructed property includes five units and spans 6,268 square feet. The units feature Bosch appliances and walnut cabinetry in the kitchens as well as marble tiling with Grohe and Toto finishes in the bathrooms. Matthew L. Gillis, Michael A. Tortorici, Victor Sozio, Marko Agbaba, and Daniel Mahfar of Ariel Property Advisors represented the seller, Yoori Oh of Verse Development LLC, in the transaction. The buyer was Joshua Lee.
UNIONTOWN, PA. — Marcus & Millichap has negotiated the $1.4 million sale of a net-leased retail property occupied by Olive Garden in Uniontown. Located at 517 W. Main St., the 7,500-square-foot property is situated in a corridor with nearby retailers that include Home Depot and Target. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
LODI, N.J. — NAI James E. Hanson has arranged the sale of a 73,373-square-foot industrial facility in Lodi for an undisclosed price. Scott Perkins, Andrew Somple, Greg James, Christopher Todd and Justin Allessio of NAI James E. Hanson represented the seller, AEW, in the transaction. The buyer was Mood Fabrics. Located at 39 Robinson Road, the facility features 29-foot clear heights in 16,447 square feet of the building and 14-foot clear heights through the remaining 56,896 square feet. The facility also includes three tailgates and three drive-in doors.
ALLENTOWN, PA. — Real estate development company City Center Investment Corp. has topped out Five City Center, a 13-story office tower in Allentown. The 300,000-square-foot building is located at Eighth and Hamilton streets and will feature an all-glass exterior with first-floor retail space. Payroll processing provider ADP has leased 243,241 square feet at Five City Center to house its regional sales division. The building is slated to open by Sept. 1, 2019.
NORWOOD, MASS. — NKF Capital Markets has brokered the $23.5 million sale of Norwood Medical Center in Norwood. Located at 825 Washington St., the 92,400-square-foot facility is anchored by Steward Health Care. Frank Nelson, Michael Greeley, James Tribble and Casey O’Brien of NKF Capital Markets represented the seller, Grander Capital Partners, in the transaction. The buyer was an affiliate of Thor Equities.