LONG ISLAND, N.Y. — Cushman & Wakefield has arranged the sale of a 50 percent interest in a 3.6 million-square-foot industrial portfolio in Nassau and Suffolk counties. The properties had been owned in a joint venture comprising Cammeby’s and FBE. Cammeby’s acquired the 50 percent of the portfolio owned by FBE for $135 million. The 38-building portfolio is close to 90 percent occupied. Tenants include Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday. The portfolio offers a mix of industrial, office and research and development space. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Stephen Palmese of Cushman & Wakefield brokered the transaction.
NEW YORK CITY — Barone Management, as developer and contractor, has broken ground for a speculative development located at 9-03 44th Road in Long Island City. The three-story, 100,000-square-foot building will feature office and industrial/flex space, as well as frontage on four streets and city and water views. Designed by JLS Designs, the project is slated for completion in September 2019. CBRE has been retained as the exclusive leasing agent for the project.
BOSTON — KeyBank Real Estate Capital has secured a $10.7 million Freddie Mac first mortgage loan for an apartment building located at 601 Albany St. in Boston. Built in 2009, the building features 40 apartment units, one ground-floor commercial unit and a ground-floor parking garage. Chris Black of Key’s National Multifamily Accounts Group arranged the non-recourse financing with a 10-year, interest-only term. The loan was used to refinance existing debt.
LODI, N.J. — Gebroe-Hammer Associates has brokered the sale of a multifamily complex located at 82 Constant Ave. in Lodi. A private investor acquired the property from Arthur Holding Co. for $7.7 million. The two-story, three-building complex features 48 one-bedroom units and two two-bedroom apartment units. Greg Pine and Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer in the transaction.
YONKERS, N.Y. — Redwood Realty Advisors has arranged the sale of an apartment building located in Yonkers. A family estate sold the property to an undisclosed buyer for $2.1 million. The building features 17 apartments. Michael Scrima and Thomas Gorman of Redwood Realty Advisors represented the seller in the deal.
KEANSBURG, CLEMENTON, KEARNY, AMBOY AND WESTVILLE, N.J. — Hunt Mortgage Group has provided refinancing for a five-property multifamily portfolio in New Jersey. The borrower, Norse Holdings, received five Freddie Mac Small Balance loans totaling $15.2 million. The refinancing loans include: – $4.6 million for the 44-unit Beachview Gardens located at 544-560 Beachway Ave. in Keansburg – $4.4 million for the 56-unit Clementon Norse Apartments located at 222 White Horse Pike in Clementon – $1 million for the nine-unit 165 Quincy Ave Apartments in Kearny – $1.3 million for the 12-unit property at 388 Smith St. in Amboy – $3.8 million for the 48-unit Woodbine Apartments located at 300 Broadway in Westville Steven Cox and Kris Molloy of Hunt Mortgage Group secured the financing for the borrower.
PHILADELPHIA — Colliers International has brokered the sale of the former Red Bell Brewery site, located at 1500 N. 31st St. in Philadelphia. MM Partners LLC purchased the site for $4.1 million. The buyer plans to redevelop the property into residential apartment units with ground-floor retail space. Situated on 2.2 acres, the vacant building consists of three sections that total 204,276 square feet of interior building space. Red Bell Brewery was constructed in the 1890s for the F.A. Poth & Sons Brewing Co. Later it was owned by Abe L. Brewery LP. The property has been vacant for 20 years. Michael Barmash of Colliers International/Philadelphia brokered the transaction.
HEMPSTEAD, N.Y. — A joint venture between Alpha Equity Group and Vasco Ventures has purchased The Clinton Pavilion, a multi-tenanted office building located at 50 Clinton St. in Hempstead. The acquisition price was not released. The buyers have a $3 million renovation planned for the 150,000-square-foot building. The renovation includes a complete makeover of the parking structure, a redesigned lobby, updated common areas, a newly landscaped building plaza, HVAC updates and a new facade design. The name of the seller was not disclosed.
ROCKY HILL, CONN. — Pearce Real Estate has arranged the acquisition of a retail property located at 323 Cromwell Ave. in Rocky Hill. Jordan Realty purchased the property from Broad Street III for $5.5 million. CVS/pharmacy occupies the 15,000-square-foot building. DeForest Smith of Pearce Real Estate represented the buyer in the 1031 exchange transaction.
LINCOLN, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of an industrial building located at 50 Industrial Circle in Lincoln. Lincoln Freight Terminal sold the property to 50 Industrial Circle LLC for $1.4 million. The property feature 213,457 square feet of industrial space. Thomas Sweeney of Sweeney Real Estate represented the seller, while George Paskalis of MG Commercial represented the buyer in the deal.