NEW YORK CITY — Avanath Capital Management has acquired an affordable housing portfolio of 17 apartment buildings totaling 198 units in Brooklyn for $73 million. The properties were purchased from a private investor in joint partnership with New York-based Oak Tree Management. Located in the Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the properties include 115 rent-stabilized units, 79 free market units and four commercial spaces. Average rents range from $1,700 to $2,500 per month. Avanath’s Ben Finley was responsible for sourcing and acquiring the deal. Peter Von Der Ahe, Joseph Koicim and Shaun Riney of Institutional Property Advisors (IPA), and DJ Johnston of Cushman & Wakefield represented the seller. Andrew Dansker of Marcus & Millichap arranged the financing for the buyer. The portfolio’s four commercial spaces are leased to tenants including Sunday Routine, Fool’s Gold Records and a day care center.
FORT WASHINGTON, PA. — Laurus Corp. has arranged the $22.5 million sale of the Hilton Garden Inn located in the Philadelphia suburb of Fort Washington. Laurus acted as sponsor on behalf of Ethika Diversified Opportunity Real Estate Fund. After acquiring the hotel in 2013, Laurus implemented a $2.5 million value-add strategy including a renovated lobby and outdoor seating areas as well as enhancements to the guest rooms. Laurus also selected a new management company. The property is located adjacent to the Fort Washington Office Park.
TARRYTOWN, N.Y. — Cushman & Wakefield has brokered the sale of an office property at 555 White Plains Road in Tarrytown to Robert Martin Co. (RMC). RNY Property Trust sold the 133,645-square-foot, five-story office building, which sits on 4.2 acres with frontage along White Plains Road. Currently 25 percent leased to two tenants, the building features floor sizes of 33,000 square feet with 386 parking spaces. Cushman & Wakefield’s team included Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso II and Al Mirin.
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.
Meridian Capital Group Arranges $21M Acquisition Financing for Office Property in Syracuse, New York
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.