WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the sale of a single-tenant retail building located at 75 Mamaroneck Ave. in White Plains. A private investor sold the building to an undisclosed buyer for $2.1 million. Built in circa 1923, the building features a total of 5,300 square feet above grade and 800 square feet on the second floor. Joseph C. French Jr. and Roger Reddy Jr. of Marcus & Millichap represented the seller in the transaction.
NEW YORK CITY — A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM PRE) and DH Property Holdings plans to develop a three-story warehouse and distribution center located at 640 Columbia St. on the Red Hook waterfront in Brooklyn. The 370,000-square-foot facility will be one of the first industrial buildings in North America to feature multi-level distribution and warehousing. Designed by Ware Malcomb, the facility will feature Class A industrial specs, including 130-foot truck courts that can accommodate full-size tractor trailers on both the ground and second levels. The multi-level loading facility will also include 28-foot ceiling heights, 33 loading doors and an attached parking deck. Hollister Construction Services is the construction manager for the project.
PHILADELPHIA — Cole Schotz PC has advised Procida Funding on a $56 million loan for the restoration of the Philadelphia Metropolitan Opera House, which originally opened in 1908 at 858 N. Broad St. in Philadelphia. Procida Funding provided the financing in conjunction with Fulton Bank, PIDC and an equity investment from New Orleans-based Enhanced Capital. The financing will help reopen the 39,200-square-foot theater as a Philadelphia concert venue for Live Nation. Developer Eric Blumenfield anticipates an opening as early as December. The restoration will include renovating the entire building, including the roof, ceilings, floorings, lighting, proscenium and exterior masonry. Leo Leyva, Rab Nalavala, Alan Rubin and Danielle Pasquariello of Cole Schotz advised on the financing.
NEW YORK CITY — Children’s Museum of Manhattan has acquired a new property located at 361 Central Park W. in Manhattan’s Upper West Side. 361 Central Park West LLC sold the property for $45 million. Children’s Museum of Manhattan plans to move its primary operations at 212 W. 83rd St. to the new location, which is a landmarked structure and a former church designed by Carrère & Hastings. The museum plans to open at the new location in 2021. Andrew Chonoles, Ross Yustein, Christopher Terry and Michael Scharpf of law firm Kleinberg Kaplan represented the museum in the acquisition.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a development site package located at 94 and 100 Lenox Road in Brooklyn’s Flatbush neighborhood. The 45,500-square-foot development site sold for $9.9 million, or $218 per buildable square foot. Zoned R74, plans for 100 Lenox Road call for for a seven-story, 31-unit apartment building. Alexander McGee, Shimon Shkury, Sean Kelly and Daniel Tropp of Ariel Property Advisors facilitated the sale for the undisclosed buyer and seller.
DREXEL HILL, PA. — Marcus & Millichap has brokered the sale of Yorkshire Court, an apartment building located at 740 Burmont Road in Drexel Hill. An undisclosed buyer purchased the property for $1.7 million. The 30-unit community features a mix of studio units and 24 one-bedroom/one-bath units. Clarke Talone, Daniel Bernard, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the seller in the deal. Matthew Rosenberg, also with Marcus & Millichap, arranged acquisition financing for the transaction. The non-recourse, seven-year loan was structured with a fixed 3.65 percent interest rate and a 30-year amortization schedule.
PHILADELPHIA — A joint venture between Harrison Street Real Estate Capital and Brandywine Realty Trust has sold Evo at Cira Centre South, an 850-bed student housing community located in Philadelphia’s University City neighborhood, for $197.5 million. The property was built in 2014, and is the tallest purpose-built student housing tower in the U.S., serving students at the University of Pennsylvania and Drexel University. The community offers one-, two-, three- and four-bedroom units. Shared amenities include a rooftop infinity pool and lounge; 11 two-story study lounges; free weekly studio fitness classes including Zumba, yoga and Pilates; a 24/7 two-story fitness center; and a business and print center. The buyer’s name was not disclosed.
WOBURN, MASS. — NKF Capital Markets has arranged the sale of an office building located at 8 Presidential Way in Woburn. Chestnut Realty Management sold the two-story building to an undisclosed buyer for $13.2 million. The 104,000-square-foot building features prominent building signage, efficient floor plates and ample parking. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Torin Taylor, Richard Ruggiero, Matthew Adams and Rory Walsh of NKF represented the seller in the transaction.
NEW BRUNSWICK, N.J. — FourPoint Investments and BlueGate Partners have arranged the sale of Rockoff Hall Apartments, a 674-bed student housing community located within walking distance of Rutgers University in New Brunswick. The property offers one-, two- and three-bedroom units. Shared amenities include a cyber café, on-site laundry, a fitness center, discounted parking in the attached garage, study rooms on every floor and a club room with billiards and shuffle board. The names of the buyer and seller were not disclosed.
FRAMINGHAM, MASS. — New Dover Associates has arranged the sale of an office and industrial building located at 101 Bishop St. in Framingham. Green Brick Development acquired the property from Siegal LLC for $4.8 million. Situated on 3.1 acres, the 44,272-square-foot building is fully air conditioned. Scott Hughes and Ted Reimann of New Dover Associates represented the seller and procured the buyer in the deal.
