NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 106 Franklin St. in Manhattan’s Tribeca East Historic District. An undisclosed buyer acquired the 10,500-square-foot property for $11.5 million, or $1,095 per square foot. Partially vacant at the time of sale, the five-story building features 4,200 square feet of additional air rights. Will Suarez and Maurice Suede of Cushman & Wakefield represented the undisclosed seller, while Rachel Glazer of Brown Harris Stevens represented the buyer in the deal.
YARDLEY, PA. — Yardley Hospitality Holdings has purchased Hampton Inn & Suites Newtown, located at 1000 Stony Hill Road in Yardley. MLMT 2005-CIP1 Stony Hill Lodging Limited Partnership, an entity managed by LNR Partners, sold the 137-room hotel for $10.7 million. The buyer plans to implement a property improvement plan that will extend the Hilton-brand license for 15 years. Situated within Lower Makefield Corporate Center, the three-story hotel was constructed in 1999.
PISCATAWAY, N.J. — Bussel Realty Corp. has brokered the acquisition of an industrial property located at 4100 New Brunswick Ave. in Piscataway. ACMY acquired the property from AK Piscataway Associates for $7.8 million. Situated on 11.7 acres, the 95,483-square-foot property features ceiling heights up to 24 feet, 4,890 square feet of office space, 100 covered parking spaces, six tailboards and one drive-in loading door. David Blitt and Robert Sager of Bussel Realty represented the buyer in the transaction.
MIDDLEBURY, VT. — Battell Block Partners has acquired the historic Battell Block building, which houses office and residential apartment space, located at 10 Merchants Row in downtown Middlebury for an undisclosed price. The seller was Battell LLC. Commercial tenants at the property include Community College of Vermont, Edgewater Gallery, Sabai Sabai, Carol’s Hungry Mind Café and Middlebury College’s restaurant 51 Main. The buyer intends to redevelop parts of the building. The buyer is a partnership between Doug Nedde, Alain Youkel and Fernando Cresta of Nedde Real Estate.
DANBURY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hillcroft at Danbury, an apartment community located at 10 Clapboard Ridge Road in Danbury. Timberline Real Estate Ventures purchased the 192-unit property from Par Hillcroft for $32.2 million, or just under $168,000 per unit. Completed in 2014, the property features a community room, pool, playground, clubhouse and fitness center. Apartment floor plans feature dining areas and private balconies or patios, with select units offering open living/dining and kitchen floor plans.
MELROSE, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant 82-bed skilled nursing facility located in the Boston suburb of Melrose for $3.6 million. The property previously operated as Wingate at Melrose. Prior to the sale, and with the approval of the owner, the operator elected to shut down the facility and move all residents to another property to consolidate regional operations. The buyer was a regional hospital system seeking to expand. Steve Thomes was the lead advisor on the transaction.
NEW YORK CITY — L+M Development Partners and Nelson Management Group have started construction on two affordable multifamily properties at 1520 and 1530 Story Ave. within the Lafayette Boynton apartment complex in the Soundview neighborhood of the Bronx. Combined the two 13-story buildings will feature 435 units in a mix of studio, one-, two- and three-bedroom units. On-site amenities include a fitness center and a 7,500-square-foot community facility space. Additionally, the project will include two acres of landscaped greenspace with walking paths between the properties, a children’s play area and an outdoor fitness center. Nelson Management Group is undertaking the project through its investment arm Global One Investments.
WILMINGTON, DEL. — HFF has secured $12.6 million in refinancing for an office building located at 1011 Centre Road in Wilmington. Ryan Ade of HFF arranged the long-term, fixed-rate loan with a regional bank for the borrower, Delle Donne & Associates. Built in 1986, the 90,000-square-foot property is fully leased.
CLARK, N.J. — Denholtz Associates has received $3.8 million in refinancing for two flex properties, located at 89 and 225 Terminal Ave. within Clark Commercial Center in Clark. The properties total 27,332 square feet of space. KinderCare leases 13,464 square feet of space at 89 Terminal Avenue, and Retro Fitness leases 13,868 square feet of space at 225 Terminal Avenue. Brad Fouss of OceanFirst Bank arranged the refinancing for the borrower through OceanFirst Bank.
BOSTON — Synergy Investment has completed the disposition of an office and retail building located at 26 West St. in Boston’s Ladder District. Boston-based Eden Properties acquired the property for $21.8 million. Services Employee International Union occupies a portion of the building on a long-term lease. Scott Dragos of Colliers International Boston represented the seller in the deal.