EAST HARTFORD, CONN. — Sentry Commercial has arranged the sale of an industrial facility located on four acres at 225 Prospect St. in East Hartford. Teds Fourth LLC acquired the 155,890-square-foot facility from The Mooney Family LLC for $1.2 million. Sentry Commercial was the sole broker in the transaction.
NEWTON, CONN. — RHYS represented Market Hospitality Group in the signing of a new lease at Village Lexington Gardens, located at 32 Church Hill Road in Newtown. The 3,500-square-foot space will be occupied by 5th Market Place Kitchen & Bar, a New American-style restaurant. The new restaurant is slated to open in July 2017. Ryan Stranko and Tyler Lyman of RHYS represented the tenant, while Doug Rose of Coldwell Banker Scalzo Group represented the landlord, Mesa General Contractors, in the deal.
NEW YORK CITY — Bentall Kennedy has purchased The Addison, a high-rise multifamily property located at 225 Schermerhorn St. in Brooklyn. Waterton sold the 271-unit property for $154.2 million. Constructed in 2011, the property features a 26-story building and 15-story building with 65 studio, 117 one-bedroom and 89 two-bedroom units, with an average size of 715 square feet per unit. Additionally, the property features 6,610 square feet of ground-floor retail space and a 109-space parking garage. Andrew Scandalios, Rob Hinckley, Jeff Julien and Matthew Lawton of HFF represented the seller in the deal.
NEW YORK CITY — ATCO Properties & Management has acquired an office building located at 240-246 W. 35th St. in Manhattan’s Garment District. RPW Group sold the 18-story building for $108 million. Newsday, Jason Wu, Thom Browne, Fidelus Technology, Spanish American Institute and Reem Bridal occupy the 165,000-square-foot building. MetLife provided a mortgage loan for the acquisition of the property. Richard Baxter (now with Colliers International) and Anthony Ledesma of JLL represented the seller in the deal. There were no outside brokers for the buyer.
NEW YORK CITY — Madison Realty Capital has provided a $90 million first mortgage loan for a to-be-developed 232-unit apartment community and an existing community facility in Brooklyn’s Bushwick neighborhood. The undisclosed borrower will use the loan proceeds to retire all existing debt and develop two residential buildings at 889 Bushwick Ave. and 340 Evergreen Ave. In addition to the residential developments, the site also features a newly renovated 152,674-square-foot community facility at 871 Bushwick Ave. that is triple-net leased on a long-term basis to a national non-profit organization.
RANDOLPH, MASS. — EagleBridge Capital has arranged $3.3 million in permanent mortgage financing for an apartment complex located at 34-42 West St. in Randolph. Ted Sidel and Brian Sheehan of EagleBridge secured the financing, which includes a 10-year term and a 30-year amortization schedule, through Freddie Mac. The two-building complex features 32 apartments in a mix of 14 two-bedroom/one-bath units, 17 one-bedroom/one-bath units and one studio unit. At the time of financing, the property was 100 percent leased. The name of the borrower was not released.
Kennedy Funding Financial Closes $1.7M Loan for Assisted Living Facility in East Windsor, New Jersey
EAST WINDSOR, N.J. — Kennedy Funding Financial has closed a $1.7 million loan for EW Acquisition. The loan proceeds will be used for working capital and to fund infrastructure improvements to convert the property into The Seasons at East Windsor, a proposed 121-unit/148-bed assisted living facility located at 359 Princeton Road in East Windsor. The borrower acquired the property in 2005 and started an improvement program at the property, which is situated on 3.9 acres. The 89,038 square feet of improvements are scheduled for completion in 2017. Once complete, the property will contain a mix of assisted and memory care units.
DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …
MEDIA, PA. — BET Investments Inc. has broken ground on West End Flats, a multifamily building located at the corner of Baltimore Pike and Brooke Street in Media. Slated for completion in 2018, the property will feature 162 apartments, common area social space and a covered parking garage. On-site amenities will include an outdoor swimming pool and lounge area, virtual spin and yoga classes, an aerobic and free-weight fitness center, social gathering areas with fireplaces, 24-hour concierge, and game/media room with pool table, shuffle board and HD television.
BOSTON — Related Beal through Related Real Estate Fund II has acquired a research and development facility located at 27 Drydock Ave. in Boston’s Seaport District for an undisclosed price. The building was purchased through the assumption of an existing long-term ground lease from Zoom Group LLC. At the time of sale, the 286,000-square-foot building was 84 percent occupied by healthcare, pharmaceutical and technology companies, including Dana Farber Cancer Institute, Ginkgo Bioworks, InviCRO, Emulate Inc. and 908 Devices.