OLD SAYBROOK, CONN. — Marcus & Millichap has brokered the sale of a retail property located at 107 Main St. in Old Saybrook. An undisclosed limited liability company acquired the 3,690-square-foot property for $3 million. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap brokered the sale. The name of the seller was not released.
WORCESTER, MASS. — Kelleher & Sadowsky has arranged the sale of a 3,200-square-foot office space located at 31 Harvard St. in Worcester. Private investor Kenneth Davis acquired the property for an undisclosed price and plans to convert the property into office and residential space when vacated by the current tenant, Family Service Organization of Worcester. Will Kelleher and David Cohen of Kelleher & Sadowsky brokered the transaction. The name of the seller was not released.
With employment representing one of the most critical factors in the health of the office sector, people naturally look to the unemployment rate as a key metric to quickly assess a given market. By this standard, Fairfield County should be thriving, with the unemployment rate at 4.4 percent in April 2017 — just under the 4.8 percent rate reached just prior to the recession. And yet, the availability rate in Connecticut’s largest office market stood at 24.5 percent at the end of the first quarter of 2017 — a far cry from the 15.2 percent rate seen at year-end 2007. There are two reasons for the discrepancy. First, it is far more accurate to look at office-using employment (information, financial, professional services and other industries) versus overall employment as a barometer. While office-using employment has rebounded approximately 4.0 percent since the depths of the latest recession, today’s count is still 8.4 percent lower than the latest peak. Second, a marked shift in the desired style of office and an upswing in remote working opportunities have led to reduced utilization rates in terms of square feet per employee. Today’s employers want to be in buildings that make their employees happy and …
STAMFORD, CONN. — CBRE has arranged the sale of Stamford Towers, a two-building office property located in Stamford’s central business district. SL Green and TH Real Estate sold the property to CBRE Global Investors for $97 million. Tenants at the Class A property include Citigroup, UBS Financial Services, H/2 Credit Manager, Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital, Oppenheimer, CoreCommodity and Newmark. Jeffery Dunne, David Gavin and Travis Langer of CBRE Institutional Properties represented the sellers in the transaction.
SECAUCUS, N.J. — Rialto Capital has completed the sale of 150 and 200 Meadowlands Parkway, two office buildings in Secaucus. Alma Realty acquired the buildings for $21 million. Totaling 212,666 square feet, the two buildings were 77 percent leased at the time of sale. Current tenants include Schiavone Construction, Ashley Stewart, Cory 1st Choice Home Delivery and Image Processing Systems, a data center for VXchange and Frontage Laboratories. Jeffrey Dunne, Jeremy Neuer and Geoffrey Schubert of CBRE represented the seller in the deal.
HOBOKEN, N.J. — 722 Jefferson St LLC, a joint venture between Derby Consulting and Crimson Capital, has broken ground for a condominium project located at 722 Jefferson St. in Hoboken. The five-story building will feature 15 residences in two- and three-bedroom layouts with deeded parking spaces; 2,000 square feet of courtyard space; two private rear yards and three private 930-square-foot roof decks. Minervini Vandermark is serving as architect and Fields Construction Co. is serving as construction manager and general contractor for the project, which is slated for completion by spring 2018.
NEW YORK CITY — TerraCRG has arranged the sale of a residential development site located at 172 Montrose Ave. in Brooklyn’s East Williamsburg neighborhood. An undisclosed buyer acquired the 17,000-square-foot site for $14.5 million. The site is zoned for 51,000 buildable square feet of residential space. Ofer Cohen, Dan Marks, Nicole Rabinowitsch and Mike Hernandez of TerraCRG brokered the transaction. The name of the buyer was not released.
FAIRFIELD, N.J. — Saddleback Real Estate Developers has purchased an industrial building located at 8 Kulick Road in Fairfield. The 23,200-square-foot property sold for an undisclosed price. Saddleback Real Estate plans to continue to expand its portfolio in New Jersey. The name of the seller was not released.
NEW YORK CITY — Madison Realty Capital has provided a $300 million construction loan for the development of a mixed-use project at 138 E. 50th St. in the Midtown East section of Manhattan. Developed by Ceruzzi Properties and SMI USA, the 72-story tower will feature 124 residential condominium units, 7,500 square feet of retail space and a 25-space parking garage. The residential units will include a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet. Amenities will include an indoor pool and spa, fitness center and shared work areas. Pelli Clarke Pelli Architects designed the tower’s façade, SLCE is the architect of record and AECOM/Tishman Construction is serving as general contractor. Topout is expected in November, with condominiums coming online in late 2018.
NEW YORK CITY — Sugar Hill Capital Partners has purchased a six-story multifamily building located at 200 Haven Ave. in Manhattan’s Washington Heights neighborhood. Rudd Realty Management sold the property for $41 million, or $328.55 per square foot. The 125,789-square-foot building features 95 apartment units, an indoor parking garage for 50 vehicles, laundry facilities and storage. Lazer Sternhell, Peter Vanderpool and Elan Teichman of Cignature Realty represented the buyer and seller in the deal.