NORWICH, CONN. — Lyman Real Estate Brokerage & Development has arranged the sale of a retail property located at 646 Boswell Ave. in Norwich. Goodlettsville, Tenn.-based Dollar General acquired the 1,558-square-foot property for an undisclosed price. The location formerly housed Seafood Etc. market. Matthew Darling of Lyman Real Estate represented the undisclosed seller, while Michael Alberico of Atlantic Retail Properties represented the buyer in the deal.
SOUTH PORTLAND, MAINE — David Lengyel, owner and chief caretaker of Willows Pizza, has leased the former SoPo Bar and Grill space at 740 Broadway in South Portland. SoPo Bar and Grill, which had been in operation since 2014, suddenly closed last week. Lengyel plans to relocate Willows Pizza from 1422 Broadway to the new 8,800-square-foot location and will be opening for business in November. Additionally, Lengyel plans to re-hire as many former SoPo employees as possible and expand the restaurant’s menu to include SoPo’s standard fare, including steaks and burgers. Cole Smith of CBRE | The Boulos Company brokered the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of One Prospect Park West, an iconic building located at the corner of Union Street and Prospect Park West in Brooklyn’s Park Slope neighborhood. An undisclosed buyer acquired the property from Haysha Deitsch for $84 million. The nine-story, 169,410-square-foot building is positioned to be converted into residences. The property overlooks Prospect Park and Grand Army Park and features frontage on Prospect Park West, Union Street and President Street. Ofer Cohen and Adam Hess of TerraCRG brokered the transaction.
HANOVER, N.J. — Bellwether Enterprise Real Estate Capital has closed a $68.9 million loan for the acquisition of One MetLife Way, the global headquarters for MetLife Investments located in Hanover Township. C. Cooper Willis of Bellwether arranged the loan, which was provided by Morgan Stanley, to the borrower, Salus Government Properties. The Class A building features 185,000 square feet of office space and an extensive park-like exterior with seating and lounge area, amphitheater, waterfall and fire pit.
NEW YORK CITY — Pacolet Milliken Enterprises, a privately owned investment company controlled by the shareholders of Milliken & Co., has acquired an apartment building located at 341 Eastern Parkway in the Crown Heights section of Brooklyn. An undisclosed seller sold the building for $52 million. The newly constructed property features 63 apartments and ground-floor retail leased to Capital One, Starbucks Coffee and Statcare Urgent Medical Care. Scott Burk of Eastern Consolidated represented the buyer, while Matt Sparks and Alexandrea Rossland, also of Eastern Consolidated, along with Bluejay Management represented the seller in the transaction.
HARRISON, N.J. — HFF has arranged the sale of 221 Bergen, an apartment building located at 221 Bergen St. in Harrison. The TAK Group acquired the 104-unit property from a joint venture between The Hampshire Companies and CrownPoint Development Group for an undisclosed price. Constructed in 2015, the property features studio, one- and two-bedroom market-rate units with high-end finishes, including stainless steel appliances, quartz countertops, wood cabinetry, pendant lighting, faux wood plank flooring and in-unit washers and dryers. On-site amenities include a 24-hour fitness center, resident lounge, business center, smartphone security/intercom system, remote-operated garage parking and a furnished rooftop terrace. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the deal.
MARTINSVILLE, N.J. — Marcus & Millichap has brokered the sale of a retail property located on Washington Valley Road in Martinsville. A private investor acquired the property for $3.5 million. The strip center features 15,103 square feet of retail space. Michael Lombardi and Joseph Cunder of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has received an $850 million refinancing for 1301 Avenue of the Americas, a 1.8 million-square-foot trophy office building located between 52nd and 53rd streets in Midtown Manhattan. The 45-story office tower includes 30,000 square feet of ground-floor and concourse-level retail space. The property also features in-building access to Rockefeller Center and views of Central Park. Cushman & Wakefield arranged the five-year, interest-only loan, which matures in October 2021 and has two one-year extension options. The net proceeds from the financing were used to repay the company’s 2017 debt maturities at 900 Third Avenue in Manhattan and Waterview in Washington, D.C. Paramount plans to use the remaining proceeds to help fund the previously announced acquisition of One Front Street in San Francisco, which is expected to close by the end of the year. “By capitalizing on today’s attractive credit markets for our high-quality, Class A assets, we strengthen our balance sheet and fortify our position in the market,” says Albert Behler, chairman, CEO and president of Paramount. “Over the past 10 months, we have successfully financed over $2.35 billion of debt at attractive rates,” adds Wilbur Paes, chief financial officer of Paramount. …
TARRYTOWN, N.Y. — A joint venture between Tarrytown-based DLC Management Corp. and New York City-based DRA Advisors LLC has acquired a 16-property retail portfolio totaling 4.85 million square feet in New York and Alabama. The portfolio was acquired from DDR. The acquisition will bring DLC’s owned square footage to approximately 21.7 million square feet. The joint venture has plans to re-develop several of the newly acquired centers, and DLC will open a new satellite office in Buffalo, New York, to help facilitate the management of the new properties.
NEWARK, DEL. — Rockford Capital Partners has acquired two institutional-quality office buildings located at 242 and 248 Chapman Road in Newark. Rockford Capital purchased the properties on behalf of its affiliated value-add investment vehicle, Rockford Real Estate Fund III. Chapman Road Investors, an affiliate of Equus Capital Partners, sold the properties for an undisclosed price. 242 Chapman Road is a three-story, 65,967-square-foot building and 248 Chapman Road is a two-story, 77,974-square-foot building. Together the properties are fully leased to KBR and HP Enterprise Services. Michael Margolis and David Dolan of NGKF represented the seller in the deal.
