NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a development site located at 233 Butler St. in the Gowanus section of Brooklyn. Private investors sold the property to an undisclosed buyer for $9.5 million, or $300 per buildable square foot. The development site is zoned M1-2, which allows for commercial development of 31,800 square feet. The site is currently improved by a two-story, 13,447-square-foot structure, which was once home to the Brooklyn headquarters for American Society for the Prevention of Cruelty to Animals. A majority of the land was vacant at the time of sale, while 5,400 square feet of building space will remain leased until September. Winfield Clifford of Cushman & Wakefield brokered the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of two contiguous, six-story multifamily buildings, located at 556-568 Lefferts Ave. and 570-582 Lefferts Ave. in the Crown Heights and Prospect Lefferts Gardens section of Brooklyn. Treetop Development acquired the two-building package, totaling 105,000 square feet, from F&I Realty Corp. for $25 million. The properties offer a total of 105 apartment units. Matt Spark and Matthew Leist of Eastern Consolidated represented the seller, while Sparks also procured the buyer in the deal.
PISCATAWAY, N.J. — HFF has arranged $22 million in construction financing for 2 Turner Place, a to-be-built speculative warehouse and distribution building in Piscataway. A joint venture partnership between F. Greek Development and LaSalle Investment Management is the borrower. Michael Klein of HFF secured the three-year construction loan with TIAA-CREF Trust Co. FSB, known as TIAA Direct, for the borrower. Situated on 63.9 acres, the 451,800-square-foot facility will feature 36-foot clear heights, 149 loading doors, two drive-in doors and parking for 170 cars and 150 trailers. The property is scheduled for completion in the second half of the year.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-building multifamily portfolio located in the South Bronx. Gary Kassirer of Emerald Equity Group acquired the portfolio for $10 million, or $150 per square foot. Located on the south side of Crotona Park and Alexander Avenue in Mott Haven, the 28,865-square-foot portfolio features 68 residential and three commercial units. Robert Shapiro and David Simone of Cushman & Wakefield represented the undisclosed seller in the deal.
BROCKTON, MASS. — Horvath & Tremblay has brokered the sale of a retail property located at 1267 Main St. in Brockton. An undisclosed buyer acquired the property for $9 million. CVS/pharmacy will occupy the newly constructed 12,900-square-foot building under a 25-year triple-net lease with five five-year extension options. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the undisclosed seller and procured the buyer in the deal.
NEWARK, N.J. — Broadridge Financial Solutions has signed a long-term lease for approximately 160,000 square feet of office space at 2 Gateway Center in downtown Newark. Broadridge provides communications, technology, managed services, data and analytics solutions to financial firms in capital markets. Dudley Ryan, Cheryl Hardt and Kadeem Goodall-Reid of CBRE represented the landlord, C&K Properties, while Paul Amoruso and Michael Ciotta of Oxford & Simpson Realty Services represented the tenant in the lease transaction.
Center City Philadelphia continues to be one of the most vibrant residential downtowns in the country. Millennials and empty-nesters are attracted to the city’s myriad live, work and play opportunities, and the total number of Greater Center City residents has risen 17 percent since 2000. Overall the market is holding up strong; the average occupancy is 95 percent and it is expected to remain at this level for the foreseeable future. Annual effective rent growth is projected to be 3 percent in 2017 and average 2.8 percent from 2018 to 2020. The MSA’s largest job sector — higher education and healthcare services — has increased by 17 percent since 2005 and now provides 37 percent of all jobs in Philadelphia. Total job growth is projected to be 1.6 percent or more than 15,000 new jobs in 2017. Since the beginning of 2015, 23 companies, including EisnerAmper, WeWork and GSI Health, have established offices in the submarket. Multifamily investors and developers have been focused on Center City for the past few years. However, interest in some suburban markets has increased significantly as evidenced by the development and sale activity in 2016. More than $1 billion of sale transactions were recorded in …
PITTSBURGH — M&J Wilkow, in a joint venture partnership with DRA Advisors, has acquired 11 Stanwix Street, an office tower located on the southwest edge of Pittsburgh’s Golden Triangle. The 24-story tower features 467,843 square feet of Class A office space. Commonwealth of Pennsylvania, KeyBank and HDR Engineering, among others, currently occupy the building. M&J Wilkow Properties will serve as the building’s manager, while JLL will represent the new ownership for all leasing activity. The name of the seller and acquisition price were not released.
CAMDEN, N.J. — American Water Works Co. has broken ground for the company’s new headquarters at One Water Street at the master planned Camden Waterfront in Camden. Slated for completion in late 2018, the five-story, 220,000-square-foot property will house more than 600 employees, consolidating four locations in Southern New Jersey. Robert A.M. Stern Architects is serving as architect, while Gensler is designing the interior of the building. Liberty Property Trust is developing Camden Waterfront, a mixed-use neighborhood.
STAMFORD, CONN. — Dwight Capital has arranged $13.2 million in refinancing for Westwood Apartments, located at 1-20 Westwood Drive in Stamford. The borrower was 58 Progress Drive LP. The community features 95 apartment units. Josh Hoffman, Andrew Nicoll, Matt Boyd and Brandon Baksh of Dwight Capital secured the financing for the borrower. Reno & Cavanaugh served as legal counsel for the financing transaction.