PHILADELPHIA — Dallas-based TIER REIT has completed the sale of Three Parkway, an office building located in Philadelphia’s Center City district. An unrelated third party acquired the property for $95 million. The building features 561,000 square feet of office space. The sale marks TIER REIT’s exit from the Philadelphia market.
WHITE PLAINS, N.Y. — Urstadt Biddle Properties has completed the disposition of its Westchester Pavilion property, a former power center mall in White Plains. Maple and Broadway Holdings, a subsidiary of Lennar Corp. through its Lennar Multi-Family Communities, acquired the site for $56.6 million. The buyer plans to raze the property and develop a high-end, mixed-used property with residential and retail space.
NEW YORK CITY — Hornig Capital Partners and Brickman Real Estate are redeveloping a former box manufacturing building into Box Factory, an office and retail property located at 1519 Decatur St. on the Queens-Brooklyn border of Ridgewood and Bushwick. Fogarty Finger Architecture is designing the $10 million renovation, which will bring 55,570 square feet of office space and 7,430 square feet of retail space to the area. Completion is slated for June 2017. ABS Partners Real Estate is marketing the office portion of the project, while Ripco Realty is marketing the retail portion.
PHILADELPHIA — Marcus & Millichap has arranged the sale of an apartment building located at 1925-1927 Spring Garden St. in Philadelphia’s Spring Garden neighborhood. An undisclosed seller sold the property for $2.1 million. The building features 12 one-bedroom units. Mike Maxwell and Dana Newton of Marcus & Millichap represented the seller and procured the undisclosed buyer in the deal.
PHILADELPHIA — National Real Estate Development has secured a $57 million loan to finance the construction of a second residential tower within the East Market project in Philadelphia’s Center City. Wells Fargo & Co. provided the loan. Located at 1199 Ludlow St., the 20-story, 240-unit tower will be built above a two-story retail base. The 233,000-square-foot tower will feature one- and two-bedroom apartments, a lap pool, gym and on-demand fitness studio, an indoor playroom and outdoor play area for children, a dog run, library, conference center, lounge, screening room, billiards room, indoor/outdoor climate-controlled loggia, demo kitchen, community vegetable gardens, grilling stations and fire pits. Morris Adjmi Architects and Bower Lewis Thrower Architects are designing the tower, and Clemens Construction is serving as general contractor. National Real Estate Advisors, Joss Realty Partners, Young Capital and SSH Real Estate own the East Market project, which includes the 322-unit The Ludlow and 175,000 square feet of modern warehouse office space as well as 130,000 square feet of retail and restaurant space.
SHREWSBURY, N.J. — Cronheim Mortgage has arranged $30 million in financing for Shrewsbury Plaza, a community retail center located along Route 33 in Shrewsbury. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage originated the loan for the undisclosed borrower. The loan self-liquidates over a 30-year period and was funded by American General Life Insurance Co. Totaling 223,000 square feet, the property features five multi-tenant buildings and two freestanding outparcels. Marshalls, Saks Off-5th, Visionworks, Jo-Ann Fabrics, Massage Envy, CVS/pharmacy, Great Clips, Jersey Mike’s Subs, Petvalu and Verizon Wireless are tenants at the center. Additionally, HomeGoods is slated to open at the property later this year.
BOSTON — Transwestern has arranged $28 million in refinancing for Boston | Dedham Commerce Park, a five-building industrial park located at 63, 65, 67, 75-101 and 91 Sprague St. in Boston. Chris Skeffington and Andrew Stone of Transwestern arranged the financing through East Boston Savings Bank for the borrower, First Highland Management and Development Corp. The 654,050-square-foot park was 82 percent leased to more than 30 tenants, including RR Donnelly, Dancing Deer Baking Co. and Sky Zone Boston, at the time of financing.
MERIDEN, CONN. — Horvath & Tremblay has arranged the sale of a retail property located at the intersection of Broad Street, Anne Street and Gale Avenue in Meriden. An undisclosed buyer purchased the 14,000-square-foot property for $9.3 million. CVS/pharmacy will occupy the newly constructed property under a 25-year, triple-net lease with six five-year extension options. Bob Horvath and Todd Tremblay of Horvath & Tremblay of represented the undisclosed seller and procured the buyer in the transaction.
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.