CHATHAM, N.J. — Redwood Realty Advisors has arranged the sale of Chatham Arms, an apartment building located at 49 S. Passaic Ave. in Chatham. A joint venture between Solar Capital and Vertical Realty Capital acquired the 31-unit property from Quad Realty LLC for $7.2 million, or $232,000 per unit. Thomas McConnell, Kevin McCrann, Matthew Sandelands and Jeremy Wernick of Redwood Realty Advisors brokered the transaction.
WARREN, N.J. — Rubenstein Partners and Vision Real Estate Partners have acquired Warren Corporate Center, an office development in Warren. Northwestern Mutual Real Estate sold the 820,000-square-foot office property for $136 million. Situated on 176 acres, the five-building property is 81 percent occupied by Citibank. The property was originally developed in 1996 as the headquarters of Lucent Technologies. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Jeremy Neuer of CBRE represented the seller and procured the buyer in the transaction. In addition to arranging the acquisition, Jim Gunning and Donna Falzarano of CBRE arranged a $123 million term loan, a portion of which is available for future capital and tenant improvements and leasing commissions.
TRUMBELL, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of eaves Trumbull, a gated multifamily community located at 100 Avalon Gates in Trumbull. Elmsford, N.Y.-based Paredim Partners acquired the 340-unit property from Gates Financing LLC for $70.2 million, or more than $206,000 per unit. The property features a mix of one-, two- and three-bedroom apartments in nine floor plans. Community amenities include a heated outdoor swimming pool, indoor and outdoor basketball courts and a racquet court, as well as private garages and covered parking. Victor Nolletti, Steve Witten, Still Hunter, Adam Mancinone and Blake Barbarisi of IPA represented the seller, while Nolletti and Witten procured the buyer in the transaction.
BLUE BELL, PA. — Mission Capital Advisors has arranged a $16.5 million bridge loan for Valley Square, an office complex located at 512 Township Line Road in Blue Bell. Steven Buchwald and Lexington Henn of Mission Capital secured the loan for the borrower, Contrarian Capital Management. After acquiring the five-building, 289,194-square-foot complex in 2013 for $8.5 million, Contrarian and its operating partner, Corvest Realty Group, implemented millions of dollars of capital improvements at the property and substantially leased many of the upgraded buildings. Originally constructed in 1983, the property is located approximately 20 miles northwest of Philadelphia.
NEW YORK CITY — Marcus & MIllichap has negotiated the sale of an industrial building located at 1077-1081 Atlantic Ave. in Brooklyn. A limited liability company acquired the 11,500-square-foot facility for $4.6 million. Jakub Nowak and Jason Grunberg of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, while Nowak, Grunberg and Jim McGuckin, also of Marcus & Millichap, represented the buyer in the transaction.
MERRIMACK, N.H. — CBRE/New England has arranged a long-term lease for 132,241 square feet of distribution space at a manufacturing/distribution facility located at 59 Daniel Webster Highway in Merrimack. Law Warehouse Inc., one of the largest distribution companies in New England, will occupy the space at the 473,990-square-foot facility, which is owned by an affiliate of Hackman Capital Partners. Roger Dieker and Michael Tamposi of CBRE/NE represented the landlord, while Larry Hirsch of Hirsch & Co. represented the tenant in the transaction.
STAMFORD, CONN. — A consortium consisting of Anbang Insurance Group Co., J.C. Flowers & Co. and Primavera Capital Limited has increased its bid to acquire Starwood Hotels & Resorts Worldwide (NYSE: HOT) to $82.75 in cash per share of Starwood common stock from the previous non-binding proposal of $81 per share bid, which was made on March 26. Starwood’s board of directors has concluded that this revised, non-binding proposal from the consortium is a superior proposal as defined in Starwood’s merger agreement with Marriott International Inc. (NASDAQ: MAR), according to a press release issued Monday by Starwood. The new proposal is valued at $14 billion versus Marriott’s previous offer of $13.6 billion. The Starwood board, in consultation with its legal and financial advisors, will carefully consider the outcome of the discussion with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders, the news release stated. Under the terms of the consortium’s current revised proposal, the consortium will acquire all the outstanding shares of common stock of Starwood for $82.75 per share in cash, an increase of $4.75 per share from its initial binding proposal of $78 per share …
LEXINGTON, MASS. — Rockwood Capital has completed the disposition of two hotels: an aloft and an element, located on a 12.7-acre site at 727 Marrett Road in Lexington, a northwest suburb of Boston. An undisclosed buyer acquired the hotels for $54 million, unencumbered by management. The 136-room aloft features grab-and-go dining, the w xyz bar, an indoor swimming pool, business center, game room, fitness room, meeting room and complimentary shuttle service. The 123-room element features complimentary breakfast, an indoor swimming pool, business center, fitness room, meeting room and complimentary shuttle service. The hotels were developed in 2008 as prototypes for the Starwood brand. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.
RAMSEY, N.J. — Prestige Management Services has acquired an industrial facility located at 133 Williams Drive in Ramsey. Kislevitz Family LLC sold the 175,438-square-foot property for $16 million. Prestige will occupy the entire building starting in spring 2018. Constructed in 1980 and renovated in 2012, the building features 21,000 square feet of office space, 27-foot clear ceiling heights, 32-foot column spacing and parking for 245 vehicles. Chris Max and Daniel Foley of Savills Studley brokered the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily property located at 310 12th St. in Brooklyn’s Park Slope neighborhood. The five-story asset sold for $9.2 million, or $628 per square foot. The 14,644-square-foot building features one four-bedroom apartment with side yard access, six three-bedroom apartments and 13 two-bedroom units. Of the 20 units, eight are fully renovated, free-market units and 12 are rent stabilized. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG brokered the transaction. The names of the seller and buyer were not released.
