WILTON, FAIRFIELD AND WESTPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sales of three properties in Connecticut. In the first transaction, North American Pharmacal sold an office building located at 213 Danbury Road in Wilton for $2.1 million. The name of the buyer was not released. David Fugitt and Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. In the second deal, E&J Twin Properties acquired a multi-tenant office building, located at 303 Linwood Ave. in Fairfield, for $1.8 million. Randy Vidal was the listing broker. In the final transaction, Fin-Max Realty LLC acquired a Shake Shack property, located at 1849 Post Road East in Westport, for nearly $4 million. Robert Lewis represented the buyer and undisclosed seller in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 239 Elizabeth St. in Manhattan’s Nolita neighborhood. An estate sold the property to a private investor for $7.2 million, or more than $900 per square foot. The six-story property comprises a studio unit, five two-bedroom apartments, five one-bedroom apartments and one retail unit. Peter Von Der Ahe, Joe Koicim and Joshua Grossman of Marcus & Millichap represented the seller and buyer in the transaction.
FENWICK ISLAND, DEL. — Wilmington, Del.-based Capital & Guarantee, an investment banker and developer, is developing Fenwick Medical Complex, a six-building facility serving Fenwick Island, Bethany Beach and Sussex County, Del., located on Route 20 just east of Fenwick Island. The 120,000-square-foot facility will feature a full-service emergency medical center, ample parking and a heliport, as well as a variety of physician practices, including cardiovascular, family practice, gastroenterology, gynecology, hand surgery and care, internal medicine, neurology, OBGYN, oncology and ophthalmology, among others. Each specialty practice at the facility will have an exclusive position with no competitive practice in the complex and admitting and practice privileges at the regional hospital located 12 miles from the complex.
JERSEY CITY, N.J. — Ironstate Development and Panepinto Properties are developing the final tower at the team’s multi-phase Columbus Drive project in Jersey City. Located at 90 Columbus Drive, the 50-story, 539-unit luxury apartment tower will be the fourth tower in the development, which already features residential buildings at 50 and 70 Columbus Drive, a more than 900-space parking garage and an under-construction 152-room Marriott Residence Inn at 80 Columbus Drive. The joint venture broke ground on the final tower earlier this year and completion is slated for October 2018. Completion for the hotel is slated for this winter. Russell Bershad of Gibbons Real Property & Environmental department has represented the joint venture on the Columbus project since its inception. The Gibbons team has closed $170 million in permanent financing for 70 Columbus, $155 million in construction financing for 90 Columbus and completed a $16 million term loan for the 70 Columbus project. Additionally, Gibbons served as counsel in connection with the ED-5 equity investment component for 90 Columbus.
NEW YORK CITY — HFF has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building industrial complex located in Brooklyn’s Williamsburg neighborhood. HFF arranged the five-year, floating-rate loan through M&T Bank for the borrower, The Hudson Companies. The borrower plans to convert the 97,475-square-foot complex into 83,211 square feet of creative office space and 14,543 square feet of retail space. Designed by S9 Architects, the project is slated for completion in 2018. Christopher Peck and Rory Shepard of HFF secured the financing for the borrower.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a multifamily building located at 546 Isham St. in the Inwood section of Manhattan. Hillcrest Acquisitions acquired the five-story corner building from Geisinger Equities for $9.4 million, or $249 per square foot. Built in 1928, the 37,700-square-foot property features 49 apartments in a mix of studio, one-, two- and three-bedroom layouts. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-unit townhome located at 426 W. 22nd St. in Manhattan’s West Chelsea neighborhood. A private investor acquired the residential rental property for $7.3 million, or more than $1,577 per square foot. The three-story property features a garden-level three-bedroom duplex with a private garden, a second-floor two-bedroom unit with terrace and a third-floor two-bedroom duplex with terrace. Peter Von Der Ahe, Joe Koicim and Josh Grossman of Marcus & Millichap represented the undisclosed seller and buyer in the deal.
KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment …
HARRISON, N.J. — Inspira Health Network has selected Skanska USA to build its new $350 million Gloucester County hospital in Harrison. The five-story, 204-bed hospital will be the fourth in-patient facility for the South Jersey health system, which has medical centers in Vineland, Elmer and Woodbury, N.J. Inspira purchased the land for the new hospital from Rowan University in an $11.5 million deal, which was finalized in March. The new hospital will include the construction of a main patient tower with operating rooms, an emergency department, imaging suites, as well as administrative, dining and support services. Additionally, the project will include building a new central utility plant that will provide electrical power, heating/hot water and chilled water to the new hospital. Project members include Array Architects and Leach Wallace Associates. Construction is slated to begin during the first quarter of 2017, with completion expected by December 2019.
FARMINGTON, ENFIELD, VERNON, ELLINGTON AND NEWINGTON, CONN. — Navarino Acquisition LLC has purchased a six-property, 741-unit multifamily portfolio located in central Connecticut. A series of Delaware limited liability companies sold the portfolio for $90 million, or $121,457 per unit. The properties are the 13-building, 186-unit Summit and Birch Hill Apartments in Farmington; the 23-building, 168-unit Fox Hill Apartments in Enfield; the 15-building, 150-unit Briar Knoll Apartments in Vernon; the six-building, 100-unit High Meadow Apartments in Ellington; the eight-building, 64-unit Bradford Commons in Newington; and six-building, 73-unit Woodbridge Apartments in Newington. Victor Nolletti, Steve Witten, Still Hunter III and Eric Pentore of Institutional Property Advisors (IPA) represented the seller, while Nolletti and Pentore also represented the buyer in the deal. IPA is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.