BRIDGEWATER, N.J. — Nestlé Health Science has signed a long-term lease to occupy 180,000 square feet of space at the New Jersey Center of Excellence in Bridgewater. Nestlé Health Science, a health-science company engaged in the development of innovative nutritional therapies, will occupy a building that previously served as a research center within the former Sanofi U.S Research and Development Campus. Since acquiring the campus, the joint partnership of Advance Realty and CrossHarbor Capital Partners has fully repositioned the site and turned it into a premier research and development campus. The interior fit-out for the new space will begin before the end of this year, with the move-in slated for July 2016.
HARTFORD, CONN. — HK Group has brokered the sale of an industrial property located at 101 Locust St. in Hartford. Situated on 6 acres, the 73,458-square-foot property sold for $4.8 million. The property is currently leased to Pitney Bowes Presort Services Inc., a wholly owned subsidiary of Pitney Bowes. The buyer was a Manhattan-based real estate investment company. Matthew Keefe and Franco Fellah of HK Group brokered the transaction.
ELIZABETH, N.J. — Marcus & Millichap has brokered the sale of an apartment building located at 321-325 Cherry St. in Elizabeth. The 48-unit property sold for $2.6 million. The property features 39 studio units, eight one-bedroom apartments and one two-bedroom unit. Nat Gambuzza and Jeffrey Myers of Marcus & Millichap represented the seller, a multi-generational owner, and the buyer, a private investor, in the transaction.
NEW YORK CITY — New York REIT Inc. has closed on a $325 million in refinancing for 1440 Broadway, an office building located steps away from Times Square. The 25-story building features 755,679 square feet of office space. The completion of the financing is another step in the company’s strategic initiatives plan to build a best-in-class Manhattan real estate portfolio for the benefit of its shareholders.
NEW YORK CITY — Vanbarton Group has acquired Riverdale Crossing, a shopping center located in the Bronx, for $133 million. The 159,037-square-foot center is anchored by the soon-to-be BJ’s Wholesale Club and 98 percent leased to nationally recognized retail tenants. Angelo Gordon & Co., in a joint venture with Metropolitan Realty Associates, developed and sold the property. Acquisition financing was provided by Northwestern Mutual. Eastdil Secured represented the seller, while Hunton & Williams LLP served as legal counsel for Vanbarton.
NEW YORK CITY — The Singer & Bassuk Organization (SBO) has received $80 million in permanent financing for 501 Madison Avenue, a 30-story office and retail property owned by heirs of Cornelius Vanderbilt III. The loan is the last phase of a three-part series of interim, construction and permanent financing, which SBO first started to arrange in 2013, that aggregate to more than $160 million for the 200,000-square-foot asset. The property has undergone numerous renovations, including a new façade for the first- and second-floor retail spaces; new building entrance, lobby, elevators, windows, and cooling tower; electrical-system upgrades; and revitalized multi-tenant common areas. Tenants at the property include Carlo Pazolini, Oscar Heyan Inc., Randi Rahm, Innisfree M&A Inc. and The World Jewish Congress Foundation. The loan was provided by AXA Equitable Life Insurance Company.
BEDFORD, MASS. — Longfellow Real Estate Partners has acquired 1 Patriots Park, an office building located at 40-42 Wiggins Ave. in Bedford, for $11.3 million, or $78 per square foot. The company plans to redevelop the 144,230-square-foot property into a Class A laboratory building, with repositioning scheduled to start this fall. Chris Skeffington, John Wilson, Jon Varholak and Roy Sandeman of Transwestern | RBJ negotiated the sale and sourced the buyer. The name of the seller was not released.
WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has brokered the sale of a retail property located at 3805 Concord Pike in Wilmington. C&J Commercial LLC sold the 2,400-square-foot property, which was formerly a four-bay auto repair shop, to Delaware-based Half Acre Cap LLC for $1 million. Charles Woods of Patterson-Woods represented the buyer, while Long & Foster represented the seller in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged the sales of two properties, totaling $11.7 million, in East Harlem. In the first transaction, a private investor acquired a six-story mixed-use property located at 124-128 E. 107th St. in East Harlem for $9.1 million, or $449 per square foot. The 20,395-square-foot building contains 34 residential units, two commercial units and two superintendent units. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property represented the seller, a private real estate firm, and procured the buyer. In the second deal, a private investor purchased a development site located at 2282 Second Ave. in East Harlem for $2.6 million, or $215 per buildable square feet. The property offers approximately 12,191 total buildable square feet for mixed-use development. Samuel Atlas, Tortorici, Sozio, Gillis and Berkowitz of Ariel Property represented the seller, a private real estate firm, and procured the buyer in the transaction.
WESTPORT, CONN. — The Davis Companies has completed the renovation of an underutilized office park at 321-329 Riverside Ave. in Westport to create Westport Center for Health. The center offers 38,000 square feet of medical office space. The center is now open and The Davis Companies has executed leases with Village Pediatrics and Women’s Health Connecticut. The center is located directly off Interstate 95, less than one mile from the Westport Train Station and the town center. Sean McDonnell, Lori Baker and Eva Kornreich of Avison Young are handling leasing efforts for the property.