NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1623 Kings Highway in Brooklyn’s Gravesend neighborhood. The 21,960-square-foot property sold for $17 million in an all-cash transaction. The four-story building is fully occupied by Verizon Wireless, Tiger Schulman’s and Interborough Consulting. Bob Knakal, Alex Svetlakou and Jonathan Hageman of Cushman & Wakefield represented the undisclosed seller, while Chaim Cahane of Forte Capital Management represented the undisclosed buyer in the transaction.
BINGHAMTON, N.Y. — Houlihan-Parnes Realtors has arranged the sale of a 13-property multifamily portfolio in Binghamton. The 113-unit asset sold for an undisclosed price. The properties are located at 97 Oak St.; 12 Grand Blvd.; 89, 93, 95, 126, 128, 157 and 162-164 Chapin St.; and 99, 101 and 103 Murray St. Ed Graf of Houlihan-Parnes brokered the transaction. The names of the seller and buyer were not released.
TRENTON, N.J. — Marcus & Millichap has brokered the sale of a two-building retail property located at 802-804 Prospect St. in Trenton. The 19,500-square-foot asset, which is occupied by Dollar General and Millhill Center, sold for $2.7 million. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & MIllichap represented the seller, a developer, and the undisclosed buyer in the transaction.
NEW YORK CITY — Fortuna Realty Group LLC has acquired a Wyndham-franchised hotel located at 37 W. 24th St. in Manhattan’s Flatiron District for $60 million. Fortuna plans to convert the 124-key hotel — built in 2008 — into a high-end boutique hotel. The investor bought the property out of bankruptcy at auction from an undisclosed seller. The hotel is situated directly off Fifth Avenue, and around the corner from Mario Batali’s acclaimed Italian marketplace Eataly and Madison Square Park. The hotel’s neighborhood has emerged as a popular location for New York’s technology, advertising, marketing and information technology sector, and is a hub for restaurants and nightlife. The new acquisition will join Fortuna’s portfolio of upscale “lifestyle hotels,” including Hotel Hugo and Hotel Indigo Chelsea, both in Manhattan, and The Garden City Hotel, located on Long Island. Wayne Cook and David Glanz of law firm Windels Marx LLP represented Fortuna in the transaction. U.S. Trust provided an undisclosed amount of acquisition financing. Based in New York City, Fortuna Realty Group LLC is a privately held real estate investment and development company with a focus in hospitality. — Katie Sloan
CHELMSFORD, MASS. — Griffith Properties/Echo Bridge Partners has completed the disposition of an office building located at 5 Omni Way in Chelmsford. A private New York-based investment firm acquired the 131,430-square-foot asset for $32.5 million. The property recently underwent a $15 million redevelopment and renovation. The building will serve as a key regional call center and executive hub for Comcast with 24/7/365 operations and full call center backup redundancy. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction.
Jacobson Properties, RE/MAX Right Choice Broker $6.1M Sale of Medical Center Property in Connecticut
WESTBROOK, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Lakebrook Medical Center in Westbrook. An institutional healthcare real estate investment firm acquired the Class A medical office building for $6.1 million. At the time of sale, the 24,500-square-foot property was leased by Yale Heart & Vascular and Middlesex Hospital. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice handled the transaction. The name of the seller was not released.
BETHEL, PA. — Dermody Properties and Granite Real Estate Investment Trust leased 500,400 square feet of industrial space at Berks Park 78 in Bethel to a global consumer electronics company. The company will move into the facility in April and use the space for the distribution of its consumer home appliances. Gerry Blinebury and Adam Campbell with Cushman & Wakefield represented Dermody Properties in the lease, while Vincent Ranalli and John Schumacher of CBRE represented the tenant in the transaction.
LOWELL, MASS. — Novaya Real Estate Ventures has secured two new leases totaling 32,627 square feet at 55 Technology Drive in Lowell. In the first transaction, Lowell General Hospital leased 24,116 square feet to house an expansion for the hospital administrative offices. In the second deal, Contract Logix LLC inked a lease for 8,516 square feet, which will be used for the company’s headquarters. The two-story office building is now 100 percent leased. Additional tenants include Boston Scientific, Borrego Solar and Lowell Five Center Savings Bank. Joel Kahn of Equity Alliance LLC represented Lowell General Hospital, Matt Adams of NGKF represented Contract Logix, and Mark Reardon of CBRE| New England represented Novaya in the transactions.
MELVILLE, N.Y. — RUI Credit Services has expanded its lease by 11,834 square feet at the Melville Square Corporate Center at 1305 Walt Whitman Road in Melville. The company will now occupy 30,845 square feet on the second floor of the 165,310-square-foot office building, which is owned by The Feil Organization. Richard Caputi of Cresa Long Island represented RUI, while Nicholas Forelli and David Turino provided in-house representation for landlord.
JERSEY CITY, N.J. — Gramercy Property Trust has completed the disposition of a 438,158-square-foot office building at 70 Hudson St. and a 418,000-square-foot office building at 90 Hudson St. in Jersey City for an aggregate gross sales price of $299 million, or $349 per square foot. Prior to closing, Gramercy prepaid the mortgage debt attributable to 70 Hudson and the undisclosed buyer assumed the outstanding loan of $101 million on 90 Hudson. At the time of sale, 70 Hudson was vacant and the exit cap rate was 6.6 percent on stabilized 2016 cash net operating income for 90 Hudson. Net proceeds to the seller equate to $184.8 million.