NEW YORK CITY — Castellan Real Estate Partners has completed the disposition of a multifamily building located at 511 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. The five-story asset sold for $8.5 million, or $320 per square foot. The 26,630-square-foot building features 31 apartment units with an average size of 730 square feet. Robert Shapiro, Clint Olsen and Josh Lipton of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not disclosed.
FAIRFIELD, N.J. — The Stro Companies has acquired an industrial property, located at 161 Dwight Place in Fairfield, from an international owner/user for $3 million. The 35,000-square-foot facility features a 13,000-square-foot unit, a 22,000-square-foot unit, cross loading, abundant parking and 23-foot ceiling heights. The facility was vacant at the time of acquisition.
CLIFFSIDE PARK, N.J. — CBRE has brokered the sale of a mixed-use property located at 672-678 Anderson Ave. in Cliffside. The asset sold for $1.3 million. The 8,400-square-foot building features four street-level retail spaces and four multifamily units on the second story. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.
BUFFALO, N.Y. AND CLEVELAND — Shareholders of First Niagara Financial Group (NASDAQ: FNFG) and KeyCorp (NYSE: KEY) have overwhelmingly approved the proposed merger between the two financial giants. The votes were held today at special meetings in each of the companies’ headquarters — Buffalo for First Niagara and Cleveland for KeyCorp. Over 90 percent of shareholders who voted approved of the merger. Shareholders who did not participate counted as “no” votes, but even with those accounted for, approximately 75 percent voted in favor of the merger, according to The Buffalo News. The deal totals $3.5 billion and is structured as KeyCorp acquiring First Niagara, The News reported. “I would like to thank our shareholders for their support and their vote of confidence,” says Beth Mooney, chairman and CEO of KeyCorp. “KeyBank and First Niagara are indeed better together — a powerful combination that will bring a new level of capabilities and expertise to our clients, new opportunities for our employees, and even greater investment in our communities.” KeyCorp and First Niagara entered into a merger agreement on Oct. 30, 2015. The merger is still subject to regulatory approvals. Closing is expected during the third quarter of this year. KeyCorp is …
PLAINSBORO, N.J. — The KRE Group, Oxford Realty Group and Verde Capital have acquired Deer Creek, a multifamily community located at 305 Deer Creek Drive in Plainsboro, for $45 million. Situated on 34 acres, the 288-unit property features a mix of one- and two-bedroom apartments. Additionally, the community features an outdoor pool, two tennis courts and access to a nature trail. The new ownership plans to construct a new fitness center, as well as numerous renovations, at the property. Renovations will include granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. This is the second property KRE and Oxford have jointly acquired in the last four months.
NEWARK, N.J. — Lotus Equity has entered into an agreement to acquire Bears & Eagles Riverfront Stadium, located at 450 Broad St. in Newark. The City of Newark, Essex County and the Essex County Improvement Authority are selling with property for $23.5 million. The sale of the stadium and land to a private developer allows the city and county to increase taxable space and relieve the taxpayers of the stadium’s current $4 million annual debt-service obligation. Lotus is gathering urban planners, designers and engineers to assess the site, which offers 7.5 acres of developable land, to conceptualize and recommend a long-term solution for the site.
BOSTON — Leggat McCall Properties, along with its joint venture partner Multi-Employer Property Trust (MEPT), and development advisor Bozzuto Development Co. have filed an expanded Project Notification Form with the Boston Redevelopment Authority for 3.1 acres of land in Boston’s South End. The site was acquired from the Boston Medical Center in late 2014. Spanning the block between Harrison Avenue and Albany Street and East Dedham and East Canton streets, the Harrison Albany project will bring a mix of residential, retail, office and cultural space to the South End. The proposed two-building project will feature 710 apartments, 14,000 square feet of retail space, 40,000 square feet of office space and public open space, including a green promenade between the two residential buildings. Additionally, the existing parking lots will be removed and replaced with underground parking.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in acquisition financing for the purchase of an apartment building located at 2075 Haviland Ave. in the Tremont section of the Bronx. The five-story walk-up building features 27 apartments and four retail units. The nine-year loan was provided by a local New York commercial bank. Jim Coleman of Houlihan-Parnes Realtors secured the financing. Anthony Simari of Smith, Buss & Jacobs represented the borrower in the financing transaction.
BOSTON AND PHILADELPHIA — Modell’s Sporting Goods has opened locations in Boston and Philadelphia. Located at 480 Boylston St. in Boston’s Back Bay area and at 1608 Walnut St. in Philadelphia near Rittenhouse Square, the two 11,000-square-foot stores will be tailored to customers passionate about running, fitness and professional sports teams and will offer elite brands such as Brooks, Asics, The North Face, Nike, Under Armour and adidas.
NEW YORK CITY — Multi-Employer Property Trust (MEPT), advised by Bentall Kennedy Limited Partnership, and Cove Property Group have acquired Two Rector Street, a 26-story office property located in Manhattan’s financial district. CIM Group and Kushner Companies sold the 476,000-square-foot property for an undisclosed price. The buyers plan to renovate and reposition the building as a Class A office property. Once renovated, the building is expected to cater to technology, advertising, media and information tenants as well as traditional finance, insurance and real estate tenants.