BROCKPORT AND QUEENSBURY, N.Y. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a two-property seniors housing portfolio in Upstate New York. Brookdale Senior Living acquired the two assets for $48 million. Totaling 183 units, the properties are Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller, a private family office, in the transaction.
LOGAN TOWNSHIP, N.J. — NAI Mertz has arranged the sale of a 76-acre land parcel adjacent to the Pureland Industrial Complex in Logan Township. Corporate Enterprises Inc. sold the property to J.G. Petrucci for an undisclosed price. The buyer plans to construct a state-of-the-art industrial facility on the site, which offers access to Interstate 295 and Commodore Barry Bridge. Scott Mertz represented the seller in the transaction.
MIDDLETOWN, CONN. — Equus Capital Partners has completed the disposition of two apartment communities in Middletown. Hampshire Properties acquired the properties for an undisclosed price. The 650-unit portfolio consists of Madison Chestnut Hill and Madison Northwoods and features a mix of one-, two- and three-bedroom apartments. Community amenities include outdoor swimming pools, tennis and indoor racquetball courts, fitness centers, a playground and a nature trail. At the time of acquisition, the communities were 95 percent occupied. Victor Nolletti and Steve Witten of Institutional Property Advisors represented the seller in the transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 1792 Amsterdam Ave. in the Hamilton Heights neighborhood of Manhattan. The asset sold for $3.2 million, or $350 per square foot. Built in 1980, the 9,315-square-foot property features 13 apartments and 1,050 square feet of retail space. Greg Corbin, Miguel Jauregui and Saadya Notik of Besen & Associates represented the seller and procured the buyer in the transaction.
FORT LEE, N.J. — Weiss Realty has arranged $3.2 million in financing for an affiliated entity on a retail property in Fort Lee. Located at 2215 Route 4 East, the 1,800-square-foot property features a Starbucks Coffee drive-thru and a Bank of America drive-up kiosk. Jaime Weiss of Weiss Realty secured the financing. William Boylan of Malvern Federal Savings Bank represented the bank, William Fiore of Meyner and Landis represented the borrower, and Joseph Jankowsk of Wiletz, Goldman & Spitzer provided legal counsel to the lender.
NEW YORK CITY — Forest City Realty Trust has completed the disposition of a development site located at 625 Fulton St. in Brooklyn. Brooklyn-based Rabsky Group acquired the unencumbered site for $158 million, or approximately $255 per square foot. Forest City originally purchased the property in 1989, and the company demolished the existing 359,000-square-foot office building on the site, with plans to develop a residential tower. Rabsky Group has approximately 1,850 units in the pipeline in Brooklyn and 400 more planned in Queens. The company’s two largest current projects are a 398-unit rental building at 10 Montieth St. and a 777-unit rental property at 249 and 334 Wallabout St. in Brooklyn.
BOSTON AND NEW YORK CITY — Rockville, Md.-based Federal Realty Investment Trust has acquired the 70 percent interest owned by affiliates of a discretionary funded advised by ING Clarion Partners in a joint venture that owns six shopping centers. The purchase price was approximately $154 million, consisting of $130 million of cash and assumption of the allocable share of mortgage debt. The properties include Atlantic Plaza and Campus Plaza near Boston; Greenlawn Plaza on Long Island; Free State Shopping Center and Plaza del Marcado in suburban Maryland; and Barcroft Plaza in Northern Virginia. With this acquisition, Federal Realty has successfully concluded the the venture that was formed in 2004 and increased its ownership of the 820,000-square-foot portfolio from 30 percent to 100 percent.
NEW YORK CITY — HFF has secured $13.6 million in acquisition bridge financing for a 17,615-square-foot mixed-use property located at 315 Broadway in Manhattan’s Tribeca neighborhood. The borrower, United American Land, plans to used the loan to reposition the property into a boutique office building with high-quality retail space on the ground floor. The five-story loft property has 13,900 square feet of office space, 3,715 square feet of ground-floor retail space and approximately 23,401 square feet square feet of unused air rights. Steven Klein and Geoff Goldstein of HFF arranged the four-year, floating-rate loan through Peoples United Bank.
NEW YORK CITY — New York City-based SGW Properties has completed in excess of $10 million in capital improvements to nine multifamily properties in the East Flatbush and Crown Heights neighborhoods of Brooklyn. The capital improvement program included renovation and upgrades to roofs, sidewalks, brickwork, windows, boilers, lighting, intercom systems and plumbing.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 199 Malcolm X Blvd. in Brooklyn’s Bedford-Stuyvesant neighborhood. The asset sold for $2.5 million, or $534 per square foot, in an all-cash transaction. The 4,836-square-foot, three-story building features five three-bedroom apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield represented the undisclosed seller in the transaction. The name of the buyer was not released.
