CLINTON, N.J. — Unity Bancorp has acquired its headquarters facility, which is located at 64 Old Highway 22 in Clinton. Clinton Unity Group sold the property for $4.1 million. Built in 1996, the three-story building features 20,000 square feet of office space. Recently the property underwent renovations including new workspaces, flooring and a remodeled lunchroom with new seating and appliances. With this acquisition, Unity Bancorp now owns 12 of its 15 business locations.
PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.
JERSEY CITY, N.J. — WinnCompanies has broken ground for the $15.4 million rehabilitation at Brunswick Estates in Jersey City. Slated for completion in early 2017, the top-to-bottom renovation will modernize the 131 apartments, grounds and safety systems at the project. Additionally, the renovation will address substantial deferred maintenance needs, including lingering damage from Hurricane Sandy and ADA compliance issues. The renovation work will modernize the kitchens, bathrooms and interiors of all apartments, as well the exteriors of the 14 buildings on the property. Additionally, the heating and plumbing systems will be upgraded and common areas will be created within an existing central structure and will include a management office, tenant lounge and multimedia area. The Architectural Team is serving as architect and DiMarco Constructors is the general contractor on the project. WinnResidential, the property management arm of WinnCompanies, will manage resident and maintenance services at Brunswick Estates. Public-private partners on the project include Greater Bergen Community Action, Jersey City Division of Community Development, New Jersey Economic Development Authority, New Jersey Housing and Mortgage Finance Agency, U.S. Department of Housing & Urban Development, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital and Boston Community Capital.
NEW YORK CITY — TerraCRG has brokered the sale of a residentially-zoned commercial building located at 283 Greene Ave. in Brooklyn’s Clinton Hill neighborhood. Kilroy Architectural Windows sold the 13,300-square-foot property to an undisclosed seller for $6 million, or $375 per existing square foot. The two-story building features 16,085 buildable square feet and can be converted into residential lofts or repositioned as an owner/user residential or office building. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.
MANSFIELD, MASS. — SVN|Parsons Commercial Group|Boston has brokered the sale of a multifamily property located at 12 Pratt St. in Mansfield. Heartwood Realty LLC acquired the property for $3.2 million from Feck Properties LLC. The 24-unit property was 100 percent occupied at the time of sale. Marci Alvarado and Jake Parsons of SVN|Parsons Commercial Group represented the seller and buyer in the transaction.
WOODBURY, CONN. — Drubner Commercial Real Estate has arranged the sale of the former Carmen Anthony Fish House in Woodbury. Tony Ramadani and Kung Wei acquired the property for $1.2 million. The buyers, who are experienced restaurant operators, plan to open Max Prime Steak House – Seafood and Sushi. David Theroux of Drubner Commercial Real Estate represented the buyer and undisclosed seller in the transaction.
SAYREVILLE, N.J. — O’Neill Properties Group (OPG) has completed brownfield remediation at the 40-acre lagoon at The Pointe, a $2.2 billion mixed-use project in Sayreville. Vertical construction will commence in spring 2016 on a 200,000-square-foot Bass Pro Shops Outdoor World, which will be the largest Bass Pro in the country outside of its original flagship operation. When OPG acquired the 440-acre site in 2008, the company committed to cleaning the massive brownfield contamination, including a 40-acre lagoon that was contaminated with titanium dioxide waste byproducts from the former on-site National Lead manufacturing facility. The cost of the nine-year remediation project was $8 million. Upon build out, The Pointe will bring 725,000 square feet of retail space; 2,000 upscale waterfront townhomes and luxury apartments; 32,000 square feet of Class A office space; and 1,250 hotel rooms. Additional community amenities will include a 45,000-square-foot community and fitness center, a 9,700-square-foot facility for fire and EMS services and a 10,000-square-foot performing arts center, as well as a rooftop solar farm. Project partners include MLP Builders, Maser Consulting and Ripco Real Estate.
NEW YORK CITY — Ariel Property Advisors has arranged the $42.1 million sale of a three-building multifamily portfolio in Central Harlem. Castellan Real Estate Partners sold the portfolio, which totals 156,870 square feet, for $42.1 million, or approximately $290,000 per unit. Featuring 144 residential units and three employee units, the properties are located at 117-125 W. 141st St., 127-135 W. 141st St. and 137-145 W. 141st. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property Advisors represented the seller and procured the buyer, a partnership between Guardian Realty Management and Irving Langer and Michael Langer of E&M Associates.
NEW YORK CITY — Trinity Place Holdings has received approval of modifications from the Landmarks Preservation Committee for the 77 Greenwich development, which is slated for completion in 2019. Designed by FXFOWLE Architect, the 500-foot tower will feature 85 luxury residential condominiums, 7,000 square feet of retail space on Greenwich Street and a 476-seat elementary school serving District 2. The development site includes the former Syms clothing store and the 19th-century landmarked Dickey House. Recently approved design modifications include the lowering of the ground floor of Dickey House along Greenwich Street, the elimination of the school entry court signage plyon and the reduction of the tower’s south cantilever.
HANOVER, PA. — Colliers International has brokered the sale of a restaurant property located at 81 Wilson Ave. in Hanover. An undisclosed 1031 buyer acquired the 5,437-square-foot property for $2.1 million. The property is double-net corporate-leased to Buffalo Wild Wings on a 15-year basis. Larry Kostelac, William Aiello, George Lulos of Colliers were the sole brokers in the transaction. The name of the seller was not disclosed.
