UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million. In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million. The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased. In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant. The buyers in all three sales were not disclosed. Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million. The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months. Equity Commonwealth’s stock price closed …
WALL TOWNSHIP, N.J. — Holliday Fenoglio Fowler (HFF) has arranged $23.7 million in refinancing for a four-building office complex in Wall Township. Located at 1800 Route 34, the 189,836-square-foot complex is occupied by French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling. Constructed between 2001 and 2007, the property is 95 percent leased. Michael Klein led the HFF debt placement team that arranged the 10-year, fixed-rate loan through CIBC World Markets for the borrower, The Donato Group.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of an industrial property located at 58-44 Maurice Ave. in the Maspeth area of Queens. The former baking facility of Junior’s Cheesecakes of Flatbush Avenue sold for $4.5 million. The building is split into 14,000 square feet on the ground level, a 1,500-square-foot mezzanine storage area and 1,500 square feet of office space on the mezzanine. The buyer, Quality Installation NY Inc., plans to use the space for the warehousing and manufacturing of furniture and workstation products and repairs. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin represented the seller, Let it Be Realty LLC, while DY Realty represented the buyer, Quality Installation NY Inc.
NEW YORK CITY — An undisclosed buyer has acquired an apartment building located at 316 68th St. in Brooklyn’s Bay Ridge neighborhood for $3.7 million, or $240 per square foot, in an all-cash transaction. The four-story, 15,390-square-foot property features 20 units, of which 19 are rent stabilized and one is rent controlled. Brendan Maddigan and Aaron Warkov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
NEW YORK CITY — Shaw Industries, a carpet manufacturer, has signed a long-term lease to occupy 7,963 square feet of retail space at 853 Broadway in Union Square. The company will take occupancy of the entire third floor at the end of this year to use as a showroom. The third floor is the first of three floors that were recently renovated with a glass curtain wall. The 21-story, 212,000-square-foot office building is owned and managed by The Feil Organization. Robert Fisher provided in-house representation for the landlord, while Nicholas Weld and Michael Affronti of CBRE represented Shaw Industries in the transaction.
GLASTONBURY, CONN. — CBRE Capital Markets’ Debt & Structured Finance team has arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit multifamily complex located in Glastonbury. The $36.5 million construction loan, which was provided by Wells Fargo Bank, carries a three-year term plus a mini-perm at a market spread over LIBOR. A private institutional investor contributed equity in excess of $14 million. The developers will convert a historic mill into a 250-unit apartment community featuring garages, an electric car charging station, carport parking, fitness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas. In-unit amenities include washers and dryers and top-of-the-line finishes. Additionally, Flanagan’s Landing will include 6,150 square feet of commercial space. Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn of CBRE placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity firm.
NEW YORK CITY — New York REIT Inc. has entered into a definitive agreement to sell an apartment building located at 163 Washington Ave. in Brooklyn. The sales price is $38 million, or approximately $914 per square foot. Situated in Brooklyn’s Clinton Hill neighborhood, the property features 49 rental units, one commercial unit and 38 parking spaces. Holliday Fenoglio Fowler represented New York REIT in the transaction, which is expected to close in the fourth quarter. The name of the buyer was not disclosed.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at W. 204th and W. 207th streets in Manhattan’s Inwood neighborhood. The 49-unit property sold for $15.8 million, or $375 per square foot, in an all-cash transaction. The six-story, 42,108-square-foot building consists of 44 rent-stabilized units, three free-market apartments, one rent-controlled unit and one superintendent’s unit. Robert Shapiro of Cushman & Wakefield handled the transaction.
DEDHAM, MASS. — Holliday Fenoglio Fowler (HFF) has brokered the $7 million sale and arranged $4.7 million in acquisition financing for a 39,391-square-foot office building located at 20 Carematrix Drive in Dedham. Coleman Benedict and Ben Sayles of HFF represented the seller, an affiliate of The Bulfinch Companies Inc. Lauren O’Neil, also of HFF, led the debt placement team that arranged the acquisition financing for the buyer, an affiliate of NorthBridge CRE Advisors. The financing was arranged through Country Bank.
YORK, PA. — Marcus & Millichap has brokered the sale of Stonybrooke Shopping Center, a retail center located in York. The 63,955-square-foot shopping center sold for $3.6 million, approximately 97 percent of asking price. Situated on 10.4 acres at 3609 E. Market St., the center is occupied by Food Lion, Avis Rent-A-Car, local restaurants and Monro Muffler and Brake. The Food Lion recently underwent a $2 million renovation. Christopher Burnham, Derrick Dougherty and Dean Zang of Marcus & Millichap represented the seller, a group of Baltimore-based investors. The name of the buyer was not released.