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Northeast

25-Industrial-Ave-Chelmsford-MA
IndustrialMassachusettsNew HampshireNortheast

RAM Acquires Two Industrial Properties in Merrimack Valley for $21.2M

by Amy Works

HUDSON, N.H., and CHELMSFORD, MASS. — The RAM Companies has acquired two industrial properties in Merrimack Valley for $21.2 million. The properties are 267 Lowell Road in Hudson and 25 Industrial Avenue in Chelmsford. The 121,533-square-foot property on Lowell Road features lab, clean room space and 401 parking spaces. Additionally, the property recently underwent renovations for its long-term Mercury Systems and Vectron Corp. The 48,734-square-foot property in Chelmsford is fully leased to a variety of tenants, including Comcast and CDM Smith. Dog Jacoby of Colliers Commercial Real Estate brokered the transaction and arranged debt financing through CIBC Bank for the deal.

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4103-7th-Avenue
MultifamilyNew YorkNortheast

TerraCRG Brokers Sale of 20-Unit Apartment Building in Sunset Park

by Amy Works

NEW YORK CITY — TerraCRG has brokered the sale of an apartment building located at 4103 Seventh Ave. in Brooklyn’s Sunset Park neighborhood. The four-story, 14,456-square-foot property sold for $4.2 million, which equates to 13 times rent roll and $207,000 per unit. The 20-unit multifamily property is located on the corner of Seventh Avenue between 41st and 42nd streets. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG arranged the transaction.

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Sophos
MassachusettsNortheastOffice

Sophos Inks 42,000 SF Lease for Regional HQ in Burlington

by Amy Works

BURLINGTON, MASS. — Sophos, a developer and vendor of computer security software and hardware, has leased 42,000 square feet of office space at 3 Van de Graaff Drive in Burlington. The company will use the space for its regional headquarters. Built in 1999 and fully renovated in 2007, the four-story property offers 295,000 square feet of office space. On-site amenities include a cafeteria, fitness center, an open courtyard and conference center. John Boyle, Ryan Romano and Kevin McNamara of Cassidy Turley represented Sophos in the 10-year deal. Steven Murphy of CBRE represented the landlord.

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2307-Broadway-NYC
Mixed-UseNew YorkNortheastOfficeRetail

Ripco Brokers Sale of 12,000 SF Mixed-Use Building for $26M in Manhattan

by Amy Works

NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.

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3208-3210-Boardwalk-West-Brooklyn
MultifamilyNew YorkNortheast

CBRE Group Brokers $3.78M Sale of Multifamily Building in Brooklyn

by Amy Works

NEW YORK CITY — CBRE Group Inc. has brokered the sale of an apartment building located at 3208-3210 Boardwalk West in Brooklyn’s Coney Island neighborhood. The 11-unit property sold for $3.78 million. The 16,336-square-foot oceanfront property is newly renovated after suffering severe damage from Hurricane Sandy. The apartments feature granite countertops, kitchen islands, stainless steel appliances, tiled bathrooms, beautiful hardwood floors and floor-to-ceiling windows. Additionally, all units are equipped with washer and dryer hook-ups and designated parking spaces. Charles Berger, Elli Klapper, Matthew Giordano and Justin Aronson of CBRE Group represented the seller in the transaction.

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555-Mitchell-Avenue-Burlington-NJ
New JerseyNortheastRetail

MJ Partners Self Storage Group Sells 565-Unit Storage Facility for $2.97M in New Jersey

by Amy Works

BURLINGTON, N.J. — MJ Partners Self Storage Group has sold the Planet Self Storage facility, which is located at 555 Mitchell Ave. in Burlington. Winter Garden, Fla.-based iStorage purchased the property for $2.97 million. The property consists of 54,165 square feet of rentable space and 565 storage units. At the time of sale, the facility was approximately 70 percent occupied. The property will be rebranded as an iStorage self storage facility. iStorage operates 60 self-storage facilities in 11 states across the country. David Kohn of MJ Partners represented both parties in the transaction.

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New JerseyNortheastOffice

Vornado Leases 470,000 SF to Amazon in Paramus’ Penn Plaza District

by Amy Works

PARAMUS, N.J. — Vornado Realty Trust has leased 470,000 square feet of office space to Amazon at 7 West 34th St. in the Penn Plaza District of Paramus. Amazon has inked a 17-year lease for the office space. Vornado, a fully integrated real estate investment trust, owns approximately 9 million square feet of commercial space in the Penn Plaza District.

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New YorkNortheastRetail

HLC Equity Sells 27,699 SF Retail Property in Bronxville

by Amy Works

BRONXVILLE, N.Y. — HLC Equity, a national real estate investment holding group and property manager, has sold a retail property located at 12-14 Cedar St. in Bronxville. The 27,699-square-foot building sold for an undisclosed price. The retail property currently houses a longtime tenant, A&P, under the terms of a triple-net lease. Lawrence Porter and George Valliades of Newmark Grubb Knight Frank Capital Markets represented HLC Equity in the transaction. The buyer was not disclosed.

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Pier-Shops-Atlantic-City
New JerseyNortheastRetail

CBRE Brokers Sale of The Pier Shops at Caesars in Atlantic City

by Amy Works

ATLANTIC CITY, N.J. — CBRE has brokered the sale of The Pier Shops at Caesars in Atlantic City. Tower Investments acquired the luxury shopping destination, which is connected to Caesars Hotel and Casino, for an undisclosed price. Constructed in 2006, the 290,210-square-foot shopping center is located at One Atlantic Ocean and was built on a pier that extends 900 feet from the New Jersey shoreline. Peter Stevens, Kevin McClernon and William Tourtellotte of CBRE represented the seller in the transaction.

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MultifamilyNew YorkNortheast

JMH Development, Madison Estates Acquire 70 Henry Street for Condo Project

by Amy Works

NEW YORK CITY — JMH Development and Madison Estates have acquired 70 Henry Street in Brooklyn’s Brooklyn Heights neighborhood for $7.5 million. The partnership plans to develop a boutique condominium development on the site. JMH Development and Madison Estates have selected Morris Adjmi as architect of record for the project. The partnership most recently developed The Townhouses of Cobble Hill in Brooklyn’s Cobble Hill neighborhood.

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