PHILADELPHIA AND WARMINSTER, PA. — Newmark Grubb Knight Frank (NGKF) has brokered the sales of two industrial properties in the greater Philadelphia area. In the first transaction, Wolf Pack LP acquired a 21,500-square-foot industrial building, located at 3015 Darnell Road in Philadelphia, for $1 million, or $47.67 per square foot. Neil Shupak and Justin Bell of NGFK represented the sellers, Jerry and Brenda Frebowitz, in the transaction. In the second deal, D&B Pharma Real Estate Partners acquired an industrial building located at 200 Park Ave. in Warminster for $3.8 million, or $25.67 per square foot. Situated on 5.8 acres, the 150,000-square-foot building features 26-foot ceiling heights, off-street parking and loading capabilities. Shupak and Bell represented the undisclosed seller, while Kurt Eisenschmid of Penn’s Grant Realty represented the buyer in the transaction.
DANVERS, MASS. — Marquis Health Services, a division of Tryko Partners, has completed a $2.6 million renovation of The Brentwood Rehabilitation and Healthcare Center, located at 56 Liberty St. in Danvers. Built in 1972, the 159-bed property was renovated to include a dedicated 32-bed sub-acute care unit and a new 2,300-square-foot therapy gym. The sub-acute care unit features a neurologist-led stroke recovery program and the gym offers rehabilitation therapy seven days per week with state-of-the-art equipment, including a smart car to train patients in automobile transfers. Additionally, the patient rooms were renovated to include a traditional suite with a full residential set-up including kitchen, living room, bedroom and bathroom. Marquis Health Services acquired the property in late 2013.
BINGHAMTON, N.Y. — HREC Investment Advisors has arranged the sale of a Comfort Inn located in Binghamton. Shree Hari Holdings LLC acquired the 104-room property for an undisclosed price. Ted Anka, Ketan Patel and Geoff David of HREC Investment Advisors represented the seller, Binghamton Hotel Partners, in the transaction.
NEW YORK CITY — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island. Triangle, along with its partner, Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups, including $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City, and joint venture equity from Triangle and Lubert Adler. The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant space, entertainment space and a 12-story residential tower with 116 apartment units. Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site. This repurposing will allow for additional restaurant, office and hospitality space, including a …
NEW YORK CITY — Treetop Development has acquired a development site located at 121-129 E. 144th St. in the Mott Haven section of the Bronx for an undisclosed sum. Situated in a special mixed-use district zoning area (MX-13), the property has 68,326 buildable square feet as-of-right, with the option to develop up to 91,000 square feet by utilizing the inclusionary housing bonus. Treetop, a multifamily owner and investor focused on renovating and developing market-rate properties in New York City, is in the process of determining the best use for the site. Jason Gold, Victor Sozio, Scot Hirschfield, Marko Agbaba and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller and procured the buyer in the transaction.
FRANKLIN, N.J. — Denholtz Associates has acquired Somerset Executive Square II, an office building located at 2 Executive Drive in Franklin. GE Capital sold the property for an undisclosed sum. The four-story building features 83,258 square feet of multi-tenant office space. Situated on five acres, the property also features newly renovated lobbies and corridors. The property offers office vacancies ranging from 5,000 square feet to large customized floor plates, with 18,754 square feet of space currently available.
HOLMDEL, N.J. — Vonage, a provider of cloud communications services, has renewed its lease through 2023 for 23 Main St. in Holmdel. The 350,000-square-foot building has been the company’s corporate headquarters and home to more than 700 Vonage employees since 2005. Owned by Mack-Cali Realty Corp., the property offers abundant parking, direct access to Route 34 and convenience to the Garden State Parkway. Christopher DeLorenzo of Mack-Cali handled the renewal for the owner, while Vonage was represented by Cushman & Wakefield.
NEW YORK CITY — Westbridge Realty Group has arranged four sales in New York City totaling $8.5 million. In the first transaction, Baycrest Management acquired a multifamily property with 27 apartments and one retail unit from Emritas Realty LLC for $3.9 million. The building is located at 633 E. 186th St. in the Belmont section of the Bronx. Steven Westreich represented the buyer and seller in the deal. In the second transaction, 2 Stanwix LLC purchased a 3,510-square-foot mixed-use property located at 2 Stanwic St. in Brooklyn’s Bushwick neighborhood for $2 million, or $570 per square foot. Adam Traub of Westbridge represented the buyer, while Hen Vaknim, also of Westbridge, represented the seller, 2S, in the transaction. In the third deal, East Williamsburg Powers LLC acquired a 3,750-square-foot apartment building, located at 280 Powers St. in Brooklyn’s Williamsburg section, for $1.4 million. Westreich represented the buyer, while Traub represented the undisclosed seller. In the final transaction, Westreich represented the buyer and seller in the $1.2 million exchange of 345 Montgomery Street in Brooklyn. The assets, which include eight unsold coop rent-stabilized units, sold for $158 per square foot. The names of the buyer and seller were not released.
BOSTON — NorthMarq Capital has arranged $4.5 million in acquisition financing for an office property located at 44-46 Plympton St. in Boston’s South End. The transaction was structured with a 10-year term and a 30-year amortization schedule. The property features 28,600 square feet of office space. Ed Riskstins of NorthMarq Capital’s Boston regional office secured the financing for the undisclosed borrower through NorthMarq’s relationship with a national bank.
BOSTON — Collier International has arranged the renewal of a 152,000-square-foot lease at 100 Meadow St. in Boston for HD Supply. The industrial facility features 30-foot clear ceiling heights, an ESFR sprinkler system and numerous loading docks. The warehouse property was recently acquired by Newton, Mass.-based National Development. Austin Smith of Colliers lead the transaction.