NEW YORK — Extell Development Co. has acquired the remaining residential development rights at City Point, a 1.9 million-square-foot mixed-use project in downtown Brooklyn, for $115.5 million. The price works out to about $217 per buildable square foot. The sellers were Acadia Realty Trust and Washington Square Partners, co-developers of City Point. City Point’s third phase, a 21,500-square-foot parcel, will be Extell’s first residential development in Brooklyn. The company plans to develop a 665,000-square-foot tower, located on Willoughby Street, with 600,000 square feet of residential space and 65,000 square feet of commercial space at the base of the building. Acadia and Washington Square will retain the commercial portion of the development upon completion in 2020. Construction is slated to begin in 2017.
DEVENS, MASS. — Calare Properties and Hackman Capital Partners have completed the disposition of a manufacturing facility located at 112 Barnum Road in Devens. A large institutional real estate investor acquired the 392,000-square-foot property for $36 million. Originally constructed in 2010, the property features manufacturing and research facilities including oversized air handling and humidification emergency diesel generators and gas distribution systems. Robert Gibson, Bill Moylan, Chris Angelone, Bruce Lusa and John Meador of CBRE/New England represented the seller in the transaction.
JENNERSVILLE, PA. — Seavest Healthcare Properties and developer Anchor Health Properties have opened Penn Medicine Southern Chester County in Jennersville, a suburb of Philadelphia. The two-story, 72,000-square-foot facility features primary and specialty care physician offices, diagnostic imaging, physical therapy and laboratory services. Penn Medicine Chester County Hospital, a University of Pennsylvania Health System hospital, The Children’s Hospital of Philadelphia and independent physicians occupy the ambulatory care facility. Seavest, Anchor and physician-tenants own the property.
WILTON, CONN. — HFF has arranged the sale of Town Green at Wilton Center, a shopping center located in the town center of Wilton. An affiliate of Westport, Conn.-based Paragon Realty Group LLC acquired the 34,956-square-foot property for $9.9 million. Built in 1985, the two-building shopping center is occupied by a U.S. Post Office, Webster Bank, Hunan Café and Marly’s Bar & Bistro. James Koury, Fred Wittman, David Fowler and Patrick McAneny of HFF represented the sellers, Wilton Center Development LLC and Boylston Properties, in the deal.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,385-square-foot land parcel located at 71-74 Parsons Blvd. in the Kews Gardens section of Queens. The asset sold for $2.5 million. The 67-foot by 83-foot parcel offers a floor area ratio of 2.43 for a residential development and a floor area ratio of 4.8 for a development that includes a community facility. Steven Siegel and Michael Kook of Marcus & Millichap’s Manhattan office represented both the seller, a bank/financial institution, and the buyer, a developer, in the transaction.
PEDRICKTOWN, N.J. — Five Below (NASDAQ: FIVE), a retailer catering to pre-teens and teens, and supply-chain company NFI have opened a more than 1 million-square-foot distribution center in Pedricktown. Five Below will occupy 700,000 square feet of the property, which broke ground in September 2014, and use the property as its eastern U.S. distribution center servicing more than 300 retail store locations in the region. The new distribution center is bringing an estimated 100 jobs to the area. The facility features three miles of conveyor equipment and 2,500 tons of steel racking to support year-round operations.
PARSIPPANY, N.J. — Cushman & Wakefield has brokered the acquisition of a two-building office complex located at 1140 and 1160 Parsippany Blvd. in Parsippany. Micro Strategies Inc. purchased the property, which totals 46,000 square feet, from Hampshire Cos. for an undisclosed price. The Morris County, N.J.-based buyer plans to relocate its headquarters from Denville and Rockaway, N.J., to the newly acquired office complex. Slava Vaynberg, Marc Trevisan and David Sherman of Cushman & Wakefield arranged the off-market transaction.
WILMINGTON, DEL. — Evergreen Apartment Group Inc. has acquired Canby Park Apartments, a 255-unit apartment community located at 1600 Bonwood Road in Wilmington, for an undisclosed sum. Evergreen has rebranded the apartment community as Evergreen Apartments at Riverfront Heights. The buyer plans to implement a significant interior and exterior renovation and improvement program at the property, which was built in 1968. Apartment amenities include in-unit washers/dryers, individually controlled central HVAC, modern kitchens with ceramic tiles, walk-in closets, private entrances and balconies. Community amenities include a full-service leasing and community center, state-of-the-art lifestyle and fitness center, an indoor swimming pool and resident lounge. Fannie Mae provided financing for the acquisition, with Key Bank servicing the loan and AMA Financial serving as the mortgage broker.
OCEAN, N.J. — IMI Acquisitions Ltd. has acquired a shopping center at Ocean Circle Plaza in Ocean. Constructed in 2010, the 20,000-square-foot retail center sold for $3.8 million. Ray Smith of Stafford Smith Realty brokered the transaction. The name of the seller was not released.
WORCESTER, MASS. — Kelleher & Sadowsky Associates has brokered the sale of an office building located at 25 Harvard St. in Worcester. 25 Harvard Street LLC purchased the 5,400-square-foot property, known as the Otis E. Putnam House, from Phylis Jaffee of Jaffee & Associates CPA for an undisclosed price. Aisling Partners will relocate to the property from 446 Main St. in late summer/early fall. Paul Matt and David Cohen of Kelleher & Sadowsky represented both parties in the transaction.