EAST HARTFORD, CONN. — Chozick Realty Inc. has completed the sale of Colonial Court Apartments in East Hartford. The 76-unit apartment complex sold for $5.2 million, or $68,421 per unit. Constructed in 1964, the property features a mix of studios, one-bedroom and two-bedroom units, and two-bedroom townhomes, as well as onsite parking and laundry facilities. Rich Chozick of Chozick Realty represented the seller, Mystic Property Management, and the buyer, MGG Capital, in the transaction.
MAPLEWOOD, N.J. — Ancyma Inc. has acquired an industrial facility, located at 40 Camptown Road in Maplewood, for more than $4 million from R&S Restaurant Supply. The 66,000-square-foot distribution property features 22-foot ceilings, six tailboards, one drive-in door, 40-foot by 40-foot column spacing, wet sprinklers and 25 parking spaces. David Blitt and Robert Sager of Bussel Realty Corp. represented the seller, while Irv Weiss of American Properties represented the buyer in the transaction.
WEST SPRINGFIELD, MASS. — Marcus & Millichap has arranged the sale of Toll House Apartments, a multifamily property located at 2024 Riverdale St. in West Springfield. A limited liability company purchased the 48-unit residential property for $1.7 million. The property was 98 percent occupied at the time of sale. Tim Thompson and John Slyman of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the deal.
NEW YORK CITY — Kushner Cos. has acquired a 16-building portfolio of Manhattan and Brooklyn multifamily properties for $131.5 million from Stone Street Properties and HIG Realty Partners. The portfolio, which also includes five retail stores, consists of 14 Manhattan buildings totaling 251 units in the Upper East Side, Murray Hill, East Village and Greenwich Village, and two buildings, totaling 40 units, in Brooklyn’s Boerum Hill district.
BOSTON — HFF has arranged $55 million in first mortgage financing for a boutique office and retail property located at 185 Dartmouth St. in Boston’s Back Bay neighborhood. HFF placed the long-term, fixed-rate loan with HSBC Bank for the borrower, Synergy Investments. The loan proceeds were used to pay off existing debt, provide the necessary capital to complete the property’s rehabilitation plan and return equity upon stabilization. Completed in 1937, the 11-story building features 164,559 square feet of Class A office and retail space and 45 on-site parking spaces. Current tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos. Greg LaBine and Patrick McAneny of HFF secured the financing for the borrower.
EWING TOWNSHIP, N.J. — Affiliates of Rubenstein Partners have completed the disposition of Princeton South Corporate Center, a two-building office park in Ewing Township. Located at 100 and 200 Princeton South, the asset offers 268,000 square feet of Class A office space. Rubenstein Partners originally acquired the property in July 2011. Tom Walsh and Joe Garibaldi of Jones Lang LaSalle represented Rubenstein Partners in the transaction. Terms of the deal were not released.
BEVERLY, MASS. — Marcus & Millichap has arranged the sale of a retail property in Beverly. MAR Realty LLC purchased the property for $8.7 million, with a 5.46 percent cap rate, from Westward Apple Orchards LP. The property is occupied by Walgreens under a 25-year lease that includes five-year extension options. The lease was executed in November 2012. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the transaction.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the sale of two multifamily properties, totaling 60 units, in Plainfield. In the first transaction, Gehane Triarsi and Nicholas Nicolaou of Gebroe-Hammer arranged the $3.1 million sale of a 33-unit multifamily property at 815-825 Central Ave. The property features a mix of two-, three- and four-and-a-half-room layouts. In the second deal, Triarsi represented the seller in the $2.2 million sale of a 27-unit property at 315 W. Eighth St. The property features 21 studios and six one-bedroom units. Stephen Tragash, also of Gebroe-Hammer, procured the buyer in the transaction.
NEW YORK CITY — American Realty Capital New York City REIT Inc., a public non-traded REIT, has acquired an office property located at 123 William St. in downtown Manhattan, for $253 million, or $470 per square foot. The 27-story building features 545,000 square feet of rentable space. The acquisition was funded with a combination of cash and mortgage financing.
NEW YORK CITY — CPEX Real Estate has brokered the sales of two development sites, totaling 350,000 buildable square feet, in Brooklyn’s Prospect Lefferts Gardens. Hudson Cos. purchased the sites for a combined $23 million and plans to develop 520-unit multifamily property on the sites. In the first deal, Hudson Cos. purchased a five-parcel, 36,430-square-foot site at 1295-1299 Nostrand Ave. and 306-310 Clarkson Ave. for $10 million, or $69 per buildable square foot. The site offers 145,720 buildable square feet. The seller was a family that had owned the properties since the early 1980s. In the second transaction, Hudson Cos. acquired the adjacent properties, 318-350 Clarkson Ave., from Health Science Center at Brooklyn for $13 million, or $65 per buildable square foot. The site offers 200,000 buildable square feet. Sean Kelly, Timothy King and Brian Leary of CPEX represented the sellers in each transaction and procured the buyer.
