NEW YORK CITY — Ariel Property Advisors has brokered the sale of a four-property industrial facility in Brooklyn’s East Flatbush neighborhood. Located at 5255 Kings Highway and 2-24 Preston Court, the facility sold for $6.4 million, or $188 per square foot. The 34,396-square-foot asset, which consists of four buildings and a vacant lot, feature eight roll-down gates, one loading dock, multiple office spaces and conference room space. Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici of Ariel Property Advisors represented the seller, Zeluck Corp., and procured the buyer, a private investor, in the transaction.
SALEM, N.H. — CBRE/New England has arranged an office lease for 36creative at 23 S. Broadway in Salem. The boutique brand development and creative agency will lease 4,620 square feet from MetScott21 LLC. Formerly a Coca Cola Bottling Corp. facility, the property has been repositioned as a multi-tenant office/retail building. Chris Healey of CBRE/NE represented the tenant, while Art Bonin of ARBonin Cos. represented the landlord in the transaction.
NORWOOD, MASS. — Summit Hotel Properties Inc. has acquired the Hampton Inn Boston-Norwood, a 139-room hotel located at 434 Providence Hwy. in Norwood for $24 million. The company plans to spend $2.3 million on capital improvements, which will include a conversion to a Hampton Inn & Suites by Hilton, at the property during the second half of 2016. Additionally, the company has entered into a management agreement with Interstate Hotels & Resorts to manage the property. The name of the seller was not released.
NEW YORK CITY — Madison Realty Capital and Siguler Guff have acquired a retail condo property located at One Hanson Place in Brooklyn’s Fort Greene neighborhood. The joint venture purchased the 41,400-square-foot property for $20.4 million. The property sits at the base of the 41-story One Hanson Place, which was built in 1972. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 9020-9024 Fifth Ave. in Brooklyn. The 24,829-square-foot property sold for $7.5 million. Mark Zarrella and John Brennan of Marcus & Millichap’s Brooklyn office represented the seller and secured the buyer, both individual/personal trusts, in the transaction.
CAMBRIDGE, MASS. — Hunt Mortgage Group has secured a $2.3 million Freddie Mac loan for the refinancing of a multifamily property located in Cambridge. The borrower is Agora Market Street LLC. Located 19-25 Market St., the 16-unit property comprises three-bedroom/one-bathroom units and is 100 percent occupied. Hayley Suminski of Hunt Mortgage negotiated the financing.
STAMFORD, CONN. — Building and Land Technology (BLT) has acquired a 550,000-square-foot office complex, located at 1 Elmcroft Road in Stamford. Designed by I.M. Pei & Partners, the property is the former headquarters of Pitney Bowes. BLT acquired the vacant complex fromby Pitney Bowes for an undisclosed sum. The property is located adjacent to Harbor Point, the transformative mixed-use waterfront development in Stamford. BLT plans to reintroduce the complex to the market as prime office space.
NEW YORK CITY — HKS Capital Partners has secured $109 million in financing to complete the SLS Midtown South, a boutique hotel at 444 Park Avenue South in New York City. Moin Development acquired a 14-story office building at the site in 2011 for $45 million and partnered with SBE to develop the $150 million SLS Midtown South, which is slated to open next spring. The 20-story hotel will feature a 6,000-square-foot sub-cellar. Ayush Kapahi and Gabrielle Simon of HKS Capital Partners arranged the financing, which was provided by Fortress Investment Group.
NEW YORK CITY — Meridian Capital Group has arranged $22.7 million in permanent financing for a multifamily property in New York City. The five-year loan, provided by a regional balance sheet lender, features a fixed rate of 3 percent and three years of interest-only payments. Located at 555 Edgecombe Ave., the 14-story property, known as the Paul Robeson Residence, contains 128 units. Judah Hammer and Daniel Neiss of Meridian Capital negotiated the financing for the undisclosed borrower.
SMITHTOWN, N.Y. — Whitetop Mountain Professional Properties and Stalco Construction, serving as general contractor, have broken ground on a medical and research building located in the Village of The Branch, a part of Smithtown. Located at 226 Middle Country Road, the 15,100-square-foot building will be occupied by North Shore-LIJ Health System diagnostic imaging center and the headquarters and product research and development facilities of MIDI, a consulting firm that focuses on medical, life sciences and home healthcare product development. The property will house state-of-the-art medical services and research & development facilities. The project team includes nf architectural designs, Design Bureau of Leonid Krupnik, RMS Engineering and Mottola Rini Engineers.