BENSALEM, PA. — HFF has brokered the sale of Crestwood Apartments, a 165-unit multifamily community in Bensalem. Situated on 5.14 acres at 3241 Hulmeville Road, the community features 15 three-story buildings offering a total of 65 one-, 95 two- and five three-bedroom units and 240 parking spaces for tenants and guests. Mark Thomson and Zac Pierce of HFF represented the seller, 3241 Associates LP, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an industrial building located at 190 Morgan Ave. in Brooklyn. The 14,875-square-foot property sold for $3.5 million. Jakub Nowak and James McGuckin of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the deal.
BENSALEM, PA. — Bensalem-based Roddy Inc. has brokered the sale of an industrial building located at 1436 Wells Drive in Bensalem. Alexandria Ventures III LLC sold the property for $2.5 million to 1436 Wells Drive Associates LLC. The 42,000-square-foot building consists of three industrial condominium units featuring 19-foot ceiling heights and 1,798 square feet of office space. Universal Asset Recovery LLC, a wholesale supplier of used office equipment, occupies the facility. Robert Olender of Roddy Inc. represented the seller.
While it was unfortunate to see retail vacancy in Eastern Massachusetts on the upswing during 2014, it was more than offset by new retail construction as major development resurfaced. At year-end, total retail inventory was 191.6 million square feet, an increase from the prior year of approximately 2.1 million square feet. Vacant retail space in the region was up more than 1.3 million square feet, due to major contractions and liquidations such as Building 19, Dots, and Shaw’s Supermarkets. Net absorption ended the year ahead by 712,500 square feet. The 10 towns with the greatest retail supply remain in place from a year ago with one exception: thanks to new Walmart Supercenter and Sam’s Club locations, Fall River replaced Peabody. The top retail hub is Boston, followed by Cambridge, Natick, Brockton and Framingham. Among communities with at least 500,000 square feet of retail space, five towns broke into the top 10 with lowest vacancy rates: Foxboro, Hingham, Hudson, Danvers, and Everett. Abington remained at the top with a 1.2 percent vacancy rate. Foxborough made the biggest leap — up from 58th last year — as the result of Patriot Place filling significant vacancy, and Ocean State Job Lot opening in …
EDISON, N.J. — HFF has brokered the sale of an industrial facility located at One Truman Drive South in Edison. IC/L-A One Truman Drive LLC, wholly owned by affiliates of Lubert-Adler Partners, sold the 369,313-square-foot property to Cohen Asset Management Inc. and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets. In addition to marketing the property on behalf of the seller, HFF arranged a fixed-rate acquisition loan through Principal Real Estate Investors for the buyers. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction. Jon Mikula and Michael Klein, also of HFF, secured the financing for the purchaser.
MORRIS COUNTY, N.J. — Woodmont Properties has broken ground for the construction of Woodmont West at Mount Arlington, an apartment community in Morris County. Situated on 55 acres, the community will feature 300 one- and two-bedroom residences, a clubhouse, a fitness center, a game room, a swimming pool and whirlpool, a barbeque area, walking paths, a sports court, a library, a business center, a party room, a theater, a pet grooming center, private garages and an indoor golf center with a driving range and putting green. The community is slated to open in January 2016.
NEW YORK CITY — Savanna has completed the disposition of 576 Fifth Avenue, a boutique office and retail building in Manhattan. Real Estate Equities Corp. acquired the 72,000-square-foot asset for an undisclosed price. Situated on the corner of Fifth Avenue and 47th Street, the property features a jewelry exchange on the ground floor and offices on the upper floors. Yoron Cohen, Richard Baxter, John Caplan, Scott Latham and Jason Gold of Jones Lang LaSallle represented Savanna in the transaction.
MOOSIC, PA. — CBRE Group has brokered the sale of Shoppes at Montage, a 281,193-square-foot retail center located in Moosic. USPG Holdings Inc. purchased the property for an undisclosed price from Duke Realty. Situated on 52 acres, the center is occupied by more than 50 retail stores. Kevin McClernon, Bob Mahoney and Rich Frolick of CBRE represented the seller in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of an office building located at 2118 Coney Island Ave. in the Sheepshead Bay area of Brooklyn. Constructed in the 1990s, the three-story, 4,800-square-foot medical office building sold for $2.2 million. Erik Yankelovich of GFI Realty Services represented the seller and buyer, both of which are local investors, in the transaction.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1314 Seneca Ave. in the Hunts Point section of the Bronx. The 60-unit apartment building sold for $7.6 million, or $126,000 per unit. Constructed in 1928, the 64,000-square-foot elevator building features residential units and two retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty represented the seller. Both the seller and buyer were local private investors.
