MIDDLETOWN, R.I. — RK Centers has acquired Middletown Village, a retail center located on Route 114 in Middletown, for $16.7 million. The 98,575-square-foot center is occupied by a variety of national tenants, including Barnes & Noble, Sports Authority, Michaels and Petco. The name of the seller was not released.
PORTLAND, MAINE — North River Co., an affiliate of Waterfront Maine, has acquired Portland Square in downtown Portland for $66 million. Located at One and Two Portland Square, the two-building property features 260,000 square feet of office and retail space as well as adjacent and underground parking areas. Originally constructed in the late 1980s, the property is currently 97 percent leased to a variety of tenants, including TD Bank, Wells Fargo, Prudential and Stone Coast Fund Services. Drew Sigfridson of CBRE | The Boulos Company represented the buyer in the transaction. The seller was a REIT that had owned the property for nearly a decade.
NEW YORK CITY — Meridian Capital Group has arranged $48 million in refinancing for an office property located at 1156 Avenue of the Americas in New York City. The borrower was APF Properties. The seven-year loan, which was provided by a regional balance sheet lender, features a fixed rate, a five-year extension option and five years of interest-only payments followed by a 30-year amortization schedule. The nine-story office property offers 71,900 square feet of office space and 8,000 square feet of retail space. Tal Bar-Or of Meridian negotiated the financing on behalf of the borrower.
BRIDGEWATER, N.J. — PCCP LLC has provided a $29.7 million senior loan to American Real Estate Partners and Silverpeak Real Estate Partners for the acquisition and lease-up of CenterPointe at Bridgewater in Bridgewater. The joint venture plans to implement a $2.7 million capital improvement plan for the renovation of one building and improvements and cosmetic enhancements for the remaining three buildings. The four-building campus offers 332,000 square feet of Class A office space.
BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund LX, a nationwide portfolio of 21 affordable apartment properties in 13 states with a fund size of $120 million. The fund includes 17 properties for families and four seniors housing developments. This portfolio added 1,068 apartment units to Boston Capital’s holdings. Fund XL also will result in the creation of nearly 870 local jobs and will generate $54 million in local salaries. With the closing of Fund XL, the company has raised $538 million in equity in the past 12 months. Boston Capital also recently launched Corporate Fund XLI, a $160 million fund expected to close in October.
TANNERSVILLE, PA. — Michael Baxter & Associates Commercial Real Estate has arranged the sale of the former Pocono Record printing facility in Tannersville. DMC Properties PA LLC, an affiliate of Durr Mechanical Construction purchased the 25,000-square-foot property for $1.2 million. Michael Baxter of Michael Baxter & Associates represented the seller, Dow Jones, in the transaction. John Schilp of NAI James E. Hanson represented the buyer.
MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of TGM Waterford Commons, an apartment community located at 30 Catherine’s Way in Manchester. Beachwood Residential LLC purchased the 303-unit property from TGM Waterford LLC, an affiliated entity of New York City-based TGM Associates, for $49.9 million, or $165,000 per unit. The 13-building property features 47 one-bedroom/one-bath apartments, 193 two-bedroom/two-bath units and 63 three-bedroom/two-bath units ranging from 690 to 1,350 square feet. Units feature walk-in closets, in-home full-size washer/dryer units and a private patio or balcony area. Community amenities include a clubhouse, heated indoor swimming pool and spa, movie theater, fitness center, sauna and steam room, volleyball court, tennis court, playground, barbecue and picnic area, storage units and carports. Steve Witten and Victor Nolletti of IPA represented the seller in the transaction.
WEST WARWICK, R.I. — CBRE/New England has brokered the sale of The Apartments at Royal Mills, a multifamily community located at 125 Providence St. in West Warwick. JG Royal Mill LLC/JJH Royal Mill LLC, an affiliate of Readville, Mass.-based Geraghty Associates, purchased the 251-unit property for $31.7 million from SBER Royal Mill LLC. The property consists of two main historic mill buildings: Royal Mill, ranging from four to six stories, and the four-story Ace Dye Mill. Additionally, the property features a two-story machine shop mill with two townhome units and a vacant two-story gatehouse building, which can be converted into amenity or residential space. Community amenities include a clubhouse, pool table, wet bar, fireplace, resident lounge, fitness and business centers, riverfront barbeque area, kayak launch, landscaped river walk, waterfall-powered hydro plant, landscaped common areas and courtyards and climate controlled on-site garage parking. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.
YORK, PA. — The Garibaldi Group and Avison Young have brokered the sale of an industrial property located at 57 Grumbacher Road in York. Boston-based High Street Realty Co. purchased the property for an undisclosed price. Situated on 11.8 acres, the 284,582-square-foot property offers 6,000 square feet of office space and 27 dock-high doors with one drive-in door. Additionally, the site can accommodate up to 92 trailer lot stalls or a 55,000-square-foot standalone building. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Brendan Kelly of Avison Young, represented the seller, Bell Sport Inc., in the transaction.
PARSIPPANY, N.J. — Commercial Realty Group (CRG) has acquired an industrial building, located at 7 Eastmans Road in Parsippany, for an undisclosed price. CRG plans to reposition the 142,620-square-foot property to Class A status. Renovations and improvements will include a new roof and energy-efficient lighting, as well as raising ceiling heights to 24 feet in a portion of the building and upgrading the landscaping. Additionally, the buyer plans to reskin the building’s façade, upgrade the loading docks and expand the parking area. Jules Nissim, Stephen Elman and Chris Kinum of Cushman & Wakefield negotiated the transaction and represented the seller, a trust, in the deal. Additionally, CRG has retained Cushman & Wakefield to market and lease the property.