ERIE, PA. — Federal Capital Partners, through its existing joint venture with Horizon Land Co., has purchased Valley Village in Erie. The 174-site manufactured home community is well located within the city and proximate to existing FCP/Horizon communities. The Valley Village acquisition brings the joint venture’s portfolio to a total of 19 mid-Atlantic communities with approximately 2,920 sites. Since closing the joint venture, FCP/Horizon has purchased nine communities representing approximately $80 million in value.
Northeast
NEW YORK CITY — A joint venture between Witkoff Group, Winthrop Realty Trust, New Valley LLC, Maefield Development and Ian Schrager Company has named CBRE Group as the exclusive leasing agent for the retail portion of 20 Times Square. The 76,000-square-foot retail component features 200 linear feet of wraparound frontage at the corner of 47th Street and Seventh Avenue and a 25-foot tall glass storefront, as well as flexible floor sizes ranging from 10,700 to 14,700 square feet. The retail space will be one component of 20 Times Square, a mixed-use development that will include a 425-room Times Square EDITION hotel and 40,000 square feet of dining, entertainment and event space. Stephen Siegel, Andrew Goldberg and Susan Kurland of CBRE will oversee the leasing efforts for the property.
NEW YORK CITY — Thor Equities has acquired 36 East 61st Street, a townhouse located in New York’s Upper East Side. The seven-story, 15,900-square-foot building features 2,600 square feet on the lower level, 2,500 square feet on the ground floor and 3,600 square feet on the each of the remaining floors. Currently, the property is used as office space, but it offers both commercial and residential opportunities for tenants. The seller, a high net worth family, sold the property for an undisclosed price.
NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has arranged the sales of two apartment buildings totaling $5.13 million in New York City. In the first transaction, a limited liability company sold 481 Saint Marks Avenue, a nine-unit apartment property located in Brooklyn for $1.88 million or approximately $360 per square foot. Patxi Colbern and Shaun Riney from Marcus & Millichap’s Brooklyn office acted on behalf of the seller. In the second transaction, Riney represented a limited liability company in the disposition of 533 Bergen Street, an eight-unit apartment property in Brooklyn. The asset sold for $3.25 million or approximately $463 per square foot.
NEW YORK CITY — Madison Realty Capital has acquired two multifamily buildings located at 216-218 West 22nd St. in Manhattan for $19.3 million. The 27,750-square-foot property consists of two adjacent five-story buildings offering 30 residential units. The properties offer 19 one-bedroom and 11 two-bedroom apartments, as well as a vacant garden-level space that is currently being built-out for commercial use. Anand Melwani of ARM Estate Group represented the buyer, while Christopher Okada and Hiro Iwata of Okada and Company represented the undisclosed seller.
MIDDLETOWN, CONN. — Cronheim Mortgage has arranged a $10 million permanent loan for Middletown Plaza Shopping Center on Washington Street in Middletown. Big Lots, Petco, Staples, Dress Barn, RadioShack, GNC and Workout World occupy the 149,981-square-foot property. The 10-year financing was secured with a bank, which offered a 10-year fixed rate, flexible prepayment and some first-year interest-only terms. David Turley and Janet Proscia of Cronheim Mortgage secured the financing for the borrower.
NEW YORK CITY — Florida-based Waterbury Meadow LLC has purchased 3450 Broadway in New York’s Hamilton Heights area for $8.5 million. The six-story, 32,010-square-foot building offers 24 residential units and five retail spaces, including Papa Juan Cigar Room. Built in 1925, the building was 100 percent rented at the time of sale. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the seller, 3450 Partners LCC, and the buyer in the transaction.
SUMMIT, N.J. — MRY Associates and Normandy Real Estate Partners have broken ground for the development of 466 Springfield Avenue, a four-story boutique office and retail building in downtown Summit. The 32,500-square-foot building will offer 28,000 square feet of office space and 4,500 square feet of ground-floor retail space. The property is slated for completion in spring 2015.
NATICK, MASS. — R.W. Holmes has brokered the sale of 679 Worcester Road in Natick. Boston India Realty LLC purchased the 13,000-square-foot office building for $2.7 million from 679 Worcester Road Trust. TalentBurst, an affiliate of the buyer, will occupy the first floor of the building. Craig Johnston and Garry Holmes of R.W. Holmes Realty represented both parties in the transaction.
NEW YORK CITY — SL Green Realty Corp. has purchased Ivanhoe Cambridge’s stake in 388-390 Greenwich Street, a two-building, 2.6 million-square-foot office property in Manhattan, in conjunction with a $1.45 billion refinancing of the property. A lending group comprising Citigroup, Bank of China, Wells Fargo and Barclays provided the new 7-year mortgage. The loan, which has an interest at LIBOR plus 1.75 percent, features an initial 4-year term and three 1-year as-of-right extension options. The loan is replacing the former $1.14 billion financing. The refinancing follows the triple-net lease renewal by an affiliate of Citigroup Inc. for the entire 2.6 million-square-foot complex through year-end 2035, and SL Green’s agreement to purchase Ivanhoe Cambridge’s stake. Eastdil Secured arranged the financing of behalf of SL Green. Callahan Capital Properties and Eastdil Secured advised Ivanhoe Cambridge in the transaction. Ivanhoe Cambridge expects to reinvest proceeds, building a national U.S. office platform alongside our strategic partner Callahan Capital Properties.