MIDDLEBOROUGH, MASS. — Calare Properties has acquired three industrial properties located within the Campanelli Business Park in Middleborough for $25.3 million from Campanelli. Totaling 273,000 square feet, the portfolio includes 16 Leona Drive, 19 Leona Drive and 139 Campanelli Drive. The 80,000-square-foot property at 16 Leona Drive features 21-foot clear heights and is 100 percent leased to IDEX Health & Science. The 108,000-square-foot facility at 19 Leona Drive is fully occupied by Sager Electronics, a subsidiary of TTI Inc., a Berkshire Hathaway Inc. company. Finally, the 85,000-square-foot property at 139 Campanelli Drive is 100 percent leased to Stop & Shop Supermarket.
LONG ISLAND AND DIX HILLS, N.Y. — NorthMarq Capital has arranged $12.9 million in financing for a four-property retail portfolio in Suffolk County, Long Island, and a retail plaza in Dix Hills. In the first transaction, the four-property portfolio in Suffolk County was refinanced for $4.4 million. The portfolio contains a combined 131,500 square feet of retail space. NorthMarq arranged a fully amortizing 18-year loan through its correspondent relationship with a life insurance company. In the second transaction, the company arranged $8.5 million in refinancing for Dix Hills Plaza, a 51,820-square-foot retail property located at 1815-1819 E. Jericho Turnpike in Dix Hills. NorthMarq structured a 9-year term with a 25-year amortization schedule through its relationship with a local bank for the borrower. Ernest DesRochers and Charles Cotsalas of NorthMarq Capital secured the financing in both transactions.
GREENWICH, CONN. — Allied Property Group has brokered the sale of an office building located at 88 Field Point Road in Greenwich. Field Post Associates LLC acquired the 11,300-square-foot property for $8.4 million from Fairstone Properties LLC. Thomas Torelli of Allied Property Group represented both parties in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 16,000-square-foot apartment building located at 5201 Clarendon Road in Brooklyn. The 17-unit property sold for $2.8 million. Derek Bestreich, Erik Rodriguez and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
BURLINGTON, MASS. — The Gutierrez Company has completed the disposition of the second phase of an office and R&D facility in Burlington. Cole Offices & Industrial REIT (CCIT II) Inc. acquired the property for $119.8 million. The 280,560-square-foot office facility is currently leased to Keurig Green Mountain Inc. and features an 875-space parking structure. The first phase of the property, which was not included in the transaction, features 150,700 square feet of office/R&D space. Robert Griffin, Matt Pullen and Michael Frisoli of Cushman & Wakefield represented the seller, while VEREIT Inc. represented the buyer in the transaction.
NEW YORK CITY — New York Life Real Estate Investors has completed the sale of an office building located at 575 Lexington Ave. in Midtown Manhattan’s Plaza District submarket. The sellers were a joint venture partnership that included Prudential Real Estate Investors and Normandy Real Estate Partners. The partnership acquired the 745,000-square-foot building in 2012 and repositioned the property with a full renovation of the lobby and storefront, new elevator cabs, modernized building systems and new tenant fit-outs. Additionally, the partnership renewed and expanded Cornell University’s lease at the building to a total of 212,000 square feet through 2028. The name of the buyer and the acquisition price were not released.
BOSTON — Sperry Van Ness International Corp. has joined forces with Raleigh, N.C.-based Howard Perry and Walston Commercial and Hotel Group to launch SVN Hotels, a national hotel brokerage franchise. Headquartered in Raleigh the franchise will work with more than 25 advisors in more than 10 offices throughout the United States. SVN Hotels will specialize in working with owners and investors of all sizes from large institutions with multiple properties to private owners with single assets. Sanjay Mundra, who currently serves as CEO of HPW Commercial and Hotel Group, will serve as CEO of the SVN Hotels brand with Don Walston as chairman.
GREENWICH, CONN. — Allied Property Group has arranged the sale of a mixed-use building located at 125 Greenwich Ave. in Greenwich. JENN Realty sold the property to an undisclosed buyer for $13.5 million. The three-story building features 16,000 rentable square feet. Thomas Torelli of Allied Property Group represented the seller, while Goldschmidt Associates represented the buyer in the transaction.
WEST ROXBURY, MASS. — CBRE/New England’s Multifamily Debt & Structured Finance group has arranged $7.5 million in acquisition financing for a multifamily property located at 218 and 250 Spring St. in West Roxbury. An affiliate of Yee Enterprises acquired the two-building, 55-unit property for $9.4 million. Constructed in 1968, the property is 100 percent market-rate apartments with a mix of studio, one-bedroom and two-bedroom units. John Kelly and Sam Dylag of CBRE/NE secured the financing through a local bank on behalf of the buyer. The name of the seller was not released.
NORTON, MASS. — Holliday Fenoglio Fowler (HFF) has arranged $41.8 million in financing for a multifamily development in Norton. The borrower was a joint venture between Campanelli and Thorndike Development. HFF secured a $25 million construction loan through First Niagara Bank and a $16.8 million mezzanine loan through Cornerstone Real Estate Advisers on behalf of an institutional client. Slated for completion in 2016, 274 East Main St. will feature 188 apartment units, sidewalks, tree lined-streets and public spaces. In late 2014, HFF also secured $60 million in financing for One Upland, a 262-unit apartment community in Norwood, Mass., slated to open in October, for the joint venture. Greg LaBine and Patrick McAneny of HFF represented the borrower in both transactions.