BOSTON AND SOMERVILLE, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of The Brickview Portfolio, a two-property, 74-unit multifamily portfolio. The portfolio includes 121-123 Highland Avenue, a 35-unit apartment community in Somerville, and 4-8-12 Elko Street, a 39-unit community in Boston’s Brighton neighborhood. The Second Avenue Group LLC, an affiliate of True North Capital Partners, purchased the properties for $16.85 million. The seller was Prospectus Apartments LLC, an affiliate of Prospectus LLC. The Somerville property features an apartment mix of four studios, 22 one-bedroom units and nine two-bedroom apartments with an average unit size of 646 square feet. The Brighton property was originally built in the 1920s and offers 23 one-bedroom and 16 two-bedroom units with an average unit size of 655 square feet. Simon Bulter and Biria St. John represented both parties in the transaction.
Northeast
NEW BRITAIN, CONN. — Pennrose has opened The Jefferson, a $14 million affordable senior apartment complex in New Britain. The three-story building offers 70 units featuring spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms. Additionally, eight of the units are handicapped-accessible and all units have 24-hour emergency call systems in the bedrooms and bathrooms. The age-restricted community also features a community room, fitness center, outdoor patio with picnic area and on-site laundry facilities. Pennrose Properties LLC developed the property in partnership with The Housing Authority of the City of New Britain, and Pennrose Management Company manages the community.
PHILADELPHIA — iPic Entertainment has started construction for iPic Theaters at The Boyd, a movie theater in downtown Philadelphia. Located at 1910 Chestnut St., the theater will feature eight screens and 744 seats, as well as Tanzy Express, an in-theater dining concept. The eight auditoriums will vary in size, offering seating for between 60 to 120 customers. The dine-in restaurant, Tanzy, will serve artisanal Italian cuisine with contemporary style and a full-service bar. The theater is slated for completion in 2015.
PHILADELPHIA — SSH Real Estate represented Pond Lehocky Stern Giordano LLP in the law firm’s lease of office space at One Commerce Square. Located at 2005 Market St., the law firm will occupy 52,000 square feet of space or three floors starting in December. Additionally, the lease includes an outdoor terrace on the 18th floor for client dining and entertainment. The law firm is currently located at United Plaza at 30 S. 17th St. Peter Soens and Michael Kennedy of SSH Real Estate represented the tenant, while Brian Orr, Dan Galbally, Matt Croce and Steve Rush represented the landlord, Brandywide Realty Trust, in-house.
NEW YORK CITY — New York-based Savanna has brokered 45,926 square feet of new leases at 31 Penn Plaza, an 18-story, 444,000-square-foot office building in New York. NPD Group, represented by Adam McCostlin and Doug Levine of DTZ, signed a 10-year lease for 6,228 square feet on the fourth floor. Barry Zeller and Andrew Ross of Cushman & Wakefield arranged a five-year, 6,523-square-foot lease for Salon Media Group. New Audio LLC, represented by Jason Frazier of CBRE, signed a 10-year, 6,370-square-foot lease. Additionally, Frazier and Christopher Mansfield of CBRE brokered a 10-year, 20,726-square-foot lease for RevTrax. Finally, TRIBUNE 365, an affiliate of Tribune Publishing, signed a seven-year, 6,079-square-foot lease. Robert Hill and Timothy Hay of CBRE represented the tenant.
NEW YORK CITY — An undisclosed investor has acquired a six-story multifamily property in Brooklyn’s Crown Heights section for $15.4 million. Located at 410 Eastern Parkway, the 72-unit, 58,200-square-foot building was constructed in 1928. The building remains fully occupied by the previous owner, Bernard Miller of EPark LLC. Alex Freund of Eastern Union Funding brokered a $9.4 million acquisition loan from Customers Bank on behalf of the buyer. The loan features a 3.38 percent interest rate on a five-year term without recourse.
LATHAM, N.Y. — First Columbia is breaking ground for the development of a two-story office building in Century Hill Plaza business park in Latham. Located at 40 Century Hill Dr., the 30,000-square-foot building will be the seventh out of eleven approved buildings within the 625,000-square-foot office park. Each floor of the building will consist of 15,000 square feet of professional, high-tech space. The building will fulfill demand for Tier 1 properties in the area.
NEW YORK CITY — The residential division of Thor Equities and Rockwood Capital have acquired an apartment building at 838 West End Ave. in New York’s Upper West Side. Built in 1913, the 108,000-square-foot property features 70 units and a lobby with 20-foot ceilings. Steven Vegh of Westwood Realty Associates brokered the transaction. A private family sold the property for an undisclosed price.
BRIDGEPORT, CONN. — Deyulio Sausage Company has purchased 1501 State Street in Bridgeport for $1.35 million. The 13,715-square-foot industrial building was formerly owned and operated by Dari Farms Ice Cream Inc. The transaction also includes a 98-year land lease with the City of Bridgeport for an adjacent parcel. Jon Angel of Southport, Conn.-based Angel Commercial brokered the transaction.
NORWOOD, N.J. — Mahwah, N.J.-based GlobalSoft Digital Solutions has signed a long-term lease for 16,000 square feet at a six-building industrial complex in Norwood. GlobalSoft Digital Solutions will occupy space at 385 Chestnut St. for storage and distribution. The NAI James E. Hanson brokerage team represented the landlord, Alfred Sanzari Enterprises. Nina Bianco of NIA National Realty Inc. represented the tenant in the transaction.