ISLIP, N.Y. — Rechler Equity Partners has brokered the lease of 54,775 square feet of industrial space at 2004 Orville Dr. North in Islip. Spirit Pharmaceuticals, a wholesaler and distributor of over-the-counter and generic drugs, plans to use the property for packaging, warehouse and distribution space. Additionally, Spirit received a 10-year IDA tax benefit from the city. Ted Stratigos and Amanda Gorozdi of Avison Young represented the tenant in the transaction.
By all measures, 2014 was the strongest year in recent memory for the Boston office market. With an approximate 1.8 million square feet of positive net absorption, nearly 5 million square feet of tenant demand, and continued development around the city, Boston remained one the country’s strongest markets. It’s not news that proximity to parking, public transportation, restaurants, bars and other amenities keeps employees happy. But Boston’s escalating prices mean cost-conscious companies must evaluate their downtown options — which means they have begun trading other items of importance, such as locational cachet, space configuration, look, feel and ultimately building type, for access to amenities. As a result, if 2013 was the year of the Seaport, then 2014 was the year of Downtown Crossing (DTX). With the renovation of 10 Summer Street and Havas’ 120,000-square-foot move to the Millennium redevelopment complete, other companies have followed suit. The third and fourth quarters brought more than 250,000 square feet of deals to 500 Washington Street. Carbonite and Sonos took 52,000 square feet and 170,000 square feet, respectively, in the third quarter, while Safari Books Online took 30,000 square feet in the fourth. Prominent national non-profit Year Up also consolidated its headquarters near DTX …
DANBURY, CONN. — Institutional Property Advisors (IPA) has brokered the sale of TGM Willow Grove at Danbury, a multifamily complex located at 101 Avalon Lake Road in Danbury. TGM Associates sold the 135-unit property for $27.8 million, or $205,550 per unit, to Beachwold Residential. Completed in 1999, the property features a mix of one- and two-bedroom units ranging in size from 885 to 1,552 square feet. Community amenities include a clubhouse with resident lounge, a fitness center, a heated resort-style outdoor swimming pool, landscaped picnic and barbeque areas and walking paths around Lake Kenosia. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi represented the seller in the transaction.
UNION, N.J. — Gebroe-Hammer has arranged the sale of Village Apartments, located at 1221 Magie Ave. in Union. The 126-unit multifamily property sold for $17.2 million. Village Apartments features 32 two-story apartment buildings offering a total of 82 one-bedroom units and 44 two-bedroom units. Additionally, the complex features 150 on-site parking spaces, 25 garages and laundry facilities. Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller, while Joseph Brecher, also of Gebroe-Hammer represented the undisclosed buyer in the transaction. Robert Sochor of Elmwood Park and Richard Rubin provided legal counsel to the seller and buyer, respectively.
WOODBRIDGE, N.J. — Prism Capital Partners has signed a definitive agreement to purchase a five-acre land parcel at the corner of Rahway Avenue and Green Street in Woodbridge for an undisclosed price. The company plans to develop a 180-unit multifamily project at the site, which is across from New Jersey Transit’s Woodbridge Station. Prism purchased a controlling interest in the site from the Lucas family and is currently finalizing plans for township approval. Prism plans to start construction of the property in late 2015.
CORAOPOLIS, PA. — NorthStar Real Estate Income II Inc. has originated a $42 million senior loan for a Marriott-branded hotel located in Coraopolis. The 318-room was recently renovated and the borrower plans to complete $4 million in capital improvements using the proceeds from the loan, for a total of $8.3 million in capital expenditures.
ROME, N.Y. — Houlihan-Parnes Realtors has brokered the sale of Bloomfield Garden Apartments in Rome. Located at 319 E. Bloomfield St., the 160-unit garden-style apartment complex sold for $3.8 million. Ed Graf of Houlihan-Parnes Realtors, along with Steve Tierney of Woods, Oviatt, Gilman LLP, handled the transaction. The names of the buyer and seller were not released.
NEW YORK CITY — Savanna and Hornig Capital Partners has acquired a commercial loft building located at 2415 Third Ave. in the Mott Haven neighborhood of the Bronx for an undisclosed price. The eight-story, 172,000-square-foot building features 22,000-square-foot floor plates with 12-foot ceiling heights. The buyers plan to implement a $12 million capital improvement plan and re-brand the property. DY Realty Services represented the seller, Madhatters Realty, in the transaction. The acquisition was financed by CapitalSource, with Mission Capital as placement agent for the loan.
LOWELL, MASS. — DTZ has brokered the sale of Connector Park, two office buildings located in Lowell. Hudson Advisors sold the 199,783-square-foot property for $14.6 million to KS Partners. The asset consists of 41 Wellman Street, which is 100 percent leased on a long-term basis to three tenants, and 59 Lowes Ways, which is a 66 percent leased multi-tenant office building. David Pergola and Brian Doherty of DTZ Boston represented the seller in the transaction.
NEW YORK CITY — Houlihan-Parnes Realtors has secured $4.8 million in first mortgage refinancing for a 12,000-square-foot retail building located at 4174 White Plains Road in the Bronx. The five-year, non-recourse loan features a 3.75 percent fixed rate and a 30-year amortization schedule. Additionally, the loan is prepayable throughout the term on a declining scale and features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel for the undisclosed borrower.