MARLBOROUGH, MASS. — FF Realty II LLC, an affiliate of Fairfield Residential, has acquired a 28-acre development site located on Ames Street in Marlborough for an undisclosed price. The buyer plans to develop the land into a 225-unit luxury apartment community of four multi-level buildings.The complex will offer 117 one-bedroom units, 96 two-bedroom units and 12 three-bedroom units. Additionally, the community will feature a clubhouse with pool. Construction is expected to begin later this year. Simon Butler and Biria St. John of CBRE/New England’s capital markets team represented the seller, Marlborough/Northborough Realty Trust, an affiliate of The Gutierrez Company, and the buyer in the transaction.
Northeast
LARCHMONT, N.Y. — Byron Place Associates plans to start construction this month on The Cambium, a multifamily development in Larchmont.Located at 10 Bryon Place, the property will feature 149 one- and two-bedroom apartment units and a three-level parking garage with more than 270 spaces. The apartments feature custom flooring, gourmet kitchens with stainless steel appliances, and bathrooms with marble and limestone. Community amenities include a 24-hour doorman and onsite concierge, courtyard, fitness center, clubroom and a two-story lobby. Ceres Realty Group will manage the property, which is slated for completion in 2015.
CARLSTADT, N.J. — Sitex has purchased five industrial buildings located on Barell Avenue in Carlstadt for an undisclosed price. The buyer plans to modernize and reposition the buildings to attract companies seeking space in the Meadlowlands submarket. Two of the five buildings are currently occupied. Jeffrey DeMagistris, Thomas Vetter and Nicholas Herrick of NAI Hanson represented the seller, R.J. Purcell Associates, in the transaction. Additionally, NAI Hanson has been retained to oversee leasing of the facilities, which range in size from 23,400 to 39,832 square feet.
NEW YORK CITY — GFI Realty Services has brokered the sale of 18 West 125th Street in the Central Harlem South section of Manhattan. The five-story, walk-up building offers eight apartment units and a ground-level commercial unit. A local investor bought the property for $3 million, or $375,000 per unit. The property was constructed in 1909 and is within close proximity to the 125th Street subway stations. Jonathan Burland of GFI represented the seller, a local investor, and Ohad Babo, also of GFI, represented the buyer.
NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has brokered six leases for a total of 25,000 square feet at the Empire State Building in New York City. Glenn Markman and Joseph Cirone of Cushman & Wakefield represented Qatar Airways in its 6,152-square-foot lease; Jeff Hersch of Prime Manhattan Realty arranged a 3,778-square-foot lease for Taurasi Capital Management; and Ethan Silverstein and Brian Zoubek of Cushman & Wakefield brokered a 3,272-square-foot lease on behalf of RKY Services (USA). Additionally, Esther Zar of MHP Commercial Brokerage Services and Lior Politi of The Corcoran Group arranged a 2,879-square-foot lease for BioSynthema Inc.; Jonathan Anapol of Prime Manhattan Realty brokered a 5,192-square-foot lease for Moses & Ziegelman; and Erik Alberti of EFA Realty LLC represented Community Options Inc. in its 3,617-square-foot expansion. Ryan Kass and Fred Posniak of Empire State Realty Trust and William Cohen, Jon Tootell and Shanae Ursini of Newmark Grubb Knight Frank represented the landlord in the six transactions.
PARSIPPANY, N.J. — CBRE’s Debt & Structured Finance Group has secured a $69.5 million loan for the acquisition of two Class A office properties in Parsippany. Beverly, Mass.-based Brookwood Financial Properties purchased the properties, which total 529,362 square feet. Situated within a 182-acre corporate campus, Morris Corporate Center I offers 261,924 square feet and Morris Corporate Center II offers 267,438 square feet. The property is currently 78 percent occupied by a variety of tenants, including Zurich, ICAP-EBS, Ralcorp, Farmers Insurance and Medtronic. Brookwood plans to invest approximately $3 million in property upgrades. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Debt & Structured Finance Group brokered the three-year, interest-only floating rate loan, which was provided by Los Angeles-based Starwood Property Trust.
NEW YORK CITY — GFI Realty Services has brokered the sale of 529 East 235th Street, a seven-story apartment building located in the Woodlawn section of the Bronx. The 53-unit apartment building sold for $9.3 million or $175,000 per unit. Josh Orlander and Aron Taub of GFI brokered the transaction for both parties. Constructed in 1938, the property is located within close proximity to Woodlawn Metro-North train station, the 233rd Street subway station and Van Cortlandt Park.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of Brooklyn properties totaling more than $5 million. In the first transaction, One Sullivan Place, a 40-foot-wide development site with 20,400 buildable square feet, sold for $2.5 million. The property is located at the corner of Washington Avenue in the Crown Heights section of Brooklyn. Jonathan Berman, Akil Rossi, Daniel Tropp and Mark Spinelli of Ariel Property Advisors represented the buyer, a local developer. In the second transaction, a local investor acquired a three-story, 4,500-square-foot mixed-use building at 156 Graham Ave. from a private owner. Located in the East Williamsburg area of Brooklyn, the property sold for $1.6 million. Berman, Tropp and Spinelli represented both parties in the transaction. In the last transaction, a local business owner purchased a three-story, mixed-use property located at 486 Halsey St. in the Bedford-Stuyvesant neighborhood of Brooklyn for $975,000. Berman, Rossi, Tropp and Spinelli represented the buyer and seller, a private owner, in the transaction.
LEVITTOWN, PA. — Levittown Partners LLC has purchased the former Giant supermarket at 4595 New Falls Road in Levittown. The 40,045-square-foot building was sold by Levittown – ARC L.P. for an undisclosed price. Situated on 4.6 acres, the property is being redeveloped into a new shopping center that will be anchored by Retro Fitness and Dollar Tree. The property has a 12,000-square-foot end-cap space and a 5,000-square-foot future pad site available for lease. Retro Fitness signed a 10-year lease to occupy a 13,000-square-foot space and Dollar Tree signed a 10-year lease for 12,000 square feet in the redeveloped building. Richard Soloff and David Dunkelman of Soloff Realty & Development represented the buyer and seller in the transaction.
ERIE, PA. — Cooper Commercial Investment Group has brokered the leasehold interest sale of a Rite Aid store located along Peach Street in Erie. A Cleveland-based private investment group purchased the 10,908-square-foot property for $1.14 million. The property is on an absolute triple-net lease structure that leaves ownership with no daily management responsibilities. Dan Cooper of Cooper Commercial represented the buyer in the transaction.