NEW YORK CITY — GFI Realty Services has brokered the sale of a five-story apartment building located at 469 West 153rd St., also known as 1881 Amsterdam Avenue, in the Hamilton Heights section of Manhattan. A local investor purchased the property, which features 18 residential units and a retail unit, for $4.6 million. Shawn Sadaghati and Yisroel Pershin of GFI Realty Services represented the seller, a local investor, while Sylvia Spielman of GFI Realty represented the buyer in the transaction.
BLACKWOOD, N.J. — Integra Real Estate Capital has arranged a $3.6 million mortgage for the refinancing of Scenic Falls Apartments, a 100-unit multifamily property located in Blackwood. The 7-year loan, provided by a New Jersey portfolio lender, features a 3.75 percent fixed rate. Igor Goldenberg of Integra negotiated the financing on behalf of a New York-based borrower.
NEW YORK CITY — Madison Realty Capital has acquired a warehouse facility located at 29 Ryerson St. in Brooklyn’s Wallabout neighborhood. The vacant eight-story loft property sold for $45 million. MRC plans to convert the 215,000-square-foot property into Class A office space for creative/technology clients. The property features 15-foot ceiling heights, 440 feet of frontage on Ryerson Street and 110 feet of frontage along Flushing Avenue. The name of the seller was not released in the off-market transaction.
PHILADELPHIA — CBRE has brokered the sale of Lawndale Plaza, a 93,282-square-foot retail center in Philadelphia. Highland Development Group and The Glenville Group sold the property for $24.5 million to Cedar Realty Trust. Developed in 1998, the property is anchored by a 63,342-square-foot ShopRite. Additional tenants at the 100 percent occupied property include Advance Auto Parts, T-Mobile and Dunkin’ Donuts. Brad Nathanson and Tom Gorman of CBRE represented both parties in the transaction.
BENSALEM, PA. — HFF has brokered the sale of Crestwood Apartments, a 165-unit multifamily community in Bensalem. Situated on 5.14 acres at 3241 Hulmeville Road, the community features 15 three-story buildings offering a total of 65 one-, 95 two- and five three-bedroom units and 240 parking spaces for tenants and guests. Mark Thomson and Zac Pierce of HFF represented the seller, 3241 Associates LP, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an industrial building located at 190 Morgan Ave. in Brooklyn. The 14,875-square-foot property sold for $3.5 million. Jakub Nowak and James McGuckin of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the deal.
BENSALEM, PA. — Bensalem-based Roddy Inc. has brokered the sale of an industrial building located at 1436 Wells Drive in Bensalem. Alexandria Ventures III LLC sold the property for $2.5 million to 1436 Wells Drive Associates LLC. The 42,000-square-foot building consists of three industrial condominium units featuring 19-foot ceiling heights and 1,798 square feet of office space. Universal Asset Recovery LLC, a wholesale supplier of used office equipment, occupies the facility. Robert Olender of Roddy Inc. represented the seller.
While it was unfortunate to see retail vacancy in Eastern Massachusetts on the upswing during 2014, it was more than offset by new retail construction as major development resurfaced. At year-end, total retail inventory was 191.6 million square feet, an increase from the prior year of approximately 2.1 million square feet. Vacant retail space in the region was up more than 1.3 million square feet, due to major contractions and liquidations such as Building 19, Dots, and Shaw’s Supermarkets. Net absorption ended the year ahead by 712,500 square feet. The 10 towns with the greatest retail supply remain in place from a year ago with one exception: thanks to new Walmart Supercenter and Sam’s Club locations, Fall River replaced Peabody. The top retail hub is Boston, followed by Cambridge, Natick, Brockton and Framingham. Among communities with at least 500,000 square feet of retail space, five towns broke into the top 10 with lowest vacancy rates: Foxboro, Hingham, Hudson, Danvers, and Everett. Abington remained at the top with a 1.2 percent vacancy rate. Foxborough made the biggest leap — up from 58th last year — as the result of Patriot Place filling significant vacancy, and Ocean State Job Lot opening in …
EDISON, N.J. — HFF has brokered the sale of an industrial facility located at One Truman Drive South in Edison. IC/L-A One Truman Drive LLC, wholly owned by affiliates of Lubert-Adler Partners, sold the 369,313-square-foot property to Cohen Asset Management Inc. and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets. In addition to marketing the property on behalf of the seller, HFF arranged a fixed-rate acquisition loan through Principal Real Estate Investors for the buyers. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction. Jon Mikula and Michael Klein, also of HFF, secured the financing for the purchaser.
MORRIS COUNTY, N.J. — Woodmont Properties has broken ground for the construction of Woodmont West at Mount Arlington, an apartment community in Morris County. Situated on 55 acres, the community will feature 300 one- and two-bedroom residences, a clubhouse, a fitness center, a game room, a swimming pool and whirlpool, a barbeque area, walking paths, a sports court, a library, a business center, a party room, a theater, a pet grooming center, private garages and an indoor golf center with a driving range and putting green. The community is slated to open in January 2016.
