NEW YORK CITY — A limited liability company has acquired an apartment property located at 2325 Foster Ave. in Brooklyn. The 27-unit property sold for $4.8 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged three multifamily property sales in the Bronx totaling $4.7 million. In the first transaction, a private investor acquired a four-story, 21-unit apartment building located at 868 Faile St. for $2.7 million, or $150 per square foot. The property consists of 15 two-bedroom units and six three-bedroom apartments. In the second deal, a 7,912-square-foot multifamily property located at 614 E. 168th St. sold for $1.2 million, or $160 per square foot. The building features eight two-bedroom apartment units. In the final transaction, a three-story, walk-up building located at 1744 Merrill St. sold for $830,000, or $165 per square foot. The building features three one-bedroom units, four two-bedroom units and a two-car garage. The names of the sellers and buyers in the transactions were not released. Jason Gold, Scot Hirschfield, Michael Tortorici and Marko Agbaba of Ariel Properties Advisors represented the buyers and sellers in the transactions.
NEW YORK CITY — Alpha Realty has brokered the sales of two multifamily properties located in Brooklyn. In the first transaction, Glenn Raff and Jacob Aronov of Alpha Realty negotiated the sale of a property located at 105 Boerum Place in Boerum Hill. The 4,376-square-foot building sold for $2 million, or $457 per square foot. In the second deal, Lev Mavashev and Scott Schwartz of Alpha Realty represented the buyer and seller in the sale of a property located at 145 Somers St. in Ocean Hill. The 7,211-square-foot building sold for $1.1 million, or $208 per square foot.
WORCESTER, MASS. — Liberty Properties has executed a 74,000-square-foot lease with A. Schulman Inc. at New Bond Business Park at 10 New Bond St. in Worcester. The international supplier of high-performance plastic compounds and resins will use the facility as a warehouse supporting its primary operation located on Millbrook Street in Worcester. The building is in the process of undergoing a complete renovation of the existing 225,000 square feet of remaining space. The renovation includes new HVAC systems, roof, flooring and façade, as well as renovated loading areas. Construction is underway, with phased occupancy beginning in September 2015. James Umphrey and David Cohen of Kelleher & Sadowsky Associates represented both the landlord and tenant in the transaction.
SPRINGFIELD, MASS. — China Railway Rolling Stock Corp. has broken ground on its 200,000-square-foot facility in Springfield. Situated on 40 acres, the $60 million facility will be used to manufacture 284 subway cars for the Massachusetts Bay Transportation Authority (MBTA). MBTA awarded the China-based company a $566 million contract to supply care for Boston’s Red and Orange subway. The company purchased the former Westinghouse-owned land for $12 million. China Railway Rolling Stock Corp. was recently formed through a merger between China North Locomotive and Rolling Stock Industry Corp. and the China South Locomotive and Rolling Stock Corp. The company plans to begin production next year and deliver its first cars in 2018.
PHILADELPHIA — A joint venture between affiliates of Alterra Property Group and Stockton Real Estate Advisors has acquired an office building located at 1760 Market St. in Philadelphia’s Center City. Located at the corner of 18th and Market streets, the 15-story, 126,000-square-foot property is occupied by Allied Barton, GSA Federal Transit Administration and The Philadelphia Trust Company, among others. The partnership plans to reposition the building as a premier location for Philadelphia’s business community. The repositioning will include retrofitting the exterior with LED lighting and upgrades to the lobby and common areas to give the building a more contemporary look. Stockton Real Estate Advisors will assume on-site leasing and management responsibilities on behalf of the joint venture. The sales price was not disclosed.
HANOVER, N.J. — Vision Realty Estate Partners and Rubenstein Properties have topped off the steel structure for the development of MetLife Investments’ global headquarters at 67 Whippany Road in Hanover. Situated on 14 acres, the 185,000-square-foot office facility has been designed to meet LEED Gold Core and Shell and LEED Platinum Interiors standards. The building will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall with technologically advanced conference facilities, a fitness center, an employee food court with indoor and outdoor seating, and a café. Additionally, the property will offer 4.5 parking spaces per 1,000 feet of rentable area through a combination of surface, structured and underground executive parking. The building, which will house more than 900 MetLife employees, is slated for delivery in the third quarter of 2016.
BOSTON — Localytics, a lifecycle engagement platform for web and mobile applications, has leased 55,000 square feet of office space at Center Plaza in Boston. The company will move into the space in March 2016, relocating from 101 Arch St. in Boston. Center Plaza is a 717,128-square-foot mixed-use complex featuring a 900-foot retail promenade along Cambridge Street, a 575-car parking garage and access to public transit, including the Red, Green and Blue lines. The property will soon undergo a capital improvement program, including new office amenities such as a bike room, conference center and renovations to the street-level interior lobbies, exterior walkway/breezeway areas and rooftop. Boston-based CBT Architects is providing architectural services for the enhancement program. Andy Hoar, John Butterworth, Kevin Kennedy and Suzanne Brown of CBRE/New England represented the landlord, Shorenstein Properties, while Greg Hoffmeister and Jon Frisch of T3 Advisors represented the tenant in the transaction. has a capital improvement program
PHILADELPHIA — Old Navy, a division of Gap Inc., has signed a lease for 23,464 square feet of retail space at 1618-22 Chestnut St. in Philadelphia’s Center City. The retailer plans to open a multi-floor flagship store at the location. Steven Gartner of CBRE represented Old Navy in the long-term lease with an affiliate of Pearl Properties, which recently purchased the property.
NEW YORK CITY — Carlton Group has closed a $125 million equity investment from three major Asian investors. The deal will facilitate an $800 million ground-up condominium project in Tribeca located near Goldman Sachs corporate headquarters. This transaction marks the first investment for an Asian insurance company, which is lead investor in the consortium. The investment enabled the closing of a major construction loan provided by one of the top commercial lenders in the United States. Additional terms of the transactions and involved parties were not released.
