MALVERN, PA. —Hayden Maguire Real Estate Fund has made its second acquisition. The fund acquired a 151,447-square-foot office building, located at 1200 Atwater Dr. in Malvern, for $23 million. The property features modern architectural design, light-filled lobbies under glass canopies and an on-site café. The property is situated on 388 acres surrounding an 80-acre spring-fed lake. Hayden Maguire Real Estate Investments and Maguire Investment Management are partners of the fund.
BLOOMFIELD, N.J. — Marcus & Millichap has brokered the sale of Jeanette Apartments, an apartment building located in Bloomfield. The 34-unit building sold for $1.75 million. Located at 268-272 Bloomfield Ave., the building consists of 34 sponsor-held apartments in a garden-style condo complex with parking for 50 cars. The building offers a mix of one-, two- and three-bedroom units, as well as a small office space. Nat Gambuzza, Kevin Taub and John Veniero of Marcus & Millichap’s New Jersey office represented both parties in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an Upper West Side portfolio, a six-building mixed-use portfolio located in Manhattan’s Upper West Side. The portfolio features 152 multifamily units, 7,900 square feet of retail space and 62,655 square feet of air rights for future development. A private investor acquired the portfolio for $80.75 million, or approximately $515,000 per unit. The properties are 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. This is the first time the properties have changed hands in 30 years. Marco Lala of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.
HOLYOKE, MASS. — Brick, N.J.-based Tryko Partners has acquired the Mont Marie skilled nursing and age-restricted affordable housing campus in Holyoke. The Sisters of St. Joseph of Springfield (SSJ Springfield) sold the property for an undisclosed price. The 52-acre property includes the 84-bed Mont Marie Health Care Center, as well as the Mont Marie Senior Residence and St. Joseph Residence, which offer a total of 80 senior HUD rental units. The purchase was financed through CapitalSource. SSJ Springfield will retain use of the property’s chapel and cemetery through a lease agreement with Tryko.
NEW YORK CITY — CPEX Real Estate has brokered the sale of a development site at 2515-2517 Voorhies Ave. in Brooklyn’s Sheepshead Bay area. The two-lot site sold for $2.7 million, or $105 per buildable square foot. The 19,000-square-foot site is zoned approximately 25,650 buildable square feet of residential use. Additionally, the property was delivered with approved plans for construction. Sean Kelly, Orah Mansher, Sean Sears and James O’Neill represented the seller, Babe Realty Holding, in the transaction. The buyer, Hen Hui Gu Inc., was represented by Empire State Realty Group.
NEW YORK CITY — TerraCRG has arranged the sale a multifamily building, located at 43 Lexington Ave. in Brooklyn’s Clinton Hill neighborhood. The 3,200-square-foot building, which features four apartments and a full basement, sold for $1.75 million. The building offers two one-bedroom units and two two-bedroom units. Additionally, the basement is currently occupied by an art studio. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented both the seller and buyer in the transaction.
NEW YORK CITY — North Shore-LIJ has acquired 600 Community Drive in Long Island’s Manhasset for $65 million, or $260 per square foot. A partnership led by The Carlton Group’s Chairman Howard Michaels sold the property. Prior to the sale, the building’s ownership group made significant renovations to the property: achieved zoning approval to lease 80,000 square feet of the building for medical office use; approved and implemented a new renovation plans, including interior and improvements and a new façade entrance; and developed a solid pipeline of tenant activity, which allowed the property to become a multi-tenanted building. North Shore-LIJ has been a sub-tenant at the office building for the past eight years.
JERSEY CITY, N.J. — Onyx Equities and Rubenstein Properties has begun the redevelopment project at 30 Montgomery St., a 15-story, 320,000-square-foot office building in Jersey City. The $20 million redevelopment will bring the building, which was built in the early 1970s, up to modern standards and position it has a premiere office and retail property in Jersey City. The project includes a $5 million exterior window replacement program, enhanced streetscape, ground-floor retail expansion, refurbishment of the façade, modernization of the HVAC system, a new conference center, elevator landing and restroom renovations, and a new, expanded two-story entry lobby. Onyx and Rubenstein purchased the building earlier this year. Completion of the renovation is slated for mid-2015.
PASSAIC, N.J. — CBRE Group Inc. has arranged the sale of an office and retail property located at 615-625 Main Ave. in Passaic. The 65,000-square-foot building sold for $8.4 million. The building, which includes a two-story parking garage, underwent a $5 million capital improvements program in 2007. Current tenants include Valley National Bank, which has been in the location for more than 40 years. Charles Berger and Elli Klapper of CBRE Tri-State Investments Properties represented the seller and procured the buyer, a long-time CBRE client, in the deal.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.
