FRANKLIN, N.J. — Cronheim Mortgage has arranged $4 million in financing for Franklin Shopping Center, a retail center located along the Route 23 retail corridor in Franklin. The 56,100-square-foot retail center features a mix of national and regional tenants, including ShopRite Liquors, Dollar Tree and Mandee, among others. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing.
NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 197 St. Marks Ave. in Brooklyn’s Prospect Heights. The asset sold for $1.95 million, or $325,000 per unit. Constructed in 1931, the three-story, walk-up building features six apartments. Shlomo Antebi of GFI Realty Services represented the buyer and seller, both of which are local investors, in the transaction.
NEW YORK CITY — Vaughn College of Aeronautics and Technology has unveiled its multi-phase expansion, renovation and sound abatement project at the college’s main campus in Flushing. Located at 86-01 23rd Ave., the project, which cost $40 million, included the installation of building envelope sound insulation, renovations, re-programming and building system upgrades to all campus components undergoing renovations. The renovated buildings include the main structure, built in 1940; 1983 classroom building built in 1983, and a two-story classroom building and a hangar with a 65-foot observation tower, both of which were built in 1997. The renovations were financed from two sources: Vaughn received grant funds totaling approximately $32 million from the Federal Aviation Administration and The Port Authority of New York and New Jersey; and the college invested $7 million in the project from its own funds. The project team included Ensign Engineering, John Ciardullo Associates, Stalco Construction, Langan Engineering and Environmental Services, DVL Consulting Engineers, Peter George Associates and Graf & Lewent Architects.
AVENEL, N.J. — CenterPoint Properties has acquired a manufacturing and warehouse building at 11 Cragwood Road in Avenel for $25.2 million from a joint venture of Ivy Equities and CenterSquare Investment Management. Situated on nearly 20 acres, the 317,500-square-foot building has been fully leased to Gentek Building Products since the 1970s. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer, Frank Caccavo and Jason Goldman of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.
BOSTON — Roseland, a subsidiary of Mack-Cali Realty Corp., in partnership with the Massachusetts Port Authority (Massport), has opened Portside at East Pier Building 7, a residential and retail complex located at 50 Lewis St. in Boston’s East Boston neighborhood. The five-story property features 176 apartments, including six extended-stay units, 3,600 square feet of ground-floor retail space and 192 parking spaces. Residential units feature oversized windows, ceramic tiles, stone countertops, kitchen islands, stainless steel appliances, in-unit washer/dryers, hardwood-style flooring, 10-foot ceilings and balconies. The pet-friendly community features a 24/7 concierge, fully equipped fitness center, clubroom with gaming and lounging areas, a conference room and WiFi.
MECHANICSBURG, PA. — Woodmont Industrial Partners (WIP) has completed the sale of a distribution center, located at 34 Dauphin Drive in Mechanicsburg. Exeter Property Group purchased the 180,333-square-foot property for $8 million. Situated on 10.6 acres, the property features 3,200 square feet of office space, 24-foot ceilings, 20 dock positions and 10 rear rail doors. WIP originally acquired the rail-served center in 2012, and after extensive renovations leased the facility to Allen Distribution, a third-party logistics provider. Prior to the lease and sale of the facility, WIP implemented a six-month rehab program, including the incorporation of an ESFR sprinkler system and T-5 lighting, among other improvements.
BOSTON — The Residences at Mandarin Oriental Boston is converting 25 of its rental residences into condominiums. Located at 776 Bolyston St., the to-be-converted residences include 19 two-bedroom units and six one-bedroom units ranging from 930 to 1,625 square feet. Additionally, the existing 10 affordable rental properties located within The Residences at Mandarin Oriental Boston will remain unchanged. Jeannemarie Conley of Otis & Ahearn will market and sell the condos in early 2015.
NORTH PROVIDENCE, R.I. — CBRE/New England’s Capital Markets team has brokered the sale of Windsor at Brentwood, a 240-unit garden-style apartment community located in North Providence. Bower Hill Associates, an affiliate of GID Investment Advisors LLC, sold the property to Brentwood Apartments Limited Partnership, an affiliate of SMC Management LLC, for $25.8 million. Built in 1988, Windsor at Brentwood consists of 12 two- and three-story buildings with a mix of 178 one-bedroom apartments and 72 two-bedroom apartments. The apartments range in size from 541 to 965 square feet. At the time of the sale, 166 units had received kitchen and bathroom renovations along with community amenity upgrades. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.
RED BANK, N.J. — Woodmont Properties and Metrovation have opened West Side Lofts, a luxury apartment community in Red Bank. The 92-unit property offers a mix of one-bedroom and two-bedroom units finished lofts, two-story townhomes and three-story live/work maisonettes with private roof decks. Community amenities include a rooftop lounge and outdoor deck with hot tub, fire pit and barbecue grill; a strength and cardio center; a clubroom with resident lounge; game room; business center; four sky lounges; private courtyard with seating area; electric vehicle charging station; and package concierge service. Additionally, West Side Lofts will feature 25,000 square feet of restaurant and retail shops, featuring Triumph Brewing Co.
BASKING RIDGE, N.J. — Rubenstein Properties and partner Onyx Equities have executed a 61,676-square-foot lease with Avaya Inc. at 211 Mount Airy Road in Basking Ridge. Affiliates of Rubenstein and Onyx acquired the 305,000-square-foot property from Avaya in 2013 as a sale-leaseback deal. The property features a full cafeteria, state-of-the-art fitness facilities, 127-unit auditorium and an on-site conference center. Newmark Grubb Knight Frank represented both Avaya and Rubenstein/Onyx.
