BOSTON — Clarion Partners, on behalf of a separately managed account client, has acquired 100 Franklin Street in Boston’s financial district for an undisclosed sum. The nine-story Beaux Arts-style building features 124,055 square feet of office space. Originally built in 1908, the property underwent a major renovation in 1998. At the time of sale, the property was 93 percent occupied by a variety of tenants in the financial services, legal services and technology industries. Additionally, the building features 10,000 square feet of ground-floor retail space. The name of the seller was not released.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 88-92 Linden Blvd. in the Prospect Lefferts Gardens neighborhood of Brooklyn. Brookland Capital acquired the site for $6.5 million from INK Property Group. The site offers approximately 48,000 square feet of buildable air rights. Brookland Capital plans to develop a 66-unit rental and condominium property on the site. The 60,500-square-foot property will feature one- and two-bedroom units, ranging from 620 to 800 square feet, a gym, roof deck and 33 parking spots. Matt Cosentino, Peter Matheos and Eric Satanovsky of TerraCRG represented both parties in the transaction.
EATONTOWN, N.J. — AC Donato Construction LLC, an affiliate of The Donato Group, and W. Lerman Architecture are redeveloping and renovating the 108-year-old former Fred G. Steelman School in Eatontown. Voyagers’ Community School, a private day school, will relocate from Farmingdale, N.J., to the renovated property upon completion of the $1.2 million first phase of the project in September. The second phase of the project includes the addition of 2,000 square feet to increase the building to a total of 20,000 square feet. In the interim, 5,000 square feet within in the building’s annex with be set aside for offices for a variety of independent, child-focused professional services, including occupational therapy, psychological counseling, speech therapy and medical services. Located at 215 Broad St., the renovated school features a commercial kitchen for cooking classes, art studio, a kiln, state-of-the-art computer and science laboratories, a music room, and an all-purpose room to serve a gymnasium and meeting space, as well as an outside area designed by students. Construction of the second phase is expected to start in summer 2016, with completion scheduled in time for the 2016-2017 school year.
New York City multifamily has historically been a darling of the real estate industry — and for good reason. It is arguably the most sought-after investment product type within commercial real estate investment’s most targeted city. It is the perfect demographic storm on the demand side: two-thirds of the population rent versus own; the population is arguably the best educated and includes the highest income generators in the nation; and the market continues to exhibit vast growth in household creation and population. Not to mention, the supply side is both geographically and politically constrained. These limitations are further exacerbated by very high costs to build. However, even with the dual push of supply and demand continuing to be in investors’ favor citywide, there are some areas that are softening. Two areas that seem to be softening are luxury condominiums in Manhattan and rental product in Long Island City (Queens) and the downtown Brooklyn area. Manhattan Luxury Condo Sales Slowing Manhattan is often a trendsetter that is months and years ahead of the rest of the country when it comes to real estate trends, and the return of the luxury condominium market is a prime example of this. Some 2,500 units were …
NEW YORK — Extell Development Co. has acquired the remaining residential development rights at City Point, a 1.9 million-square-foot mixed-use project in downtown Brooklyn, for $115.5 million. The price works out to about $217 per buildable square foot. The sellers were Acadia Realty Trust and Washington Square Partners, co-developers of City Point. City Point’s third phase, a 21,500-square-foot parcel, will be Extell’s first residential development in Brooklyn. The company plans to develop a 665,000-square-foot tower, located on Willoughby Street, with 600,000 square feet of residential space and 65,000 square feet of commercial space at the base of the building. Acadia and Washington Square will retain the commercial portion of the development upon completion in 2020. Construction is slated to begin in 2017.
DEVENS, MASS. — Calare Properties and Hackman Capital Partners have completed the disposition of a manufacturing facility located at 112 Barnum Road in Devens. A large institutional real estate investor acquired the 392,000-square-foot property for $36 million. Originally constructed in 2010, the property features manufacturing and research facilities including oversized air handling and humidification emergency diesel generators and gas distribution systems. Robert Gibson, Bill Moylan, Chris Angelone, Bruce Lusa and John Meador of CBRE/New England represented the seller in the transaction.
JENNERSVILLE, PA. — Seavest Healthcare Properties and developer Anchor Health Properties have opened Penn Medicine Southern Chester County in Jennersville, a suburb of Philadelphia. The two-story, 72,000-square-foot facility features primary and specialty care physician offices, diagnostic imaging, physical therapy and laboratory services. Penn Medicine Chester County Hospital, a University of Pennsylvania Health System hospital, The Children’s Hospital of Philadelphia and independent physicians occupy the ambulatory care facility. Seavest, Anchor and physician-tenants own the property.
WILTON, CONN. — HFF has arranged the sale of Town Green at Wilton Center, a shopping center located in the town center of Wilton. An affiliate of Westport, Conn.-based Paragon Realty Group LLC acquired the 34,956-square-foot property for $9.9 million. Built in 1985, the two-building shopping center is occupied by a U.S. Post Office, Webster Bank, Hunan Café and Marly’s Bar & Bistro. James Koury, Fred Wittman, David Fowler and Patrick McAneny of HFF represented the sellers, Wilton Center Development LLC and Boylston Properties, in the deal.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,385-square-foot land parcel located at 71-74 Parsons Blvd. in the Kews Gardens section of Queens. The asset sold for $2.5 million. The 67-foot by 83-foot parcel offers a floor area ratio of 2.43 for a residential development and a floor area ratio of 4.8 for a development that includes a community facility. Steven Siegel and Michael Kook of Marcus & Millichap’s Manhattan office represented both the seller, a bank/financial institution, and the buyer, a developer, in the transaction.
PEDRICKTOWN, N.J. — Five Below (NASDAQ: FIVE), a retailer catering to pre-teens and teens, and supply-chain company NFI have opened a more than 1 million-square-foot distribution center in Pedricktown. Five Below will occupy 700,000 square feet of the property, which broke ground in September 2014, and use the property as its eastern U.S. distribution center servicing more than 300 retail store locations in the region. The new distribution center is bringing an estimated 100 jobs to the area. The facility features three miles of conveyor equipment and 2,500 tons of steel racking to support year-round operations.