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Northeast

Modera-44-Morristown-NJ
MultifamilyNew JerseyNortheast

Mill Creek Residential Opens 268-Unit Modera 44 in New Jersey

by Amy Works

MORRISTOWN, N.J. — Mill Creek Residential has opened Modera 44, a luxury apartment community located in Morristown. The 268-unit community offers a mix of studio, one- and two-bedroom residential units. Apartments feature 9-foot ceilings, upscale finishes, custom cabinetry, wood plank-style flooring and spa-like bathrooms with soaking tubs. The units also feature gourmet kitchens with moveable chef islands, quartz countertops and Energy Star stainless steel appliances. On-site community amenities include a 24-hour fitness center that features a yoga studio, spin room and towel service, and two landscaped courtyards with gas grills and a fire pit.

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1322-Cortelyou-Road-MM
Mixed-UseNew YorkNortheast

Marcus & Millichap Brokers $2.1M Sale of Brooklyn Mixed-Use Building

by Amy Works

NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 1322 Cortelyou Road in Brooklyn’s Ditmas Park section. The 8,000-square-foot asset sold for $2.1 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’ Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.

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NortheastPennsylvaniaRetail

HLC Equity Purchases 13,825 SF Rite Aid Building in Canonsburg

by Amy Works

CANONSBURG, PA. — HLC Equity has purchased a retail property located at 601 West Pike St. in Canonsburg. Rite Aide occupies the 13,825-square-foot property under a triple-net lease. Constructed in 2006, the freestanding building has been occupied by Rite Aid since 2006. Dean Zang of Marcus & Millichap brokered the transaction.

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Parkwood-Place-Apts
MultifamilyNew JerseyNortheast

HFF Brokers $23.8M Sale of 294-Unit Apartment Community in Newark

by Amy Works

NEWARK, N.J. — HFF has brokered the sale of Parkwood Place Apartments, a mid-rise apartment community located in the Forest Hill neighborhood of Newark. A joint venture between Alex Brown Realty and Treetop Development sold the 294-unit property for $23.8 million, or $80,952 per unit, to an undisclosed buyer. Parkwood Place Apartments comprises seven six-story buildings featuring 71 studio, 147 one-bedroom and 76 two-bedroom units. Jose Cruz, Andrew Scandalios, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.

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IndustrialNew JerseyNortheast

Woodmont Industrial Partners Sells I-78 Logistics Center for $28M

by Amy Works

CLINTON, N.J. — Woodmont Industrial Partners has completed the sale of I-78 Logistics Center. Located at 111 Cokesbury Road in Clinton, the distribution center sold for $28 million or $38.50 per square foot. The 729,000-square-foot facility recently underwent a $4 million capital improvements program that included the addition of 36 new loading dock positions, T-5 lighting and new HVAC and sprinkler systems, as well as a parking lot expansion. The name of the buyer was not released.

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The-Julien
MultifamilyNortheastPennsylvania

Gebroe-Hammer Associates Arranges $14.1M in Multifamily Sales

by Amy Works

PHILADELPHIA — Gebroe-Hammer Associates has arranged $14.1 million in multifamily sales in Philadelphia. The Livingston, N.J.-based firm recently brokered the sales of The Julien in northwest Philadelphia and Avondale Apartments in northeast Philadelphia. Located at 5600 Ogontz St., The Julien consists of seven mid-rise buildings offering a total of 206 studio, one- and two-bedroom apartments. Avondale Apartments, located at 4628 Leiper St., consists of five mid-rise buildings offering a total of 113 residential units. Eli Rosen of Gebroe-Hammer negotiated both transactions.

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DunkinDonuts-MM
Mixed-UseNew JerseyNortheast

Marcus & Millichap Brokers $1.45M Sale of Mixed-Use Property

by Amy Works

NORTH PLAINFIELD, N.J. — Marcus & Millichap has brokered the sale of a Dunkin Donuts location and a two-family residential property on Route 22 in North Plainfield. The 3,900-square-foot asset sold for $1.45 million. Dunkin Donuts recently signed a 20-year absolute triple-net lease for the location. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller, a private investor, and the buyer in the transaction.

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455-459-Orange-St
ConnecticutMixed-UseNortheast

Press/Cuozzo Commercial Brokers $1.05M Sale of Mixed-Use Portfolio

by Amy Works

NEW HAVEN, CONN. — Press/Cuozzo Commercial Services has brokered the sale of a seven-property mixed-use portfolio located at 455-459 Orange St. in New Haven. 451 Orange Street Associates LLC purchased the portfolio for $1.05 million from Orange Bradley Realty LLC. The asset includes 455 Orange St., which features a first-floor medical office and a three-bedroom duplex apartment; and three residential units at 459 Orange St. Joel Nesson of Press/Cuozzo represented the seller and procured the buyer for the transaction.

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1515-Market-Philly
NortheastOfficePennsylvania

Accesso Partners Buys 1515 Market Street in Downtown Philly for $85M

by Amy Works

PHILADELPHIA — Accesso Partners LLC has closed on its $85 million acquisition of 1515 Market Street in downtown Philadelphia. The 20-story, 500,000-square-foot office tower sold for $85 million. The property was sold by a joint venture between Winthrop Realty Trust of Boston and Stockton Real Estate Advisors of Philadelphia. Renovated in 2007, the Class A property is currently 87 percent leased to a variety of tenants, including Temple University; Heffler, Radetich & Saitta; Sweeney & Sheehan; Simon & Simon; Rocco Law; the Commonwealth of Pennsylvania; Citizens Bank; and First Trust Bank. Douglas Rodio and Jim Galbally of Jones Lang LaSalle brokered the transaction. Hallendale Beach, Fla.-based Accesso Partners is formerly known as Beacon Investment Properties.

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Hunters-Crossing-IPA
ConnecticutMultifamilyNortheast

IPA Brokers $16.4M Sale of Connecticut Apartment Community

by Amy Works

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Hunters Crossing, an apartment community located in Middletown’s Westlake district. Hunters Crossing LLC purchased the 198-unit community for $16.4 million, or $82,800 per unit, from Middletown Apartment Associates LLC. Located at One Russet Lane, the community features 60 studios, 114 one-bedroom units and 24 one-bedroom loft/garden-style apartments. Community amenities include a swimming pool with sundeck and cabana, a beach volleyball court, a picnic and grilling area, on-site laundry facilities and a nature trail. Steve Witten, Victor Nolletti and Eric Pentore of IPA represented both the seller and buyer in the transaction.

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