NEW YORK CITY — Forest City Enterprises Inc. has completed the acquisition of the interest of its equity partner, Arizona State Retirement System (ASRS), in B2 BKLYN. Located in Pacific Park Brooklyn, the modular apartment building features 363 residential units. The buyout of ASRS’s equity interest to date, for which Forest City paid $40.5 million, removes B2 BKYLN from the $400 million residential development fund between ASRS and Forest City. Additionally, the company assumed ASRS share of the debt on B2. Work recently ceased on the project when the construction contractor, Skanska USA, shut down construction at the property and closed the factory being used to build the modular units. The project is now the subject of litigation between the company and Skanska.
YORKTOWN, N.Y. — GHP Office Realty has acquired two properties totaling 351,811 square feet of mixed-use space in Yorktown. The 209,000-square-foot property at 2649 Strang Blvd. is occupied by ENT & Allergy Associates, Hudson Valley Hematology, North Shore-Long Island JHS, Northern Westchester County Dental, Hudson Valley Oral Surgery and Dialysis Clinic Inc. The one-story, 142,811-square-foot building at 2651 Strang Blvd. is home to Mercy College’s Yorktown campus. In total the buildings are 40 percent occupied. Andrew Greenspan, Jamie Schwartz, Mike Cinicolo, Andrea Lofaro and Harrison Lyss provided in-house representation for GHP Office Realty in the transaction. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel and Jim Maloney of The Great American Title Company provided title services for GHP. Additional details of the transaction were not released.
MERIDEN, CONN. — O,R&L Commercial has brokered the sale of 75 South Colony Street in Meriden. Efrain Valentin of Valentin Karate School purchased the 15,641-square-foot property for an undisclosed price. The buyer plans to fully renovate the property and use it as the headquarters for Valentin Karate. Frank Hird and Tim McMahon of O,R&L Commercial represented the seller, The Record-Journal Company, in the transaction. John Murphy of John J. Murphy Law Offices also represented the seller and Neil Ivers represented the buyer. The financing was provided by Ion Bank of Naugatuck and Community Investment Corp. was the SBA lender.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story mixed-use building located at 183-187 Avenue C in Manhattan’s Alphabet City neighborhood. Darwin Management sold the 24,534-square-foot building to Nader Shalom, a private investor, for $18.4 million. Built in 1910, the property features 43 residential units and three commercial units, which are occupied by Cafetico, a dry cleaner and a bodega. Additionally, the building features 1,090 square feet of air rights. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the deal.
PRINCETON, N.J. — Cushman & Wakefield has arranged an $18 million loan for 750 College Road East in Princeton. The three-year, non-recourse loan, which was provided by Square Mile Capital Management LLC, features a floating rate. Built in 2001, the three-story, 100,000-square-foot office building is fully leased to two tenants. Gideon Gil, Sridhar Vankayala and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance represented the borrower, an affiliate of ML7.
SPRINGFIELD, MASS. — Marcus & Millichap has brokered the sale of Morgan Square Apartments, a 266-unit residential property located in Springfield. A limited liability company purchased the asset for $9.1 million from an undisclosed financial institution. Converted from a manufacturing and production facility to a residential building in 1987, the property features a mix of 13 studio, 158 one-bedroom units, 24 one-bedroom lofts, 32 one-bedroom platform units, 38 two-bedroom units and one three-bedroom unit. On-site amenities include a fitness center, elevators in each building, laundry facilities and off-street parking. Victor Nolletti, Steve Witten, Gary Witten and Todd Tremblay of Marcus & Millichap represented the seller; Nolletti, Steve Witten and Gary Witten also represented the buyer in the transaction.
EAST HANOVER, N.J. — Bergman Real Estate Group, in a joint venture with a vehicle managed by Rialto Capital Management, a wholly owned subsidiary of Lennar Corp., has acquired 100 Eagle Rock Avenue, an office building in East Hanover. The partnership purchased the 90,000-square-foot property for $6.4 million or $71 per square foot. Current tenants at the property include Friedman LLP, Burns & McDonnell and Hartford Fire Insurance Company. Michael DiFede and Michael Brody of Garden State Office Properties represented the buyer, while Gary Gabriel and Kyle Schmidt of Cushman & Wakefield represented the seller, TA Associates, in the transaction.
VERNON, CONN. — The Boulder Group has brokered the sale of a newly constructed single-tenant retail property located at 426 Talcottville Road in Vernon. The property, which is net-leased to Dollar General, sold for $1.6 million. Situated on 1.11 acres, the 9,262-square-foot property is leased to Dollar General for at least a 15-year term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based investment firm, in the transaction. The seller was a Northeast-based developer.
EDISON AND PISCATAWAY, N.J. — HFF has secured $15.5 million in financing for the Business Centre at Edison, a 12-building office park located in Edison, and 140 Ethel Road West, an industrial building in Piscataway. HFF placed the seven-year, fixed-rate loan with Investor Banks for the borrower, Denholtz Associates. The loan will be used to retire existing debt. Located at 1090 King Georges Post Road in Edison, the 125,981-square-foot Business Centre at Edison is currently 96.9 percent leased. Situated on 6.24 acres in Piscataway, the 108,875-square-foot 140 Ethel Road West is currently 90 percent leased. Jon Mikula, Michael Klein and Michael Lachs of HFF negotiated the financing for the borrower.
Westport, Conn. — Marcus Partners has purchased two office buildings, located at 8 and 10 Wright St. in Westport, as the company’s first investment in its new fund, Marcus Capital Partners Fund II. The buildings, which total 84,000 square feet, offer views of the Saugatuck River and historic Westport Center. Marcus Partners has a $4 million comprehensive renovation planned for the buildings. The renovation will include new enlarged windows, and redesigned and upgraded landscaping, parking decks, lighting, paving, entrances and signage. Terms of the transaction were not released.