WORCESTER, MASS. — Marcus & Millichap has brokered the sale of a 14,800-square-foot net-leased property in Worcester. The property, which is occupied by Walgreens, sold for $8.2 million. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, a limited liability company. Robert Horvath and Todd Tremblay of Marcus & Millichap’s Boston office secured and represented the buyer, a limited liability company, in the transaction.
Northeast
NEW HAVEN, CONN., AND HACKENSACK, N.J. — NorthMarq Capital’s Greater Westchester NY/CT regional office has arranged financing for two multifamily properties in Connecticut and New Jersey. In the first transaction, Quinnipiac Gardens Inc. received a $4.8 million loan for Quinnipiac Gardens, a 71-unit multifamily property in New Haven. The loan was structured with a seven-year term and a 30-year amortization schedule. NorthMarq arranged the financing through its seller/servicer relationship with Freddie Mac. In the second transaction, Francisco Apartments Inc. received $2.8 million in financing for Equestrian House, a 30-unit apartment property in Hackensack. The transaction was structured with a seven-year term and a 30-year amortization schedule. NorthMarq secured the financing through its relationship with a regional bank. Robert Ranieri of NorthMarq Capital’s Greater Westchester NY/CT office arranged financing for both transactions.
FRANKLIN, MASS. — EMC Corp. has renewed its 192,000-square-foot lease at TIAA-CREF’s industrial building in Franklin. The company will continue to occupy the entire facility, which is located at 109 Constitution Blvd. Constructed in 2000, 109 and 111 Constitution Blvd. consist of 192,000 square feet each and are both fully occupied. The high-bay warehouse buildings feature state-of-the-art design and construction and offer 30-foot clear heights, ESFR sprinkler systems and excellent loading capabilities. John Lashar, Paul Leone and Danielle DeMarco of Transwestern | RBJ represented TIAA-CREF, which also owns 111 Constitution Blvd., in the transaction. Jack Burns and David Ross of Cresa Boston represented EMC Corp.
NEW YORK CITY — Butler Burgher Group (BBG) is acquiring New York City-based Leitner Group Inc. Until the transition is finalized, Leitner’s New York City office will operate as Leitner Group, now part of BBG. Joel Leitner, founder of the Leitner Group, will continue to lease the New York office and work closely with Susan Kominski, BBG’s Eastern Region senior managing director. The affiliation provides Leitner Group with a national footprint, as well as BBG’s branding and advanced technology platform. Additionally, the merger strengthens both firms’ capacity to take on large portfolio assignments.
NEW YORK CITY — New York-based ABS Partners Real Estate has brokered the sale of a development site at 353 and 355-357 Broadway in Tribeca for $73 million. Situated on Broadway between Leonard and Franklin streets, the development site totals 10,956 square feet. Additionally, included in the sale are 23,220 square feet of air rights from the neighboring lot at 359 Broadway, creating a total of 132,780 buildable square feet. Alan Cohen and Adam Maxson of ABS Partners represented the seller, a private family who owned the property for decades, in the transaction.
MARLBOROUGH AND SOUTHBOROUGH, MASS. — HFF has secured two loans totaling $10.4 million for CURO Enterprises for the financing of two office buildings in Massachusetts. The properties are 130 Lizotte Drive, a 100,000-square-foot office building in Marlborough, and 118 Turnpike Road, an 80,000-square-foot office building in Southborough. Completed in 1999, 130 Lizotte is currently 92 percent leased to Ascosta Inc and Career Arc Group. The three-story 118 Turnpike Road was originally built in 1989 for its prior tenant, Autonomy Corp., a wholly owned entity of Hewlett-Packard.
WINOOSKI, VT. — A partnership between Nedde Real Estate, Redstone Commercial Group and Youkel Architecture + Development has broken ground for the development of Riverrun, an apartment building located along the Winooski River in downtown Winooski. The 56-unit building will feature a mix of floorplans: one-bedroom; one-bedroom with den; two-bedroom; corner two-bedroom and; corner two-bedroom with den. Each apartment will feature an open floorplan with nine-foot ceilings; expansion windows with river, city or nature preserve views; walk-in closets; designer kitchens; washer/dryers; and air conditioning. On-site amenities include covered parking, a combination of enclosed and climate-controlled storage units, a fitness center, balconies on all apartments and a walking path to the river boardwalk. The energy-efficient building is slate for occupancy in June 2015. Wright & Morrissey Construction is constructing the building.
NEW YORK CITY — Progress Capital has arranged a $35 million fixed-rate loan for the 20-story office building located at 220 Fifth Avenue in New York City. The non-recourse loan has a term of 15 years based on a 30-year amortization schedule. The funds were used to refinance an existing CMBS mortgage with Berkadia Commercial Mortgage. Originally built in 1912, the building was formerly known as the Croisic Building and is a historic icon in the city. The same family has owned the office building since 1991. The owners plan to renovate the building’s lobby and common spaces in preparation for the opening of the Belgium Beer Café, which will anchor the building’s first-floor retail space.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of 1227 Broadway in Brooklyn’s Bushwick neighborhood. The 7,065-square-foot building sold to a private investor for $2.7 million or $382 per foot. Renovated in 2006, the mixed-used building offers six free-market residential units and one retail unit. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.
NEW YORK CITY — Thorofare Capital has funded a $28 million short-term loan to finance a partnership buyout of a seven-building, 254-unit multifamily portfolio in Brooklyn and the Bronx. The borrower sought financing to buy out its institutional investment partners that originally acquired a majority equity stake in a larger portfolio, including the seven multifamily properties, seven years ago. The portfolio includes three properties in Brooklyn’s Flatbush neighborhood: a four-story, 24-unit residential building on East 21st Street; a seven-story, 39-unit apartment building located on Ocean Avenue; and four-story residential building on Beverly Road. The portfolio also includes four properties in the Bronx: a six-story, 54-unit mixed-use property on East 168th Street a six-story; 56-unit residential building on Franklin Avenue; a five-story, 36-unit apartment building located on Franklin Avenue; and a five-story residential building on Hull Avenue. Thorofare placed the loan through its third discretionary investment vehicle, Thorofare Asset Based Lending Fund III.