SOUTH PORTLAND, ME. — Marcus & Millichap has brokered the sale of a newly constructed retail property in South Portland. Situated on a 9,395-square-foot parcel along Maine Mall Road, the 6,800-square-foot freestanding building sold for $4.8 million. The property is occupied by a 1,800-square-foot Starbucks Coffee, which has a 10-year triple-net lease, and a 5,000-square-foot Mattress Firm under a 11-year triple-net lease with three five-year options. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the seller, UG-Meridian South Portland LLC, and the buyer, Cimco Realty LLC, in the transaction.
Northeast
WESTPORT, CONN. — Vidal Wettenstein LLC has brokered the sale of an office building located at 37 Franklin St. in Westport. Dinmar Realty sold the 6,000-square-foot property to Chris Anderson for $1.2 million. The buyer plans to renovate the property and utilize it for his company. Robert Lewis of Vidal Wettenstein represented the seller, while Kevin Foley of Cushman & Wakefield represented the buyer in the transaction.
Home to many of the fastest growing communities in Maine, the Sebago Lakes region is continuing its rebound from the Great Recession. Recent Census data puts Windham as the second-fastest growing Maine community, just behind our neighboring town of Gorham. All six of Windham’s bordering towns are in the top 30 fastest growing communities, including four in the top 10. Windham acts as the marketplace and service center for the region and serves a primary trade area population of 61,000 residents, and a secondary trade area of 80,000 people. The four-season nature of the region draws 500,000 visitors annually. Retail sales have rebounded from recession lows — and with 50 percent of the region’s sales, Windham leads the way. Construction of Single-Tenant Retail Remains Steady Tractor Supply (19,000 square feet), Goodwill (17,800 square feet) and Dollar Tree (10,000 square feet) have added to the 1.5 million square feet of retail space since 2012. AutoZone recently submitted plans for a 7,500-square-foot building to be constructed in the center of our retail district, and other retailers are showing interest in locations south of the retail center along U.S. Route 302. Vacancy Rates Remain Low Windham’s retail vacancy rate continues to remain low, …
NEW YORK CITY — Madison Realty Capital (MRC) has completed the first closing for Madison Realty Capital Fund III LP. The discretionary private equity fund raised a total of $145.4 million of capital commitments from a diverse group of investors, including public pension funds, corporate pension funds, university endowments, family offices and wealth managers. Launched in 2004, MRC Fund III is targeting $600 million in investor commitments and will originate and acquire commercial mortgage loans, mezzanine loans and preferred equity interests in real property.
SEA CLIFF AND GLEN HEAD, N.Y. — Voters have approved a $19.6 million construction bond to fund the North Shore Central District’s infrastructure improvements and renovation program. The school district, which comprises Sea Cliff and Glen Head, N.Y., serves more than 2,800 students in grades K-12. BBS Architects, Landscape Architects and Engineers is serving as architect, interior designer, MEP engineer and civil engineer for the work funded by the bond. Additionally, Savin Engineers PC is serving as construction manager. The project includes work at Glen Head Elementary School, Glenwood Landing Elementary School, North Shore Middle School and North Shore High School in Glen Head, N.Y.; and Sea Cliff Elementary School in Sea Cliff. Additionally, the scope of work includes improvements to two district buildings in Sea Cliff and Glenwood Landing. Construction started this summer and will continue to be performed over the next three summers so it does not interfere with the school term.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of the leasehold at 840 Westchester Avenue, a commercial building in the Morrisania section of the Bronx. The newly constructed property sold to a local investor in a 1031 exchange for $18.4 million. The two-story property features 174 feet of prime Westchester Avenue frontage, 53,705 square feet of above-grade space for four office and retail units, 24,300 square feet of below-grade space for a 74-space parking garage, and 83,321 square feet of air rights. Victor Sozio, Scot Hirschfield, Jason Gold and Shimon Shkury of Ariel Property Advisors represented the seller, an affiliate of Columbus Pacific Properties, and procured the buyer in the transaction.
NEW PROVIDENCE, N.J. — Cronheim Mortgage has arranged $5 million in permanent financing for an industrial flex building in New Providence. The one-story property features 88,500 square feet of industrial flex space, with approximately 60,000 square feet of office space and 30,000 square feet of warehouse space. Current tenants include Atlantic Health Systems, Creative Wallcoverings, the New Jersey Youth Symphony and Sensory Spectrum. Dev Morris and Andrew Stewart of Cronheim Mortgage secured the 10-year loan, which features a 15-year amortization schedule, for the borrower, RC-Central Ave. Associates LLC. The loan was placed with American United Life Insurance Co.
BUFFALO, N.Y. — CBRE Group has arranged the sale of Ingram Micro East Coast Headquarters, an office complex located in suburban Buffalo. American Realty Capital Partners, a REIT, purchased the property for $24.5 million or approximately $123 per square foot. Situated on 21 acres, the two-building property offers 200,075 square feet of office space: the 170,346-square-foot 1759 Wehrie Drive and the 29,729-square-foot 395 Youngs Road, which are connected by a two-story atrium. Edward Midgley and Dan Kaplan of CBRE’s New York City office, along with V. Jeffrey LiPuma and Bob Starzynski of the Buffalo office represented the owner, Winthrop Realty Trust, in the transaction.
EAST BRUNSWICK, N.J. — HFF has arranged the $6.5 million sale of Cranbury Corporate Center, a medical office facility located at 620 Cranbury Road in East Brunswick. Completed in 2005, the two-story, 63,855-square-foot building is 80 percent leased to a variety of medical specialty groups such as MRI, surgical centers, OBGYN, eye care, rehabilitation, podiatry and general patient care. LabCorp and Life Alert are both tenants in the building. Kevin O’Hearn and Steve Simonelli of HFF represented the seller in the transaction.
BOSTON — Marcus & Millichap has arranged the sale of 28-38 L Street, a 12-unit apartment building located in South Boston. A dual family trust sold the property for $2.1 million to a private investor. Built in 1920, the property features two studio and 10 one-bedroom units. Evan Griffith of Marcus & Millichap’s Boston office represented the seller and procured the buyer in the transaction. Todd Tremblay is the broker of record for Marcus & Millichap’s Boston office.