NEW CANANN, CONN. — Cronheim Mortgage has arranged $4.1 million in financing for a retail and office building located in downtown New Canaan. The property is a 9,431-square-foot fully occupied mixed-used building on Elm Street. The ground-floor space is leased to Ralph Lauren and Nail Hollywood, while the second-floor space is leased to six office tenants and one retail tenant. The 4-percent fixed-rate loan was structured with a seven-year term and 18-year amortization for the borrower, Campana 109 LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.
Northeast
HARTFORD, CONN. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of a multifamily portfolio in Hartford. Built in the 1960s, the 903-unit portfolio features approximately 800,000 square feet of rental space. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and buyer in the transaction. Details of the transaction were not disclosed.
PISCATAWAY, N.J. — Trammell Crow Co. and its joint venture partner, Clarion Partners, has signed Dawn Food Products Inc. to a long-term lease at 30 Knox Drive within South Washington Park in Piscataway. Dawn Foods will occupy 130,681 square feet of the 227,042-square-foot industrial building. Located in the Northern New Jersey Industrial Market, South Washington Park features two industrial buildings: the 305,750-square-foot 10 Knox Drive and 30 Knox Drive. Each building includes high ceiling heights, efficient loading areas, wide column spacing and ESFR sprinkler systems. Additionally, the site features full building circulation, high trailer parking ratios and subdivided parcels.
Since 2010, the Brooklyn real estate market has been surging. Over the course of the last four years, the total dollar amount of commercial real estate sales in Brooklyn has increased 397 percent with transaction volume up 151 percent. In 2010, $1 billion of commercial sales were completed, compared to more than $5 billion in 2013 — and projections for commercial sales in Brooklyn for 2014 are more than $6 billion. Retail property sales in the first half of 2014 compared to the first half of 2013 have increased 33 percent in dollar volume and have seen a 12 percent increase in transaction volume. Brooklyn has become a true retail destination, with more national retailers than ever opening up shop. Barney’s Co-op is credited as being one of the first upscale retailers in the borough four years ago. J. Crew, Sephora, Nord-strom Rack and Whole Foods are several of the other nationally known retailers to make the move to Brooklyn. Apple is looking to open its first Brooklyn store, and the potential location of the store continues to be a widely discussed topic. Brooklyn offers a dense concentration of consumers for retailers to serve. According to an economic development report …
NEW YORK — Prodigy Network has purchased 17 John St. in downtown Manhattan for $85.3 million. The property was purchased with more than $25 million in crowd-funded equity, senior financing from Deutsche Bank and subordinate financing from a New York-based institutional investor. Accredited investors from more than 12 different states and 10 countries invested in participations starting at $50,000 in this New York building. Upon completion of construction, the extended-stay property will span 23 stories and feature 191 furnished units.
WALTHAM, MASS. — New Boston Fund Inc. has sold Watermill Center in Waltham, a suburb of Boston. Intercontinental Real Estate Corp. purchased the property for an undisclosed sales price. Constructed in 1984, Watermill Center is a six-story, 206,634-square-foot, Class A office building. Since purchasing the property in March 2000, New Boston has boosted the occupancy from 67 percent to 90 percent, with 150,000 square feet having been leased in the past nine months. Additionally, New Boston completed extensive upgrades and improvements to enhance the building’s entrance and main lobby, and has added several amenities. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented New Boston in the transaction.
SUFFIELD, CONN. — East Granby, Conn.-based Trevisan USA LLC has broken ground on its new industrial facility in Suffield. The 17,000-square-foot building will accommodate Trevisan’s previously announced expansion in the United States. The new facility is located on the corner of Austin and South streets. Bloomfield, Conn.-based PDS Engineering and Construction is leading the project.
NORTH HANOVER TOWNSHIP, N.J. — CBRE has arranged the $1.4 million sale of a newly constructed Dollar General property in North Hanover Township. The retail store is located at 189 Jacobstown New Egypt Road. The property has a 10-year net-lease in place with two five-year options, with 10 percent escalations in both option periods. The store is located at a signalized intersection and includes ample on-site parking.
NEW YORK — Massey Knakal Realty Services has arranged the sale and financing of a portfolio of residential condominium units within The Corinthian building. The property is located at 645 First Ave. in Manhattan’s Murray Hill neighborhood. The units were sold in an all-cash transaction valued at $147 million. Massey Knakal Capital Services arranged the acquisition and construction financing with a commitment amount of $125 million, with an initial funding of $115 million. The portfolio consists of 144 residential condominium units within a 57-story building, with an aggregate unit size of approximately 150,747 square feet. The property includes studio, one-, two- and three-bedroom units. The sale price equates to approximately $975 per square foot.
PHILLIPSBURG, N.J. — HFF has brokered the $22.7 million sale of Greenwich Center, a 182,583-square-foot retail power center located in Phillipsburg, 73 miles north of Philadelphia and 70 miles west of New York City. Greenwich Center is located at 1200-1208 New Brunswick Ave. The building was developed in two stages, Center I was completed in 2002 and Center II was finished in 2006. The shopping center is 93 percent leased to national and regional tenants. HFF represented the seller Retail Properties of America Inc. An affiliate of Northeast Capital Group and BHN Associates purchased the asset free and clear of existing debt in an all cash transaction.