ORONO, MAINE — Orion Student Housing has acquired Orchard Trails in Orono. Located at Four Empire Dr., the 144-unit student housing complex is located near the University of Maine campus. Orchard Trails Housing LLC sold the property for an undisclosed price. Dan Greenstein of CBRE | The Boulus Company, in conjunction with Simon Butler and Biria St. John of CBRE’s Boston and Ryan Reid of CBRE Dallas, arranged the transaction.
Northeast
WESTPORT, CONN. — Building and Land Technology (BLT) has acquired Nyala Farms Corporate Center in Westport for $130 million. Situated on 53 acres at 60 Nyala Farms Road, the property offers 372,207 square feet of Class A office space. The office park is currently home to Terex, Bridgewater Associates, Morgan Stanley and RBC, among others. With this acquisition, BLT now owns more than 5 million square feet of office space in Connecticut.
YONKERS, N.Y. — Forest City Enterprises has closed on a three-year, $350 million bridge financing for the company’s Westchester’s Ridge Hill retail center in Yonkers. The 1.3 million-square-foot regional shopping, dining and entertainment destination is home to Lord & Taylor, Whole Foods Market, National Amusements Showcase Cinema de Lux, LEGOLAND Discovery Center, Apple, REI, UNIQLO and Dick’s Sporting Goods, among others. Additionally, the property offers 160,000 square feet of office space, which is anchored by WESTMED Medical Group. The refinancing, which was provided by Morgan Stanley Bank, was led by Forest City Ratner Companies, Forest City’s New York subsidiary, which manages the mixed-use property.
MORRIS TOWNSHIP, N.J. — Keystone Property Group and Mack-Cali, through a joint venture, has acquired 412 Mt. Kemble Avenue in Morris Township for $45.4 million. Located in Morris County’s corporate corridor, the asset comprises three three-story buildings offering 475,100 square feet of office space. The property offers a variety of tenant amenities, including a fitness center, café, executive parking garage and dual power feeds. Earlier this year, the companies entered into agreements to form various joint ventures to acquire the property as part of a larger portfolio of office properties that Mack-Cali owns throughout Northern New Jersey, New York and Connecticut.
FRAZER, PA. — HREC Investment Advisors has arranged the sale of Sheraton Great Valley in Frazer. The 198-room full-service hotel is located in the Exxon-Frazer-Malvern market and is centrally located at the crossroads of U.S. 202 and Route 30. The buyer plans to maintain the property’s premier position after a comprehensive renovation. Ketan Patel, Geoff Davis and Scott Stephens of HREC represented the seller in the transaction. Terms of the sale were not released.
CORONA, N.Y. — NorthMarq Capital has arranged $3.3 million in refinancing for a 14,644-square-foot retail property located at 39-24 104th St. and 103-19 Roosevelt Ave. in Corona. The 10-year loan has a 30-year amortization schedule. Charles Costsalas of NorthMarq’s New York metro office negotiated the transaction for the borrower, Permessa Holding Co., through NorthMarq’s relationship with a credit union.
MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has acquired Montville Corporate Campus located at 340-342 Changebridge Road in Montville from Bayer Pharmaceuticals. Situated on 27 acres within a gated site, the campus currently comprises two three-story travertine marble office buildings. VREP plans to rebrand the property and invest nearly $15 million to reposition the buildings for single- or multi-tenant occupancy. The firm also plans to redevelop the campus into a mixed-use live/work/play environment. The acquisition ties to VREP’s role as developer of Bayer Healthcare’s new 94-acre, 675,000-square-foot East Coast Headquarters in Whippany, N.J. As part of VREP’s sale of that site to Bayer in 2012, the firm retained the option to purchase Montville Corporate Campus. Jones Lang LaSalle’s Capital Markets Group negotiated the multimillion-dollar off-market transaction.
MALVERN, PA. — Gramercy Property Trust has purchased an R&D/flex facility located in Malvern for $28.4 million in an all-cash transaction. The 191,000-square-foot facility is 100 percent leased through March 2030 to a leading healthcare diagnostics company. Year one net operating income is approximately $2.1 million (7.5 percent initial cap rate; 8.7 percent annualized straight-line cap rate) with annual rent escalations throughout the lease term.
WORCESTER, MASS. — Skanska USA has signed a contract to build a maintenance and operations facility for Worcester Regional Transit Authority. The 150,695-square-foot building will include administrative offices, a public meeting space, operations dispatching, bus storage, maintenance shops and additional parking. Construction has begun on the $60 million project and substantial completion is expected in first quarter 2016.
NEW YORK CITY — GFI Realty Services has brokered the sale of 375 Edgecombe Avenue, a five-story walk-up apartment building in Manhattan’s Sugar Hill neighborhood. A local investor purchased the property for $2.34 million or $146,000 per unit, which translates to 10 times rent roll. Built in 1946, the 12,905-square-foot building features 16 units and is within walking distance to retail, restaurants and the 145th Street and 155th Street subway stations. Daniel Shragaei of GFI represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.