NEW YORK CITY — TerraCRG has arranged the sale of 65 Irving Avenue in Brooklyn’s Bushwick neighborhood. The property sold for $2.55 million, which equals $432 per square foot or $425,000 per unit. Located between Starr and Troutman streets, the 5,906-square-foot four-story building features five free-market residential apartments — four three-bedroom units and one studio unit —and 1,500 square feet of renovated ground-floor commercial space. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller.
Northeast
EAST RUTHERFORD, N.J. — Newport Beach, Calif.-based KBS REIT II, a public non-traded real estate investment trust, has completed the disposition of Metropolitan Center in East Rutherford. The office property was sold to One Met Center LLC, which is owned and operated by Vision Properties, a wholly owned subsidiary of Arena Capital Group, for $108.7 million. Located at One Meadowlands Plaza, Metropolitan Center is a 15-story, 421,317-square-foot LEED Gold-certified office building. The property is also adjacent to MetLife Stadium and the American Dream development, which is slated to include 1.7 million square feet of retail space and 1.2 million square feet of attractions and dining.
NEW YORK CITY — Cleveland-based Forest City Enterprises and Greenland USA, a subsidiary of Shanghai-based Greenland Group Co., have partnered to develop Atlantic Yards, a 22-acre residential and commercial real estate development in Brooklyn. The joint venture covers both phases one and two of the project, including infrastructure, a permanent MTA rail yard, a platform above the rail yard, future residential units and future commercial high-rise development. The initial joint venture does not include the Barclays Center and B2 BKLYN, the first residential tower. Under the agreement, Greenland USA has acquired 70 percent of the project and will co-develop the project with Forest City, with both companies sharing all project costs going forward in proportion to their ownership interests. Forest City Ratner Companies, the New York-based subsidiary of Forest City, will co-manage the daily activities and develop project consistently with the approved master plan along with Greenland USA. The project will bring 6,430 residential units, including 2,250 units of affordable housing, to the Brooklyn area.
LAKEWOOD, N.J. — Gebroe-Hammer Associates has arranged the two multifamily property sales totaling $38.3 million in Lakewood. In the first transaction, The Crest at Washington Square, a 144-unit residential property located at 415 Cedar Bridge Road, sold for $26 million. Built in 2006, the building features a mix of one- and two-bedroom/one-bathroom units and two- and three-bedroom/two-bathroom layouts. Also included in the sale was a two-story, 17,516-square-foot retail and office building, which has a fully occupied ground-floor retail center. Joseph Brecher of Gebroe-Hammer represented the seller and procured the buyer in the transaction. In the second transaction, the 72-unit Shenandoah Village, located at 102 Susan Dr., sold for $12.3 million or more than $173,000 per unit. Built in 2000, the property features one- and two-bedroom floorplans with central air conditioning, washer/dryer, and a balcony, deck or patio. Community amenities include an outdoor barbecue area, playground and 160 parking spaces. Brecher represented the seller in the transaction, while Debbie Pomerantz of Gebroe-Hammer procured the buyer.
DOYLESTOWN, PA. — Doylestown-based Zencorr Properties has acquired Center Square Towers, a 35-unit apartment complex in Doylestown. AIMCO sold the property, which is located at 555 N. Broad St., for $31.5 million. The buyer has a capital campaign planned for the property to refresh the units and common areas. Adam Gillespie of SSH Real Estate represented Zencorr in the transaction. The company purchased the property with 1031 funds.
NEW YORK CITY — TerraCRG has arranged the sale of 55 St. Nicholas Street in Brooklyn’s Bushwick neighborhood. Located between Starr Street and Willoughby Avenue, the 5,832-square-foot, six-unit multifamily property sold for $1.6 million or $266,667 per unit. The property features three newly renovated units each comprising three bedrooms and two bathrooms. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller in the transaction.
NEW YORK CITY — Meridian Capital Group has negotiated a $45 million loan to refinance the Continental Portfolio, a 13-property multifamily portfolio located throughout the Bronx. The five-year balance sheet loan, which was provided by a local community bank, features a competitive LIBOR-based rate. The 597-unit portfolio includes 2442 Morris Avenue, 1711 Morris Avenue, 1704 Morris Avenue, 1685 Morris Avenue, 1721-1729 Walton Avenue, 1715-1717 Walton Avenue, 1170 Gerard Avenue, 1165 Gerard Avenue, 2333 Loring Place North, 2322 Loring Place North, 2226 Loring Place North, 4138 Barnes Avenue and 1236 Grand Concourse. Tal Bar-or and Kyle Kite of Meridian’s New York City office arranged the transaction.
MONTEBELLO, N.Y. — Mack-Cali Realty Corp. has completed the disposition of 400 Rella Blvd. in Montebello for $28.3 million. The three-story, 195,375-square-foot office building, which was Mack-Cali’s sole asset in Rockland County, N.Y., was 75.8 percent leased at the time of sale. Jeffrey Prezant of Cushman & Wakefield represented Mack-Cali in the transaction.
WINDHAM, MAINE — Roosevelt Trail LLC has acquired a NAPA Auto Parts location in Windham for $1.35 million. The 7,930-square-foot property was delivered with a new 10.5-year absolute triple-net lease with options. NAPA has occupied the site since 1996. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed.
MOUNTAINSIDE, N.J. — Vericon Construction has acquired a single-story commercial building at 191 Glen Road in Mountainside for $1 million. The buyer, which also owns the adjacent building, plans to expand its operations into the 11,685-square-foot property. The property is currently 46.5 percent leased to NBD Fitness Center and divisible for multi-tenant use with separate entrances. Jacklene Chesler of Colliers International represented the seller, Caiola Family Trust, in the transaction.