WATERTOWN, MASS. — Cassidy Turley has arranged the sale of Riverworks Innovation Center at 480 Pleasant St. in Watertown. Farley White Interests sold the three-building office complex to Spear Street Capital for $43 million. Situated along the Charles River, Riverworks is a three- and four-story brick-and-beam office complex offering 200,000 square feet of space. The property was formerly the headquarters to Boston Scientific Corp. until the medical device company vacated the site. Farley White purchased the vacant property in 2010 and renovated it. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.
Northeast
COLLINGSWOOD, N.J. — Ingerman has topped out The Collings North, the second and final phase of The Collings at The LumberYard in Collingswood. The five-story building will feature 70 apartments, 12,000 square feet of ground-floor office space and 1,500 square feet of retail space. Located along Haddon Avenue, the second phase will feature one- and two-bedroom apartments ranging in size from 800 to 1,300 square feet. The pet-friendly residences will feature gourmet kitchens with quartz countertops, full-size washers and dryers, generous closet space and ENGERY STAR appliances. Additionally, the community features an outdoor courtyard with grill, covered parking, common-area WiFi, a community room and a fitness center. The Collings South, the community’s fully leased first phase, offers 34 apartment homes featuring a mix of one-, two- and three-bedroom units, including seven townhomes with private entrances.
NORWALK, CONN. — InterContinental Hotels Group (IHG) has opened its first EVEN Hotels property for the recently launched EVEN brand. Located at 426 Main Ave. in Norwalk, the 129-room hotel is designed to meet guests’ desire to maintain a healthy lifestyle while traveling. The hotel features a three-zone Athletic Studio, including a flex room for spinning and yoga classes, and healthy food and beverage options from its Cork & Kale Market and Bar. The EVEN Hotel Norwalk is owned and managed by IHG. The brand currently has four hotels in the pipeline: one in Rockville, Md.; one in Brooklyn, N.Y.; and two properties in midtown Manhattan.
NEW YORK CITY — Madison Realty Capital (MRC) has completed the disposition of 150 West 84th Street for $12.28 million. The five-story, 13,260-square-foot building consists of 20 residential units. MRC originally purchased the property in 2012 for $7.13 million and spent the last two years renovating and repositioning the building. The buyer was not disclosed.
NEW YORK CITY — GFI Realty Services has brokered the sale of 205 St. James Place, a four-story, walk-up apartment building in Brooklyn’s Clinton Hill neighborhood. The eight-unit property sold for $3.95 million or $494,000 per unit, which translates to 17.5 times the rent roll. Constructed in 1930, the 9,316-square-foot building is located within walking distance to the Clinton-Washington Avenues and Franklin Avenue subway stations, which service the C, G and S lines. Shlomo Antebi of GFI represented the seller and Joseph Landau of GFI represented the buyer. Both the seller and buyer are local investors.
NEW YORK CITY — Meridian Capital Group has arranged a $22.5 million loan to refinance a multifamily property located at 680 West End Ave. in Manhattan’s Upper West Side. Provided by a regional balance sheet lender, the five-year loan features a 3.33 percent fixed rate. Carol Shelby of Meridian’s New York City office negotiated the transaction. The 13-story building features 58 apartments and seven professional units.
NEW YORK CITY — White Plains, N.Y.-based Acadia Realty Trust has purchased a two-parcel, 1.38-acre site at 2520 Flatbush Ave. in Brooklyn. Capital One Bank sold the property for $17.1 million. The 30,000-square-foot property is leased to Capital One Bank and Bob’s Discount Furniture. The acquisition also included a sale-leaseback with Capital One Bank for its portion of the property. Corey Gluckstal and Guy Canzoneri of Sabre Real Estate Group represented the buyer in the transaction.
CAMDEN, N.J. — Love Funding has secured a $17.5 million loan for Broadway Townhomes, a 175-unit townhouse community in Camden. The loan is the first of its kind to be approved under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program. The programs allows proven financing tools to be applied to preserve and upgrade at-rise public and assisted housing and provides for a long-term Section 8 rental assistance contract. The property will be renovated using tax-exempt bonds provided by the New Jersey Housing and Mortgage Finance Agency in combination with 4 percent low-income housing tax credits and the proceeds from the loan, which is being insured through HUD’s 221(d)(4) program. Leonard Lucas of Love’s Boston office arranged the transaction.
PARSIPPANY, N.J. — CBRE Group has arranged the purchase of 20 East Halsey Road in Parsippany. GTJ REIT purchased the 75,000-square-foot industrial flex property for $3.3 million. Situated on 7.8 acres, the property has been vacant for more than 20 years. The buyer plans to refurbish the property to accommodate either a single or multiple tenants. Thomas Mallaney and Susan Branch of CBRE represented the buyer in the transaction.
NEW HAVEN, CONN. — The New Haven Register has leased 18,000 square feet at 100 Gando Dr. in New Haven. The New Haven Register will occupy two floors of the building, which is known as the Star Supply Building. The new space will house a modern workspace and offer on-site parking for the company’s 160 employees. Praxis Commercial, along with Tim Fegan and David Hansen of CBRE, brokered the transaction for the New Haven Register.