NEW YORK CITY — Pembrook Capital Management has closed on a $24.8 million bridge loan to fund McSam Hotel Group’s purchase of a Manhattan development site. Located on West 37th Street between Eighth and Ninth avenues, the site currently features two parking lots that will be developed into a hotel property. The site is situated in close proximity to Hudson Yards and the Javits Center and will benefit from ongoing transportation improvements that are transforming the neighborhood.
Northeast
NEW YORK CITY — Marcus & Millichap has arranged the sale of 150 52nd St., a 123,785-square-foot, two-story industrial building on New York Bay in the Sunset Park neighborhood of Brooklyn. The $19.5 million sale price equates to $157 per square foot — and $2.7 million over the asking price. Jakub Nowak and Hemal Patel of Marcus & Millichap represented the seller, 150 52nd Street LLC, a national private equity partnership. Located between First Avenue and Second Avenue and occupying most of the block it stands on, 150 52nd St. is within the Southwest Brooklyn Industrial Business Zone and near the Bush Terminal Pier Park green space and sports field development. The location is also inside the New York City Economic Development Corp.’s Sustainable Urban Industrial District, which is part of the city’s Sunset Plan Park Vision aimed at promoting investment and development in the Sunset Park waterfront industrial area. Access to the Brooklyn-Queens Expressway is nearby. The property has short-term leases in place. By 2018, 90 percent of the space will be available and all current leases and renewals expire in 2021. This gives the buyer the opportunity to add value through redevelopment and increasing rents. However, the current …
NEW YORK CITY — GFI Realty Services has arranged the sale of 1546 Selwyn Avenue, a six-story, 69-unit elevator apartment building located in the Claremont section of the Bronx for $7.2 million or $104,000 per unit. Daniel Shragaei of GFI Realty Services represented the seller, a local investor, and Josh Orlander of GFI Realty Services represented the buyer, also a local investor, in the off-market transaction. The 68,886-square-foot building was constructed in 1927 and is within close proximity to 170th Street and 174-175th Streets subway stations, which service the 4, B and D lines, and Claremont Park.
ANDOVER, MASS. — Mack-Cali Realty Corp. has acquired Andover Place at 650 Bulfinch Drive in Andover for approximately $37.7 million. The 220-unit multifamily community consists of studio, one-, two-, and three-bedroom units, as well as three-bedroom duplexes. The property, which was 94 percent leased at the time of sale, was acquired from AEW Capital Management and Corcoran. The property features a clubhouse with fitness center, swimming pool with sundeck and barbecue area, abundant parking, and is located on 30 acres. The new owners plan to upgrade kitchens and bathrooms, add washer/dryers units to the apartments, and a refurbish the pool deck. Mack-Cali’s Roseland subsidiary will manage and lease the property, which is located one mile from Interstate 93 and near both the train station and Main Street in downtown Andover.
CUMBERLAND, R.I. — Eastern Connection, a regional parcel carrier serving the East Coast, has relocated its corporate headquarters to 70 Industrial Road in Cumberland. The new 30,000-square-foot state-of-the-art facility consolidates Eastern Connection’s Worcester, Mass., and Providence, R.I., facilities into one location. The company’s previous headquarters, 60 Olympia Ave. in Woburn, Mass., remains in operation. Eastern Connection and the landlord, Dean Warehouse Services, each represented itself in the five-year lease transaction, which will allow Eastern Connection to expand up to an additional 20,000 square feet as needed to accommodate growth. The new site includes administrative office space, three loading docks, a dispatch center and a sorting facility, where a 100-foot, automated conveyer belt feeds packages to Eastern Connection trucks for delivery.
ROCHESTER, N.Y. — Sheldon Stahl and Jesse Bailey of Houlihan Parnes Realtors recently handled the sale of two large garden-style apartment complexes in the Rochester area. The 224-unit Northgate Manor Apartments is located opposite the new Walmart Supercenter on Dewey Avenue in Greece, N.Y. The 267-unit Grecian Garden Apartments is located at 72 Grecian Garden Drive in Greece. Northgate and Grecian were owned by affiliated entities of Houlihan Parnes for 10 years and seven years respectively. Both properties were sold to a single buyer and were represented by O’Connell Moore Real Estate.
JEFFERSON, N.J. — HFF announced has closed the sale of and arranged financing for Ridge Plaza, a 114,964-square-foot grocery-anchored retail center in Jefferson. Ridge Plaza is situated on a 15.5-acre site at 5730 Berkshire Valley Road and is the only grocer within a five-mile radius. Completed in 2001, the property is 90 percent leased. Tenants include A&P, Chase Bank, The UPS Store, Subway and Dunkin' Donuts. CVS/pharmacy and McDonald’s occupy the two pad sites at the property. HFF marketed the property on behalf of the seller, Kite Realty Group Trust. ACRE Group, a full-service commercial real estate company out of Connecticut, represented the buyer in the transaction. HFF’s debt placement team arranged a 10-year, fixed-rate acquisition loan through Columbia Bank on behalf of the buyer. The HFF investment team representing the seller included Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval. Michael Klein of HFF arranged the financing for the buyer. ACRE Group’s acquisitions team, led by Daniel Charest and Jacqueline Barrett, identified this investment opportunity for the buyer.
BOSTON — Boston Realty Advisors (BRA) has sold 40 Berkeley Street, located near the intersection of Berkeley and Tremont Street, in Boston’s South End Neighborhood, for $17.2 million. The seven-story, 80,000-square-foot building currently operates as a hotel geared toward young travelers, hostellers, and those looking for an alternative to Boston’s high-priced hospitality choices. It previously served as a YWCA housing facility. The property was purchased by The Mount Vernon Company, which is based in Boston. The new ownership company is considering various options for the property but will not release any information until it begins its dialog with the neighborhood. Cornerstone Realty Capital arranged acquisition and improvement financing from a local bank.
MORRIS PLAINS, N.J. — Colliers International has arranged the sale of the 330,000-square-foot Morris Business Campus at 1000, 1100, and 1200 The American Road in Morris Plains for $6.85 million. The multi-tenant property was sold to local real estate investor and developer JMF Properties Group. The Morris Business Campus encompasses more than 28 acres of land and comprises three interconnected Class B office buildings that were renovated in 2001. The rear of the property features a walkway with direct access to the Morris Plains train station. The property is currently zoned as light industrial and is located two miles from Interstates 287 and 80, and is 45 minutes from New York City.
NEW YORK CITY — Silvershore Properties has purchased 27 East 20th Street for $3.3 million. The 5,200-square-foot four-story walk-up building, located between Park Avenue South and Broadway, features Rohm Thai Restaurant on the ground level and Bove Hair Salon on the second floor. Two full-floor apartments fill the two top floors. The property includes an additional 4,000 square feet of air rights. AY & Associates, which owned the building for more than 30 years, sold the property.