MAMARONECK, N.Y. — Rich Hendey and Steve McCulloch of Houlihan Parnes Realtors have placed a $1 million loan on 123-129 Halstead Avenue, an office and retail property located across the street from the train station in Mamaroneck. The non-recourse loan was done at par and has a fixed rate of 4 percent for a period of five years with a 30-year amortization schedule. The borrower has a five-year option to renew. The loan was placed with a regional bank and the borrowers were represented by John Nickelsberg of the law firm Rabine & Nickelsberg.
Northeast
HOBOKEN, N.J. — Bijou Properties, in partnership with Intercontinental Real Estate Corp., has broken ground on an $83 million multifamily development located at 900 Monroe in Hoboken. The 11-story, 135-unit mixed-use building includes 13,500 square feet of retail space featuring a daycare center and a 135-car onsite automated parking facility. The development is slated for a fall 2015 completion. Amenities will include a lobby, gym, outdoor pool, clubrooms and automated on-site parking. Marchetto Higgins Stieve Architects designed the property.
NEW YORK CITY — Madison Realty Capital (MRC) has sold a four-building multifamily property located on West 111th Street in Manhattan for $24.3 million. Acuity Capital Partners purchased the property. Madison initially purchased distressed loans on the four adjacent buildings, located at 136, 140, 144, 148 West 111th St., for $11.8 million in May 2011. MRC acquired the property title at auction in July 2011. The company then renovated 20 of the apartment units. The four buildings total 55,000 square feet with 65 apartment units. Aaron Jungreiss of Rosewood Realty Group represented both the buyer and seller in this transaction.
NATICK, MASS. — CBRE has arranged the $8.6 million sale of an office building located at 313 Speen St. in Natick. Chris Angelone, Steve Murphy, Bruce Lusa and John Meador of CBRE represented the seller, Gerrity Family Associates, and procured the buyer, 313 Speen LLC. The 59,453-square-foot office building was 70 percent leased at the time of sale. Approximately 20 miles west of Boston, the office building is located less than a mile off Interstate 90.
PORTLAND, MAINE — Boston Capital is investing in the construction of 409 Cumberland Avenue Apartments, a 57-unit development for families located in Portland. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Avesta Housing Development Corp. is the developer. The construction of 409 Cumberland will generate $5.8 million in local salaries and create more than 87 new jobs in the Portland area. Boston Capital's investment in the development adds 57 units of affordable housing to its apartment portfolio.
ENFIELD, CONN. — Enfield Distribution Center LLC has purchased a 235,000-square-foot industrial building at 35 Manning Road in Enfield from Best Realty Associates for $3.5 million. The building is a former Hallmark Cards distribution center. Nicholas Morizio of Colliers International represented the seller and buyer in the transaction.
If 2013 was considered a year of great health in New England retail real estate, we’ll likely need to craft stronger superlatives to describe 2014. Exciting new projects circling metro Boston, rising retailer demand, and a flood of capital chasing retail centers were consistent stories throughout 2013 and will only amplify in 2014. Surprisingly quiet during the prior decade, grocers are now driving much of the activity and creating the lion’s share of the retail headlines. With Whole Foods inhaling five Food-master stores, opening in Lynnfield and exploring any other site that comes available and with Wegmans committed in the Fenway, set to open in Burlington and Chestnut Hill and construction finally underway in Westwood, stories of supermarket growth were ubiquitous throughout 2013. The recent announcement of a new Star Market at North Station provides evidence that the new entity behind the Shaw’s chain may have quickly turned around the grocery operator’s downward spiral while the team at Roche Bros. surprised many in the industry with a small store in Medfield and an urban store to join the Millennium Tower project at Downtown Crossing. And Market Basket? Here’s to hoping that 2014 provides a clearer path for the powerhouse local …
BOSTON — DivcoWest has completed the purchase of One Winthrop Square, a 114,000-square-foot office building in Boston’s Downtown Crossing area. One Winthrop is a five-story building that was constructed in 1873 and most recently renovated in 2008. The building was fully leased at the time of sale. DivcoWest plans to improve the building’s common areas. The building fronts the half-acre Winthrop Square Park and is located within the city’s central business district.
GROTON, CONN. — Marcus & Millichap has arranged the $5.2 million sale of a 34,944-square-foot retail property anchored by a Walgreens in Groton. Seth Richard and Laurie Ann Drinkwater of the firm marketed the property on behalf of the seller, a limited liability company, and represented the buyer, a private investor. Located at 441 Long Hill Road, the 24-hour store features a double drive-thru and separate exit.
LACONIA, N.H. — NAI Norwood Group has arranged the $4.9 million sale of Lakeshore Estates in Laconia, a city located 44 miles south of Manchester. The garden-style apartment complex includes four buildings, totaling 120 units and spanning 118,032 square feet. Andy Fleisher represented the seller, a long-time owner, and assisted the buyer in the sale. The property was 93 percent leased at the time of the sale. Andre Tremblay of Franklin Savings Bank in Bedford, N.H., handled the lead financing. Sugar River Bank provided secondary financing. Andrew Prolman, an attorney with Prunier & Prolman P.A., assisted the buyer in the transaction.