MEDFORD, MASS. — Lexington, Mass.-based Bierbrier Development has completed the $22.8 million refinancing of Wellington Circle Plaza in Medford. Located at the junctions of Routes 16 and 28, the property is a 55,000-square-foot shopping center with national tenants, including CVS/pharmacy, Men’s Wearhouse, LenCrafters and Chipotle. The borrower purchased the property in 1985. Matthew Kirsch at Bank of America provided the 10-year financing. Brian Cororan and Lee Norman of Ackman-Ziff represented Bierbrier in the transaction.
Northeast
CLARK, N.J. — Garden Communities, a subsidiary of Garden Homes, has opened the first apartment building at Woodcrest at Clark, an active-adult residential community in Clark. Located in Central Jersey, the four-building property will offer one- and two-bedroom units ranging from 900 to 1,630 square feet. The apartment units feature granite countertops, breakfast bars, stainless steel appliances, custom walk-in closets, master bathrooms with soaking tubs and double vanities, private balconies, controlled central heat and air conditioning, and utility rooms with washers and dryers. Additional property amenities will include a clubhouse with fireplaces, a fitness center, a card room and a TV lounge, which are slated for completion this summer. Garden Communities is currently preleasing the second apartment building, which is expected to be available for move-in by July. Completion for the entire project is slated for 2015.
MONROE, CONN. — Maplewood Senior Living LLC, an assisted living and memory care facility, has leased warehouse space at 580 Pepper St. in Monroe. The company will occupy 10,000 square feet of warehouse space the building leaving approximately 12,000 square feet of flex space available. Jon Angel of Southport, Conn.-based Angel Commercial LLC represented both the tenant and the landlord in the transaction. Terms of the lease were not disclosed.
NEW YORK CITY — Tishman Speyer has acquired the rights to develop a 2.85 million-square-foot tower in Midtown Manhattan’s Hudson Yards District through the completion of multiple transactions. The company purchased adjacent, undeveloped parcels from Manhattan-based Sherwood Equities for $200 million. The parcels total an entire block stretching from West 34th to West 35th streets and 10th Avenue to the to-be developed Hudson Park and Boulevard. The assemblage combined with the ability to purchase additional development rights available within Hudson Yards offers Tishman Speyer the opportunity to develop and construct a 2.85 million-square-foot tower in Manhattan’s expanded west side neighborhood and business district. The Hudson Yards district, which was rezoned in 2005, allows for 26 million square feet of office space, 20,000 new residential units, 2 million square feet of retail space and 3 million square feet of hotels.
WESTHAMPTON BEACH, NEW YORK — Rechler Equity Partners has broken ground for the development of The Hampton Business District at Gabreski Airport, a new mixed-used park in Westhampton Beach. Situated on 50 acres, the 440,000-square-foot project kicks off with the construction of 220 Roger’s Way, a 60,000-square-foot industrial building. Additionally, the to-be-built office and medical buildings at 205 and 215 Roger’s Way will total 60,000 square feet. The project will also feature a 145-room hotel, a restaurant, a daycare center, a health club and a bank. Upon completion, the business district will offer space ranging from 1,333 to 100,000 square feet.
JERSEY CITY, N.J. — CBRE Group has brokered the sale of 350 Warren Street, an industrial warehouse redevelopment project in Jersey City’s Powerhouse Arts District, to Mill Creek Residential Trust for an undisclosed price. Mill Creek Property Trust is partnering with Rockwood Capital to transform the eight-story, former industrial building into 366 luxury loft-style apartments. Slated for completion in first quarter 2016, the property will feature a rooftop deck, fitness center, clubroom with bar, dog washing station, bicycle storage and repair station, conference rooms and a 24-hour concierge. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE’s New York Institutional Group represented the seller, 350 Warren LP, and procured the buyer in the transaction.
WINDSOR LOCKS, CONN. — West Hempstead, N.Y.-based GTJ REIT has acquired an industrial property located at 110 Old Country Circle in Windsor Locks for $14.2 million. The 222,661-square-foot building is currently 100 percent leased and occupied by Ford Motor Company. The property is situated on 15 acres along the I-91 Corridor between Hartford, Conn., and Springfield, Mass. Additionally, the transaction included a vacant, seven-acre parcel adjacent to the property. This deal is the first for GTJ since its merger with the former Wu/Lighthouse Partners in January 2013.
NEW YORK CITY — Meridian Capital Group has arranged $7.5 million in first mortgage financing for a three-property multifamily portfolio on behalf of an undisclosed local real estate investor. The fully leased portfolio comprises 113 units located on Marine Avenue, 82nd Street and 92nd Street in the Bay Ridge neighborhood of Brooklyn. The 15-year, self-liquidating financing package features a rate of 3.5 percent and was provided by a local savings bank. Joshua Sabzevari of Meridian’s New York City office negotiated the loans for the borrower.
BOSTON — Construction is continuing for the Millennium Tower and Burnham Building development in Boston’s Downtown Crossing neighborhood with a concrete pour. Suffolk Construction recently completed the project’s 6,000-cubic-yard continuous mat slab concrete pour, which is the largest continuous concrete pour in Boston’s history. The $700 million project consists of the restoration of the Burnham Building, which was built in 1912, and the construction of Millennium Tower, a 62-story mixed-use tower containing 450 residential units. The proposed 1.4 million-square-foot project will offer office space, street-level retail and luxury residential condominiums. Designed by Handel Architects, the project is slated for completion in summer 2016. New York-based Millennium Partners is developing the project.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 90 Chambers Street in the Tribeca neighborhood of New York City. Claude Castro LLC purchased the approximately 9,400-square-foot mixed-use property for $8.5 million or $906 per square foot from Chambers Street Realty. The five-story property offers five free-market residential units and a vacant ground-level retail space. Adelaide Polsinelli and Lipa Lieberman of Eastern Consolidated arranged the sale on behalf of the seller and buyer.