BURLINGTON, VT. — Nedde Real Estate has brokered the lease of 40 Sears Lane in Burlington. Champlain College has leased the 25,405-square-foot building for an undisclosed price. The tenant plans to use the building for campus-wide physical plant maintenance. Doug Nedde of Nedde Real Estate represented the landlord, RFC Realty LLC, in the transaction.
Northeast
BORDENTOWN TOWNSHIP, N.J. — Grainger has purchased 96 acres of land in Bordentown Township for an undisclosed price. The company, which is a leading broad line supplier of maintenance, repair and operating products, plans to build a 1.3 million-square-foot distribution center on the property. Once opened in 2016, the facility will employ more than 400 individuals, primarily in warehouse operations. Grainger currently operates 11 locations in New Jersey, including 10 branch locations across the state and a distribution center in Robbinsville.
WARWICK, R.I.; BURLINGTON, PEABODY, FALL RIVER, READING AND WESTFORD, MASS. — HFF has secured a $50.6 million refinancing for a six-property, 224,001-square-foot retail portfolio in the New England area. The firm placed the fixed-rate loan with Allianz Real Estate of America LLC for the borrower, Burlington, Mass.-based Linear Retail Properties. The portfolio consists of 1000 Bald Hill Road in Warwick, Burlington Marketplace in Burlington, Peabody Gardens in Peabody, Flint Village Plaza in Fall River, 345 Main Street in Reading and One Carlisle Road in Westford. Overall, the properties are 97.7 percent leased to a variety of tenants, including Trader Joe’s, CVS/pharmacy, Rite Aid, Starbucks Coffee, Panera Bread, Chipotle Mexican Grill, Bank of America and Dunkin’ Donuts. Riaz Cassum and Brett Paulsrud of HFF represented the borrower in the transaction.
WILMINGTON, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Metro at Wilmington Station, a 108-unit apartment community located in Wilmington. A joint venture between EA Fish Development and Real Estate Capital Partners sold the property to Core and Value Advisors LLC, an affiliate of Stockbridge. Built in 2013, the transit-oriented property is adjacent to the MBTA train platform. The community consists of two three-story apartment buildings with one detached single-story garage structure with 35 enclosed garage spaces. The property offers a mix of 30 one-bedroom and 78 two-bedroom apartments with an average unit size of 1,067 square feet. Pursuant to Chapter 40B, the property is required to maintain 30, or 28 percent, affordable apartments governed by both income and rent limits. The affordable apartments are set aside for households earning up to 80 percent of area median income. Simon Butler and Biria St. John of CBRE/New England represented both parties in the transaction.
NEW YORK CITY — HAP Investment Management has acquired a development site at 2211-2217 Third Avenue and 214-216 East 121st Street in Harlem. Tahl Propp Equities sold the property for $13 million. Located on the southeast corner of 121 Street and Third Avenue, the 17,661-square-foot site includes 100 linear feet of Third Avenue, ideal for retail, and is zoned for 91,600 residential buildable square feet. Matthew Sparks of Eastern Consolidated arranged the transaction. Brian Beller of Phillips Nizer LLP and Neda Barzideh of Tahl Propp Equities provided legal services for the buyer, while Adrian Zuckerman of Seyfarth Shaw advised the seller.
NEW YORK CITY — AVANT Capital Partners has originated a $3.28 million bridge loan on an apartment building in Brooklyn’s Prospect Lefferts Garden neighborhood. The interest-only, 24-month loan carries an interest rate of 8 percent and refinanced the first mortgage. The 11,943-square-foot property has four ground-floor retail units and five second-floor apartments. Adam Luysterborghs of AVANT originated the loan, which was brokered by Marko Kazanjian of Meridian Capital Group.
LEBANON, N.J. — HFF has arranged the sale of Presidential Place, a multifamily property located at 701 Presidential Dr. in Lebanon. Pizzo & Pizzo sold the 150-unit property to Eagle Rock Multi-Family Property Fund for $38 million or $253,000 per unit. Constructed in 2011, the six-building community features a mix of one-, two- and three-bedroom units and a clubhouse with fitness center and swimming pool. At the time of sale, the property was 95 percent leased. Zac Pierce and Mark Thomson of HFF Philadelphia, along with Jose Cruz of HFF’s New Jersey office, arranged the off-market transaction.
NORTHBOROUGH, MASS. — Marcus & Millichap (M&M) has brokered the sale of a FedEx freight facility located at 300 Bartlett St. in Northborough. Built in 2013 and situated on 24 acres, the 31,551-square-foot facility sold for $17 million or $538 per square foot. Laurie Ann Drinkwater of M&M’s Boston office and Seth Richard of M&M’s Manhattan office represented the buyer, a regional private investor, in the transaction.
NEW YORK CITY — ARM Real Estate Group has arranged the sale of 476 Union Avenue in Brooklyn’s East Williamsburg neighborhood. 476 Union Avenue LLC, a local design and development firm, purchased the mixed-use property from a local family for $2.4 million. Constructed in 2004, the two-building, 4,243-square-foot property features three units in the front three-story building and one unit in the rear building. The buyer plans to demolish the rear building and extend the depth of the front building and add an additional floor or two to the existing structure. The property’s zoning allows for a retail use on the ground floor so the new owner plans to convert the ground-floor apartment into retail space. Anand Melwani and Harrisson Zavala of ARM Real Estate Group represented both parties in the transaction.
TYNGSBORO, MASS. — Senate Construction Corp. has broken ground for an expansion at Jenike & Johanson’s global headquarters in Tyngsboro. Located at 400 Business Park Dr., the 14,000-square-foot expansion will increase the company’s facilities by 75 percent and will accommodate double the current engineering and advanced modeling and simulation staff. The new addition includes enclosed space, which the company plans to use to expand its testing laboratory with new equipment and staff. Enterprise Bank provided financing for the project, which is scheduled for completion in October.