BETHLEHEM, PA. — MHC Associates has sold a recently renovated three-story medical office building to Lehigh Valley Health Network for $6.2 million. The 44,489-square-foot building sits on the Lehigh Valley Hospital Muhlenberg Campus and has easy access to Route 22. NAI Summit assisted both parties to make the process seamless. Built in 1989 and renovated in 2011, the medical office building is located at 2597 Schoenersville Road in Bethlehem. NAI Summit has provided management services for the property during the past 27 years.
Northeast
BOSTON — Berkeley Investments Inc. has begun the total rehabilitation of 9 Channel Center, a seven-story office and retail building totaling 77,000 square feet in the Channel Center neighborhood of Boston’s Seaport District. JLL has been named the leasing agent for the office space. The property’s renovation will include the installation of new building systems and the addition of street-level retail. The building’s brick and beam architecture is being restored as a historic building in accordance with historic tax credit requirements of the National Park Service. The building will also feature a new atrium lobby, windows, modern lighting and finishes, elevators, open retail storefronts on the ground floor and a roof deck. The architect for 9 Channel Center is Bargmann Hendrie + Archetype Inc. The agents for retail leasing are Boston Retail Partners.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an 11-building multifamily portfolio in the Tremont section of the Bronx for $40 million. The combined 348,726 –square-foot portfolio includes 10 five-story buildings and one six-story apartment building with a total of 331 apartments. The properties are located at: 2078 and 2074 Crotona Parkway; 2132 and 2140 Daly Ave.; 1895 Belmont Ave.; 2146 Vyse Ave; 968, 984 and 990 Bronx Park South; and 2075 and 2079 Mohegan Ave. The sale also includes a vacant lot. Aaron Jungreis and Mike Kerwin of Rosewood Realty Group brokered the deal on behalf of the seller, Mohegan Crotona Associates, a private investor. Michael Guttman, also of the firm, represented the undisclosed buyer, also a private investor. The portfolio sold for 7.4 times the combined rent rolls.
FAIR LAWN, N.J. — Bergen County’s United Way has acquired the second phase of the Gateway to Fair Lawn, a 3.9-acre residential and retail development in Fair Lawn, N.J., for $1.7 million. United Way purchased the 3.9-acre portion of a subdivided seven-acre parcel from the Borough of Fair Lawn. The site has been approved for 64 garden apartments, which Bergen County’s United Way will develop as affordable senior housing. Located at 18-35 River Road, the residential portion of the Gateway to Fair Lawn will be situated adjacent to phase one of the development, which includes 20,000 square feet of retail space that is currently occupied by CVS/pharmacy and Advance Auto Parts. Darren Lizzack and Hal Messer of NAI Hanson represented the Borough of Fair Lawn in the transaction.
ROCKY HILL, CONN. — O,R&L Commercial has arranged the $3.8 million sale of a 43,465-square-foot office building in Rocky Hill, a southern suburb of Hartford, Conn. Jay Morris and Robert Gaucher of the firm represented the buyer, Twenty Eighty Professional Center LLC, and the seller, 2080 Realty LLC, in the transaction. The building, located at 2080 Silas Deane Hwy, was fully leased at the time of the sale.
GARDEN CITY, N.Y. — ULTA Beauty, the national retailer of prestige and mass beauty products, including cosmetics, fragrance, hair care and more, has signed a lease for a 11,400-square-foot space in the Mall at Bay Plaza. The 780,000-square-foot mall is under construction now and will open third quarter of 2014. This will be ULTA's first location in the Bronx. Sabre Real Estate Group arranged the lease.
HARTFORD, CONN. — Walker & Dunlop Inc. has provided $37.2 million in FHA Section 221(d)(4) financing to convert an office building in Hartford to a multifamily property. The vacant 26-story office tower is located at 777 Main St. in Hartford’s central business district. Constructed in 1967 as the headquarters of Hartford National Bank, the office property was designed by architect Welton Becket, who designed the iconic Capitol Records tower in Hollywood. Todd Trehubenko led the Walker & Dunlop team that structured the financing.
NEW YORK CITY — Cignature Realty Associates has arranged the $19.5 million sale of a three-building, 97-unit portfolio in the Hamilton Heights section of Manhattan. The buildings total 91,532 square feet and include 1616 Amsterdam Ave., a seven-story building with 52 apartments and six stores; 3694 Broadway, a six-story property with 24 apartments; and 561 West 144th St., a five-story apartment building with 21 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both the buyer, a local real estate group, and the seller, a real estate fund, in the transaction.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of a six-story mixed-use building in New York City. The building features apartments and ground-floor retail. The 10-year loan includes a fixed interest rate of 4 percent and a 25-year amortization schedule. Jerry Kray of MMCC arranged the loan.
BOSTON — CBRE/New England’s capital markets team has secured a loan of $3.3 million to finance 135 Beacon Street, a multifamily building located in the historic Back Bay neighborhood of Boston. The building, located half a block from the Public Garden, is a five-story building originally constructed in 1860 and renovated in 1999. John Kelly of CBRE, worked on behalf of the owner, J.F. Perroncello, to secure the financing.