HOLBROOK, MASS. — Denenberg Realty Advisors has arranged the $3.8 million sale of a 24,500-square-foot retail and office building in Holbrook, a southern suburb of Boston. The Heritage Cos. sold the property to ABC Commercial Realty. Built in 2007, the first floor is leased to Children of America. Neil Denenberg and Jonathan Blacker of Denenberg Realty Advisors arranged the transaction.
Northeast
PASSAIC, N.J. — Marcus & Millichap has arranged the $1.1 million sale of Tulip Apartments, a 15-unit mixed-use property located in Passaic. Thomas McConnell and Kevin McCrann of Marcus & Millichap’s national multi-housing group marketed the property on behalf of the seller, a local private investor. McConnell and McCrann also represented the buyer. Tulip Apartments is located at 430 Monroe St. and has been owned by the same family for over 75 years.
NEW YORK CITY — RKF has arranged the $15 million sale of a 5,000-square-foot building located at 63 Spring St. in Manhattan’s SoHo District. The sale price equates to $3,000 per square foot. Jeff Fishman and Jonathan Butwin of RKF represented the sellers, Jason Silverstein and David Shorenstein of Silvershore Properties, in the transaction. Marc Finkel, also of RKF, represented the buyer, Spring Lafayette LLC. Silvershore Properties purchased the fully occupied property in 2013 for $6.4 million. The building includes ground-floor retail space with 100 feet of wraparound frontage and four floors of full-floor residential units.
UNION TOWNSHIP, N.J. — Cushman & Wakefield’s metropolitan area capital markets group has arranged the sale of a fully approved, 15-acre residential development parcel at 400 Clermont Terrace in Union Township. Diversified Realty Advisors, in a venture with the Fidelco Realty Group, purchased the site, which will be redeveloped as a residential community of 140 for-sale townhomes and 130 rental apartments. EnviroFinance Group sold the property. The site is located off Morris Avenue and is within walking distance from Kean University and an New Jersey transit rail station. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd of Cushman & Wakefield arranged the transaction.
BARTONSVILLE, PA. — Aztec Group Inc. has secured a $10.2 million first-mortgage loan for Bartonsville Plaza, a shopping complex located in Bartonsville, a city in northeast Pennsylvania. Bartonsville Plaza is a 49,000-square-foot, four-building retail center anchored by Lowe’s Home Improvement and Kohl’s. Developed by an affiliate of Legend Properties in 2009, Bartonsville Plaza is currently 94 percent leased. Tenants include Sleepy’s, Verizon Wireless, GameStop, Pocono Medical Center, Moe’s Southwest Grill, Great Clips, Sonic and Advance Auto Parts. Ladder Capital, a New York City-based conduit lender provided the 10-year loan, which includes a fixed interest rate and several years of interest-only payments. Howard Taft and Charles Penan of Aztec Group Inc. secured the financing. David Rosenberg of Maverick Capital Partners co-originated the transaction.
ASHLAND, MASS. — Parsons Commercial Group Inc. (PCG) has completed the $1.9 million sale of 60 Pleasant Street, a 73,475-square-foot industrial warehouse facility in Ashland. Garrett Quinn of PCG represented the buyer, Sixty Pleasant Realty LLC, in this transaction and will continue as the leasing agent for the property. Richard Putprush of REP Realty Advisors represented the seller, Gamewell Realty Inc., in the transaction.
DORCHESTER, MASS. — Wallace Property Co. has completed the renovation of a recently purchased, 48-unit multifamily building in Dorchester, a southern suburb of Boston. Wallace Property acquired the property from the Mayo Group in June 2013 for $5.34 million and immediately began upgrading the property by renovating kitchens and bathrooms in many of the units. The three-story property is located at 5-15 Victory Road.
NEW YORK CITY — On behalf of Nostra Realty, JLL’s capital markets group has sold 12 East 88th Street in New York City to Simon Baron Development Group for $105 million. The 13-story, 65-unit building, located between Fifth and Madison avenues near Central Park, will be converted to luxury condominiums. Richard Baxter, Jon Caplan, Yoron Cohen, Scott Latham, Glenn Tolchin, Jason Gold and Anthony Ledesma led the JLL team in the transaction.
NEW YORK CITY — Hotel owner 10-12 MLane LLC is investing $32 million in a new 25-story, 190-room hotel situated on Maiden Lane between Nassau Street and Broadway in Manhattan. The 76,500-square-foot property will operate under the InterContinental Hotels Group’s (IHG) Hotel Indigo brand. The hotel, which is set to open in 2016, will be the fifth Hotel Indigo hotel in New York City. The hotel will feature approximately 1,450 square feet of meeting space, a fitness center and a rooftop lounge.
BROOKFIELD, CONN. — HKS Capital Partners has arranged a $24.6 million construction loan for a three-story multifamily complex featuring 165 units in Brookfield. The 132,348-square-foot proposed development site is to be called Barnbeck Place Apartments. The 24-month loan rate includes an interest rate below 3 percent and the loan-to-cost was 80 percent.