BOSTON — JLL’s project and development services group is providing project management services for the YMCA of Greater Boston’s expansion at its West Roxbury facility. The $15 million project will update the 61-year-old facility with the demolition of 16,000 square feet from an existing building and the construction of a 24,000-square-foot addition. The Boston Redevelopment Authority recently approved the project, which is being designed by architect LINEA 5 Inc., with electrical engineer ZAX Engineering and mechanical, electrical, plumbing and fire protection engineer VAV International. Construction is scheduled to being this spring with a completion date set for summer 2015.
Northeast
NEW YORK CITY — GFI Realty Services Inc. has arranged the $5.2 million sale of 869 and 913 Thomas S. Boyland Street, two four-story apartment buildings located in the East New York section of Brooklyn. The multifamily properties feature a total of 51 rental units and a cell phone tower. GFI Realty represented the buyer, Coney Realty, and the seller in the transaction. The properties traded for approximately eight times the rent. The two buildings were constructed in 1930 and are located near the Rockaway and New Lots avenues subway stations.
CHERRY HILL, N.J. — Meridian Capital Group LLC has arranged a $31 million mortgage for the refinancing of Dwell Cherry Hill Apartments, a 233-unit multifamily property located in Cherry Hill. A regional balance sheet lender provided the seven-year loan, which includes a fixed interest rate of 3.5 percent with a five-year option. David Cohen and Max Beyderman of Meridian arranged the loan for The Klein Co. Dwell Cherry Hill Apartments is located at 1982 Marlton Pike East.
NEW YORK CITY — The Chetrit Group and Clipper Equity will launch leasing this spring for 123 on the Park, a new seven-story, 119-unit rental development, located in the Prospect Park South area of Brooklyn. Phase I of 123 on the Park, located at 123 Parkside Ave., is a rehabilitation of the former Brooklyn Hospital Center with architecture by Karl Fisher & Associates. The building features a mix of studios, one-, two- and three-bedroom apartments with interiors designed by Andres Escobar. Monthly rents begin at $1,999 for a studio, $2,299 for a one-bedroom and $3,800 for a two-bedroom apartment.
NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the $4.2 million sale of a 31,000-square-foot building at 83-14 72nd Drive in the Glendale neighborhood of Queens. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates, along with Joseph Eliasoph of Sholom & Zuckerbrot represented the seller, Franco-American Novelty Co., in the transaction. Charles Wong from Greiner Maltz worked on behalf of the buyer, Utopia Produce Inc. The one-story warehouse at 83-14 72nd Drive features a 4,000-square-foot office as well as 4,600 square feet of land. The building has one drive-in door, 20-foot ceilings and gas heat.
DANBURY, CONN. — Cushman & Wakefield has arranged the $4 million sale of 40-42 Old Ridgebury Road, also known as Pegasus Park, in Danbury. Cushman & Wakefield represented the seller, Torchlight Investors, in the sale to KS Partners, a New York-based developer and investor with offices in Woburn, Mass., and Rocky Hill, Conn. The sale price equates to $31.75 per square foot. Situated on more than seven acres, the site includes two three-story office buildings totaling almost 126,000 square feet and a three-level parking facility. The building is home to tenants such as General Electric and Shemin Nurseries. The buildings are currently 60 percent leased with 72,340 square feet of space remaining. Tom O’Leary, David Bernhaut, and Grace Braverman of Cushman & Wakefield’s Capital Markets Group arranged the sale.
BOSTON — Diamond Express Air Freight has signed a lease for 9,514 square feet at 230 McClellan Highway in East Boston near Logan International Airport. The five-building air freight park was 96 percent occupied at the time of the lease. Richard McKinnon of The Grossman Cos. represented the landlord, 230-240 McClellan Highway LLC, in the transaction.
WATERTOWN, MASS. — Wood Partners is constructing Alta at the Estate, a $40 million, 155-unit upscale apartment community on 11.6 acres in Watertown, a western suburb of Boston. The first units of the community are slated for delivery by late March. Designed by The Architectural Team, Alta at the Estate includes two four-story residential buildings and one two-story townhouse building. The clubhouse features a leasing office, clubroom, cyber-café and fitness center, along with private outdoor space that includes a pool, built-in grills and patio areas. The community features 81 one-bedroom units, 73 two-bedroom units and one three-bedroom unit as well as 256 parking spaces. All apartments will include vinyl plank flooring, granite countertops, stainless steel appliances and tile floors in the bathrooms.
AVENEL, N.J. — Cushman & Wakefield’s metropolitan area capital markets group has arranged the $29 million sale of five industrial buildings in Avenel, located about 13 miles south of Newark. TA Associates purchased the portfolio, which includes 329,000 square feet. The portfolio is located less than two miles off Exit 12 of the Turnpike, 20 minutes from the port and Newark Liberty International Airport and 25 miles from Midtown Manhattan. David Bernhaut, Andrew Merin, Gary Gabriel and Kyle Schmidt of Cushman & Wakefield arranged the sale.
WOODCLIFF LAKE, N.J. — Colliers International has arranged two separate long-term leases totaling more than 25,000 square feet at 123 Tice Blvd. in Woodcliff Lake. The leases bring occupancy from 70 percent to approximately 90 percent. In the first transaction, science and engineering company Anchor QEA will relocate from Montvale and occupy 12,988 square feet at the property. In the second transaction, SeaCube Container Leasing will relocate from Park Ridge, taking 12,420 square feet. Both tenants will occupy their new offices this summer. Jason Fray of Cushman & Wakefield represented Anchor QEA in the transaction. Harlan Hollander, also of Cushman & Wakefield, represented SeaCube Container Leasing in the transaction.