NEW YORK CITY — Marcus & Millichap has arranged the sale of 281 Clifton Place, an 11-unit apartment property in Brooklyn for $2.3 million, or $208 per square foot. Shaun Riney and Dan Greenblatt from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, an individual/personal trust. Riney and Greenblatt also represented the buyer, a private investor, in the transaction.
NEW YORK CITY — Wenner Bread Products has signed a 72,000-square-foot lease renewal at 2001 Orville Drive in Bohemia, a community in Long Island. The building at 2001 Orville Drive is a 72,000-square-foot property that offers access to the Long Island Rail Road, Long Island Expressway and MacArthur Airport. Rechler Equity Partners owns the property. Wenner Bread Products is a maker of breads and frozen dough for supermarket bakeries and restaurants. Chuck Tabone, managing principal of Newmark Grubb Knight Frank’s Long Island office, represented the tenant in the transaction.
NEW YORK CITY — ProHealth has signed a lease to occupy 10,913 square feet at the Glen Oaks Shopping Center, located at 259-27 Union Turnpike in Queens. The agreement brings the center to 99 percent occupancy. The medical services provider will lease space at the east endcap of the 187,650-square-foot center and is expected to open in March. ProHealth is renovating the façade and expanding the existing space to increase its frontage on Union Turnpike. Nicholas Forelli, director of leasing, represented the Feil Organization, the center’s owner and manager, in-house. Todd Cooper of Ripco Real Estate represented ProHealth.
WILTON, CONN. — A joint venture between The Grossman Cos. Inc. and Summit Development LLC has acquired Wilton 372, a 92,500-square-foot, two-story office building in Wilton, a city in southern Connecticut. The building, located at 372 Danbury Road, sold for $19.2 million, or $208 per square foot. CBRE’s New York Institutional Group represented the seller, Wilton 372 Associates LLC, an entity controlled by Luzern Associates LLC, and procured the new joint venture entity buyer, Wilton GSE LLC. Tenants at the building include Havas Worldwide, Kantar Retail and Northwestern Mutual.
EGG HARBOR, N.J. — Besen Special Assets has arranged the $8.5 million sale of an 83,200-square-foot office property in Egg Harbor, located about 13 miles west of Atlantic City. The property includes two Class B, two-story office buildings spanning 41,600 square feet each. Besen Special Assets represented the buyer, a private investor, in the transaction. A regional bank sold the office park, which was fully leased at the time of sale.
NORTH BRUNSWICK, N.J. — Target has announced plans to open a new 140,000-square-foot store in North Brunswick, located about 30 miles southwest of Newark, in October. The store will be situated in the new development called Main Street North Brunswick. Target plans to open 10 stores in 2014. The store will include a selection of fresh produce, fresh-packaged meat and pre-packaged baked goods, as well as a Starbucks Coffee, a Target Pharmacy and Target Optical.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 215 Sterling St., a 32,120-square-foot mixed-use property located in Brooklyn. The sales price equates to approximately $155 per square foot. Lucien Sproviero and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, represented the buyer and the seller, both private investors. The property features 38 apartments and 100 feet of vacant retail space on Rogers Avenue.
NEW YORK CITY — The Carlton Group has arranged $815 million in construction and mezzanine refinancing for the development of Marriott International Inc.’s new luxury Edition brand hotel at 701 Seventh Ave. in Times Square. The financing includes a new $237.5 million mortgage and $315 million mezzanine loan. Marriott will operate the 452-room boutique hotel, which is owned by a partnership. Marriott agreed to purchase the hotel portion of the property for $314.6 million during the first two years after opening. The new Edition hotel will feature 30,000 square feet of food, beverage and entertainment space. Construction is slated for completion in 2017.
BARNEGAT, N.J. — Walters Group has completed construction on Laurel Oaks, an affordable apartment community in Barnegat, a city in southern New Jersey. Comprised of four buildings, the mid-rise apartments include 94 units and features a selection of energy-efficient one-, two- and three-bedroom layouts with rents ranging from $267 to $1,201 a month. Each unit is equipped with Energy Star appliances, including a washing machine, dryer and dishwasher. The project is located on Route 9 between Barnegat Boulevard and Rose Hill Road. Amenities at the community include a playground, basketball court, fully furnished clubhouse with fitness center, computer workstations, bike racks, on-site parking and a 24-hour, on-site management and maintenance. The residential project was recently awarded LEED Platinum certification.
NEW YORK CITY — Savanna, a New York-based private equity and asset management firm, has acquired 141 Willoughby Street, a development site in Brooklyn. The lot is approximately 18,000 square feet and is zoned for retail, residential and commercial use. The purchase price was undisclosed. Savanna purchased the asset in an off-market transaction from the Institute of Design and Construction (IDC). The school currently operates its not-for-profit college at the building on site. Woody Heller, executive managing director and group head of the capital transactions group at Studley, represented IDC in the transaction.
