EAST TEXAS, PA. — Smooth-On Inc. has acquired 5700 Lower Macungie Road in East Texas for $3.5 million. Located in the Lehigh Valley region, the 358,000-square-foot property features 10 interconnected industrial and flex buildings with ceilings ranging from 16 to 22 feet. Additionally, the 31-acre property site offers more than 740 parking spaces. Smooth-On plans to expand and relocate from its current location in Easton, Pa. Mike Adams of NAI Summit represented the buyer in the transaction. The seller, Day-Timer, a division of ACCO Brands, was represented by the Cushman & Wakefield team of Gerry Blinebury, Patrick McBride, Adam Campbell, Leah Balerno, Marie Connell, Lou Hall and Daniel Wilkins.
Northeast
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has placed a $13.12 million first mortgage on a property located at 4 West Red Oak Lane in White Plains. The property features a 135,000-square-foot office building, which is occupied by 21 tenants. GHP Office Realty, the office building division of Houlihan-Parnes Realtors, manages and leases the building. Provided by a local bank, the loan has a 4 percent interest rate for a 5-year term on a 30-year amortization schedule. Additionally, the loan features a renewal option and flexible pre-pay schedule. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower in the transaction.
ELIZABETH AND IRVINGTON, N.J. — Gebroe-Hammer Associates has completed three multifamily sales totaling $5.76 million and 86 units in Northern New Jersey. In Elizabeth, Stephen Tragash and Steven Follman of Gebroe-Hammer arranged the sale of 1009-1015 East Jersey Street, a 34-unit apartment property. The low-rise, garden-style property sold for $2.2 million. Also in Elizabeth, David Oropeza and Tragash brokered the $1.9 million sale of 409-421 Jefferson Avenue. A private equity fund sold the 34-unit property, which was built in 1971. In Irvington, Joseph Brecher and David Jarvis of Gebroe-Hammer arranged the sale of Gold Haven Commons, an 18-unit condominium apartment property located at 512-516 Union Ave. Featuring one-bedroom and three-bedroom units, the property sold for $1.65 million.
BALA CYNWYD, PA. — Philadelphia-based Binswanger has brokered a 20,479-square-foot lease at 401 City Ave. in Bala Cynwyd. LF Driscoll Co LLC will occupy the space at the 400,000-square-foot Class A office building. Nick Sannelli and Josh Haber of Binswanger represented the tenant in the long-term lease.
BOSTON AND SOMERVILLE, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of The Brickview Portfolio, a two-property, 74-unit multifamily portfolio. The portfolio includes 121-123 Highland Avenue, a 35-unit apartment community in Somerville, and 4-8-12 Elko Street, a 39-unit community in Boston’s Brighton neighborhood. The Second Avenue Group LLC, an affiliate of True North Capital Partners, purchased the properties for $16.85 million. The seller was Prospectus Apartments LLC, an affiliate of Prospectus LLC. The Somerville property features an apartment mix of four studios, 22 one-bedroom units and nine two-bedroom apartments with an average unit size of 646 square feet. The Brighton property was originally built in the 1920s and offers 23 one-bedroom and 16 two-bedroom units with an average unit size of 655 square feet. Simon Bulter and Biria St. John represented both parties in the transaction.
NEW BRITAIN, CONN. — Pennrose has opened The Jefferson, a $14 million affordable senior apartment complex in New Britain. The three-story building offers 70 units featuring spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms. Additionally, eight of the units are handicapped-accessible and all units have 24-hour emergency call systems in the bedrooms and bathrooms. The age-restricted community also features a community room, fitness center, outdoor patio with picnic area and on-site laundry facilities. Pennrose Properties LLC developed the property in partnership with The Housing Authority of the City of New Britain, and Pennrose Management Company manages the community.
PHILADELPHIA — iPic Entertainment has started construction for iPic Theaters at The Boyd, a movie theater in downtown Philadelphia. Located at 1910 Chestnut St., the theater will feature eight screens and 744 seats, as well as Tanzy Express, an in-theater dining concept. The eight auditoriums will vary in size, offering seating for between 60 to 120 customers. The dine-in restaurant, Tanzy, will serve artisanal Italian cuisine with contemporary style and a full-service bar. The theater is slated for completion in 2015.
PHILADELPHIA — SSH Real Estate represented Pond Lehocky Stern Giordano LLP in the law firm’s lease of office space at One Commerce Square. Located at 2005 Market St., the law firm will occupy 52,000 square feet of space or three floors starting in December. Additionally, the lease includes an outdoor terrace on the 18th floor for client dining and entertainment. The law firm is currently located at United Plaza at 30 S. 17th St. Peter Soens and Michael Kennedy of SSH Real Estate represented the tenant, while Brian Orr, Dan Galbally, Matt Croce and Steve Rush represented the landlord, Brandywide Realty Trust, in-house.
NEW YORK CITY — New York-based Savanna has brokered 45,926 square feet of new leases at 31 Penn Plaza, an 18-story, 444,000-square-foot office building in New York. NPD Group, represented by Adam McCostlin and Doug Levine of DTZ, signed a 10-year lease for 6,228 square feet on the fourth floor. Barry Zeller and Andrew Ross of Cushman & Wakefield arranged a five-year, 6,523-square-foot lease for Salon Media Group. New Audio LLC, represented by Jason Frazier of CBRE, signed a 10-year, 6,370-square-foot lease. Additionally, Frazier and Christopher Mansfield of CBRE brokered a 10-year, 20,726-square-foot lease for RevTrax. Finally, TRIBUNE 365, an affiliate of Tribune Publishing, signed a seven-year, 6,079-square-foot lease. Robert Hill and Timothy Hay of CBRE represented the tenant.
NEW YORK CITY — An undisclosed investor has acquired a six-story multifamily property in Brooklyn’s Crown Heights section for $15.4 million. Located at 410 Eastern Parkway, the 72-unit, 58,200-square-foot building was constructed in 1928. The building remains fully occupied by the previous owner, Bernard Miller of EPark LLC. Alex Freund of Eastern Union Funding brokered a $9.4 million acquisition loan from Customers Bank on behalf of the buyer. The loan features a 3.38 percent interest rate on a five-year term without recourse.