The best word to describe the current retail real estate market in Connecticut is “stabilized.” The majority of the big box and junior anchor vacancies resulting from downsizing and bankruptcies have been absorbed. Although rental rates are still not at pre-recession levels, new construction — which has been absent over the last few years — is now being seen with multiple projects throughout the state. In Brookfield, Samuels & Associates recently completed a redevelopment of an existing 40-year-old shopping center on Federal Road by demolishing the majority of the existing shopping center adjacent to a freestanding Kohl’s and constructing a BJ’s Wholesale Club along with several restaurant pads. The project will also debut the first Chick-fil-A in Connecticut. Walmart Neighborhood Market has opened its first two Connecticut locations. The first opened at Edens redevelopment of the Bishops Corner West shopping center in West Hartford followed by the opening of a freestanding store in a former Shaw’s Supermarket on Route 6 in Bristol. Walmart has also opened a new Walmart Supercenter on Route 5 in East Windsor that is a relocation of an older Walmart on the opposite side of Route 5. Also, Walmart will soon open a new freestanding supercenter …
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the sale of a three-property, 186-unit multifamily portfolio in Manhattan’s Inwood neighborhood. The properties are located at 623 and 631 W. 207th St., 222-228 Seaman Ave. and 29-45 Sickles St. The sales price equates to $166,667 per unit. Peter Von Der Ahe, Scott Edelstein, Seth Glasser of Marcus & Millichap represented the seller, The Dermot Co. Inc. The buyer is A&E Real Estate Management LLC.
NEW YORK CITY — A mixed-use building at 5008 Broadway, located on the corner of Broadway and West 213th Street in Manhattan’s Inwood neighborhood, was sold in an all-cash transaction for $9.8 million. The sales price equates to $201 per square foot. The six-story, 52-unit building spans approximately 48,576 square feet and consists of five commercial and 47 residential units. Robert Shapiro of Massey Knakal arranged the transaction. The buyer was a private investor.
FARMINGTON, CONN. — Raymour & Flanigan Properties LLC has acquired a freestanding 21,600-square-foot Barnes & Noble store in the West Farms Mall section of Farmington. The purchase price was undisclosed. Barnes & Noble has occupied the property for the past 20 years. Matt Halprin, principal at New England Retail Properties Inc., represented the buyer in the transaction. LA Drinkwater and Seth Richards of Marcus & Millichap represented the seller, BN (CT) QRS-1157 LLC, in transaction.
EDISON, N.J. — Mack-Cali Realty Corp. and its joint venture partner, Ironstate Development Co., have broken ground on a new residential tower, URL Harborside, in Jersey City. Phase I, URL Harborside 1, is a 69-story, $291 million multifamily residential tower that will feature 763 residences. The phase is slated for completion in mid-2016. Ultimately, URL Harborside, will feature three towers comprising 2,358 residences overlooking the Manhattan skyline.
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $47.3 million sale of the Exo Astoria, a 14-story, 117-unit multifamily building in the Astoria neighborhood of Queens in New York City. The sales price equates to approximately $404,000 per unit. Peter Von Der Ahe, Joe Koicim and David Lloyd of IPA represented the seller, the financial services firm TIAA-CREF, in the transaction. The buyer is a partnership between Forest Properties, a Massachusetts-based property management firm, and real estate entrepreneur Jeff Greene. Constructed in 2008 and recently upgraded, units at the property feature oak-plank flooring, recessed lighting and Bosch washers and dryers. Amenities at the property include an around-the-clock concierge, on-site covered parking, a residents’ lounge with gourmet kitchen, billiards, flat-screen TV and Wi-Fi access.
NEW YORK CITY — Chesterfield Faring Ltd. (CFL) has arranged a $31 million loan for the refinancing of Hotel Americano, a 56-room hotel located at 518 W. 27th St. in Manhattan. Hotel Americano features a rooftop pool, two restaurants and three separate bars. Jordan Roeschlaub, Daniel Fromm and Jordan Shrier of Chesterfield Faring arranged the financing for an affiliate of Blackhouse Development. Chesterfield Faring Ltd. is a real estate investment banking firm specializing in real estate and corporate finance. Blackhouse Development is a real estate investment company specializing in the acquisition, development and operation of residential, office and hospitality assets based in New York City.
NEWARK, N.J. — HFF has arranged the $24.3 million sale of Mount Prospect Towers, two 15-story multifamily towers totaling 219 units in Newark. HFF represented the sellers, Praedium Group and KABR Group, in the transaction. Azure Partners purchased the multifamily property, which is located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark. The 96 percent-leased property is comprised of studio, one-, two- and three-bedroom units that are undergoing renovations with updated kitchens, baths and flooring. Senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver led the HFF investment sales team representing the sellers.
NEW YORK CITY — Prudential Real Estate Investors (PREI) has agreed to enter an $84 million joint venture with Madison Capital to acquire 18,889 square feet of ground-floor retail space at The Astor in New York City. Located at 2151 Broadway in the Upper West Side submarket, The Astor is a 13-story historic multifamily property. Barney’s and Lululemon Athletica anchor the retail space. PREI, acting on behalf of German institutional investors in its U.S. Property Fund V, is the real estate investment management and advisory business of Prudential Financial Inc.
MADISON, N.J. — Jones Lang LaSalle (JLL) has secured $69.8 million in acquisition financing for the purchase and repositioning of 5 Giralda Farms, a 463,435-square-foot office building located in Madison. Dustin Stolly and Aaron Niedermayer of JLL arranged the loan on behalf of a partnership between Lincoln Equities Group LLC and Lakestar Properties. NorthStar Realty Finance provided the five-year, non-recourse loan. Pfizer’s animal healthcare and nutrition division previously owned and fully occupied the property. The property includes a 345-seat cafeteria, conference facilities and a 15,000-square-foot fitness center with a basketball court and locker rooms. Additionally, the property features a separate 13,000-square-foot daycare facility and a 9,200-square-foot carriage house intended for corporate functions and executive dining.