COLONIA, N.J. — Ingerman and BCM Affordable Housing have broken ground on Reinhard Manor, a new affordable seniors housing community at 350 Outlook Ave. in Colonia. The project will transform a vacant and unused school facility into 62 one- and two-bedroom affordable rental residences for seniors. Ingerman was granted $8.7 million in tax credits over 10 years and a $4.8 million Community Development Block Grant to develop Reinhard Manor. The company is partnering with BCM Affordable Housing and the Woodbridge Affordable Housing Corp. to develop the community.
SADDLEBROOK, N.J. — The Hampshire Cos. has acquired a 200,000-square-foot industrial building located at 301 Mayhill St. in Saddle Brook from Arrow Fastener Co. LLC. The property is located adjacent to the Conrail freight line and also includes additional land for development. Additionally, the building offers easy access to Routes 46 and 17, the New Jersey Turnpike and the Garden State Parkway. Tom Monahan of CBRE represented The Hampshire Cos. in the transaction.
NEW YORK CITY — Petco and Santander Bank have signed long-term leases at Jackson Heights Shopping Center in Queens. Petco signed a new lease for 13,500 square feet, which includes 11,000 square feet on the ground floor and 2,500 square feet in the basement of the stand-alone building within the shopping center. Santander Bank, formerly known as Sovereign Bank, will relocate from the ground-floor location it has occupied for the last 20 years to the opposite end-cap retail unit, taking approximately 4,000 square feet. Bill Bergman of Muss Development LLC represented the building’s owner in the Petco transaction. Brian Schuster of Ripco represented the tenant. Bergman and Stan Markowitz of Muss represented the building’s owner in the Santander Bank transaction. Dean Rosenzweig and Jeremy Scholder of CBRE represented the tenant. The 130,267-square-foot Jackson Heights Shopping Center features 24 retail stores and nine offices and is located at 31st Avenue.
NEW YORK CITY — Chesapeake Lodging Trust is converting its property at 30-32 West 31st St. in New York City to the Hyatt Herald Square. The conversion is expected to occur after the completion of a $6 million renovation. The new property is expected to open in the third quarter of this year. Designed by Paul Vega of New York-based VLDG designs, the transformation will include an all-inclusion renovation to each of the 122 guestrooms and a redesign of the lobby and the food and beverage experience. Chesapeake Lodging Trust has entered into a franchise agreement with a Hyatt affiliate to convert the property.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 314-316 50th St. in Sunset Park section of Brooklyn. The four-story, 20-unit property sold for $2.7 million to an undisclosed private investor. Matthew Fotis and Jeb Hollingsworth of Marcus & Millichap’s Manhattan office represented the buyer and the undisclosed seller in the 1031 exchange sale.
CLINTON, CONN. — 30 Old Post LLC has purchased an 11.2-acre industrially zoned site in Clinton for an undisclosed price. Located at 30 Old Post Rd., the site offers active rail freight service and was previously used by Cheeseborough Ponds Company/Unilever. The buyer intends to remove the existing building, which collapsed in 2013. Kevin Geenty and Kristin Geenty of The Geenty Group brokered the transaction for the buyer and seller, Old Post Road Associates LLC. Robert Harrington III of Branford, Conn., and Alan Askinazi of New Jersey provided legal representation for the buyer, while Timothy Yolen of New Haven, Conn., provided legal services for the seller.
BELMAR, N.J. — MB1 Capital Partners has purchased the former Freedman’s Bakery building in Belmar for an undisclosed price. The company plans to renovate the property and lease the majority of the building to East Coast Beer Co., which produces a line of craft brews under the Beach Haus label. The new brewery will produce and package malt beverages for distribution to wholesalers and retailers, as well as offer educational tours and tastings. The principals of MB1 Capital Partners have an owner interest in East Coast Beer Co. Additional terms of the sale were not released.
NEW YORK CITY — Silvershore Properties has purchased four multifamily buildings, totaling 37,100 square feet, in Brooklyn for $7.3 million. The company acquired 314 50th Street in Sunset Park (20 units) for $2.7 million, 167 Waverly Avenue in Clinton Hill (eight units) for $2.2 million, 87 Java Street in Greenpoint (four units) for $1.4 million, and 954 Nostrand Avenue in Lefferts Garden (two residential units and three retail shops) for $925,000. The sellers were not disclosed.
PLAINSBORO, N.J. — Affiliates of Harbor Group International (HGI) have acquired Pheasant Hollow, a 439-unit apartment community in Plainsboro. A partnership of Vantage Group and Angelo Gordon & Co. sold the property, which comprises 28 garden-style buildings, for $62.55 million. HGI plans to invest $3 million in common area improvements and interior upgrades at the property, which will be renamed Addison at Princeton Meadows. Additionally the community recently received a new fitness center, leasing center, signage and improved tennis courts and playground facilities. Jose Cruz of HFF represented the seller in the transaction.
NEW YORK CITY — Massey Knakal has completed the sale of eight elevator-serviced buildings in Brooklyn in an all-cash transaction valued at $78 million or approximately $187 per square foot and $173,000 per unit. The properties total 416,352 square feet and 452 rent-stabilized units. The acquisition includes the 42,000-square-foot 357 Avenue P property (53 rental units), the 50,500-square-foot 79 Brighton 11th Street (59 units), the 117,600-square-foot 125 Brighton 11th Street building (112 units), and the 206,432-square-foot, 228-unit Manhattan Beach Estate, located at 200 and 210 Brighton 15th St. and 211, 1511 and 1521 Brightwater Ave. Alex Svetlakou and Bob Knakal of Massey Knakal brokered the transaction. The buyer and seller were not disclosed.