HOPKINTON, MASS. — Colliers International has arranged a $5.6 million loan for the refinancing of a 69,000-square-foot flex building in Hopkinton, a western suburb of Boston. Colliers worked on behalf of the borrower, BCC Property I LLC, to refinance the maturing loan on the single-story building with a 10-year, fixed-rate loan through Northway Bank. Situated on seven acres, the fully leased property was last renovated in 2002. Ryan Bradley and Brian Gaswirth of the Boston office of Colliers’ capital markets group arranged the loan.
CLARK, N.J. — Kimco Realty Corp. has purchased a 189,000-square-foot, grocery-anchored portfolio in Clark for $35.6 million. The fully occupied, three-property portfolio is located about eight miles southwest of Elizabeth and 22 miles southwest of New York City. The portfolio includes two long-term ground leases to national grocers — an 85,000-square-foot ShopRite and a 53,000-square-foot A&P Fresh Market. Other national tenants include Rite Aid and Bally Total Fitness. The properties are supported by approximately 155,000 residents with a median household income of $90,000 within three miles.
NEW YORK CITY — The Charles, a new 27-unit condominium development in Manhattan, is underway. Designed by Ismael Leyva Architects and developed by Bluerock Real Estate LLC, the 31-story, 104,000-square-foot project is located at 1355 First Ave. on the Upper East Side. The building will include 27 full-floor residences with up to four bedrooms and feature ceiling heights ranging from nine to 12.5 feet. Victor Homes expected to complete construction on the building by late 2014. The asking price for the condos range from $5.8 million to $10 million. David Collins Studio designed the building’s interior finishes and amenities. Town Residential New Development is the marketing and sales firm for the project.
BOSTON — EagleBridge Capital has arranged $1.6 million in financing for 61-83 Braintree St. in the Brighton section of Boston on behalf of 6183 Associates. The 20,000-square-foot, two-story industrial building is located on a 30,500-square-foot parcel bordering the Massachusetts Turnpike. The building is triple-net leased to Thompson Durkee, which sells plumbing, heating and cooling equipment and supplies for home and industrial use. Brian Sheehan and Ted Sidel, principals at EagleBridge, arranged the financing
NEW YORK CITY — The United States Postal Service has signed an 8,440-square-foot lease at 333 E.14th St. in Manhattan. The branch inked the 10-year sublease for the space, which is located at the base of a residential building on 14th Street and First Avenue. The post office will occupy 6,940 square feet on the ground floor and 1,500 square feet of basement. The post office is relocating from a bigger space at 432 E. 14th St. The Feil Organization holds a long-term ground lease for the retail space. Duane Reade previously occupied the space, which offers 100 feet of frontage on 14th Street. The drugstore chain then moved to a larger location at nearby 245 First Ave. in January. The new post office branch is currently under construction and is slated for completion in the second quarter of 2014.
NEW YORK CITY — In a public/private retail venture, the Metropolitan Transportation Authority (MTA) has selected Columbus Development LLC to develop and manage Shop//Stop, a retail destination on the concourse of the 59th Street-Columbus Circle subway station in New York City. Shop//Stop will occupy the 27,000-square-foot retail concourse and include up to 30 retailers ranging from food and beverage to apparel and technology accessories. Columbus Development will invest $6.5 million to improve the space, including upgraded signage, furniture and finishes, along with the installation of air conditioning throughout the concourse. The project is slated for an early 2015 completion. Susan Fine, principal with Columbus Development, is the principal developer on the project.
DUNKIRK, N.Y. — The Boulder Group has arranged the $3.5 million sale of a single-tenant, net-leased CVS/pharmacy property in Dunkirk, located about 50 miles southwest of Buffalo. CVS has 25 years remaining on its lease at the 10,125-square-foot building. Developed in 2000, the property is on a 35,980-square-foot parcel at the corner of E. 4th and Main streets. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private individual based in the Midwest, in the transaction. The seller was a Texas-based investment firm.
PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.7 million loan secured by Fairway Commons Apartments in Philadelphia. The Class C apartment property includes 34 units. The non-recourse, seven-year loan includes a fixed interest rate of 3.7 percent. Fairway Commons is located at 4927 Wynnefield Ave.
FALLS CHURCH, VA. — Corporate Facility Advisors (CORFAC International) has appointed the 2014 leadership at the U.S.-based firm. Robert Tillsley, principal with Paramus, N.J.-based McBride Corporate Real Estate, will serve as president and Scott Savacool, senior associate with St. Louis-based Sansone Group, will serve as vice president. Tillsley has served in several leadership roles with CORFAC International, most recently as vice president. As chair of the CORFAC International standards of excellence committee this year, Tillsley led an initiative that recognized the most actively engaged CORFAC affiliates. Savacool previously served on CORFAC’s executive committee as treasurer and secretary.
HARTFORD, CONN. — Cornerstone Real Estate Advisers LLC has closed a $106 million equity fund dedicated to the preservation of affordable housing in the United States. The Cornerstone-NAHT Enhanced Preservation Fund III LLC (Fund III), co-sponsored by the National Affordable Housing Trust (NAHT), is earmarked for the rehabilitation of 17 multifamily properties for lower-income, mostly elderly renters. The properties, most with operating histories of nearly 100 percent occupancy, are located across the country. Fund III is the third affordable housing equity fund Cornerstone has launched with NAHT. Together with Cornerstone-NAHT Enhanced Preservation Fund I and II, more than $240 million has been raised to preserve affordable housing at 36 properties with 3,615 rental units.