NEW YORK CITY — A private investor has acquired 115 Atlantic Avenue, a 5,370-square-foot mixed-use property in Brooklyn, from an undisclosed seller. The property sold for $3.4 million, or approximately $843 per square foot. Shaun Riney, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap’s Brookyln and Manhattan offices represented the seller. Shaun Riney and Patxi Colbern, also of Marcus & Millichap, represented the buyer in the transaction.
EAST HANOVER, N.J. — Griffin Capital Corp. has selected Jones Lang LaSalle to provide leasing and property management for Eagle Rock Executive Office IV, located 120 Eagle Rock Avenue in East Hanover. The firm will provide a full range of property management and transaction services for the Class A, 177,820-square-foot commercial office building. Dennis McConnell and Dan Spero make up the leasing team, and Beth Pereira and Mary Oppel comprise the property management team. Griffin Capital acquired the property from Columbia Property Trust in late 2013 as part of an 18-building nationwide portfolio acquisition.
NEW YORK CITY — Massey Knakal has brokered the sale of 158 Rivington Street located in Manhattan’s Lower East Side. The six-story, 6,866-square-foot mixed-use building sold for $6.48 million or approximately $944 per square foot. The property consists of two ground-floor retail units and nine residential units. Built in the 1990s, the property holds approximately 2,151 square feet of additional air rights. Michael DeCheser of Massey Knakal exclusively handled the transaction. The seller was 158 Rivington Property Inc.
YONKERS, N.Y. — Micromold Products has expanded and relocated to 7 Odell Plaza in Yonkers. The new 12,991-square-foot space is located within South Westchester Executive Park, which is owned by Mack-Cali Realty Corp. Howard Greenberg of White Plains, N.Y.-based Howard Properties represented the tenant in the transaction, while Mack-Cali was represented in-house by Ivan Abry. Terms and conditions of the lease were not disclosed.
Located along the New Jersey Turnpike (I-95) in the geographic center of the Boston-Washington, D.C., corridor, the Exit 8A industrial market is situated 45 miles southwest of Manhattan and 60 miles northeast of Philadelphia. This location enables distributors to reach more than 130 million consumers, one-third of the northern American population, within a one-day drive. With currently 67.48 million square feet, it is the largest submarket in Northern New Jersey. The vacancy is currently dramatically down from the double digits of the recession to 8.4 percent. Asking rents are inching up to the mid-$4 range, NNN, due to the tightening of the market and a shortage of attractive development sites at 8A. National and international tenants are drawn to the submarket’s superior highway access and proximity to the New York/New Jersey ports and Newark Liberty International Airport. The Exit 8A submarket is home to national and international distributors, manufacturers, and logistics firms. Companies with a major presence at Exit 8A include The Home Depot, Pearson Education, ConAgra, Crate & Barrel, FedEx, Costco, William Sonoma, Staples, Iron Mountain, Kellogg’s, Petco, Volkswagen, Ford, LG Electronics, Wakefern, L’Oreal, and Raymour & Flanigan among many others. The 8A industrial market’s desirability is best illustrated …
ELIZABETH, N.J. — Embassy Suites Hotels has opened the 189 two-room Embassy Suites Elizabeth-Newark, which is located at 95 Glimcher Realty Way in Elizabeth. Owned and operated by Sun Development and Management Corp., the property features three all-purpose meeting spaces, an open lobby, complimentary breakfast, a fitness center, an indoor pool, a whirlpool and the Liberty Grille Restaurant.
UNIONDALE, N.Y. — The Boulder Group has brokered the sale of a triple-net leased Walgreens property in Uniondale. Located at 603 Uniondale Ave., the 12,827-square-foot retail building sold for $12.4 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a New York-based development firm, in the transaction. The buyer was an undisclosed New York-based private partnership.
BOSTON — HFF has arranged construction financing for Twenty Two Liberty, a 14-story, luxury residential tower at Fan Pier in Boston. HFF secured the loan for the borrower, a venture between Boston-based The Fallon Co. and Massachusetts Mutual Life Insurance Co. (MassMutual), through Wells Fargo Bank. Slated for completion in late 2015, the new property will feature 15,025 square feet of ground-floor retail space and a 282-space, below-grade parking structure. Designed by CBT Architects, Twenty Two Liberty will feature condos ranging from studio pieds-a-terre to three-plus bedroom homes. John Fowler, Anthony Cutone and Toby Banta of HFF represented the borrower, and Shelly Gouin led the Wells Fargo team.
FAIRFIELD AND LITTLE FALLS, N.J. — Prologis has sold its Fairfalls Industrial Portfolio, which comprises 989,200 square feet in 28 buildings. Morristown, N.J.-based Hampshire Cos. acquired the property for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Wildenstein & Co. Inc. has completed the sale of its Horace Trumbauer-designed gallery space, which is located at 19 East 64th St. in New York City. The State of Qatar acquired the 20,000-square-foot property for an undisclosed price. The off-market transaction, which is slated to close in April, will allow The State of Qatar to open a permanent New York City consulate at the property. Oren Alexander and Tal Alexander of Douglas Elliman represented the buyer in the transaction.