MANSFIELD, CONN. — Washington Trust’s commercial real estate group has provided $6.9 million in construction financing for a 32,175-square-foot retail property and a 5,000-square-foot stand-alone retail building in Mansfield. Storrs Center Alliance LLC was the borrower. Price Chopper Supermarket will occupy the 32,175-square-foot property. The development is located in downtown Mansfield, across from the University of Connecticut and is the latest phase of the Storrs Center project that Leyland Alliance LLC is developing.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 115 Powers St., a six-unit apartment property in Brooklyn, for $1.5 million, or $363 per-square-foot. Shaun Riney, Michael Salvatico and Jim Saros, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor. Salvatico, Riney and Saros also represented the buyer, a fund manager.
NEW YORK CITY — GFI Realty Services Inc. has secured the sale of a four-story mixed-use building in the Park Slope section of Brooklyn for $3.5 million. The property consists of 14 apartment units and two ground-floor commercial units totaling 10,596 square feet. Roni Abudi of GFI Realty Services represented the seller, a local investor, in the transaction. Shlomo Antebi, also with GFI Realty Services, represented the buyer, a local investor. The property was built in 1921 and is located in close proximity to Prospect Park.
YONKERS, N.Y. — Marcus & Millichap has arranged the $750,000 sale of an eight-unit apartment property located at 27 Pelton St. in Yonkers. Harry Delany of Marcus & Millichap's Manhattan office represented the seller, a large banking institution, in the transaction. Delany also secured and represented the buyer, a private investor.
PARSIPPANY, N.J. — Colliers International has arranged leases of more than 26,000 square feet of office space in northern and central New Jersey. The transactions include The Western Institutional Review Board leasing 7,048 square feet at 202 Carnegie Center in Princeton. Kevin Coleman of Colliers International represented the tenant, and Boston Properties represented the landlord, Princeton 202 Associates Limited Partnership. Bryn Cinque and James Bailey of Colliers represented HNTB Corp. in its 7,026-square-foot lease at 1 Gateway Center in Newark. Advance Realty is the landlord of the property. Cinque, Bailey and Jay Kyle of Colliers International represented Crown Castle USA Inc. in its 6,451-square-foot lease extension at 1200 MacArthur Blvd in Mahwah. MRH Real Estate Services represented the landlord, Marcon Mahwah LLC. Cinque, Baily and Leslie Meril of Colliers International represented the landlord, Normandy Real Estate Partners, in its lease deal with HealthLogix at 99 Cherry Hill Road in Parsippany. Harlan Hollander of Cushman & Wakefield represented the tenant in its 6,223-square-foot lease extension.
ITHACA, N.Y. — Walker & Dunlop Inc. has provided $70 million in bridge financing for Collegetown Terrace Apartments, a newly constructed off-campus student housing property located a half mile from Cornell University in Ithaca. Walker & Dunlop funded the loan through a subsidiary in conjunction with an institutional investor. The student housing community is being built in four phases. Once complete, the property will offer 1,177 beds in more than 800 units. The community will contain approximately 9 percent of Cornell University's off-campus student housing, according to Walker & Dunlop. Brendan Coleman of Walker & Dunlop led the team that structured the two-year interest-only bridge loan. Daniel Monte of Rose Hill Group originated the loan.
HAMBURG, N.Y. — The Cooper Commercial Investment Group has sold three retail outparcels of McKinly Mall in Hamburg for $5.6 million. Hamburg is located about 14 miles south of Buffalo. Tenants of the fully leased outparcels include Olive Garden, Pier 1 Imports, FedEx Office, Aspen Dental, GameStop, Sprint, Beltone and Ichiban Sushi. Olive Garden and Pier 1 Imports are both single-tenant, freestanding buildings. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, Beachwood, Ohio-based BG McKinley II LLC, in the transaction. The buyer was a private investor based in New York.
CLIFTON, N.J. — Cushman & Wakefield has arranged an 11,000-square-foot lease for manufacturing space at 125 Kingsland Ave. in Clifton, N.J. Bonni Heller of Cushman & Wakefield's East Rutherford office represented the tenant, glass manufacturer Pilkington North America Inc., in the long-term lease. The new location is one of nearly 100 Pilkington automotive glass replacement facilities in the U.S. Andrew Somple of NAI James E. Hanson represented the landlord, 1913 Realty Associates.
CAMBRIDGE, MASS. — Skanska has signed a $130 million contract with Novartis for the expansion of its pharmaceutical research campus in Cambridge, about three miles west of Boston. Novartis, a pharmaceutical company based in Basel, Switzerland, is an existing client of Skanska. The initial work on the project began in 2012 and the expansion will be completed in 2015.
NEW YORK CITY — In a two-part transaction, Colliers International has arranged the relocation of The Albert Ellis Institute, a nonprofit psychotherapy training institute, from the Upper East Side to Midtown South. In the first transaction, Colliers arranged the sale of The Albert Ellis Institute headquarters, a six-story townhouse located at 45 E. 65th St., to a private buyer. The building is located between Madison and Park avenues. In the second transaction, Colliers arranged an 8,000-square-foot sublease on behalf of the institute at 145 E. 32nd St., a 102,000-square-foot medical office building in Midtown South. Eric Meyer and Marty Meyer of Colliers International Tri-State own the office building. The institute sublet the entire ninth floor from Ameripath, a subsidiary of Quest Diagnostics. Keith Cody of CBRE represented Ameripath in the sublease.