NEW YORK CITY — Marcus & Millichap has arranged the $10.9 million sale of 123-127 Lafayette St., a partially vacant six-story office building in Lower Manhattan. The sales price equates to $663 per square foot. Barbara Dansker in Marcus & Millichap’s Manhattan office, represented the seller, an owner/user. Dansker also represented the buyer, Stellar Management, a New York-based developer. The property is located between Canal and Howard streets.
WILLIAMSTOWN, MASS. — EagleBridge Capital has arranged $1.3 million in construction and permanent mortgage financing on behalf of 384 Main Associates for Dollar General Plaza in Williamstown. Ted Sidel and Brian Sheehan, principals at EagleBridge, arranged the financing through a regional institution. Dollar General Plaza is a 10,235-square-foot shopping center located at 384 Main St. Proceeds from the loan will be used to fund the build-out of a new 8,860-square-foot Dollar General store and repay an existing mortgage. The plaza is triple-net leased to Dollar General and Subway, which occupies 1,375 square feet.
NEW YORK CITY — El Al Airlines Ltd., Israel’s national airline, has signed a new 10-year lease at 100 Wall St. in Manhattan, occupying 14,918 square feet on a portion of the fourth floor. Brian Reiver of Savanna, a New York-based real estate private equity firm, represented the landlord in the transaction. Albert Duryea of New York Realty Group Inc. represented the tenant. El Al offers nonstop flights between New York and Israel, as well as the only nonstop service from Los Angeles, according to Savanna.
BROOKLINE, MASS. — Clarion Partners has acquired 10 Brookline Place, a 173,439-square-foot office building in Brookline, for $121 million. The six-story building serves as the southwest gateway to the Longwood Medical and Academic Area, a large medical campus that includes Harvard teaching hospitals in Boston. Clarion purchased the property from Invesco Real Estate. The Dana-Farber Cancer Institute anchors the building. The cancer treatment center has occupied space at the property since 2001. Eastdil Secured arranged the transaction.
WESTPORT, CONN. — The Kowalsky family of Westport has sold The Village, a 90,000-square-foot shopping center in Westport, for $54.3 million to Equity One Inc. As one of Westport’s longtime landowners, the Kowalsky family broke ground on the site in 1969 and completed construction on the center in 1974. The Fresh Market anchors the four-building retail center, which is located on 7.5 acres along both sides of Post Road East. Other tenants include Dunkin’ Donuts, Little Gym, The UPS Store, KOKO Fit Club and SweetFrog. Jon Angel, president, and Brett Sherman, senior vice president of Angel Commercial LLC, a Southport, Conn.-based commercial real estate brokerage firm, represented the seller in the transaction.
MARMORA AND TRENTON, N.J. — Jones Lang LaSalle (JLL) has arranged the $21.3 million sale of a portfolio of three self storage facilities, totaling 226,455 square feet, for 21st Century Storage. Kurt O'Brien acquired 101 U.S. Route 9 in Marmora, N.J., 555 North Olden Ave. in Trenton, N.J., and 5301 Park Heights Ave. in Baltimore. Doug McCarron, Steve Mellon and Pete Williams, managing directors with JLL’s national self storage team, represented the seller, 21st Century Storage. Joseph Garibaldi, managing director, and James Molloy III, senior vice president at JLL, assisted in the transaction. The buyer was represented in-house. The 51,975-square-foot building at 101 U.S. Route 9 in Marmora features 449 storage units, and the 111,115-square-foot property at 555 North Olden Ave. in Trenton includes 1,030 heated and air-cooled units. The 60,505-square-foot property at 5301 Park Heights Ave. in Baltimore includes 894 storage units.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $7.5 million first-mortgage loan to finance the completion and opening of a 60-room boutique hotel in the Bushwick neighborhood of Brooklyn. The partially complete 23,719-square-foot hotel collateralized the loan, which is located at 19 Bogart St. In addition to 60 hotel rooms, the property will feature four ground-floor retail units. Proceeds from the loan will be used to retire existing debt, fund remaining construction costs and cover closing expenses.
KING OF PRUSSIA, PA. — A partnership led by Vantage Properties LLC signed an agreement to acquire the 650-unit Marquis Apartments in King of Prussia from Marquis Associates LP for approximately $70 million. Vantage will undertake a comprehensive, multi-million dollar transformation of the five-building, Class A property, which will be completed in phases by the end of 2016. Planned improvements include full renovations of the apartments, amenities and common areas, as well as landscaping, entryways and other outdoor enhancements. Stephen Varenhorst of Varenhorst Architects and David Rubin of Land Collective, will design the buildings and landscape, respectively.
ORANGE, CONN. — Institutional Property Advisors (IPA) has arranged the $35.3 million sale of Grand Reserve Orange, a 168-unit apartment complex in Orange, a western suburb of New Haven. The sales price equates to $210,000 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, advised the seller, Behringer Harvard Orange LLC. FF Realty II LLC was the buyer. Built in 2005 on more than nine acres, the 161,670-square-foot luxury apartment community is located at 75 Prindle Hill Road. Grand Reserve Orange includes six detached, three-story buildings. The property features 112 one-bedroom, 28 two-bedroom and 28 three-bedroom, garden-style apartments. Community amenities include a clubhouse with resident lounge, scenic boardwalk over a wetland preserve, heated resort-style outdoor swimming pool and state-of-the-art fitness center.
SMITHFIELD, R.I. — Washington Trust’s commercial real estate group has provided $7.2 million in financing to Linear Retail Smithfield LLC for tenant improvements to Smithfield Commons in metro Providence. The 35,130-square-foot shopping center is located at 400 Putnam Pike in Smithfield. During the past several years, the building has been renovated to provide space to new tenants such as Starbucks Coffee and Sienna Restaurant. Other major tenants include: Papa Gino’s, Concentra, Verizon Wireless, Sprint, H&R Block, UPS and Sovereign Bank.
