NEW YORK CITY — Massey Knakal has arranged the sale of a four-story loft building located at 727 Sixth Ave. in Manhattan's Chelsea neighborhood for $8.1 million, or $1,358 per square foot. The 6,000-square-foot building includes a ground-floor retail unit, second-floor commercial space and live/work units on the third and fourth floors. This property is located between West 23rd and West 24th streets. Neighboring retailers include Best Buy, Trader Joe’s, Chase, and Staples. Long-time owner Robin Rice sold the property alongside her sister Lauren and father Sol. The Rice family owned the mixed-use property for more than 60 years. Brock Emmetsberger and Bob Knakal of Massey Knakal handled the transaction.
ELIZABETH, N.J. — Duro Standard Products Co. Inc. has signed a 70,000-square-foot lease for industrial space at 1000 Jefferson Ave. in Elizabeth, located about seven miles south of Newark. The tenant, which is a division of Duro, one of the largest paper bag manufacturers in the world, is relocating from another property in Elizabeth. Barry Cohorsky and Russell Verducci of NAI James E Hanson represented Duro Standard Products Co. in the transaction. Owned by Templer Associates, the two-story, Class C manufacturing building is located in the Union industrial cluster. Built in 1948, the building has a total of 190,000 rentable square feet on 9.7 acres.
EAST BRUNSWICK, N.J. — Excel Trading has signed a lease for the entire 68,200-square-foot distribution facility at 40A Cotters Lane in East Brunswick, located about seven miles south of Edison. The property features 22-foot clear ceiling heights, 12 loading docks, two drive-in doors and 25 parking spaces. The property provides direct access to Exit 9 of the New Jersey Turnpike. Excel Trading LLC buys and sells goods from many of the largest retailers, as well as many wholesale companies. Stephen Nozza and John Cascio of Bussel Realty Corp. represented Excel Trading in the transaction.
BOSTON — Colliers International has arranged $40 million in financing for Lenox Hotel, a 12-story, 213-key boutique hotel in the heart of Copley Square in Boston’s Back Bay neighborhood. Colliers worked on behalf of Saunders Hotel Group of Boston (SHG) to secure two notes from People’s United Bank. The new financing includes a $37.5 million, 15-year, fixed-rate loan and a $2.5 million revolving-credit facility. Kevin Phelan and John Broderick led the Colliers’ Boston-based Capital Markets team. Since acquiring the hotel in 1963, SHG has funded and overseen a series of restorations. Recent renovations include upgrading each guest room and the building’s entire façade. SHG also added restaurants City Table, City Bar and Sólás Pub.
NASHUA, N.H. — Linear Retail Properties LLC has acquired Daniel Webster Crossing, a 28,030-square-foot shopping center in Nashua for $6.2 million. Panera Bread, Jos. A. Bank and T-Mobile anchor the property, which is located at 8 Spit Brook Road, about 18 miles south of Manchester. Daniel Webster Crossing is Linear Retail’s fourth acquisition in the Daniel Webster shopping district. The shopping center has 11,302 square feet of space available for lease. Joel Kadis, partner of leasing, and Evan Eisenhardt, leasing representative, at Linear Retail will handle the leasing at the newly acquired center. George Kobaly of GEM Realty represented the seller of Daniel Webster Crossing.
BOSTON — NorthMarq has arranged a $5 million first mortgage loan for the refinancing of The Beebe Building, a 41,165-square-foot office building in Boston. The multi-tenant office building includes ground-floor retail. Financing was based on a 10-year term and a 25-year amortization schedule. Joseph Hegenbart, senior vice president and managing director of NorthMarq arranged the financing for the borrower. A life insurance company provided the loan.
WELLS, MAINE — Fantini & Gorga has arranged a $4.9 million loan for the refinancing of a freestanding CVS/pharmacy in Wells, located about 33 miles south of Portland. Casimir Groblewski, managing director at Fantini & Gorga, represented Wells Realty LP, an affiliate of a Massachusetts-based development company, in the transaction. A regional financial institution provided the loan. The 13,225-square-foot building is located at 924 Post Road near I-95. It features a double-lane drive thru, one-hour photo lab, high volume pharmacy layout and more than 50 parking spaces.
TEWKSBURY, MASS. — GRE Tewksbury Property LLC, a joint venture between Guggenheim Real Estate and The Dolben Co., has sold Shawsheen Place at Tewksbury, a 245-unit apartment community located in Tewksbury, about 24 miles north of Boston, for $46.7 million. SF IV Tewksbury Owner LLC, an affiliate of The DSF Group, purchased the property. Shawsheen Place at Tewksbury includes one five-story and six three-story apartment buildings, as well as one clubhouse, 10 stand-alone carports and a maintenance building. The average unit size spans 1,020 square feet. The community's amenities include a clubhouse featuring a great room with fireplace, kitchen, TV, billiards room, business center with computers and printers, fitness center with cardio and nautilus equipment and an indoor heated pool with hot tub. The property also includes a children’s playground, tennis court and common laundry rooms on each floor of the Tower Building. Simon Butler and Biria St. John of CBRE/New England’s Capital Markets represented the seller and procured the buyer.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $13 million mortgage to refinance a mixed-use office and retail property located at 40 W. 14th St. in New York CIty. A local commercial bank provided the five-year balance sheet loan that features a 2.9 percent fixed interest rate. The five-story, 151,540-square-foot property includes 75,000 square feet of office space and 75,000 square feet of retail space, with additional space for common areas. The building is home to retail tenants including New York Sports Club, Party City and Jack Rabbit Sports. Jacob Schmuckler of Meridian Capital Group arranged the loan.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $4 million sale of 241 East 24th Street, a 7,410-square-foot mixed-use building in the Gramercy Park section of Manhattan. The five-story building includes 16 studio apartments and two commercial units. Ohad Babo and Yanni Simantov, both associates of GFI Realty Services, represented the seller and buyers, Israeli investors, in the transaction. The apartment building was built in the early 1900s and is located in close proximity to FDR Drive, Herald Square and the Flatiron District.