FLUSHING, N.Y. — DelShah Capital has sold Sunrise Terrace, a mixed-use building with 28 luxury condominiums, community facilities and onsite parking in Flushing, in two transactions. The total sellout of the condo portion was more than $19.2 million. The ground-floor commercial space in the five-story building was sold for $3.5 million to Queens Library for use as a new branch. Located at 31-32 Union St., the building features one-, two- and three-bedroom residences with high ceilings, oversized windows, balconies and terraces. Amenities include walnut wood flooring, custom lighting, a washer and dryer in each unit, walk-in closets, Jacuzzi air jet bathtubs and marble baths and sinks. Delshah Management will continue to manage the building for the condominium association.
CARTERET, N.J. — The Hampshire Cos., based in Morristown, N.J., has acquired 200 Middlesex Ave. in Carteret, a 400,000-square-foot industrial property that was built in 1992. The purchase price was not disclosed. Located within Carteret’s industrial market, the building offers easy access to the New Jersey Turnpike and is nearby major ports. “We anticipate increased activity in the port area over the next few years, and the building’s accessibility and close proximity to the ports made this an attractive investment opportunity,” says Michael Harrington, an investment manager for The Hampshire Cos.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of 477 3rd Street, a five-story multifamily building located in the Park Slope section of Brooklyn, for $7.7 million, or $387,500 per unit. Built in 1931, the apartment building includes 20 units totaling approximately 14,672 square feet. Roni Abudi of GFI Realty Services represented the seller, a local investor, in the transaction. Erik Yankelovich of GFI Realty Services represented the buyer, a foreign investor.
NEW HYDE PARK, N.Y. — Kimco Realty Corp. has increased its ownership interest in the Kimco-UBS joint venture to 33 percent from 18 percent interest. The joint venture includes 39 shopping centers totaling 5.6 million square feet, which is currently 96 percent occupied. A majority of the properties are located in New York, Virginia, Texas, California and Maryland. Tenants in the portfolio include Publix, Giant Food, Whole Food Markets and Safeway, as well as Home Depot, Nordstrom Rack, Bed Bath & Beyond and T.J. Maxx. Affiliates of Blackstone Real Estate Partners VII completed their acquisition from affiliates of the UBS Wealth Management North American Property Fund for the remaining 67 percent ownership interest. Both transactions were based on a gross purchase price of $1.1 billion, including $631 million of assumed debt.
PARSIPPANY, N.J. — Jones Lang LaSalle has broken ground on the Lexus Eastern Area Office and Training Facility at 300 Webro Road in Parsippany, which will serve as a training center for Lexus dealerships throughout the Northeast and Mid-Atlantic regions. In September 2012, Toyota Motor Sales U.S.A. Inc. (TMS) retained Jones Lang LaSalle to provide project management services for the construction of the facility, as well as to lead efforts to achieve LEED for Commercial Interiors certification for the facility. The Jones Lang LaSalle team overseeing the project management assignment is led by Jerry Sullivan, senior project manager, and supported by Eric Brown, project manager. The group handling LEED certification is led by Dana Schneider, senior vice president, and includes Jasmine Davis, project manager. Upon completion, which is expected in late August, the facility will total 32,000 square feet, including 20,000 square feet of administrative and presentation space and 10,000 square feet of training space equipped with 16 training bays. The facility will allow TMS to train up to 16 different teams simultaneously.
NEW YORK CITY — Gramercy Property Trust Inc. has closed on the acquisition of two cross-dock truck terminals in the Long Island and Baltimore areas for $9.8 million. Cross-docking is a practice in logistics of unloading materials from an incoming semi-trailer truck or railroad car and loading the materials directly into outbound trucks, trailers or rail cars. The Long Island Terminal includes 54 dock doors, located on five acres in Deer Park, a community in Long Island. This terminal is leased through December 2019 to a national carrier. The second terminal includes 61 dock doors and is located on 10.5 acres in Elkridge, a southwest suburb of Boston. The Elkridge Terminal is leased to a northeast carrier. The terminals were purchased separately in all-cash transactions.
BOSTON — Fantini & Gorga has arranged $4 million in financing for Rutland Housing, a 44-unit midrise multifamily property in Boston’s South End neighborhood. Constructed in 1972, Rutland Housing includes two adjacent buildings, each four stories plus a basement. The buildings feature a mix of one-, two-, three- and four-bedroom units, as well as 18 off-street parking spaces and four retail/office units. The current ownership purchased the property in 1988 and has extensively renovated the apartments.
NEW YORK CITY — Public Storage has opened its largest self storage facility in the Bronx. The 12-story facility, located at 385 Gerard Ave., includes more than 4,000 units. The property features free parking and off-street loading docks for large moving vans. Public Storage has invested millions of dollars through local construction trades to renovate and retrofit the building to include new roofs, mechanical systems, high-speed freight elevators and insulated exterior panels. The building will also be energy efficient. The Gerard Avenue facility is part of the resurgence in the area with the Yankee Stadium and Bronx Terminal Market developments. The facility is Public Storage’s 2,079th location.
PITTSBURGH — Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT), has completed its acquisition of the 178-room Hyatt Place hotel in Pittsburgh for $40 million. The hotel opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood, next to PNC Park (home of the Pittsburgh Pirates) and Heinz Field (home of the Pittsburgh Steelers). Average daily rate at the Pittsburgh Hyatt Place is expected to be $163 in 2013, according to Jeffrey Fisher, CEO of Chatham. Chatham funded the purchase with borrowings on its secured revolving credit facility and a $24.2 million first-mortgage loan. Barclays Bank provided the 10-year loan, which carries a fixed-interest rate of 4.6 percent and includes a 30-year amortization schedule. Island Hospitality Management manages the Pittsburgh Hyatt Place.
NEW YORK CITY — Silvershore Properties has sold 10 West 28th Street, a five-story mixed-use building in Manhattan, to the NoMad Hotel for $6 million. The property is adjacent to the NoMad Hotel on 28th and Broadway. “The NoMad Hotel saw this as a great opportunity to increase their space and offerings and we agreed,” says Jason Silverstein, a principal at Silvershore Properties. Jacques Garcia designed the hotel, which has 168 rooms and opened last year.