PARSIPPANY, N.J. — Vision Equities LLC has sold its interest in a 150,500-square-foot Class A office property in Parsippany to Cole Corporate Income Trust Inc. for $32.4 million. The property is located at 299 Jefferson Road. Vision Equities will continue to provide asset/ property management for the building, which serves as a corporate headquarters for Evonik Degussa Co.
NEW YORK CITY — Hudson Cos. has acquired a development site for a planned 23-story, 245-unit rental building at 626 Flatbush Ave. in Brooklyn for $11 million. Jonathan Berman, Shimon Shkury, Michael Tortorici and Victor Sozio of Ariel Property Advisors represented the seller, a private investor, as well as the buyer, Hudson Cos. The property features 100 feet of frontage on Flatbush Ave. and a 52,265-square-foot parking lot, which is located near the Prospect Park Zoo, Brooklyn Botanical Gardens and two blocks from the B, Q and S subway lines.
NEW YORK CITY — HFF has secured $12.5 million for the refinancing of 808 Broadway, a 24,000-square-foot retail condominium in New York City’s Union Square neighborhood. The 10-year loan carries a fixed interest rate. Steven Klein, managing director of HFF, arranged the loan on behalf of the borrower, SPI Holdings LLC.
NEW YORK CITY — Massey Knakal has arranged the sale of a 10,300-square-foot retail building at 78-02/10 Metropolitan Ave. in Queens for $2.9 million, or $285 per square foot. Thomas Donovan, partner with Massey Knakal, and director of sales Brian Sarath represented the buyer, a private investor. The seller was not disclosed. Massey Knakal specializes in the sale of investment and user properties in the New York metropolitan area.
WEYMOUTH, MASS. — John M. Corcoran and Co. will break ground later this month on the $18.2 million second phase of The Commons at Southfield Highlands, a 226-unit multifamily development in Weymouth, a southern suburb of Boston. The second phase, which is slated for completion by summer 2014, will add 72 new apartments to the 1,400-acre community. The apartments feature wood flooring, granite countertops, a roof deck, smoke-free living and a WiFi café with outdoor patio.
SECAUCUS, N.J. — Gaia Real Estate Investments has acquired 200 Plaza Drive, a fully-leased, recently renovated office building in Secaucus. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CRBE’s New York Institutional Group represented the buyer, Gaia, and the seller, Hartz Mountain Industries Inc. The 249,863-square-foot building is fully leased to Ernst & Young. 200 Plaza Drive is a LEED-certified building and was redeveloped in 2008 with new base building systems, lobby, and façade renovation.
WAKEFIELD, MASS .— CTA Construction has completed the new $7 million Municipal Gas and Light Department building at 480 N. Ave. in Wakefield. CTA Construction worked with the Town of Wakefield and HKA Associates to provide demolition of the existing 15,000-square-foot building and construction of a new 30,000-square-foot facility. The new building provides department employees with spacious offices, open administrative areas, a large conference room, training room, large reception area, and kitchen and dining facilities.
QUINCY, MASS. — Jones Lang LaSalle has arranged the sale of 150 Newport Ave. in Quincy, 121,329-square-foot Class A office building, for $14 million. The four-story building is next to Granite’s 100 Newport Ave. building. Vice Presidents Tom Kent and Sean Lynch of Jones Lang LaSalle represented the buyer, Foxrock Granite LLC, while Normandy Real Estate Partners Principal Justin Krebs represented the seller, Normandy Newport Holdings LLC. Normandy Real Estate Partners currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments.
NEW YORK CITY — An investor group led by Joseph Betesh of Milestone Equities has acquired The Bowery Portfolio, 11 mixed-use properties located between Houston and Canal streets in the Bowery neighborhood of New York City, for $62 million. The properties are located at 83, 85, 88, 103, 105, 219, 221, 262, 276, 280, and 284 Bowery St. and total approximately 143,230 square feet. The properties have been family owned since the 1930s.
NEW YORK CITY — Meridian Capital Group LLC has arranged the $55 million refinancing of the Five Columbus Circle office and retail property in New York City on behalf of 1790 Broadway Associates LLC. A national balance sheet lender provided the 10-year loan, which includes full-term, interest-only payments and carries an interest rate of 3.4 percent. The 21-story, 225,700-square-foot building is located at 1790 Broadway. The building features 8,700 square feet of ground-floor retail and is 95 percent occupied. Tenants at the property include Columbia Artists Management, Columbia University, Fordham University and HSBC in the retail portion. Five Columbus Circle is owned by an entity controlled by New York City-based Ionian Group.
