NORWALK, CONN. — Washington Trust’s Commercial Real Estate Group has provided $9.2 million in financing to MCP Medical LLC, an affiliate of Boston-based Marcus Partners, for the acquisition of a 70,000-square-foot medical office in Norwalk. “This is an attractive property as it is located less than a mile from the Norwalk Hospital and its tenants offer a full range of medical services to area patients,” says Joseph MarcAurele, Washington Trust chairman, president and CEO.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 359 Manhattan Ave., an eight-unit mixed-use property located in Brooklyn, for $2.2 million. Michael Salvatico, Shaun Riney and Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
WEST GOSHEN TOWNSHIP, PA. — A 30,000-square-foot office building, located at 1230 American Blvd. in West Goshen Township, about 35 miles west of Philadelphia, has sold for $1.5 million. Jim Lees of West Chester, Pa.-based Swope Lees Commercial Real Estate LLC represented the buyer, a local private investor, in the transaction. Bob Fox of Fox Commercial Real Estate Services represented the seller, a local private family partnership. The property was most recently the headquarters for American Telecast Products and was formerly occupied by MBB Helicopter as its U.S. headquarters. The buyer is planning extensive renovations to the building to create a Class A office space.
WAKEFIELD, MASS. — Behringer Harvard and Wood Partners have announced their investment in Alta Audubon Road, a 186-unit multifamily development in Wakefield, a northern suburb of Boston. The 5.3-acre development site at 14 Audubon Road is located off Exit 42 of I-95/Route 128. The apartment community is less than a half-mile from MarketStreet at Lynnfield, a 68-acre mixed-use development set to open this summer. Behringer Harvard Multifamily REIT I Inc. has provided equity capital for the construction of the apartment community. The project will include four- and five-story buildings next to a three-story parking facility. Construction began this month and is slated for completion in the fourth quarter of 2014. The community will be developed and constructed by affiliates of Wood Partners, an Atlanta-based firm that has six other apartment projects completed or underway in the Boston area. Apartment units will average 934 square feet each.
HOWELL, N.J. — Construction on Tropicana Power Retail Center, a 289,000-square-foot retail center in Howell, will begin in the third quarter. The development is located at 5313 Route 9 and will complement an existing 800,000 square feet of retail space, also along the Route 9 corridor. The owner of the property, AAM Mill LLC, which owns more than 10 million square feet of retail, commercial and residential properties in the U.S., Europe and Morocco, says funding was provided in-house. All options for tenancy at the center are open. Sitar Co. is handling leasing for the project.
FLORHAM PARK, N.J — HFF has arranged $31 million in financing for a three-building, 1.1 million-square-foot industrial portfolio in the northern New Jersey towns of Elizabeth, Edison and Bayonne. HFF worked on behalf of a joint venture between Cohen Asset Management Inc. and New York Life Investment Management. The seven-year, fixed-rate acquisition loan was placed through Principal Real Estate Investors. HFF sold the assets to the borrower as part of a larger portfolio in 2012.The portfolio was 99 percent leased at the time of sale. Senior managing directors Jon Mikula and Paul Brindley led the HFF team representing the borrower.
CLIFTON, N.J. — Mack-Cali Realty Corp. has sold an office building located at 777 Passaic Ave. in Clifton for $5.8 million to a joint venture comprised of Gottesman Real Estate Partners and Mountain Development Corp. (MDC). The five-story building spans 77,000 square feet and was 65 percent occupied at the time of sale. Woodland Park, N.J.-based MDC manages approximately 1 million square feet of office space in Passaic County and will serve as property manager and leasing agent for the joint venture. TriState Capital Bank provided the first mortgage financing.
NEW YORK CITY — Spectrum Group Management LLC has closed a $24 million first mortgage loan, the proceeds of which were used to fund the acquisition of 215-221 W. 28th St. in Manhattan. The loan is secured by a first mortgage on approximately 7,500 square feet of land and associated air rights that will allow for the development of approximately 150 multifamily units. The borrower, a major New York City developer, plans to begin construction on the site later this year.
BRISTOL, CONN. — DoubleTree by Hilton has opened its newest hotel in Bristol, located about 18 miles south of Hartford. Formerly a Clarion hotel, the 141-room DoubleTree by Hilton Bristol opens following a 13-month renovation at a cost of more than $20 million led by design firm Parker-Torres Design LLC. Bristol Hotel LLC owns the hotel, which is managed by Prestige Hospitality Group LLC. The five-story, 19-suite tower offers a separate private entrance for guests. The hotel also features more than 7,000 square feet of flexible meeting space, an indoor heated swimming pool, 24-hour fitness center, 24-hour business center and complimentary WiFi throughout the hotel.
KINGSTON, N.Y. — Marcus & Millichap Real Estate Investment Services has arranged the sale of a 5,250-square-foot Verizon Wireless-occupied property in Kingston for $2.7 million. Judson Kauffman and Glen Kunofsky in Marcus & Millichap’s Manhattan office represented the buyer and seller, both private investors, in the transaction. Verizon Wireless is an outparcel to the Kings Mall, which is anchored by Marshall’s, HomeGoods, and Olive Garden. There are four years remaining on the 10-year, double net lease to Verizon Wireless.
