MILLVILLE, N.J. — CBRE Group Inc. has completed the $1.3 million sale of a 8,640-square-foot, net-leased building in Millville, located in southeast New Jersey. Dollar General occupies the building, which is located at 1406 N. High St., under a long-term lease. Elli Klapper and Charles Berger of CBRE’s Private Capital Group represented the seller, a private investor.
NEW YORK CITY — Marcus & Millichap has arranged the $6.8 million sale of 188 & 190 Wadsworth Avenue, a 44-unit apartment property in New York City. Scott Edelstein, Seth Glasser and Peter Von Der Ahe of Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. The seller, a local family, owned the building, which is located at 188 Wadsworth Ave., for more than 50 years.
BELLEVILLE, N.J. — Weichert Commercial Brokerage Inc. has arranged the sale of a 60,000-square-foot industrial building in Belleville, about five miles north of Newark. Scott Maynard, senior vice president at Weichert, represented the seller, a bank, and the buyer, Charles DeFranza, in the transaction. The industrial property is located at 335-353 Cortlandt St.
JERSEY CITY, N.J. — Rabobank has subleased 36,000 square feet at 10 Exchange Place, located on Jersey City’s Hudson River waterfront, to CarePoint Health. The healthcare provider will occupy the entire 15th floor of the building, which it will use for administrative purposes. Dan Johnsen, Robert Rudin, Michael Burgio, Daniel Organ, Robert Gastel and Franklin Speyer of Cushman & Wakefield represented Rabobank. Jaime Weiss and Matthew Weiss of Moonachie, N.J.-based Weiss Realty represented CarePoint Health in the transaction.
WASHINGTON TOWNSHIP, N.J. — Azarian Realty Co. has arranged five leases totaling 7,671 square feet at Washington Town Center. Dunkin’ Donuts, Original Pizza, Eye Level Learning Centers, BK Tae Kwon Do and Body Empathy Spa are the new tenants. The shopping center is located at 273 Pascack Road in Washington Township, about 19 miles south of Philadelphia.
In Providence, R.I., the the Class A office market has stabilized. GTECH Center has been successful in leasing up just about all of its available space to four or five tenants. Consequently, The GTECH Building sold for more than $50 million prior to the end of 2012. In addition, the new Blue Cross tower was successful in leasing 10,000 square feet of available space with plenty of continued interest for additional floors from prospects. Also, Bank of America’s move from its former headquarters at 111 Westminster into space located in 100 Westminster and One Financial Plaza has further helped push vacancy rates down for Class A office space. The current vacancy rate for this product is less than 9 percent in the Capital City. Consequently, this activity has pushed rental rates for Class A space back over the $30 per square foot mark on new deals. High Rock Development, which owns 111 Westminster (the former Bank of America building), is currently lobbying the state for tax credits to redevelop the building into apartments. It will be interesting to see, since the 38 Studios collapse, how far the state and city are willing to get involved — or if the building …
NEW YORK CITY — CenterSquare Investment Management Holdings Inc. and Ivy Realty have sold Crossroads Corporate Center and Crossroads Executive Center, two multi-building office parks in Long Island. Matrix Realty Corp. acquired the properties, adding 400,000 square feet of office space to its portfolio. Located in Hauppauge, Crossroads Corporate features 215,000 square feet in three single-story structures and one four-story building. Crossroads Executive includes nine single-story buildings accounting for an aggregate 185,000 square feet. Colliers International marketed the office portfolio on behalf of CenterSquare and Ivy.
NEW YORK CITY — Two adjacent mixed-use buildings located at 1160-1162 First Ave. in Manhattan’s Upper East Side neighborhood have sold for $13.2 million, or $770 per square foot. The five-story buildings span 16,850 square feet and include two retail stores occupied by 7-Eleven and Lunetta Pizza, and 16 residential units. Guthrie Garvin of Massey Knakal represented the buyer and the seller, both private investors, in the transaction.
NEW BRITAIN, CONN. — Chozick Realty Inc. has arranged the $4.7 million sale of Campus View Apartments, located at 1300-1412 East St. in New Britain, about nine miles southwest of Hartford. Campus View Apartments is a 63-unit student apartment complex located at the entrance to Central Connecticut State University. Steve Pappas of Chozick Realty marketed the property on behalf Campus View Apartments LLC and procured the buyer, Trinity Property Group LLC.
REHOBOTH BEACH, DEL. — Unfinished Business has opened its 2,190-square-foot community thrift shop at 18389 Olde Coach Drive in Rehoboth Beach, located about 18 miles east of Georgetown. The store provides used clothing, furniture and household items at discounted prices. Ann Bailey CCIM, lead broker in NAI Emory Hill’s Lewes office, represented the landlord, Colonial East LP, in the transaction.