PETERBOROUGH, N.H. — NAI Norwood Group has arranged the $2.9 million sale of a ground lease of a CVS/pharmacy building in Peterborough, 30 miles west of Nashua. Andy Fleisher of NAI Norwood Group represented the buyer in the 1031 tax-deferred exchange. Bradley Vear of Vear Commercial Properties Inc. represented the seller, East Moriches, N.Y.-based 125 Kublin Road LLC, in the transaction. The property is located at 125 Dublin Road, adjacent to a Shaw’s Grocery Store. Built in 2008, the 13,167-square-foot drugstore is situated on 1.9 acres.
NEW YORK CITY — Ariel Property Advisors has arranged the $30.5 million sale of nine multifamily buildings on the Upper West Side, Central Harlem and East Harlem in New York City. Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch and Marko Agbaba of Ariel Property Advisors marketed the properties on behalf of the sellers, real estate investment firms. Five attached walk-ups at 265-273 W. 146th St. in Central Harlem totaling 100 unis sold for $11.1 million. A five-story, mixed-use walk-up at 950 Columbus Ave. on the Upper West Side sold for $5.1 million. Jeffrey Tanenbaum of Halstead Property represented the buyer, a local owner, in the transaction. A six-story, mixed-use building at 88 E. 111th St. in East Harlem sold for $5 million. The 19,884-square-foot walk-up includes 28 residential units and two commercial units. A six-story, mixed-use building at 1661 Park Ave. in East Harlem sold for $4.8 million. The 22,436-square-foot building features 34 residential units and one retail unit. A six-story walk-up at 524 E. 119th St. East Harlem sold for $4.5 million. The 21,100-square-foot building includes 35 residential units.
NORTH KINGSTOWN, R.I. — New Boston Fund Inc. has celebrated the groundbreaking of BankNewport’s newest branch in North Kingstown, about 21 miles south of Providence. The 2,000-square-foot bank will be located at the front of The Shops at Quonset Point development. BankNewport signed a 15-year lease in April on a pad site to construct the new bank branch. The new building will feature two drive-thru lanes, one of which will have a drive-thru ATM. Inside, the branch offers an ATM for after-hours banking; a coin counting machine in the lobby; and a conference room available to small businesses that require a meeting space during banking hours. Construction of BankNewport’s new branch is slated for an early 2014 completion.
HEWLETT, N.Y. — Simone Healthcare Development Group has acquired 1436 Broadway in Hewlett and announced plans for the construction of a new medical office at the property. The developer says it has arranged a long-term lease of the property to a major hospital in the area. The medical office property, which will offer primary, specialty and urgent care services, is slated to open in spring 2014. In addition to the new facility on Long Island, Simone Healthcare Development is also working with Montefiore Medical Center, Mount Sinai Hospital and other major healthcare providers on new outpatient care centers in New York.
FRANKLIN LAKES, N.J. — NAI James E. Hanson has completed a five-year lease renewal at 795 Franklin Ave. in Franklin Lakes, located about 25 miles north of Newark. Hackensack University Medical Center will occupy 3,425 square feet at the Class B office building. Michael Walters, executive managing director, and Steven Leitner, vice president at NAI Hanson, arranged the transaction. Sabra Realty owns the property. Also known as Campgaw Plaza, the two-story, 14,500-square-foot building was constructed in 1984 and includes 50 parking spaces.
HOLMDEL, N.J. — Holmdel Township has selected Somerset Development for the $100 million redevelopment of the former Bell Labs facility in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 470 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan that will transform the structure into a vibrant, mixed-use town center. In addition, the approved plan allows for residential, recreational and open space uses outside the building, including the development of up to 40 single-family homes and 185 age-restricted townhomes, as well as a field house for sports and an 18-hole golf course. The complex, which was originally constructed between 1959 and 1962, and then expanded to its current size between 1966 and 1982, is revered for its architectural distinction, in particular its notable mirrored glass façade. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Toll Brothers is in contract with Somerset for the purchase of land outside the building to construct the development’s residential component.
NEWARK, DEL. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has sold two power centers in Delaware and South Carolina for a combined total of $87.3 million. The properties include Christiana Center in Newark, about 13 miles southwest of Wilmington, Del., and Commons at Magnolia in Florence, S.C. The sales price represents an average cap rate of 6.8 percent and a profit of $45.4 million. PREIT intends to use the proceeds to make further reductions in debt and for general corporate purposes.
SCHENECTADY, N.Y. — KeyBank (NYSE:KEY) has provided $26 million in Low Income Housing Tax Credit (LIHTC) equity and debt for an affordable housing development in Schenectady. The 155-unit rental community will include housing for low-income families, homeless persons, veterans and others who require supportive services. The development will transform a 96,060-square-foot, four-story historic industrial building and include 30 units for individuals struggling with homelessness or substance abuse and 57 units for the developmentally disabled and mentally ill. In total, KeyBank provided nearly $15 million in LIHTC equity and a $9 million construction loan to the development. The Galesi Group is serving as the developer for the project, which is slated to open next spring.
BOSTON — National Development has announced plans to build SEPIA at Ink Block, an 83-unit luxury condominium development in Boston. The project will be built as part of Ink Block South End, a six-building, mixed-use development in the South End neighborhood of Boston. Construction is slated to begin in early 2014, with a sale center opening at 401 Harrison Ave. later this month. Amenities at SEPIA at Ink Block include underground resident parking, a rooftop sundeck, private balconies, access to Ink Block’s rooftop pool, fitness center, clubroom and a bicycle workshop. Residents of the community will also be in proximity to the 50,000-square-foot Whole Foods Market, which is slated to open at Ink Block South End in early 2015. The SEPIA condos are slated to be complete and open for occupancy in mid-2015. Cranshaw Construction is the general contractor, and Elkus Manfredi Architects is the architect for SEPIA. The Collaborative Cos. will serve as the marketing and sales agency.
NEW YORK CITY — RFR Holding LLC has secured $100 million in refinancing for 160 Fifth Ave., a 107,000-square-foot office property in the Midtown South submarket of Manhattan. RFR says the refinancing through Citibank will enable it to retire $65 million of existing debt on the Class A boutique property, while taking advantage of lower interest rates. The company purchased the property in 2005 and completed a multi-million dollar renovation program. Its largest tenant at 160 Fifth is the Simons Foundation, a private charitable foundation formed by hedge fund manager James H. Simons, at 76,000 square feet. Also on the tenant roster are office and showroom space for Grohe America, the luxury faucet designer; Forrester Research; and Prophet Brand Strategy. Fashion retailer Club Monaco occupies the retail component of 160 Fifth.