NEW YORK CITY — ABS Partners Real Estate, a New York-based real estate firm that provides advisory, brokerage and property management services, has joined forces with PBS Real Estate. The merger will strengthen ABS Partners’ retail and office brokerage and investment sales group, according to a statement from ABS Partners. ABS will absorb several PBS Real Estate employees. “We believe that there is a tremendous opportunity at ABS Partners Real Estate to utilize our unparalleled network of contacts and access to leading decision makers to broaden and deepen our relationships within the real estate community,” says John Brod, founding partner of New York-based PBS Realty, who is joining ABS.
REVERE AND MALDEN, MASS. — Mack-Cali Realty Corp. has closed on the acquisition of Alterra at Overlook Ridge IB in metro Boston for $88 million. The acquisition was pursuant to a signed contract in January, when Mack-Cali purchased the sister building — Alterra at Overlook Ridge IA — for $61.3 million. The luxury multifamily property, located in the master planned community of Overlook Ridge in Revere and Malden, includes 412 rental units. The property was 96.1 percent leased at the time of sale. Similar to its acquisition of Alterra 1A, this property was acquired from a Prudential Insurance Co. of America joint venture. Roseland, a subsidiary of Mack-Cali, developed Alterra 1B and has managed the property since its completion.
BOSTON — NorthMarq Capital has arranged $59 million in acquisition and mezzanine financing for the Condyne Industrial Portfolio located throughout the Boston area. The portfolio includes five buildings and a total of 1.5 million square feet of industrial space. Financing was based on a five-year term with one year of interest-only payments and a 29-year amortization schedule. NorthMarq arranged this financing for the borrower, Massachusetts Industrial LLC, through its relationship with a REIT. James Murphy of NorthMarq’s Boston regional office represented the borrower in the transaction.
CAMBRIDGE, MASS. — Boston Realty Advisors has arranged the sale of 39 JFK St., a landmark 20,570-square-foot retail and office building located in Cambridge’s Harvard Square, for $33.1 million. The mixed-use property was fully occupied at the time of sale. Tenants of the building include American Express, CVS/pharmacy, Kaplan, Whitney’s Café and Leo’s Place. Boston Realty Advisors represented the seller, 39 JFK LLC, and procured the buyer in the transaction.
LAFAYETTE HILL, PA. — An affiliated company of BET Investments Inc. has acquired Lincoln Woods Apartments, located at 9801 Germantown Pike in Lafayette Hill, about 20 miles north of Philadelphia. TIAA-CREF sold the property for $29.3 million, according to the Philadelphia Inquirer. The multifamily property was 98 percent leased at the time of sale. The average unit size is 774 square feet. With the addition of Lincoln Woods, BET Investments and its affiliates now own more than 2,500 apartment units in the Philadelphia area.Berkadia Commercial Mortgage LLC originated a 10-year, $25.5 million loan through Fannie Mae’s DUS platform for the acquisition. Lizann McGowan and Robert Fahey of CBRE represented the seller in the transaction.
HARTFORD, CONN. — UOB Eagle Rock Multifamily Property Fund LP has acquired Clemens Place Apartments, a 597-unit multifamily complex in Hartford, for $29.5 million. The revitalized 1920s-style community includes 595 apartments and two commercial spaces in 42 renovated buildings, 31 of which are on the National Register of Historic Places. The property is located at 160 Owen St., about one block from I-84. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, Intown West Associates Limited Partnership and Westtown LLC, in the transaction.
NEW YORK CITY — Hudson Realty Capital LLC has funded a $17 million first mortgage loan secured by a three-story, vacant industrial loft building in the DUMBO (Down Under the Manhattan Bridge Overpass) section of Brooklyn. In addition to utilizing loan proceeds to acquire the 81,805-square-foot building and establish reserves, the undisclosed borrower has also secured a $2.5 million upsize option from Hudson, contingent upon obtaining certain NYC Landmarks Preservation Commission approvals. The borrower plans to convert and reposition the former factory, built in 1913, for multifamily use. The borrower is seeking landmark approvals to alter the façade and add additional floors. Located on Water Street, between Jay Street and Bridge, the building is situated within the historic Brooklyn waterfront district.
MOUNT VERNON, N.Y. — NSI Industries has sold a 33,000-square-foot office and manufacturing building located at 1 and 2 Grove St. and 60 and 120 S. Terrace Ave. in Mount Vernon, about 20 miles north of New York City, for $2.3 million. The buyer, Michael Anthony Holdings Inc., purchased the property as an investment. NSI Industries will lease the building back for a defined period of time. The building includes concrete floors, masonry and brick walls, ceiling heights up to 16 feet, a sprinkler system and approximately 10,000 square feet of recently updated office/engineering space. Jim Panczykowski of Binswanger’s New Haven, Conn. office handled the transaction.
HAWTHORNE, N.Y. — Houlihan-Parnes Realtors LLC has purchased the Skyline Plaza office building, located at 37 and 37A Saw Mill River Road in Hawthorne, for $2 million. The office property includes a 20,575-square-foot, three-story building built in 1984 and an attached 2,608-square-foot, two-story building. Together, the two buildings include 12 tenant spaces and 86 parking spaces. The property was 50 percent occupied at the time of sale. Craig Weitz and Jerry Houlihan of Houlihan-Parnes Realtors negotiated the purchase of the property from a local bank, which also provided financing with a five-year mortgage.
NEW YORK CITY — Besen & Associates has arranged the sale of apartment buildings located at 243, 244, 247, 333 & 335 E. 33rd St. in the Murray Hill neighborhood of Manhattan for $20.6 million, or $317,000 per unit. The buyer is a private investor and the seller is Five on 33rd LLC. The portfolio includes two walkups and three elevator buildings, a total of 63 apartments and two offices. The properties total 35,638 square feet, with approximately 16,000 square feet of air rights. Glenn Raff and Ron Cohen of Besen & Associates completed the transaction.