NORWICH, N.Y. — A private investor has purchased Tops Plaza, an 85,453-square-foot grocery-anchored strip center for $4.4 million. The retail property is located at 54 E. Main St. in Norwich, about 100 miles west of Albany. Joseph French and Thomas Dalzell of Marcus & Millichap represented the buyer and the seller, a public REIT, in the deal.
NEW YORK CITY — A 3,900-square-foot preschool facility has sold for $3.8 million on Manhattan’s Upper West Side. The four-story plus basement building is approximately 3,900 square feet above grade and located at 127 W. 94th St. At the time of sale, the property was net leased to another school through mid 2015. The building was also fully renovated between 2005 and 2006 for use as a modern pre-school facility. Massey Knakal arranged the sale.
NEW YORK CITY — Syracuse University has signed a lease for 20,000 square feet of space at 136 Madison Avenue, located on the northwest corner between 31st and 32nd streets. The 150,000-square-foot building is 17 stories and includes a concierge desk and new elevators. The tenant plans to occupy the space in September in time for fall semester.
NEW YORK CITY — Sierra Realty LLC was named property manager for 875 Washington Street, a 75,000-square-foot retail building. Located in the Meatpacking District at the intersection of Washington Street and West 14th Street, the building was purchased in December by a partnership between Thor Equities LLC and ASB Real Estate Investments.
Blessed by location and good quality of life standards, the Danbury, Conn., retail market has grown in the recent 18 months and should continue to expand in 2013. Key among growth indicators are: • Whole Foods is opening its first store in the Danbury market in 2013. • Panera Bread and Petco recently opened second stores in this market. • Toll Brothers is under way with a new 1,200-home community in anticipation of regional population growth and changing demographics. • Danbury has the lowest unemployment rate in the state (around 6.5 percent). Location and Demographics Danbury is located in northern Fairfield County on the border of New York State and is approximately 50 miles north of New York City. (The Metro train to NYC takes just over an hour.) The population is approximately 80,000. Danbury serves Fairfield and Litchfield County in Connecticut as well as Westchester, Putnam and Dutchess counties in New York. Stamford, Conn.; White Plains, N.Y.; and Hartford, Conn., are each about an hour away. The relatively short commutes to these larger urban hubs entice real estate occupiers for office space and retail tenants with lower rental costs — on average, 20 to 25 percent less for comparable …
STAMFORD, CONN. — The NHP Foundation (NHPF) has closed on $17.7 million construction financing for the renovation and preservation of Bayview Towers Apartments in Stamford. The Connecticut Housing Finance Authority provided the loan. NHPF will undertake $12.3 million in renovations and upgrades to 200 units of the low- and moderate-income housing. PNC Bank served as the tax credit investor for Bayview Towers Apartments, providing $7 million in federal low-income housing tax credit equity. The Connecticut Light and Power Co. is also supporting the project by making a $500,000 contribution through the State of Connecticut's Housing Tax Credit Contribution program to assist with the rehabilitation of the project. Bayview Towers Apartments was built in 1973 and is located at 300 Tresser Blvd.
WINDSOR, CONN. — O,R&L Commercial has sold 360 Bloomfield Avenue, a 64,137-square-foot Class A office building, for $5.6 million. The building, which is located at Exit 37 along I-91 in Windsor, was sold to Burlington, Mass.-based Capstone Properties. The building was 94 percent leased at the time of sale. The owner was Mattapoisett Properties LLC.
HARRISBURG, PA. — HFF has secured a $3.1 million loan for Uptown Shopping Plaza, a 150,000-square-foot retail center in Harrisburg. HFF worked on behalf of the borrower, LCL Management LLC, to secure the 10-year loan through Harrisburg-based financial services provider Metro Bank. Uptown Shopping Plaza is located at the intersection of North Seventh and Division streets. Save-A-Lot anchors the retail center and other tenants include Dollar Tree, Family Dollar, Subway, H&R Block, McDonald’s and Rainbow Apparel.
NEW YORK CITY — A development site, located at 605 W. 161st St., has sold to a New York City developer for $3 million. Current zoning for the 7,669-square-foot lot offers 46,167 buildable square feet for residential use and up to 49,849 buildable square feet for community use. Ariel Property Advisors represented the seller, a religious institution, and the buyer in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two vacant commercial condos for $4.3 million. The condos are located at 490-506 Greenwich St. in New York City. Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.