NEW YORK CITY — Gramercy Property Trust Inc. has closed on the acquisition of two cross-dock truck terminals in the Long Island and Baltimore areas for $9.8 million. Cross-docking is a practice in logistics of unloading materials from an incoming semi-trailer truck or railroad car and loading the materials directly into outbound trucks, trailers or rail cars. The Long Island Terminal includes 54 dock doors, located on five acres in Deer Park, a community in Long Island. This terminal is leased through December 2019 to a national carrier. The second terminal includes 61 dock doors and is located on 10.5 acres in Elkridge, a southwest suburb of Boston. The Elkridge Terminal is leased to a northeast carrier. The terminals were purchased separately in all-cash transactions.
BOSTON — Fantini & Gorga has arranged $4 million in financing for Rutland Housing, a 44-unit midrise multifamily property in Boston’s South End neighborhood. Constructed in 1972, Rutland Housing includes two adjacent buildings, each four stories plus a basement. The buildings feature a mix of one-, two-, three- and four-bedroom units, as well as 18 off-street parking spaces and four retail/office units. The current ownership purchased the property in 1988 and has extensively renovated the apartments.
NEW YORK CITY — Public Storage has opened its largest self storage facility in the Bronx. The 12-story facility, located at 385 Gerard Ave., includes more than 4,000 units. The property features free parking and off-street loading docks for large moving vans. Public Storage has invested millions of dollars through local construction trades to renovate and retrofit the building to include new roofs, mechanical systems, high-speed freight elevators and insulated exterior panels. The building will also be energy efficient. The Gerard Avenue facility is part of the resurgence in the area with the Yankee Stadium and Bronx Terminal Market developments. The facility is Public Storage’s 2,079th location.
PITTSBURGH — Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT), has completed its acquisition of the 178-room Hyatt Place hotel in Pittsburgh for $40 million. The hotel opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood, next to PNC Park (home of the Pittsburgh Pirates) and Heinz Field (home of the Pittsburgh Steelers). Average daily rate at the Pittsburgh Hyatt Place is expected to be $163 in 2013, according to Jeffrey Fisher, CEO of Chatham. Chatham funded the purchase with borrowings on its secured revolving credit facility and a $24.2 million first-mortgage loan. Barclays Bank provided the 10-year loan, which carries a fixed-interest rate of 4.6 percent and includes a 30-year amortization schedule. Island Hospitality Management manages the Pittsburgh Hyatt Place.
NEW YORK CITY — Silvershore Properties has sold 10 West 28th Street, a five-story mixed-use building in Manhattan, to the NoMad Hotel for $6 million. The property is adjacent to the NoMad Hotel on 28th and Broadway. “The NoMad Hotel saw this as a great opportunity to increase their space and offerings and we agreed,” says Jason Silverstein, a principal at Silvershore Properties. Jacques Garcia designed the hotel, which has 168 rooms and opened last year.
CLARK, N.J. — The Feil Organization has hired Atlantic Real Estate Services to market the 235,714-square-foot former L’Oréal manufacturing facility in Clark, a southern suburb of Newark. The flex property, which is located at 200-222 Terminal Ave., features approximately 17,587 square feet of air-conditioned office space with private offices, a boardroom and cafeteria. An estimated 166,591 square feet is air-conditioned manufacturing space, which was previously used by L’Oréal in the production of liquid and cream hair dyes and conditioners. The 51,536-square-foot warehouse has a 20-foot clear ceiling height with 15 loading docks and one drive-in door. The property is priced at $13.5 million for sale or $5.75 per square foot for a triple-net lease.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 78 Irving Place, a 15-unit, 16,609-square-foot multifamily property located in New York City for $17.9 million. Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and David Lloyd, investment associate, all from Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors. The seven-story residential building is located on the southeast corner of East 19th Street and Irving Place.
NORTH KINGSTOWN, R.I. — Fantini & Gorga has arranged a $12 million loan for the refinancing of Millcreek Townhouses, a 140-unit multifamily property in North Kingstown, a southern suburb of Providence. A Massachusetts-based financial institution provided the loan. Casimir Groblewski, managing director of Fantini & Gorga, arranged the financing on behalf of Millcreek LLC, an affiliate of The Grossman Cos. Inc. Located on 46 acres in the Quonset Point neighborhood of North Kingstown, Millcreek Townhouses features a clubhouse, extensive landscaping, a children’s playground, tenant picnic areas and five private fully paved roads. Millcreek includes two-, three- and four-bedroom units averaging more than 1,125 square feet.
WEST CALDWELL, N.J. — Terreno Realty Corp. (NYSE:TRNO) has acquired an industrial property located in West Caldwell, an eastern suburb of Parsippany, for $6.8 million. The property includes one multi-tenant 93,000-square-foot distribution building situated on 8.9 acres. The building is located at 1 Dodge Drive and is fully leased to a wholesale distributor of electrical products. The estimated stabilized capitalization rate of the property is 9 percent.
NEW YORK CITY — UBS Global Asset Management has hired Cassidy Turley for the leasing, property management and project management of an 862,000-square-foot building located at 135 W. 50th St. in Manhattan. Built in 1963, tenants at the property include Time Inc., NBC Universal, Marvel Entertainment, Nintendo of America, Fareportal, Alliance Bernstien, Mizuho Trust & Banking, WeiserMazars, Bobby Van’s Grill and Duke Café. Led by Craig Evans, senior managing director of Cassidy Turley, the leasing team includes David Hoffman Jr., executive managing director and principal; Whitnee Williams, associate vice president; and Theodora Livadiotis, associate vice president. Jack Terranova, senior vice president and principal, will lead property management, and Joseph Yacovone of Cassidy Turley will provide project management services.