WATERBURY, CONN. — Washington Trust’s Commercial Real Estate Group has provided $1.7 million in acquisition financing to EP Apartments LLC for 42 units at East Pointe Condominiums, a 64-unit condominium complex located in Waterbury, about 33 miles south of Hartford. Various investors own the other 22 units. The 42,500-square-foot apartment complex is located at 42 Gayridge Road and is within close proximity of I-84.
MINEOLA, N.Y. — Mineola Properties LLC, an affiliate of Lake Success-based Lalezarian Properties LLC, will construct an $85 million apartment complex in Mineloa, located about 25 miles west of New York City. The 315-unit apartment building will replace the aging former KeySpan headquarters at 250 Old Country Road. Construction of the apartment complex is expected to take about two years, create 200 full-time construction jobs and result in the creation of 20 permanent full-time jobs. Of the 315 units, 32 will be leased to eligible families and individuals under an affordable housing program sponsored by the Village of Mineola. The former KeySpan building will be demolished later this spring.
STOUGHTON, MASS. — IKEA has signed a 101,065-square-foot warehouse lease at Stoughton Industrial Park, located at 1000 Technology Center Drive in Stoughton, a southern suburb of Boston. The home furnishings company will use the location as a distribution facility. The 332,676 square foot building is owned by a joint venture between ASB Real Estate Investments and Lincoln Property Co. Richards Barry Joyce & Partners LLC represented the landlord in the transaction. Cushman & Wakefield represented IKEA in the transaction.
NEW YORK CITY — In a $13.8 million sale-leaseback transaction, a private equity fund has purchased five industrial properties from American Forest Products. The acquired properties total approximately 575,000 square feet and are located in California, South Carolina and Virginia. American Forest Products, a provider of third-party logistics and retail services, will lease the properties for 21 years. Camille Renshaw of Stan Johnson Co. represented the buyer and seller in the transaction.
EGG HARBOR CITY AND HOPATCONG, N.J. — Marcus & Millichap has arranged the sale of two retail buildings in New Jersey for $2.1 million. The first transaction was a United States Post Office-occupied building located at 237 Philadelphia Avenue in Egg Harbor City, about 45 miles south of Philadelphia. The 4,125 square-foot, net-leased property sold for approximately $300,000. The second transaction was a retail property occupied by Dunkin’ Donuts and the U.S. Post Office located in Hopatcong, about 35 miles west of Newark. The 7,100-square-foot building sold for $1.8 million. Michael Lombardi and Juilenne Pape represented the buyer, a local private investor and the seller in the transactions.
PARAMUS, N.J. — Vornado Realty Trust’s The Outlets at Bergen Town Center, located at 210 Route 4 in Paramus, has received a $300 million loan. The 10-year, interest-only loan carries an interest rate of 3.56 percent. The 948,000-square-foot property was previously encumbered by a $282 million floating-rate loan.
ELMWOOD PARK, N.J. — Marcus & Millichap has arranged the sale of two apartment buildings in New Jersey for a combined $9.7 million. The properties include Whalepond Village, located at 400 Stacey Drive in Ocean Township, N.J., and Broadway Apartments, located at 205 66th St. in West New York. The 96-unit Whalepond Village sold for $7.1 million. The seller was the developer of the property, K. Hovnanian. The buyer was Ocean Township. Broadway Apartments, a 30-unit multifamily property, sold for $2.6 million. The seller was Roje Realty Co. LLC, and the buyer was Sela Properties LLC. Thomas McConnell and Kevin McCrann of Marcus & Millichap brokered the transaction.
BEDFORD, N.H. — An extensive renovation of the Manchester Country Club in Bedford is currently under way. The project cost is estimated at $7 million, according to the New Hampshire Union Leader. The clubhouse, located at 180 S. River Road in Bedford, was built in 1923. The project includes an expanded and renovated 4,000-square-foot ballroom, a new conference center with a rooftop deck, a private member dining area, renovated locker rooms and a new 10,780-square-foot pro shop and training facility. The renovation is scheduled for completion this spring. Eckman Construction is the general contractor. The project was financed through Bank of America and some member contributions.
NEW YORK CITY — Colliers International has arranged an 11,000-square-foot sublease for iLevel Solutions at 2 Penn Plaza in New York City. The software company will sublease a portion of Forest Electric’s space on the fourth floor. Built in 1967, 2 Penn Plaza is a 29-story commerical building located on Seventh Avenue between 31st and 33rd streets. Mark Mandel of Cushman & Wakefield represented the sub-tenant, iLevel Solutions, in the transaction. iLevel Solutions provides private equity firms with cloud-based platforms. Forest Electric, a subsidiary of EMCOR Group Inc., provides commercial electrical contracting services to end-users, building owners and construction companies.
NEW YORK CITY — Seattle-based Sabey Data Center Properties has opened Intergate.Manhattan, a 1 million-square-foot, high-rise data center located at 375 Pearl St. in Lower Manhattan. The 32-story data center includes state-of-the-art climate control and electrical systems. Sabey’s goal for Intergate.Manhattan is that it will accommodate 40 megawatts of critical data center capacity on 600,000 square feet of data center floor space. Intergate.Manhattan is providing computing cycles to support medical research by the New York Genome Center, the building’s first tenant.
