NEW YORK CITY — Kalmon Dolgin Affiliates Inc. has arranged the sale of an 18, 000 square-foot property, located at 105 Apollo St. in Brooklyn, for $2.6 million. The one-story, 9,000 square foot industrial warehouse building also features 9,000 square feet of available land. HK Marble & Tile Corp. is relocating its operations from Queens to 105 Apollo St. Jeffrey Unger of Kalmon Dolgin Affiliates represented the seller, Wolkow-Braker Roofing Corp., in the deal.
Multifamily markets around the country are thriving and Connecticut is no exception, particularly with regard to Class B and Class C properties. The regional mortgage markets have opened up dramatically, approving deals that would have been snubbed a year ago as the market rebounded from the economic downturn. Today, the multifamily sector is alive and well in all classes and markets throughout Connecticut. When the rebound first began roughly 18 months ago, premium core properties were getting all the attention because of discretionary equity and debt. Lending agencies at the time showed a strong preference for garden-variety Class A suburban and high-rise assets. Terms like “value-add” were barely in their vocabulary then, but now closings labeled as such occur all the time. Outside of the New Haven, Fairfield and Stamford core markets, however, plenty of REO and distressed real estate is still working its way through the pipeline, from markets like urban Hartford to outlying suburban areas. Why the delay? For a long time, investors felt repercussions from the market crash, so we had a case of “a falling tide sinking all boats.” Now, while there’s still no urgency to invest in bank-owned real estate, these assets are slowly but …
ASTON AND BENSALEM, PA. — Miller Investment Management and Hayden Real Estate Investments, partners in MIM-Hayden Real Estate Funds, have acquired five industrial properties, located along the Interstate 95 corridor in Aston and Bensalem, for $35 million. The acquired assets include 105 Commerce Drive, along with 20 and 30 McDonald Blvd. and an 18-acre development parcel, which are located in the I-95 Campus Industrial Park in Aston, about 25 miles southwest of Philadelphia. MIM-Hayden also acquired 3600 Progress Drive, located in the Expressway 95 Business Park in Bensalem, about 20 miles northwest of Philadelphia. The existing buildings total 961,347 square feet of industrial space.
PROVIDENCE, R.I. — Washington Trust Commercial Real Estate Group has provided $6.2 million in financing to Union Station Parking LLC. The loan will assist Ron Marsella, a Rhode Island-based commercial real estate developer, in acquiring sole ownership of all parking operations at Union Station Plaza located within the Capital Center district of downtown Providence. The loan provided funds for the refinancing of a 160-space parking lot located at 150 Memorial Blvd., which is the major thoroughfare into downtown Providence. The 1.17-acre lot, adjacent to the Marsella’s Union Station Garage, is nearby a number of downtown restaurants, including the Capital Grille, RiRa Irish Pub, Bar Louis and Luxe Burger.
NEW YORK CITY — Massey Knakal has arranged the sale of 52 W. 21st St., a renovated mixed-use building, for $4.3 million. The five-story building, located on the south side of 21st Street between Fifth Avenue and Avenue of the Americas, includes ground-floor retail and four apartments above. Originally built in 1862, the building underwent a complete transformation that included façade work, gut rehabilitation of each floor and new mechanical systems. All units have individual gas boilers and hot water heaters with separate metering.
NEW YORK CITY — A vacant lot at 5959 Broadway in the Bronx has sold for $3.6 million. The property features 200 feet of frontage along Broadway and zoning allows for approximately 40,000 buildable square feet and 80,000 buildable square feet with a community use facility. Victor Sozio, Scot Hirschfield, Jesse Deutch and Jason Gold of Ariel Property Advisors represented the seller, a real estate investment firm, and the buyer, an affordable housing group, in the deal.
LYNDHURST, N.J. — ARGO Turboserve Corp. has expanded its office at Cityview Corporate Center in Lyndhurst by 15,000 square feet to a total of 35,000 square feet. The 138,000-square-foot, three-story Cityview Corporate Center is situated on 8.4 acres at 160 Chubb Ave. in Lyndhurst. Curtis Foster of Cushman & Wakefield represented the building’s owner, a Boston-based pension fund advisor, in the deal. John Friedland of United Realty Advisors LLC represented ARGO Turboserve Corp.
NEW YORK CITY — Building 77, a 1 million-square-foot warehouse building at the Brooklyn Navy Yard, will undergo an $80 million renovation. The 16-story former ammunition depot will be transformed into a modern, sustainable hub for manufacturing and technology innovation. The reuse of the building will result in the creation of up to 1,500 new jobs at the Navy Yard during the next five years. Brooklyn Navy Yard Development Corp. will lease 240,000 square feet to Jack Basch, a Brooklyn-based developer and entrepreneur. Basch is the owner and CEO of Shiel Medical Laboratories. Shiel will occupy at least one floor, approximately 60,000 square feet. Basch will sub-lease the rest of the space to other high-tech industrial and medical-service companies. Construction is set to begin in spring 2013 and will last about 18 months.
WEST CHESTER, PA. — EdR has closed financing and begun construction on a $57.5 million third-party student housing development on the campus of the West Chester University of Pennsylvania. The development continues the university's housing renewal initiative that began in 2001. The new housing — named Commonwealth Hall — will be complete by the summer of 2014. The property will have 653 beds in a variety of floor plans from single-occupancy apartments to shared-living suites for up to six residents. Amenities will include a fitness center, study lounges and a full residence life program. The university's student health services, counseling center and emergency medical services will be on the lower level of this eight-story building.
PHILADELPHIA — Jones Lang LaSalle has closed the $32 million sale of Red Lion Plaza for Onyx Equities and Invesco Real Estate. A private buyer purchased the 229,204-square-foot retail shopping center, which is 95 percent occupied. Best Buy, Staples, American Signature and Planet Fitness anchor the property. The shopping center is located at the intersection of Roosevelt Boulevard and Red Lion Road in Northeast Philadelphia. Joseph Garibaldi, Jim Galbally, Dave Wojciechowski and Doug Rodio of Jones Lang LaSalle arranged the deal.