NEW YORK CITY — Vornado Realty Trust has closed on its previously announced acquisition of a retail condominium at 666 Fifth Ave. in New York CIty for $707 million. The condo is leased to Uniqulo, Hollister and Swatch. Vornado also owns one-half of the office building above. The company's retail portfolio now includes 2.3 million square feet.
WESTPORT, CONN. — An investment consortium from New York and Darien, Conn. has purchased a two-building retail property in Westport for $18.2 million. The buildings total 50,000 square feet and are situated on 3.4 acres. Anthropologie and Balducci's are the main tenants of the property. Bruce Wettenstein and David Fugitt of Vidal/Wettenstein Commercial Real Estate represented both parties in the transaction.
NEWINGTON, CONN. — Kleban Properties, a family-owned real estate developer, has secured a $2.3 million loan for the purchase of a 10,478-square-foot retail plaza in Newington. The plaza, located at 3260 Berlin Turnpike, includes two restaurants. Washington Trust provided the financing.
NEW YORK CITY — An eight-story parking garage in Greenwich Village has sold for $32 million, or $700 per square foot. The property is located on the southern side of East 13th Street, between University Place and Fifth Avenue. The 45,032-square-foot garage is ripe for redevelopment after the building's last tenant Hertz Rental Car vacated its space once its lease expired. Another former parking garage on East 11th Street was recently converted into a luxury condominium building. Alan Cohen, Steven Hornstock, Adam Maxson and Justin Strizzi of ABS Partners represented the seller in the transaction.
NEW YORK CITY — Cresa will serve as project manager for a plan to redevelop 821 United Nations Plaza in New York. The project, which will begin next month, will demolish the existing structure and erect a modern facility that reflects Turkish art, culture and architecture. The facility, known as the Turkevi Center, will serve the Republic of Turkey's Consulate General and Permanent Mission to the United States. The center will consist of offices and diplomatic residences for permanent staff and visitors. Cresa will also serve as the owner's representative. During the construction process, the UN Mission and Consulate will be relocated to temporary space until the project is complete.
PENNSAUKEN, N.J. — Restaurant Equippers has signed a 45,524-square-foot lease at The Point in Pennsauken. Restaurant Equippers, one of the largest restaurant equipment warehouse stores in the country, will open its first location in the area in the spring of 2013. The Point is an 118,000-square-foot mixed-use complex, which previously served as a movie theater building. The property is located at the intersection of Route 38 and Route 70. Brandon Anapol of Metro Commercial Real Estate represented the tenant in the transaction. The Glimcher Group represented the landlord.
FRAMINGHAM, MASS. — Centercorp Retail Properties has acquired a TD Bank-anchored retail center in Framingham for $1.8 million. The 12,080-square-foot center is located at 1255 Worcester Road. Additional tenants include The UPS Store and Lapels Dry Cleaning. Bob Hovarth and Todd Tremblay of Marcus & Millichap represented the seller, Crosspoint Associates. Hovarth and Tremblay also represented the buyer.
BOSTON — Suffolk Construction has broken ground on the second phase of The Homes at Old Colony, a multifamily redevelopment project in South Boston. The $50 million project will include the demolition of 223 distressed units and the construction of 169 affordable rental units. Prior to the redevelopment, the Old Colony public housing was the most physically distressed property in the Boston Housing Authority's portfolio. As a result, the BHA developed a master plan and received $44 million in federal funding to move the project forward. Phase I featured the demolition of 164 deteriorated units and construction of 116 new affordable housing units. Beacon Communities Development is the project developer and The Architectural Team is providing design services.
DUMONT, EAST RUTHERFORD, N.J. — Gebroe-Hammer has arranged the sale of two multifamily properties totaling 108 units in Bergen County. The larger transaction was the $12.3 million sale of the 84-unit Station Square Apartments at 351 Van Winkle St. in East Rutherford. The five-building garden apartment complex was built in 1960. Debbie Pomerantz of Gebroe-Hammer represented the buyer in the transaction. She and Nicholas Nicolou, also of Gebroe-Hammer, represented the seller. In Dumont, Gebroe-Hammer's Greg Pine arranged the $2.7 million sale of 24 one-bedroom units at 34-38 Grant Ave. Pine exclusively represented the out-of-state seller and procured the buyer, a long-time Gebroe-Hammer client.
VORHEES, N.J. — A partnership between Candlebrook Properties and Gordon & Co. has acquired Echelon Glen Apartments, an 884-unit community in Vorhees. Situated on 56.3 acres, Echelon Glen is the largest apartment community in the Vorhees market. Amenities include a central lake, clubhouse, swimming pool and courtyards. Karen Iman, Andrew Merin and Brian Whitmer of Cushman & Wakefield represented the institutional seller. They also procured the buyer.