NEW YORK CITY — Ariel Property Advisors has arranged the sale of 500 Fort Washington Ave., a 56-unit multifamily building located in the Washington Heights neighborhood, for $8.6 million. The six-story, 44,295-square-foot walk-up includes 11 one-bedrooms, 35 two-bedrooms, nine three-bedrooms and one office unit. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, a private investor, and identified the buyer, also a private investor.
CARTERET, N.J. — Everflow Supplies has acquired a 100,000-square-foot industrial property, located at 100 Middlesex Ave. in Carteret, about 15 miles south of Newark, for $4 million. The seller was Wyckoff Associates. Everflow, a distributor of valves, heating components, plumbing specialty and pipe products in New Jersey, will move from its current 65,000-square-foot distribution headquarters, located at 2401 E. Linden Ave. in Linden, to the new building. The property is strategically located near several major roadways, including the New Jersey Turnpike and Routes 1 and 9. The property is also close to Port Newark, Central New Jersey and Lower Manhattan. Jordan Metz of Bussel Realty Corp. represented Everflow in the transaction.
NEW YORK CITY — Simpson Thacher & Bartlett LLP has renewed its 595,000-square-foot lease for 20 years at 425 Lexington Ave. in Manhattan. The international law firm’s headquarters occupies 26 floors of the 31-story building. Lewis Miller, Ken Rapp and Ramneek Rikhy of CBRE represented Simpson Thacher & Bartlett in the transaction. The New York office of Hines represented the owner, its Hines U.S. Core Office Fund. The law firm was established in 1884 and has more than 850 lawyers with offices located in Beijing, Hong Kong, Houston, London, Los Angeles, Palo Alto, Calif., Sao Paulo, Seoul, Tokyo and Washington, D.C.
PALMER, MASS. — Polymer Corp. has signed a lease for 58,000 square feet of single-story industrial space at One Third Street in Palmer, located about 35 miles west of Worcester. One Third Street is a modern building with warehouse and office space and is located in Palmer Industrial Park. David Stubblebine of the Stubblebine Co. represented the tenant in the transaction. Development Associates represented the landlord, Manchem LLC. Polymer Corp. manufactures low-volume, close-tolerance plastic parts and assemblies for blue-chip customers.
CAMBRIDGE, MASS. — Skanska USA and EF Education First (EF) hosted a topping out ceremony for EF’s new $66.5 million, 300,000-square-foot North American headquarters in Cambridge on Friday. The 10-story building will include office and academic space for EF. Upon completion, the building’s entrance will feature a glass curtainwall resembling a waterfall running down the south and east facades of the building. The ground floor will include mezzanine space to be used for dining, building services and other purposes. Along with constructing the building, Skanska will also build three levels of above-ground parking with approximately 125 parking spaces for employees and visitors. Skanska is building the headquarters to LEED Silver standards. The project broke ground in September 2012 and 33 percent of the building’s core and shell is complete. Construction is slated for completion by fall 2014.
NEW YORK CITY — United Realty Trust Inc. has acquired Tilden House, a 117-unit multifamily property in Brooklyn, through a joint venture with the seller for $22.9 million. Completed in 2007, Tilden House is a nine-story, 86,360-square-foot building, with community facility space and indoor and outdoor parking. The property is located at 2520 Tilden Ave. in the East Flatbush area of Brooklyn. Tilden House is leased to a community development corporation, which has entered into a services agreement with the city of New York to provide transitional housing for families in need.
BEDFORD AND DOVER, N.H. — Fantini & Gorga has arranged $3.5 million in long-term financing for two New Hampshire properties — $2.1 million for Briston Manor West in Bedford and $1.4 million for 90 Washington St. in Dover. The 15-year, fixed-rate financing was placed with a major insurance company. Briston Manor West is a 70-unit, age-restricted (55+) multifamily property, which includes six buildings. The five-story, mixed-use building, located at 90 Washington St., spans 29,000 square feet. Tim O’Donnell and Mark Whelan of Fantini & Gorga arranged the loan.
NEW YORK CITY — ABS Partners Real Estate, a New York-based real estate firm that provides advisory, brokerage and property management services, has joined forces with PBS Real Estate. The merger will strengthen ABS Partners’ retail and office brokerage and investment sales group, according to a statement from ABS Partners. ABS will absorb several PBS Real Estate employees. “We believe that there is a tremendous opportunity at ABS Partners Real Estate to utilize our unparalleled network of contacts and access to leading decision makers to broaden and deepen our relationships within the real estate community,” says John Brod, founding partner of New York-based PBS Realty, who is joining ABS.
REVERE AND MALDEN, MASS. — Mack-Cali Realty Corp. has closed on the acquisition of Alterra at Overlook Ridge IB in metro Boston for $88 million. The acquisition was pursuant to a signed contract in January, when Mack-Cali purchased the sister building — Alterra at Overlook Ridge IA — for $61.3 million. The luxury multifamily property, located in the master planned community of Overlook Ridge in Revere and Malden, includes 412 rental units. The property was 96.1 percent leased at the time of sale. Similar to its acquisition of Alterra 1A, this property was acquired from a Prudential Insurance Co. of America joint venture. Roseland, a subsidiary of Mack-Cali, developed Alterra 1B and has managed the property since its completion.
BOSTON — NorthMarq Capital has arranged $59 million in acquisition and mezzanine financing for the Condyne Industrial Portfolio located throughout the Boston area. The portfolio includes five buildings and a total of 1.5 million square feet of industrial space. Financing was based on a five-year term with one year of interest-only payments and a 29-year amortization schedule. NorthMarq arranged this financing for the borrower, Massachusetts Industrial LLC, through its relationship with a REIT. James Murphy of NorthMarq’s Boston regional office represented the borrower in the transaction.
