NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. has closed the acquisition of the fee-simple interest in an office building located at 216-218 W. 18th St. in the Chelsea neighborhood of Manhattan for $112 million. A joint venture between Atlas Capital Group and GreenOak Real Estate sold the property. The 165,570-square-foot property is 83.7 percent leased to five tenants including Red Bull North America Inc., SAE Institute of Technology Corp., Microsoft Corp., Deluxe Media Creative Services Inc. and SYPartners.
SUMMIT, N.J. — AIG Global Investment Group has sold Constantine Village, a 100-unit apartment complex in Summit, for $19 million to Constantine CXII LLC. Constantine Village is located at 26 Constantine Place, about 22 miles west of Manhattan. The multifamily property includes nine buildings, two-bedroom units and several large townhomes with private garages. The property, built in two phases in the early 1950s and late 1970s, is 96 percent leased. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller, AIG Global Investment Group, in the transaction.
BLOOMFIELD, CONN. — Construction is under way on Mallory Ridge, a 78-unit, Class A multifamily community in Bloomfield, a northern suburb of Hartford. The $13 million development was designed by Norristown, Pa.-based BartonPartners and includes four buildings, fitness center and pool. New England Construction will serve as the construction manager. The developer is Martin J. Kenny of Lexington Partners LLC. Monthly rent is estimated to range from $1,450 to $1,700, according to the Hartford Courant.
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.