NEW YORK CITY — A partnership between Crimson Real Estate Fund and USAA Real Estate Co. has acquired an infill multifamily development site in New York City. Patrinely Group will co-develop the property with DHA Capital LLC. The half-acre site is located at 546 W. 44th St. on Manhattan's West Side. The proposed project will have 298 units of market rate (80 percent) and affordable (20 percent) housing. The two-building project is slated to begin in the first quarter of 2014.
MIDDLETOWN, R.I. — NorthMarq Capital has arranged a $13.2 million refinancing loan for East Bay Village, a 240-unit apartment property at 969 W. Main Road in Middletown. Melissa Quinn and Robert Rothaug of NorthMarq arranged the 10-year loan, which will amortize over 30 years, through a life company.
MARLBOROUGH, MASS. — Verax Biomedical has signed a lease for 16,876 square feet of office and laboratory space at 120 Bartlett St. in Marlborough. Verax develops rapid tests for detecting bacterial contaminants in blood cells and tissue. Dan Collins, Stephen Cusano and Tom Egan of NAI Hunneman represented the landlord, The Ram Cos., in the transaction. Jones Lang LaSalle represented the tenant.
JERSEY CITY, N.J. — Two tenants took advantage of state incentive programs designed to attract and retain companies in New Jersey, leasing a total of 740,000 square feet at the Pulaski Distribution Center in Jersey City. Online grocer Peapod signed a lease for 345,000 square feet. The firm was awarded approximately $34.6 million in Urban Transit Hub Tax Credits approved by the New Jersey Economic Development Authority (NJEDA). Imperial Bag & Paper Co. signed a lease for 395,000 square feet. The firm, which will relocate from a site in Bayonne, N.J., received $29.1 million in Grow New Jersey credits. Robert Kossar, David Knee, Blake Chroman and Christopher Hile of Jones Lang LaSalle represented the property owner, Prologis, in the transactions.
HOBOKEN, N.J. — Crews have broken ground on Waterfront Corporate Center II, a 500,000-square-foot office and retail building at 221 River St. in Hoboken. A partnership between SJP Properties and USAA Real Estate Co. will develop the 14-story property. Pearson, which earlier this year signed a 200,000-square-foot lease at the property, will be the site's lead tenant. The new building is the last phase of SPJ's 1.5 million-square-foot, three-building office and retail complex. Designed by HLW International Architects, the center will feature full-time building security, interior loading, floor-to-ceiling glass windows and 25,000 square feet of retail space.
BOSTON — 52 Westland Enterprises LLC has purchased 52 Westland Avenue, a 43-unit apartment building in Boston's Fenway neighborhood, for $12.8 million. The five-story building is located across the street from Whole Foods and is adjacent to the Boston Symphony Hall. Chistopher Sower and Jason Weissman led the Boston Realty Advisors team that represented the seller, 52 Westland LLC, in the transaction.
STOUGHTON, MASS. — Fairfield Indian Woods has acquired Alta at Indian Woods, a 154-unit, Class A apartment community in Stoughton for $27.5 million. Apartment units average 873 square feet and community amenities include a cyber cafe, 24-hour access fitness center, outdoor fire pit and putting green. Simon Butler and Biria St. John of CB Richard Ellis — N.E. Partners represented the seller, SPUS05 Wood Alta at Indian LLC (a joint venture between Wood Partners and an institutional partner), in the transaction.
NEW YORK CITY — Macy's Inc. has signed a 31,700-square-foot lease expansion to occupy the entire 10th floor of 1440 Broadway in Times Square. The office transaction also concurrently extends the lease for 166,000 square feet on floors six through nine and 13. The retailer now occupies more than 197,000 square feet at the property. The dual transaction also represents Macy's third expansion at the property in the past 24 months. Scott Gottlieb and Michael Laginestra of CBRE Group represented the tenant in the transaction. Monday Properties owns and manages the property.
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.