PHILADELPHIA — Marcus & Millichap has arranged the $1.6 million sale of Park Place Apartments, a 30-unit apartment property at 5730-42 Frankford Ave. in Philadelphia. The seller, a private investor, developed the property in the early 1970s. Dana Newton and Fred Paisley of Marcus & Millichap represented the seller in the transaction. They also secured the buyer, a limited liability company.
ELIZABETH, N.J. — Gebroe-Hammer Associates recently closed two transactions for a combined $3.5 million in Elizabeth. Stephen Tragash of Gebroe-Hammer represented the buyer and seller in the $1.7 million sale of a 19-unit apartment building at 547-555 S. Broad St. The three-story, all-brick building is within walking distance of mass transit and shopping. Tragash also represented both parties in the $1.8 million sale of a 20-unit apartment building at 150-152 Elmora Ave. The property also features ground-floor retail.
NORWOOD, MASS. — Chestnut Hill Realty has completed a new Resident Activity Center at Norwood Gardens, a 344-unit apartment community in Norwood. The new 12,600-square-foot clubhouse features an Internet cafe, fitness center, resident lounge, conference room, movie theater and activity room. Lowe Associates-Architects designed the project, which is part of an ongoing $12 million improvement program that began five years ago. Chestnut Hill Realty was the general contractor in the project.
NEW YORK CITY — GFI Realty Services has arranged the $11.1 million sale of 9720 Kings Highway, a 118-unit apartment building in the Flatbush section of Brooklyn. The six-story building also includes six stores that total 113,398 square feet. The property is located near Kingsbrook Jewish Medical Center and Brookdale University Hospital and Medical Center. Josh Orlander of GFI Realty Services represented the seller in the transaction. Joseph Landau, also of GFI, represented the buyers, local investors.
HARRISBURG, PA. — Marcus & Millichap Capital Corp. has arranged a $6.9 million loan for a six-property student housing portfolio. The portfolio contains a number of newly constructed and recently stabilized buildings across Kutztown University and Penn State's University Harrisburg campus. The owner wanted to free up some equity to buy out a partner. John Banas and Kris Wood of Marcus & Milichap arranged the 10-year loans, which amortize over 30 years at an interest rate of 4.25 percent.
HANOVER TOWNSHIP, PA. — Griffin Land has agreed to acquire 49 acres of undeveloped land in Hanover Township for $7.2 million. The land is expected to support the development of two industrial buildings, totaling at least 500,000 square feet, though no approvals are currently in place. The transaction is expected to close later this year.
NEWPORT, N.H. — Donzi Realty has acquired a 10,200-square-foot Dollar General property at 8 John Stark Highway in Newport for $1 million. The property is located on 3.2 acres in the heart of Newport's retail district. Tom Fini of Fini Real Estate Group represented the seller, Ola Grande Realty, in the transaction. Wilma Wilson and Kenny Sell of Real Time Realty represented the buyer.
NEW YORK CITY — TerraCRG has arranged the $4.1 million sale of a retail building at 182 Flatbush Ave. in Brooklyn. The 4,790-square-foot property is located across the street from the 675,000-square-foot Barclays Center and down the street from the Atlantic Terminal and Mall. The building was home to Triangle Sports since 1914 but was vacant at the time of sale. Geoffrey Bailey of TerraCRG represented both the buyer and seller in the transaction.
SUMMIT, N.J. — Construction is complete on the Summit Executive Center, a 600,000-square-foot Class A office building in downtown Summit. Three tenants have moved into the facility, which is 86 percent leased. A partnership between industry veteran Mark Yeager and Normandy Real Estate Partners purchased the property in April 2011 and the renovation began immediately thereafter. The construction included a 25,000-square-foot addition and high-end finishes.
NEW YORK CITY — Burlington Coat Factory opened its new 92,000-square-foot flagship store in New York City's Union Square. The store is located at 14th Street and University Place and is the retailer's sixth city location. Burlington, a national retail chain that offers clothing, home decor and gifts, plans to hire 500 employees.