WILTON, CONN. — Kimco Realty Corp. has acquired Wilton Campus Shops, a 97,000-square-foot retail center at 5 River Road in Wilton, for $39.7 million. The shopping center is part of a larger mixed-use complex known as Wilton River Park. Wilton Campus is 98 percent occupied and is anchored by a 47,000-square-foot Stop & Shop. The grocer is flanked on both sides by more than 20 specialty shops and restaurants. Kimco acquired the property from Keblan Properties. With the acquisition, the company now owns 70 centers in the New York metro area.
NEW YORK CITY — Aimco has acquired The Milan, a 92-unit apartment building at 118-122 West 23rd St. in Chelsea for $39 million, or $750 per square foot. The 15-story building contains ground-floor retail and a mix of one-, two- and three-bedroom units. Each unit features an outdoor terrace and floor-to-ceiling windows. Capital One Bank occupies approximately 10,000 square feet of retail space on the ground floor and basement. Paul Smadbeck, Brock Emmetsberger and James Nelson of Massey Knakal represented both parties in the transaction.
MAPLEWOOD, N.J. — J.G. Petrucci Co. has broken ground on its 50-unit apartment community, named The Station House, in Maplewood. The community is across from the Maplewood Memorial Park and adjacent to the Maplewood Train Station. The property, situated on the site of the former Maplewood Police Station, will consist of one- and two-bedroom apartments. The Township of Maplewood had named J.G. Petrucci as the master developer of the project in October 2011. The Station House is expected to be delivered in the spring of 2013.
NEW YORK CITY — 391 Leonard Street LLC has sold a 50,000-square-foot development site at 88 Richardson St. in the Williamsburg section of Brooklyn for $18 million. The site is comprised of three interconnecting properties. The buyer, 88 Richardson LLC, plans to develop luxury apartments on the site, which offers 160,000 buildable square feet. Robert Klein of Kalmon Dolgin Affiliates represented both parties in the transaction.
ELMWOOD PARK, N.J. — Riverfront Residential has completed the first phase of Riverwalk, an upscale rental community at 400 Riverfront Blvd. in Elmwood Park. Phase I of the project included the construction of 91 one- and two-bedroom apartments. When complete, the community will feature 158 rental residences and 17,000 square feet of ground-floor retail space. Amenities will include a fitness center and on-site parking. Niles Bolton Associates is the project architect.
BENSALEM, PA. — Paradise Property LLC has purchased Village Square Apartments, a 694-unit complex in Bensalem for $71 million. The property is situated on 40 acres in Pennsylvania's Buck County and is 90 percent occupied. Amenities include a clubhouse, Olympic-sized swimming pool and tennis courts. Karen Iman, Brian Whitmer, Andrew Merin, Maybeth Farris and Nick Karali of Cushman & Wakefield represented the seller, Korman Residential. They also procured the buyer.
BOSTON — Synergy Investments has purchased a four-building office portfolio in Boston's Downtown Crossing and the Financial District for $30.8 million. The 138,851-square-foot portfolio includes 184 High St.; 71 Summer St.; 77 Summer St.; and 87 Summer St. David Ross and Gina Barroso of NAI Hunneman represented the seller, Centurion Realty LLC, in the transaction. They also procured the buyer.
NEW YORK CITY — CWCapital has arranged a $46 million loan for a mixed-use building on Manhattan's Upper West Side. Todd Trehubenko of CWCapital arranged the loan through Principal Real Estate Investors. The company did not provide details about the property, but stated that it is “a top-quality asset in a terrific location, with dedicated, long-term ownership.”
STROUDSBURG, PA. — Construction has started on The Crossings at Marshalls Creek, a 103,000-square-foot shopping center development in Stroudsburg. The plaza will be anchored by Price Chopper Grocery, Rite Aid, STS Tire and Auto Centers and Family Dollar. The center will also feature about 22,000 square feet of stores and restaurants. A grand opening is scheduled for June 2013. CBL Associates Properties Inc. announced plans to acquire the property in June. The project is located 10 miles from CBL's 420,000-square-foot Stroud Mall.
FAIR LAWN, N.J. — Fair Lawn Promenade, a mixed-use property with 150 apartment units and 63,000 square feet of retail and office space, is under construction in Fair Lawn. Garden Homes and Development and Garden Commercial Properties are developing the project, which is located near NJ Transit's Radburn train station. The development will consist of two rental buildings, one with 104 units and another with 46 units, that are constructed above a ground-level parking garage. Appel Design Group and Rotwein + Blake Architects have designed the property. The apartments are expected to be open for occupancy in the fall of 2013.