ASHAWAY, R.I. — Chase Hill Rd Properties has acquired a single-story, 170,000-square-foot manufacturing building at 50 Chase Hill Road in Ashaway. The building features concrete floors, 26-foot clear ceiling heights and 10,000 square feet of office space. The new owner plans to upgrade the property. Tim O' Callaghan of Binswanger represented the seller, Shamrock Associates, in the transaction.
NEW YORK CITY — The International Gemological Institute (IGI) has inked a lease for 20,400 square feet of office space at 551 Fifth Ave. in New York City. IGI is the largest independent gemological laboratory in the world. The company will take over the entire seventh floor in the base of the 38-story tower this January. Jarod Stem of Studley represented the landlord, The Feil Organization, in the transaction. He also represented the tenant.
PLAINFIELD, N.J. — Treetop Development has acquired a 108-unit HUD apartment complex in Plainfield for $9.8 million. The garden-style apartment buildings are located at 825 E. Front St. Treetop plans to add new landscaping, new roofs and will complete interior apartment renovations. The acquisition is part of the company's ongoing strategy to add more than 3,000 units to its portfolio in cities such as Newark, East Orange and Jersey City.
NEW YORK CITY — The Orbach Group has acquired two portfolios across New York City and Pennsylvania totaling 635 apartment units for $70 million. In the first acquisition, The Orbach Group purchased a six-building, 105-unit Manhattan portfolio for $30 million. Five buildings are located on Amsterdam Avenue with the sixth building at Cathedral Parkway. The portfolio also included six retail stores, with tenants such as Dunkin' Donuts and Domino's Pizza. In the second transaction, the company purchased a 572-unit portfolio in Pennsylvania for $40 million. The assets include a 352-unit apartment complex in Bensalem and a 175-unit complex in Norristown. The sellers were not disclosed.
WOBURN, MASS. — ProGen Corp. has signed a lease for 30,000 square feet of office, lab and manufacturing space at 35 Cabot Road in Woburn. ProGen develops and manufactures membranes used during processes such as filtration, gas separation and chemical absorption. The company plans to move in January from its nearby site at 6 Gill St. in Woburn. The landlord is Cummings Properties.
OLD LYME, CONN. — Lawrence and Memorial Hospital in New London has purchased 6.2 acres at 1 Huntley Road in Old Lyme. Plans for the site include the construction of a new medical office building that will include diagnostic imaging and lab services. Stephanie Pious of Colliers International represented the buyer in the transaction. Londregan Commercial Real Estate Group represented the seller, Huntley & Halls.
NEW YORK CITY — ABS Partners Real Estate has arranged the $3.2 million sale of a 15,000-square-foot office building on Hillside Avenue in Queens. Steven Solomon and Jason Kling of ABS Partners represented both parties in the transaction. Built in 1973, the three-story office building includes 25 parking spaces. The main tenant, Allen Health Care, will be vacating the building in November and the new ownership plans to renovate the building and offices.
MONTCLAIR, N.J. — Clarion Partners has purchased Montclair Residences at Bay Street Station, a 163-unit apartment community in Montclair. The property is fully leased and each unit features 9-foot ceiling heights, granite counter tops and washer and dryer units. Community amenities include a clubroom, fitness center and Internet cafe. The property is located 15 minutes from Manhattan. Jose Cruz of HFF represented the seller in the transaction.
UNION, N.J. — Marcus & Millichap has arranged the $3.4 million sale of two adjacent office buildings in Union. The buildings, located at 2810-2816 Morris Ave., are 97 percent occupied. Nat Gambuzza and Matt Radwan of Marcus & Millichap represented the seller, a local investor. They also secured the buyer, also a local investor.
NORWOOD, MASS. — Gallery Automotive Group has signed a 12,000-square-foot retail lease at 147 Morgan Dr. in Norwood. Gallery Automotive is a new and pre-owned car dealership featuring BMW, Honda, Mazda and Volkswagon brands. The company will house its auto parts division at the new space. Elliott Ravech of Elliot & Co. represented the landlord, CMI Property Inc., in the transaction.
