NEW YORK CITY — Marcus & Millichap has arranged the $1.6 million sale of 92-94 Decatur St., a 16-unit apartment building in Brooklyn. The sales price represents 104,688 per unit. Derek Bestreich and Shaun Rhiney of Marcus & Millichap represented the seller, a private investor. They also secured the buyer, a private investor.
NEW YORK CITY — Besen & Associates has arranged the $7.5 million sale of a mixed-use property at 1444 Third Ave. in the Upper East Side of Manhattan. The four-story, 7,197-square-foot building includes a restaurant with two years remaining on its lease and nine apartments. The new owner plans to redevelop the property into a boutique condominium.
KILLINGLY, CONN. — The Grossman Cos., in partnership with Summit Development and Ameritas Life Insurance Corp., has purchased an industrial property at 349 Lake Road in Killingly for $3.2 million. The property, near I-395 and the Massachusetts and Rhode Island borders, includes 40 acres of developable land and a mostly vacant, 210,000-square-foot industrial building. The property is also in an industrial area that includes manufacturing and distribution facilities run by companies such as Frito Lay, United Natural Foods and Staples.
SOUTHINGTON, CONN. — Viththal Bank has acquired a Days Inn Hotel in Southington from Lighthouse Laning St., an entity of a California-based private investor, for $2.4 million. Originally built as a Howard Johnson in 1965, the 71-unit hotel operated as a Red Carpet Inn prior to foreclosure by the lender. In consultation with Hamm & Co., Lighthouse installed professional management, renovated the hotel and reflagged the property as a Days Inn. The repositioning increased occupancies from 15 percent prior to foreclosure to more than 80 percent. The hotel is located off Exit 32 on I-84. Freedom National Bank provided the SBA financing for the deal. Sperry Van Ness represented the seller in the transaction.
BEDFORD, N.H. — P&P Realty Trust, a Massachusetts investment group, has acquired a 23,497-square-foot retail plaza in Bedford for $3.8 million. The center is anchored by Rite Aid, and additional tenants include Sleepy's and Radio Shack. Tom Fini of the Fini Real Estate Group represented the seller, RAD08 LLC, in the transaction. He also represented the buyer.
WILMINGTON, DEL. — Auto parts retailers Advance Auto Parts and Pep Boys recently signed new leases in Wilmington. Advanced Auto leased 6,000 square feet at The Depot, a freestanding building at 3405 Kirkwood Highway that was formerly a Blockbuster store. Pep Boys leased 5,000 square feet in the Villa Monterey Shopping Center at 729 Philadelphia Pike. Jim O'Hara of NAI Emory Hill represented the landlord, Gap 41 Ventures, in the Advanced Auto transaction. Jim O'Hara and Kevin O'Hara, also with NAI Emory Hill, represented Pep Boys in the Villa Monterey lease.
NEW YORK CITY — Meridian Capital Group has arranged a $72 million loan to refinance two office properties in the Garment District of New York City. David Hayum of Meridian negotiated the 10-year loan through Morgan Stanley. The two office properties, totaling 250,000 square feet, were recently repositioned and are home to many high-tech tenants and fashion showrooms.
NEW YORK CITY — Marcus & Millichap has arranged the $1.5 million sale of 277 W. 150th St., a 20-unit apartment building in New York City. The property totals 14,554 square feet. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller, a private investor, in the transaction. They also secured the buyer, a limited liability company.
WESTPORT, CONN. — JL319 LLC has purchased 319 Post Road in Westport for $1.1 million, which will open as a veterinarian clinic following a renovation. The property will be named Winslow Park Animal Hospital. David Fugitt of Vidal/Wettenstein Commercial Real Estate represented the seller, Westport County Playhouse, in the transaction. He also represented the buyer.
BRIDGEWATER, N.J. — Aon Hewitt, a risk management services provider, has signed a 10-year lease renewal for 50,000 square feet at Somerset Corporate Center I in Bridgewater. The 250,000-square-foot center is fully leased and also houses tenants such as Brother International and Merrill Lynch. John Nugent, Edward DaCosta and Christopher Adamo of CBRE Group represented the tenant in the transaction. The landlord, SPJ Properties, was self-represented.
