NEW YORK CITY — Marcus & Millichap has completed the sale of a 4,125-square-foot mixed-use building located at 213 Himrod St. in Brooklyn. The property was vacant at the time of the sale. Naomi Shu of Marcus & Millichap's Manhattan office represented the buyer and the seller, both private investors.
BURLINGTON, VT. — Construction has commenced for a new on-campus student housing community at the University of Vermont in Burlington. Redstone Lofts will provide 403 beds of housing in 144 loft-style units. Local developer Redstone Commercial Group will develop, own and operate the community. It is leasing the land on a long-term basis from the university. Redstone Lofts will be open to upperclassmen and graduate students. Completion is expected in fall 2012.
BRIDGEPORT, CONN. — DeMattias Cos. has purchased the former Key Lincoln Mercury auto dealership located at 425 North Ave. in Bridgeport. The property contains a 23,000-square-foot showroom, warehouse and service facility on 1.5 acres. The buyer plans to use part of the building as warehouse space. Vidal/Wettenstein represented the undisclosed seller in the deal.
DELRAN, N.J. — Marcus & Millichap has brokered the sale of a 10,440-square-foot commercial property located in Delran. The building was constructed in 2008 as a build-to-suit for Kiddie Academy, which occupies it under a long-term, triple-net lease. Ben Sgambati and Alan Cafiero of Marcus & Millichap's New Jersey office represented the seller, a Midwest developer. Michael Lombardi, also of Marcus & Millichap represented the buyer, a local private investor.
CARLSTADT, N.J. — Total Office Planning Services has signed a sublease for 113,000 square feet of warehouse space at 333 Starke Road in Carlstadt. The company is relocating its operations from Long Island City, Queens. Stephen Elman and Robert Adams of Cushman & Wakefield's East Rutherford, N.J., office partnered with Frank Caccavo of the firm's Edison, N.J., office to represent both parties in the deal. The sublessor's name was not released.
CAMBRIDGE, MASS. — The Episcopal Divinity School (EDS) has sold portions of its Cambridge campus. Lesley University acquired seven buildings from EDS including residence halls and the dining facility. In addition, the two schools will share ownership of Sherrill Hall, which will be used for collaborative library services. Bill McCall and Sandy Tierney of Boston-based McCall & Almy represented EDS in the transaction. McCall & Almy also represented EDS in the subsequent sale of two additional campus buildings to the Lincoln Institute of Land Policy.
DEVENS, MASS. — Supply chain solutions company NFI has signed a lease for 125,000 square feet of industrial space within Devens Industrial Park in Devens. The landlord is CrossHarbor Capital Partners. The space, which is located within a 401,000-square-foot warehouse at 66 Saratoga Blvd., will be used as a distribution center. John Lashar, John Wilson, Paul Leone and James Lipscomb of Richards Barry Joyce & Partners represented the landlord in lease negotiations.
NEW YORK CITY — Duane Reade has renewed the lease for its 10,000-square-foot pharmacy at 401 Park Avenue South in New York City for an additional 20 years. The initial lease term was set to expire in 2015. The tenant plans to complete a multi-million upgrade to the space in the near term. The landlord was Meringoff Properties. Winick Realty Group represented the tenant in the transaction.
NEW YORK CITY — American Realty Capital New York Recovery REIT has purchased a retail property located in Brooklyn's Bensonhurst neighborhood for $6.17 million. Foot Locker occupies the property through 2026. This marks the seventh property in New York City purchased by the REIT. The other six are located in Manhattan.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an eight-unit apartment building located at 474 60th St. in Brooklyn for $1.05 million. A private investor acquired the property at a 6.8 percent cap rate. Bruce Thomsen of Marcus & Millichap's Brooklyn office represented the seller, also a private investor.