NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the $700,000 sale of an 8-unit apartment building in Brooklyn. The property is located at 248 Stockholm St. Erik Lundberg of Marcus & Millichap's Brooklyn office represented the seller, a private investor. He also represented the buyer, a private investor.
NEW YORK CITY — Madison Realty Capital has closed a $14.5 million bridge loan for a 90,000-square-foot condominium construction project in Kew Gardens.The project includes 52 residential units, an 8,224-square-foot community center and a 52-space parking garage. The financing provided by MRC enables the borrower to recapitalize and complete the project.
ANDOVER, MASS. — Physical Sciences Inc., a research and development firm, has signed a 65,000-square-foot lease renewal at the New England Business Center in Andover. Physical Sciences fully occupies Building 20, which includes 49,000 square feet of office space and 16,000 square feet of laboratory space. Michael Dalton of Cassidy Turley FHO's Boston office represented the tenant in the transaction. Kerry Hawkins and Andrew Majewski of CBRE's Boston office represented the landlord, New Boston Fund Inc.
BOSTON — New York-based Shire Real Estate has purchased 961 Commonwealth Ave. in Boston for $4.3 million. The 15,000-square-foot property includes retail and research and development/laboratory space. Tenants include Qdoba Mexican Grill and Brigham & Woman's Hospital Inc. Bradford Spencer of Grubb & Ellis represented the seller, Commonwealth Avenue Realty Trust, in the transaction.
WATCHUNG, NORTH PLAINSFIELD, N.J. — Windsor at Crystal Ridge, a Class A apartment complex in Watchung and North Plainfield has sold for $63 million. The 334-unit complex is located on 25 acres at 1 Crystal Ridge Dr. of Route 22. The property has 15 three-story buildings with one-, two- and three-bedroom units. Amenities include a clubhouse, fitness center and indoor basketball court. Jose Cruz, Andrew Scandalios, Kevin O'Hearn, Jeffrey Julien and Steve Simonelli of HFF represented the seller, GID Investment Advisors LLC, in the transaction. They also procured the buyer, AvalonBay Communities.
BOSTON — Suffolk Construction has been selected to build a $21.5 million bioprocessing center at the University of Massachusetts Dartmouth. Located on a four-acre site 10 miles off campus, the 38,000-square-foot facility will serve as an incubator space for small life science companies in Fall River's SouthCoast BioPark. Companies can test their biomanufacturing processes in the facility while paying a monthly rent that is lower than traditional lab space. The facility will include a variety of laboratories such as research, development, training and quality control. The project will also include a warehouse area, lecture rooms and office space. Construction is expected to begin this April. The project is slated for completion in 2013.
NEW YORK CITY — The Watchtower Bible and Tract Society of New York Inc. has sold 161 Columbia Heights, between Clark and Pierrepont streets, for $3 million. Built in 1988, the apartment property contains more than 7,000 square feet. Bob Knakal and Stephen Palmese of Massey Knakal represented the seller and undisclosed buyer in the transaction.
BOSTON — Genzyme Corp., a biotechnology company, has signed an 82,490-square-foot lease renewal at 55 Cambridge Pkwy. in Boston. 55 Cambridge is a 275,000-square-foot, Class A office building, located on the Charles River. Joe Fallon of Cassidy Turley FHO represented the tenant in the transaction. John Miller of Lincoln Property Group represented the landlord, Invesco.
NEW YORK CITY — Pier 1 Imports is opening a new store in the Upper East Side. The home furnishings store signed a 17,5140-square-foot lease at 1110 Third Ave. The store will be Pier 1 Imports' second location in Manhattan. Jerry Welkis of Welco Realty represented the tenant in the transaction. Robert Futterman, Beth Rosen and Jackie Totolo of RKF represented the owner of the retail condominium, The Related Cos.
BOSTON — ARC/Architectural Resources Cambridge has completed the first phase of a renovation at the Tufts University School of Dental Medicine. The full project includes 60,000 square feet of clinic, office and support space in the building, which is located at 1 Kneeland St. in Boston's Chinatown neighborhood. The first phase of the project included 20,000 square feet. The project has received LEED Gold certification from the U.S. Green Building Council.