NEW YORK CITY — Los Angeles-based CIM Group has closed on a transaction giving it a majority stake in a high-rise residential tower and development site in Midtown Manhattan. CIM Group and HFZ plan to co-develop the site, which is located at 303 E. 51st St. The project will include a 32-story tower with 123 residential units. Designed by SLCE Architects, the 273,750-square-foot building will include 9,000 square feet of ground-floor retail space. The property will also contain up to 32 parking spaces.
BRAINTREE, MASS. — Sentient Jet, a charter company, has signed a long-term lease for 20,783 square feet of office space at Braintree Executive Park in Braintree. Sentient is moving from 97 Libbey Parkway in Weymouth, Mass. and occupancy is scheduled for July 1. The company will occupy the entire fourth floor of 100 Grossman Dr., which will serve as its world headquarters. Tom Kent and Sean Lynch of the Boston office of Jones Lang LaSalle represented the owners, The Grossman Cos. and Dinosaur Capital Partners, in the transaction. They also represented the tenant.
WILLINGBORO, N.J. — Marcus & Millichap Capital Corp. has arranged $4.8 million in permanent acquisition financing for a Walgreens drugstore in Willingboro. The 15,120-square-foot property was built in 2001. Joshua Lipsey of Marcus & Millichap's New Jersey office arranged the financing. The 9-year loan has a 30-year repayment schedule. Nat Gambuzza of Marcus & Millichap Real Estate Investment Services' New Jersey office secured the buyer, who acquired the property for $6 million.
BOSTON — The Mount Vernon Co. has purchased four attached apartment buildings in Boston for $13.6 million. The 83-unit package is located at 74-86 Brainerd Rd. Boston Realty Advisors represented the seller, Boston Brainerd Mass Limited Partnership, in the transaction. The Mount Vernon Co. was self-represented. First Republic Bank provided the long-term financing.
TAUNTON, NORTH DIGHTON, WALPOLE, MASS. — The Manzo Co. has purchased a portfolio of four properties totaling more than 1 million square feet in Massachusetts for $25 million. The properties include a 396,765-square-foot industrial property in Taunton and a 400,000-square-foot manufacturing, warehouse and distribution facility in North Dighton. The third property is a 315,000-square-foot office, retail and flex building in Walpole. Doug Jacoby and Scott Dragos of NAI Hunneman represented the seller, New Jersey-based Rubenstein Properties, in the transaction. Dragos, Jacoby and Dan Jacobson of Hunneman Capital Group represented the buyer.
STATEN ISLAND, N.Y. — American Campus Communities has started construction on a 133-room student housing community on the College of Staten Island campus. The 172,000-square-foot College of State Island Residences will include two L-shaped buildings. Building amenities will include la undry facilities, a resident mailroom and fitness center. The New York Housing Development Corp. issued $65.8 million in bonds to finance the project. Occupancy is slated for the fall of 2013.
PRUSSIA, PA. — Theorem Clinical Research has signed a 29,000-square-foot lease for its new corporate headquarters at Valley Forge Park Place. The building is located at 1061 W. Ninth St. in Prussia. Theorem will move into the new office Aug. 1 from its current location at 630 Allendale Rd. Jim Dugan and Elaine Battaglia of Grubb & Ellis represented the landlord, an affiliate of Keystone Property Group, in the transaction. Taylor Young of Beacon Commercial Real Estate represented the tenant.
Queensbury, N.Y. — SUNY Adirondack, a community college serving Warren, Washington and northern Saratoga counties in New York, will bring student housing to its campus by fall 2013. Construction on the 148,000 square-foot housing complex will begin this spring and will consist of approximately 400 beds in suite-style configurations. The project cost is approximately $25.5 million. Cannon Design of Grand Island, N.Y., is the architect and the general contractor is Latham, N.Y.-based Bette & Cring.
UTICA, N.Y. — Hannaford Plaza, a 189,218-square-foot shopping center in Utica, has sold for $14.1 million. The center is located at 1154 Mohawk St. and is co-anchored by grocer Hannaford Brothers Inc. and fashion chain Conway. Joseph French and Thomas Dalzell of Marcus & Millichap's White Plains, N.Y. office represented the seller, Hannaford Station Inc. They also represented the buyer, New York City-based Katz Properties Inc.
WEST CALDWELL, N.J. —Value Cos., a Clifton, N.J.-based developer, plans to break ground on The Villas at West Caldwell this spring. The Villas is an age-restricted rental community in West Caldwell, and will include 30 residences. The two-bedroom homes will range from 1,200 to 1,500 square feet. Leasing is scheduled to begin in the fall or winter of 2013, and initial monthly rents are expected to begin in the mid-$2,000s. The community will accept adults age 55 and older.