BEACON, N.Y. — Hudson Baylor Corp. has acquired 17 acres of land within Westgate Indsutrial Park on Fishkill Avenue in Beacon. The company plans to construct a 60,000-square-foot, single-stream recycling facility that will serve Dutchess County. Prudential Serls Price Properties Commercial Group brokered the deal.
BEDFORD, N.H. — A joint venture between The Praedium Group and Taymil Partners has acquired Heritage on the Merrimack, a 240-unit multifamily community located in Bedford, for $28 million. The gated community features a clubhouse, a heated outdoor pool, and basketball and tennis courts. The seller was Cornerstone Real Estate Advisors.
MILLCREEK, PA. — WS Development and Olympic Realty & Development Corp. have closed on the acquisition of 42 acres of land located at 5242 W. Ridge Road in Millcreek. The developers plan to construct a 350,000-square-foot, open-air shopping center on the site. The purchase was made in partnership with Walmart, which will anchor the project. Construction is expected to begin this year. Jeffrey Johnson of Jeffrey Johnson & Associates assisted in brokering the land transactions.
MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of a 50,000-square-foot retail/warehouse building located at 270 Route 17 South in Mahwah for $3.77 million. NAI's Kenneth Lundberg represented the buyer, Mahwah Realty LLC. Sussanne Newmark and Nancy Glick of Newmark Associates represented the seller, MJ Mahwah Properties.
CAMBRIDGE, MASS. — Cushman & Wakefield (C&W) has completed the sale of a residential building located at 7 Story Street in Cambridge, in the heart of Harvard Square. The building contains four floor-through apartments and includes three parking spaces. C&W's Simon Butler, Biria St. John and Michael Byrne represented the seller, 7 Story Street Inc., and procured the buyer, Harvard Square Holdings LLC.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged an approximately $2.2 million loan to refinance a 16-unit multifamily property located on the Upper East Side of Manhatan. The address and borrower were not disclosed. The loan carries a 10-year term, a 4.75 percent interest rate and a 75 percent loan-to-value ratio. The lender was a New Jersey-based savings bank. Gerald Kray of MMCC's Manhattan office secured the funding.
RYE, N.Y. — A joint venture between Faros Properties and Gould & Co. has acquired a Westchester County office building from The Gateside Corporation for more than $30 million. The International Corporate Center at Rye is a 170,973-square-foot office property located at 555 Theodore Fremd Ave. in Rye. Features of the Class A property include a cafeteria, a fitness center, conference facilities and tenant storage. Tenants include Bank of Tokyo-Mitsubishi, Mitsubishi Imaging and Greenbriar Equity Group. The Holliday Fenoglio Fowler team of Andrew Scandalios, Jose Cruz, Jeffrey Julien and Kevin O' Hearn represented the seller.
NEW YORK CITY AND TRUMBULL, CONN. — NorthMarq Capital has arranged two loans for a total of $24.1 million. First, Frank Relihan of the company's Washington, D.C., office arranged $12.3 million in Fannie Mae DUS funding for Winston Churchill Cooperative, a 340-unit multifamily community located at 2500 Johnson Ave. in the Bronx. In the second transaction, Ernest DesRochers of NorthMarq's New York Metro office arranged an $11.8 million loan through People's United Bank for an 80,000-square-foot medical office condominium located at 5520 Park Ave. in Trumbull. The borrowers in both deals were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 2,800-square-foot mixed-use property located at 45 Canal St. in New York City for $2.35 million. Peter Von Der Ahe, Christopher Sjurset and Matthew Fotis, all of the firm's Manhattan office, represented the seller, a private investor. The buyer was also undisclosed.
NEW YORK CITY — A joint venture between Hacienda International Realty and Metroloft Management has plans to convert an office building located in Downtown Manhattan into a residential apartment building. The property is a 25-story, 377,000-square-foot tower located at 116 John St. The joint venture has already vacated 280,000 square feet of the building, which will comprise the first phase of the conversion. When the phase is complete in late 2012, the building will contain more than 400 units. The Eastern Consolidated team of Stuart Gross and Azita Aghravi helped arranged the joint venture transaction between the two owners.