WATERTOWN, N.Y. — Marcus & Millichap Real Estate Investment Services has completed the $3.2 million sale of Kinney Drugs, an 11,236-square-foot property located at 1304 Washington St. in Watertown, N.Y. Steven Stoehrer and Preet Sabharwal represented the seller, a developer, in the transaction. They also represented the buyer, a private fund manager.
CHESTER, PENN. — TreeTop Development, a New Jersey-based real estate company, has purchased Benjamin Banneker Plaza, a 70-unit apartment complex in Chester, Penn. for an undisclosed amount. The seller was Apartment Investment and Management Co., a real estate investment trust. Andrew Daitch of Marcus & Millichap's Detroit office represented both parties in the transaction.
GLASSBORO, N.J. —Construction is complete on the first two phases of Whitney Crescent, an 80-unit apartment community on Higgins Avenue in Glassboro, N.J. The developer, Community Investment Strategies, demolished nine buildings to redevelop the 9.5-acre site, and relocated tenants before building the community. The $22 million project includes four new three-story buildings. Another 20 units are slated for completion this fall.
HARRIMAN, N.Y. — Colliers International has arranged the sale of Arden House, a 100,000-square-foot historic mansion and conference center in Harriman N.Y. to the Research Center on Natural Conservation, Inc. for $6.5 million. Robert Freedman, Richard Warshauer and David Libertson of Colliers International represented the seller, Open Space Conservancy Inc. Charlotte Cheung of The Ariel Group Realty represented the buyer in the transaction.
WARWICK, R.I. — Webster Bank recently provided $10 million in construction financing for the new $13.6 million Ambulatory Surgery and Medical Office Center at Kent Hospital in Warwick, R.I. Construction of the 62,454-square-foot medical office building began in May, and the facility is slated to open in summer 2012. The Washington D.C. office of Trammell Crow Co. is developing the building for Seavest Inc. The architect is Boston-based Steffian Bradley Architects, and Providence, R.I.-based Dimeo Construction Co. is the general contractor.
NEW JERSEY — G.S. Wilcox & Co. has arranged a $17 million mortgage loan for a warehouse, office, distribution and training facility located at Exit 8A on the New Jersey Turnpike. The borrower constructed the 352,812-square-foot property for the tenant, an automotive company. The 10-year loan was arranged through Great West Life, a correspondent lender of G.S. Wilcox.
MANHATTAN — RURU & Associates LLC has purchased a mixed-use building, located at 68-70 Second Ave. in Manhattan for $8.7 million. The six-story property includes 25 apartments and three stores. Roberto Ortiz of Eastern Consolidated Inc.'s New York office represented the seller, Bar None LLC, and procured the buyer.
PHILADELPHIA — Red Capital Group LLC, a multifamily finance firm, has closed a $20 million bridge loan on the recently redeveloped Commonwealth, a 15-story apartment building in Philadelphia. The 98-unit building also has ground floor retail space. The project is owned by a partnership of three Philadelphia-based entities: SSH Real Estate, Silverang Hallowell Development Co. and 806 Capital. The loan has a 12-month term and an option for two extensions.
MANHATTAN — MetLife Inc., through its real estate investments department, has provided a $350 million fixed-rate mortgage for an office condominium at the Bertelsmann Building, located at 1540 Broadway in Manhattan. The Bertelsmann Building is a 44-story office building and tenants include Viacom, Shaw Pittman LLP and Yahoo! The borrower is a joint venture between affiliates of Edge Fund Advisors and HSBC Alternative Investments.
NORTH ATTLEBORO, MASS. —The new Nissan Village car dealership in North Attleboro, Mass. will open Nov. 7. The 33,000-square-foot, two-story building includes a showroom, sales offices and a service department with 19 service bays. The dealership building was designed by Brockton, Mass.-based BKA Architects and Rumford, R.I.-based New England Construction was the general contractor for the project.
