NORWALK, CONN. — In a joint venture, KABR and Blackpoint Partners have acquired 535 Connecticut Ave. in Norwalk for $11 million. The 175,000-square-foot, Class A office building is newly renovated and includes a gym, cafeteria and conference facility. The seller, LNR Partners, foreclosed on the previous owner, who purchased the building in 2006 for $26.5 million.
NEW YORK CITY — A six-story apartment building has sold for $4.6 million at 351 Saint Nicholas Ave. in New York City. The 35,212-square-foot property includes 36 units. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap's Manhattan office represented the seller, a limited liability company, in the transaction. They also represented the buyer, a limited liability company.
WESTBURY, N.Y. — NorthMarq Capital has arranged $18 million in first mortgage refinancing for The Park Atrium, a 116,943-square-foot office building, located at 865 Merrick St. in Westbury. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the loan through NorthMarq's correspondent relationship with National Life Insurance Co. The 5-year loan has a 30-year amortization schedule.
NEW YORK CITY — Hudson Realty Capital has funded a $4.6 million bridge loan for a 31,200-square-foot industrial loft building in Brooklyn. The borrower, an undisclosed developer, is redesigning the vacant building for multifamily use, and will use the financing to fund necessary reserves.
PORTLAND, MAINE — Boston Capital is investing in the construction of Pearl Place II, a 54-unit multifamily development in Portland. The property will be built with tax credit equity from the Low Income Housing Tax Credit program and the general partner is Portland-based Pinecone Housing Corp. Pearl Place II will include a community room and central laundry. About 11 units will be reserved for homeless or displaced residents. To date, Boston Capital has invested in about 315 units of affordable housing in Portland.
WATERFORD, CONN. — Suffolk Construction was awarded the Lawrence & Memorial Hospital's Cancer Center project in Waterford. The $34.5 million project will include a new, 47,000-square-foot facility for radiation and medical oncology programs. Construction will begin this spring and the grand opening is scheduled for September 2013.
PHILADELPHIA — Marcus & Millichap has arranged the $1.7 million sale of Evans Court, a 31-unit apartment building in Philadelphia. The building is fully occupied. Fred Paisley and Dana Newton of Marcus & Millichap's Philadelphia office represented the seller, a private investor, in the transaction. They also represented the buyer, a limited liability company.
JERICHO, N.Y. — Airport Plazas, a specialized developer and operator of airport retail plazas, has signed a 25-year lease to redevelop about six acres of property at the entrance of JFK Airport. The project includes a 20,000-square-foot retail building, about 200 parking spaces and a fueling center. The $11 million project is scheduled to be completed this September.
SOMERSET, N.J. — SHI International, a technology software provider, has completed its 15-month relocation to its new headquarters. The company moved from Piscataway, N.J. to 290 Davidson Ave. in Somerset, a 420,000-square-foot facility, which is three times larger than SHI's pervious space. The property features two, five-story towers as well as a third ancillary building. Last year, Jones Lang LaSalle represented SHI in its purchase, and the firm's project and development services group managed the relocation.
NEW YORK CITY — A 630,000-square-foot enclosed fashion mall will break ground in the Bronx this spring, with the opening slated for late 2013 or early 2014. Prestige Properties plans to develop a three-level, $270 million mall located on an empty parcel at the Bay Plaza Shopping Center. The development will be anchored by Macy's, which is slated to occupy 160,000 square feet. The mall will also be physically connected to an existing JC Penney store at the Bay Plaza Shopping Center.