WATERBURY, CONN. — The Olive Oil Factory has acquired a 21,100-square-foot manufacturing facility in Waterbury for the expansion of its operations. The building, which is located at 197 Huntingdon Ave., was previously occupied by Roberts Radiator Corp., also the seller. Robert Eber of CB Richard Ellis' Stamford, Conn., office represented both parties in the deal.
PITTSBURGH — CB Richard Ellis (CBRE) Capital Markets has arranged $143 million in long-term, fixed-rate financing for PPG Place, a 1.5 million-square-foot, Class A office complex located in downtown Pittsburgh. The six-building complex is situated adjacent to the historic Market Square. The buildings surround a 1-acre plaza and feature street-level retail and restaurant space. John Clifford and William Howe of CBRE's Chicago office joined with Jeffrey Ackerman and Jack Norris of the firm's Pittsburgh office to represent the borrower, Market Associates LP. The lender's name was not released.
NEW YORK CITY — The ribbon cutting ceremony has been held for The Setai Fifth Avenue Hotel & Residences. Located at 400 Fifth Ave. in Midtown Manhattan, the tower features 184 luxury condominiums, a 214-room hotel and the restaurant Ai Fiori. The developer was Bizzi & Partners, and the project architect was Gwathmey Siegel & Associates Architects.
MIDDLETOWN AND TORRINGTON, CONN. — Marcus & Millichap has brokered the sale of two Connecticut apartment communities for $6.07 million. The properties include Fernwood Apartments, a 96-unit community located at 44-46 Camp St. in Middletown, and Westridge Apartments, a 33-unit community located at 270 High St. in Torrington. Steve Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office arranged the deal between the seller, Hunter Realty, and the buyer, CT Metro Holdings I & II Corp.
HARTFORD, CONN. — Marcone Capital has arranged a total of $25 million in Fannie Mae DUS financing for a portfolio of apartment properties located in the greater Hartford area. A separate loan was arranged for each of the seven properties, which total more than 400 units. The loans carry 10-year terms and interest-only payments. Mike Marcone of Marcone Capital secured the financing on behalf of the borrower.
NEW YORK CITY — Groundbreaking has occurred for the new $44 million Sims Municipal Recycling Facility in New York City. The 100,000-square-foot facility will be located at the South Brooklyn Marine Terminal in Brooklyn's Sunset Park neighborhood. Upon completion, which is expected in December 2011, the project will consist of processing and storage buildings as well as a visitor education center. It will also contain green roofs, renewable energy production and on-site stormwater treatment. Selldorf Architects is designing the project, and Skanska USA is the general contractor. Sims already operates recycling facilities in the Bronx and Queens.
MILFORD, CONN. — P.C. Richard & Son has acquired a 35,000-square-foot retail building located at 1575 Boston Post Road in Milford for $5.5 million. The electronics retailer has been occupying the building since May under a lease-to-purchase contract agreement. Steven Spector of Interstate Realty Advisors and Bruce Wettenstein of Vidal/Wettenstein arranged the deal. The brokers also helped arranged P.C. Richard's recent purchase of a Danbury, Conn., retail center.
BERKELEY HEIGHTS, N.J. — Advanced Health Media has entered into a long-term lease for a 123,082-square-foot office building located in Berkeley Heights. The Class A building is located at 420 Mountain Ave. AHM will consolidate two of its nearby offices into the new location beginning in mid-2011. Bryn Cinque and Jim Bailey represented AHM in lease negotiations. Bill Brown of Cushman & Wakefield represented the landlord, Vision Equities.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a development site located at 35-39 Cooper Square in Manhattan's East Village for $8.5 million. The lot size is 4,833 square feet, is zoned for mixed-use development and can accommodate 28,998 buildable square feet. Joe Sitt of Massey Knakal's Special Asset Strategy Group handled the transaction between the two undisclosed parties.
NEW YORK CITY — A joint venture between Highgate Holdings and Rockpoint Group has acquired the Milford Plaza Hotel from an affiliate of Ogden CAP Properties. The hotel, constructed in the 1920's, is located in Manhattan's Theatre District, less than a block from Times Square. The new buyer plans to redevelop the property. Construction will include an upgrade to the infrastructure and public spaces, a renovation of the guest rooms, and the addition of a restaurant and retail space on the building's ground floor. Hodges Ward Elliott was the exclusive broker in the deal.