N.J., N.Y. & PA. — Strategic Storage Trust, Inc. (SSTI), has acquired a 6,300-unit self-storage portfolio with four properties in the Northeast for $44 million. The sites are: a 660-unit property in Trenton; a 690-unit property in Ballston Spa; a 540-unit property in Collegeville; and a 390-unit property in Skippack; all of which will be rebranded under the SmartStop Self Storage name. Additionally, the portfolio contained seven properties in the Southeast.
Northeast
NEW YORK CITY — A 50,000-square-foot development site located in New York City has been sold to Fortuna Realty Hotel SoHo for $12.75 million. The buyer plans to construct a 124-room hotel on the site. Alan Miller, Roberto Ortiz and Paul Nigido of New York City-based Eastern Consolidated represented the seller, Patriot 523 Greenwich St., LLC, and procured the buyer.
NEW YORK CITY — New York City-based Massey Knakal has arranged the $3.6 million sale of The Cove Club Retail, a portfolio consisting of three retail sites within a nine-story condominium building located at 2 South End Ave. C-1 in New York City. The units are occupied by Kumon Learning Center, a dry cleaner and a local ballet school. Nick Petkoff of Massy Knakal represented the seller.
MAHWAH, N.J. — Hackensack, N.J.-based NAI James E. Hanson has brokered the $2.68 million sale of a 29,050-square-foot office/flex building, located at 330 Franklin Turnpike in Mahwah. Kenneth Lundberg represented the seller, Raia Properties, and procured the buyer, Interstate 330.
NEW YORK CITY — Duval & Stachenfeld has represented Seattle-based Sabey Data Center Properties in the $120 million acquisition of the principal condominium interest in the 1 million-square-foot 375 Pearl St. in Manhattan. Additionally, the firm represented Sabey's local partner, Young Woo & Associates, which has an interest in the property. The building will be repositioned into a state-of-the-art, multi-tenant commercial data center. Terri Adler, Todd Eisner, Chris Barbaruolo and Marc Rosen of Duval & Stachenfeld's New York City office represented the buyer.
PRINCETON, N.J. — Marcus & Millichap has facilitated the sale of the 21,095-square-foot Clifftown Center in Princeton for $3.75 million. Christopher Munley, Mark Taylor and Dean Zang of the firm's Philadelphia office represented the seller, New Jersey-based Xanadu Associates, and procured the buyer, New York-based Jemstone Acquisitions Corp.
CONSHOHOCKEN, PA. — A joint venture between Miller Investment Management and Hayden Real Estate Investments (MIM-Hayden Funds) has partnered with Boston-based The Davis Cos. to acquire the 258,000-square-foot, two-building Valley Forge Office Center, located at 530 and 580 East Swedesford Rd. in Conshohocken. The partnership previously acquired the first mortgage on the property from CW Capital in December 2010 and has now taken full-ownership as a recapitalized entity.
NEW YORK CITY — New York City-based Eastern Consolidated has sold two mixed-use buildings, located at 448-452 Broome St. in Manhattan, for $17 million. David Schechtman, Azita Aghravi, Marion T. Jones and Brian Ezratty represented the seller, Spain-based Caixanova, and procured the buyer, a joint venture between Tavros Capital and BLH Management.
SOUTH HACKENSACK, N.J. — Gretchen Wilcox and Al Raymond of Morristown, N.J.-based G.S. Wilcox has secured a fixed-rate, $12 million commercial mortgage loan through Great West Life for a 140,838-square-foot warehouse property leased on a long-term basis to a retail restaurant supply distributor.
ARLINGTON, MASS. — Cushman & Wakefield has negotiated the sale of 30 Mill Street, a development site located in Arlington, Mass., approved for the construction of 116 apartments. The firm's Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, represented the seller, CBS Transaction, and procured the buyer, W.P. East Acquisitions, an affiliate of Atlanta-based Wood Partners. Construction financing for the project is being provided by Cambridge Savings Bank.