DANBURY, CONN. — TGM Associates has acquired Willow Grove at Danbury, a 135-unit, garden-style apartment community located in Danbury. Built in 1999, the community contains a mix of one- and two bedroom units with an average unit size of 1,232 square feet. Property amenities include a clubhouse, a fitness center, a heated pool with a wraparound sun deck, and detached garages. The seller was RREEF.
ROCHESTER, N.Y. — An affiliate of Broadstone Real Estate has acquired a triple net-leased office building in Rochester for $11.7 million. The property totals 39,900 square feet and is leased to ADT Security Services through 2023. The seller's name was not disclosed.
NEW YORK CITY — A joint venture between Waterman Interests and J.P. Morgan Asset Management has acquired 400 Park Avenue, a 21-story, class office and retail building located in Manhattan's Midtown Plaza district. The building was constructed in 1957 and was 70 percent leased at the time of closing. Waterman Interests will serve as the managing partner of the venture and will provide property management and leasing services for the building. The seller's name and the acquisition price were not released.
WEST CALDWELL, N.J. — Maxlite has acquired a 52,204-square-foot warehouse/distribution building in Caldwell for its new headquarters. The property, which is located at 12 York Ave., will replace a nearby facility the company had been leasing. In addition to the warehouse space, the building contains 8,200 square feet of office space on the ground floor and mezzanine levels. Noah Balanoff and Stephen Elman of Cushman & Wakefield represented MaxLite in the sale. The seller, Triple W Realty Associates, provided in-house representation.
WASHINGTON AND ALTOONA, PA. — Chatham Lodging Trust has completed the acquisition of two hotels. The first is the 105-room Courtyard by Marriott in Altoona, and the second is the 86-room SpringHill Suites by Marriott in Washington. The purchases were part of a previously announced, four-property portfolio purchase. Chatham has now closed on three of the four properties and expects to close on the last hotel, a Residence Inn by Marriott located in White Plains, N.Y., following the completion of due diligence.
EXTON, PA. — Dunn Twiggar Co. has acquired a 50,000-square-foot medical office building in Exton. The property is located within Oaklands Corporate Center at 479 Thomas Jones Way. The Class B building was 62 percent occupied at the time of closing. Matt Macdonald of Dunn Twiggar Property Advisors represented the buyer. Bill Wilson and Phil Earley of Lieberman Earley & Co. represented the undisclosed seller. Dunn Twiggar will serve as property manager, and Grubb & Ellis will lease the remaining space.
MELVILLE, N.Y. — Cambridge Realty Capital Cos. has secured a $30.2 million FHA-insured HUD Lean loan for the refinancing of Huntington Hills Center for Health & Rehabilitation, a 230-bed skilled nursing center located in Melville. The loan, which was financed under HUD's Section 232 program, carries a 30-year term and is fully amortizing. Hymie Barber of Cambridge helped secure the loan on behalf of the borrower, a New York-based limited liability company.
PHILADELPHIA AND SWEDESBORO, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $9.84 million in permanent financing for two CVS pharmacy properties. In the first transaction, $6.4 million was secured for a Philadelphia CVS. The loan carries a 5-year term, a 30-year amortization schedule and a 6.3 percent fixed interest rate. In the second deal, a $3.44 million loan was secured for a CVS located in Swedesboro. The loan carries a fully amortizing 20-year term with a 6.25 percent fixed interest rate. Both loans feature a 70 percent loan-to-value ratio. James Conley of MMCC's Philadelphia office arranged the loans.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 17,720-square-foot retail property lease by Pep Boys that is located at 1941 Forest Ave. in Staten Island. The property traded for $5.77 million at a 7.69 percent cap rate. Scott Plansky of Marcus & Millichap's Manhattan office represented the seller, a fund manager. The buyer's name was undisclosed. Marcus & Millichap also arranged the sale of an 11-unit apartment building located at 535 E. 87th St. in Manhattan. Eight of the units were vacant at the time of closing and in need of renovation. The property traded for $2.75 million and was acquired by a local party completing a 1031 exchange. Joe Koicim and Peter Von Der Ahe of Marcus & Millichap's Manhattan office represented the out-of-state seller.
BAYSIDE AND NEW YORK, N.Y. — Turner Construction Co. has been awarded two new construction projects in New York totaling $126.7 million. First, Turner will provide pre-construction and construction management services for the renovation and expansion of St. Mary's Hospital for Children in Bayside. The $72 million project will include a five-story, 90,000-square-foot expansion and the modernization of the existing 90,000-square-foot building. The phased project is slated for completion in May 2013. Turner is also providing construction services for the new $54.7 million PS/IS 51M public school. The 98,433-square-foot school will be located on West 44th Street in Manhattan. it will have 24 classrooms and will be able to accommodate 640 students. Completion is scheduled for July 2013.