PARSIPPANY, N.J. — SJP Properties has bought back the first phase of Morris Corporate Center IV, a five-story, 350,000-square-foot office building located in Parsippany. SJP originally developed the property in 1999. Occupancy was 93 percent at the time of closing. SJP plans to complete a capital improvements program in the near term. Eastdil Secured brokered the deal. Northwestern Mutual Life Insurance is SJP's equity partner in the property.
NEW YORK CITY — MDSzerbaty Associates Architecture (MSDA) has been selected to design the conversion of part of the former New York Foundling Hospitall in Manhattan into a public elementary school. PS340 will occupy 95,000 square feet on the lower six floors of the 14-story building, which is located at the corner of Avenue of the Americas and 17th Street. The new school will feature 21 classrooms, a cafeteria and dance studio, a second-floor rooftop playground, a two-story lobby and two-story spaces throughout the building. The construction timetable was not released.
SADSBURY TOWNSHIP, PA. — West Chester, Pa.-based telecommunications company Communications Test Design Inc. (CTDI) has renewed its lease for a 314,521-square-foot warehouse located at 200 W. Stewart Huston Drive in Sadsbury Township. The lease is for a 5-year term. CTDI originally took occupancy in 2006. BPG Properties is the landlord.
ATTLEBORO, MASS. — The Federated Companies has disposed of the remaining retail property in its portfolio. The property is a 15,950-square-foot, freestanding building located at 115 Washington St. It is fully occupied by Goodwill Industries. The property sold to a private party for $2.63 million.
NEW YORK CITY — BCN Development has entered into an agreement to acquire a property located at 9 E. 16th St. in New York City for approximately $17 million. The buyer plans to convert the property into one-, two- and three-bedroom condominiums. Plans for the building's existing commercial tenant, Steak Friets, were not disclosed. The transaction is expected to close by the end of the summer, with the renovation beginning soon after.
HARTFORD, CONN. — Beech Street Capital has arranged a $12.65 million Fannie Mae loan to refinance Capitol View Apartments, a 264-unit community located in Hartford. The community features a fitness center and a ground-floor deli and convenience store. It was built in 1955 and has received approximately $1 million in capital improvements since being acquired by the borrower in 2008. The loan carries a 10-year term and a 30-year amortization schedule. Nathan Burlingame of Beech Street originated the loan, and Ralph Herzka of Meridian Capital Group arranged it.
DURHAM, N.H. — Finally Home Properties has acquired the Hickory Pond Inn, a hospitality property located at 1 Stagecoach Road in Durham. The buyer plans to convert the property into an assisted living facility, which will open during the summer. The seller was Bank of New England. Christian Stallkamp of The Kane Company represented the seller, and Nathaniel Leach of Better Homes & Gardens / The Masiello Group represented the buyer.
NEW YORK CITY — The new Four Point by Sheraton Long Island City/Queensboro Bridge has opened. The 88-room, select-service hotel is located at 27-05 39th Ave. in Queens. It features an American bistro, a rooftop lounge, fitness facilities, a business center and 2,500 square feet of meeting space. The hotel was developed and is owned by 39th Ave Holdings. Interstate Hotels & Resorts manages the property.
NORTH WINDHAM, CONN. — New England Retail Properties (NERP) has brokered the sale of a Tractor Supply Co. location in North Windham. Windham Crossing, a NERP affiliate, developed the property, located on Route 6, in 2009 as a build-to-suit for Tractor Supply. Mark D'Addabbo of NERP represented Windham Crossing as the seller. Leonard Mazzone represented the buyer, a New Jersey-based investment group.
NEW YORK CITY — Meridian Capital Group has arranged $114 million in loans to refinance a New York City multifamily portfolio. The portfolio includes 34 properties containing 982 apartment units and eight retail spaces that are located in the boroughs of Brooklyn, Queens and Manhattan. The loans carry 5-year terms and 4.75 percent fixed interest rates. The lender was a local savings bank. Scott Assouline and David Farhadian of Meridian arranged the deal for the borrower, a joint venture between The Dermot Company and Principal Real Estate Investors.