SOUTHINGTON, CONN. — R. Calabrese Agency has completed the sale of a vacant 2.5-acre commercial land parcel located at the intersection of Meriden-Waterbury Turnpike and Knotter Drive in Southington. Knotter Drive Associates purchased it from American Hawk LLC for $725,000. Ralph Calabrese and Tony Valenti of R. Calabrese were the sole brokers in the deal. The buyer has retained R. Calabrese to market the land for lease or build-to-suit.
PARAMUS, N.J. — Marcus & Millichap has brokered the sale of a 25,000-square-foot retail property located on Route 4 in Paramus. Constructed in 1991, the building had been leased on a triple-net basis to Staples since its completion. David Thurston of Marcus & Millichap's New Jersey office represented the seller, a New York investor, and procured the buyer, a regional retail investor.
FREEHOLD, N.J. — Procida Funding has acquired the first mortgage for Freehold Commons, a newly constructed, 40,000-square-foot, Class A office building located at 82 South St. in Freehold. Procida acquired the $7 million note from a local bank and will assist in repositioning the property for lease, refinance or sale.
NEW YORK CITY — NorthMarq Capital has arranged a $1 million first mortgage for a retail condominium located at 351 W. Broadway in New York City. The property contains 1,250 square feet of above-grade space and a 650-square-foot basement. Pines Vintage is its major tenant. The loan carries a 25-year, fully amortizing term with 5-year adjustments. Craig Bjornsund of NorthMarq's New York Metro office arranged the loan on behalf of a limited liability company. The lender was StanCorp Mortgage Investors.
GLENMOORE, PA. — Preferred Apartment Communities (PAC) has purchased Oxford Rise, a 216-unit apartment community located in Glenmoore for $30.1 million. The community was 94.9 percent occupied at the time of the deal. PAC is funding the purchase with a non-recourse loan provided by Freddie Mac. The financing carries a 7-year term and a floating interest rate priced 277 basis points above the 30-day LIBOR.
LAWRENCE, MASS. — A joint venture between TRECAP Partners and Fairfield Residential has purchased a 174-unit apartment community in Lawrence for approximately $26 million. The seller was Equity Residential. Situated on approximately 7 acres, River Pointe at Den Rock consists of six two- and three-story buildings containing a mix of one- through three-bedroom units. Amenities include a clubhouse with a lounge and fitness center, a swimming pool with a sundeck and barbecue areas, a car wash area, garage parking, and direct access to the 120-acre Den Rock Park preserve. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and John McLaughlin represented the seller and procured the buyer.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a three-story, 11,960-square-foot commercial building located at 1032-1034 Lexington Ave. on Manhattan's Upper East Side for $10.2 million. The space was the former home of Payard Patisserie & Bistro. Massey Knakal's Guthrie Garvin represented the undisclosed seller. The buyer's name was also not released.
PHILADELPHIA — The grand opening has been held for the newest Bottom Dollar Food. The 17,000-square-foot grocery store is located at the intersection of North Broad Street and Godfrey Avenue in Philadelphia's Oak Lane neighborhood. Soloff Realty & Development is the property owner.
NEW PROVIDENCE, N.J. — Marcus & Millichap has completed the sale of The Provident Bank Building, a 7,210-square-foot office property located in New Providence, for $1.83 million. Greg Babaian of Marcus & Millichap's New Jersey office represented the seller, a local investor. Michael Lombardo and Christopher Rizzolo, also of Marcus & Millichap, secured the buyer, a New York investor.
NEW YORK CITY — Reaity House has broken ground for a new substance abuse outpatient treatment facility and community residence for veterans in Queens. The three-story, 21,000-square-foot building will be built at 8-13 Astoria Blvd. and will contain 30 beds. Completion is expected in early 2012. NobleStrategy is providing construction management services.