SPRINGFIELD, MASS. — Holyoke, Mass.-based Infinity Real Estate Group has brokered the sale of a three-story, fully leased office building located at 55 State St. in Springfield for $1.13 million. The buyer was Briarwood Thirteen LLC and the seller was Fifty Five State Street LLC. Mark Berezin of Infinity represented the seller in the deal and helped the buyer arrange acquisition financing through Holyoke Credit Union.
NEW YORK CITY — The Fire Department of New York has broken ground for the construction of the Greenpoint Emerggency Medical Service Station in Brooklyn's Williamsburg neighborhood. The two-story, 12,400-sqare-foot facility will include garage space for four vehicles, equipment storage space, offices, locker rooms, a fitness facility, a training room, and a 700-square-foot kitchen and lounge area. The building, which was designed by Michielli + Wyetzner Architects, will feature a skylight running the length of the building as well as a double-height, glass-enclosed entry. The opening is slated for June 2012.
SPRINGFIELD, MASS. — CB Richard Ellis (CBRE) Capital Markets has arranged a $5.75 million permanent loan to refinance Park Edge Apartments in Springfield. The community was constructed in 1962 and contains 93 units. The fixed-rate loan, which was provided by Middletown, Conn.-based Liberty Bank carries a 10-year term with a 25-year amortization schedule and a fixed interest rate. Mike Riccio and Susan Larkin of CBRE Capital Markets' Hartford, Conn., office arranged the financing.
BEACON, N.Y. — Hudson Baylor Corp. has acquired 17 acres of land within Westgate Indsutrial Park on Fishkill Avenue in Beacon. The company plans to construct a 60,000-square-foot, single-stream recycling facility that will serve Dutchess County. Prudential Serls Price Properties Commercial Group brokered the deal.
BEDFORD, N.H. — A joint venture between The Praedium Group and Taymil Partners has acquired Heritage on the Merrimack, a 240-unit multifamily community located in Bedford, for $28 million. The gated community features a clubhouse, a heated outdoor pool, and basketball and tennis courts. The seller was Cornerstone Real Estate Advisors.
MILLCREEK, PA. — WS Development and Olympic Realty & Development Corp. have closed on the acquisition of 42 acres of land located at 5242 W. Ridge Road in Millcreek. The developers plan to construct a 350,000-square-foot, open-air shopping center on the site. The purchase was made in partnership with Walmart, which will anchor the project. Construction is expected to begin this year. Jeffrey Johnson of Jeffrey Johnson & Associates assisted in brokering the land transactions.
MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of a 50,000-square-foot retail/warehouse building located at 270 Route 17 South in Mahwah for $3.77 million. NAI's Kenneth Lundberg represented the buyer, Mahwah Realty LLC. Sussanne Newmark and Nancy Glick of Newmark Associates represented the seller, MJ Mahwah Properties.
CAMBRIDGE, MASS. — Cushman & Wakefield (C&W) has completed the sale of a residential building located at 7 Story Street in Cambridge, in the heart of Harvard Square. The building contains four floor-through apartments and includes three parking spaces. C&W's Simon Butler, Biria St. John and Michael Byrne represented the seller, 7 Story Street Inc., and procured the buyer, Harvard Square Holdings LLC.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged an approximately $2.2 million loan to refinance a 16-unit multifamily property located on the Upper East Side of Manhatan. The address and borrower were not disclosed. The loan carries a 10-year term, a 4.75 percent interest rate and a 75 percent loan-to-value ratio. The lender was a New Jersey-based savings bank. Gerald Kray of MMCC's Manhattan office secured the funding.
RYE, N.Y. — A joint venture between Faros Properties and Gould & Co. has acquired a Westchester County office building from The Gateside Corporation for more than $30 million. The International Corporate Center at Rye is a 170,973-square-foot office property located at 555 Theodore Fremd Ave. in Rye. Features of the Class A property include a cafeteria, a fitness center, conference facilities and tenant storage. Tenants include Bank of Tokyo-Mitsubishi, Mitsubishi Imaging and Greenbriar Equity Group. The Holliday Fenoglio Fowler team of Andrew Scandalios, Jose Cruz, Jeffrey Julien and Kevin O' Hearn represented the seller.
