Northeast

MILFORD & MILLICHAP COMPLETE $2M APARTMENT SALE IN CONNECTICUT

by admin July 21, 2011

PLAINVILLE, CONN. — 94 W. Main Apartments has purchased 42 apartment units in downtown Plainville for $2 million from a private owner. Located at 94 West Main St., the three-story building has 39 one-bedroom units and three efficiency units. Each one-bedroom unit has between 500-600 square feet of living space, while the efficiency units have 400 square feet. Steve Witten, Victor Nolletti and Eric Pentore, all of Marcus & Millichap, brokered the deal along with Westport, Conn.-based attorney Brad Aron, who represented the buyer, and Southington, Conn.-based attorney Roman F. Garbacik, who represented the seller.

July 21, 2011

INDUSTRIAL BUILDING IN QUEENS PURCHASED FOR $1.9M

by admin July 21, 2011

NEW YORK CITY — A 7,500-square-foot industrial building in Long Island City in Queens has been sold for $1.9 million in an all-cash transaction. The single-story building is located at 11-26 46th Road and was delivered vacant. The property has one overhead roll-up door and loading dock. Al Holloman of Massey Knakal handled the transaction. The buyer is an art gallery relocating from Manhattan.

July 21, 2011

Northeast Retail

CARPENTER & CO., BAYNORTH CAPITAL BREAK GROUND ON SOUTH SHORE REDEVELOPMENT

by admin July 20, 2011

BRAINTREE, MASS. — Carpenter & Co. and Boston-based BayNorth Capital have broken ground on a redevelopment project in Braintree, Mass. The project will include a Hyatt Place Hotel and several retail stores. The site is located at 37 Forbes Road, where the former Sheraton Braintree stands. The development spans 10.2 acres and will house a new retail development comprised of a new 32,000-square-foot retail building, a restaurant and a 6,000-square-foot retail pad, currently under lease with Jared, The Galleria of Jewelry.

July 20, 2011

Industrial Northeast

LIBERTY PROPERTY TRUST BUYS 535,000 SF INDUSTRIAL BUILDING FOR $32M

by admin July 20, 2011

MACUNGIE, PA. — Malvern, Pa.-based Liberty Property Trust has purchased a 535,000-square-foot distribution property for approximately $32 million, including $8 million in costs and anticipated costs. The property has been mostly vacant for the past 5 years, but Liberty has executed a long-term lease for 63 percent of the building. The property is located at 7533 Industrial Park in Macungie.

July 20, 2011

Northeast Retail

TIME EQUITIES PURCHASES RETAIL UNITS AT THE COVE CLUB FOR $3.6M

by admin July 20, 2011

NEW YORK CITY — New York-based Time Equities Inc. has purchased 5,475 of retail space at The Cove Club in Battery Park City for $3.6 million. Tenants include Kumon Learning Center, North American Youth Ballet and South Cove French Cleaners. Hy Schermer and Chris Pulling represented Time Equities in-house and Nick Petkoff of Massey Knakal represented the seller. The Cove Club, a 157,585-square-foot residential building, is located at 2 South End Ave.

July 20, 2011

Northeast Retail

FIRST 178 REALTY ACQUIRES MILFORD RETAIL STRIP CENTER

by admin July 20, 2011

MILFORD, MASS. — First 178 Realty has purchased an 8,300-square-foot retail strip center in Milford for $820,000. Eric Brosler of MetroWest Commercial represented First 178 and Victor Galvani of Framingham, Mass.-based Parsons Commercial Group represented the seller. The multi-tenant retail property is located at 178 East Main Street in Milford.

July 20, 2011

Mixed-Use Northeast

NORTHMARQ CAPITAL ARRANGES $1.8M IN FINANCING FOR MIXED-USE PROPERTY

by admin July 20, 2011

NEW YORK CITY — The Long Island and New York City offices of NorthMarq Capital have arranged $1.8 million in first mortgage financing for a three-story, 3,128-square-foot mixed-use property at 28 E. 13th St. in New York City. Charles P. Cotsalas and Ernest DesRochers of NorthMarq arranged the 5-year term loan with a 25-year amortization schedule through NorthMarq’s correspondent relationship with Stan Corp Mortgage Investors. The major tenant of the property is Souen Restaurant, a natural, organic and macrobiotic foods restaurant located on the first floor.

July 20, 2011

Multifamily Northeast

NAI HUNNEMAN BROKERS $1.6M SALE OF APARTMENT BUILDINGS

by admin July 19, 2011

LYNN, MASS. — NAI Hunneman has brokered the $1.6 million sale of 653-61 Western Ave. in Lynn. The property consists of 28 apartment units and one commercial building. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Avalon Realty, and procured the buyer, Stanley Bailey.

July 19, 2011

Multifamily Northeast

CUSHMAN & WAKEFIELD CLOSES DEAL FOR WEST VILLAGE APARTMENTS

by admin July 19, 2011

MANSFIELD, MASS. — Cushman & Wakefield helped broker the sale of West Village, a 200-unit, Class A apartment community developed by Fairfield Residential. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, all of C&W, represented the seller, Fairfield Green at Mansfield, and procured the buyer, Behringer Harvard West Village Project Owner. The property sits on 28.6 acres and consists of seven three-story, garden-style apartment buildings.

July 19, 2011

Northeast Retail

MARCUS & MILLICHAP ARRANGES $7M REFINANCING FOR SHOPPING CENTER

by admin July 19, 2011

PHILADELPHIA — Marcus & Millichap Capital Corporation has arranged a $7.04 million in refinancing for a 24,500-square-foot shopping center in Philadelphia. James Conley of Marcus & Millichap’s Philadelphia office arranged the 10-year loan with an amortization schedule of 30 years at a 5.5 percent fixed rate.

July 19, 2011

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