PITTSBURGH — Grant Street Associates has brokered the sale of a Pittsburgh office building for $2.52 million. The eight-story building is located at 938 Penn Ave. It contains 33,320 square feet of office space and 4,400 square feet of ground-floor retail space. It is fully occupied by a tenant roster that includes Community Design Center, NAMI of Southwestern Pennsylvania and Serb National Federation. Grant Street's Michael Sell arranged the deal between the seller, Rugby Realty Co., and the buyer, 938 Penn Avenue LLC.
NEW YORK CITY AND RIDGEWOOD, N.J. — Marcus & Millichap has completed two Tri-State commercial sales. First, a partially vacant multifamily and retail building located in Brooklyn traded for $620,000. Bryan Schellinger and Zachary Felson represented the seller, and Matthew Fotis, also of Marcus & Millichap, represented the buyer. In the second transaction, a 2,581-square-foot retail property located in Ridgewood traded for $1.25 million. David Thurston of Marcus & Millichap represented the seller and secured the buyer. The parties in both transactions were not disclosed.
NEW YORK CITY — The Hammacher Schlemmer Building, a 62,500-square-foot boutique retail and office building located at 145 E. 57th St. in New York City, was sold in a $34 million transaction. The building was constructed in 1926 as Hammacher Schlemmer's flagship building, and the catalogue company still occupies it today, though its lease will expire later this year. Darcy Stacom and Paul Gillen of CB Richard Ellis' Investment Properties Group, along with Robert Garrish of the firm's Private Client Group, represented the seller, Jenel Management Corp. The buyer was a Brazilian real estate developer.
MECHANICSBURG, PA. — Nestle Purina PetCare Co. has signed a lease for 185,858 square feet of industrial space in Mechanicsburg. The company will occupy space within 6360 Brackbill Blvd., which is part of a two-building, 494,400-square-foot industrial campus. Joseph McDermott and Vincent Ranalli of CB Richard Ellis brokered the lease, which carries a 7-year term. The landlord is RREEF.
PLAINFIELD, N.J. — Later this month, Sheldon Good & Co. will conduct a one-day auction for six multifamily buildings recently entered into Chapter 11 bankruptcy protection. All of the properties are owned and operated by Plainfield-based Connolly Properties. All six properties are located in Plainfield, with three of them situated adjacent to each other on East Front Street. They include Watchung Garden Crossing, a 102-unit property located at 802-837 E. Front St.; Netherwood Village, a 107-unit property located at 825-855 E. Front St.; and Green Brook Village, a 58-unit property located at 733-747 E. Front St. The remaining three properties include Liberty Arms, an 84-unit property located at 501 and 515 W. 7th St.; Central Avenue Apartments, a 20-unit property located at 831 Central Ave.; and Madison Avenue Apartments, a 39-unit building located at 609 Madison Ave. The auction will be held on June 24. The properties will be sold separately and absolute, subject to court approval, with suggested opening bids ranging from $350,000 to $2.5 million.
NEW YORK CITY — Massey Knakal has brokered the sale of a walk-up apartment building in Long Island City, Queens, for $3.3 million. The five-story building is located at 36-52 35th St. It contains 29 residences in a mix of 14 one-bedroom units, 14 two-bedroom units and one three-bedroom unit. All of the units except for one are rent stabilized, and one unit is currently vacant. The property traded at a 6 percent cap rate. Massey Knakal's Al Holloman and Evan Daniel represented the seller. Both parties were undisclosed.
BELLINGHAM, MASS. — Natick-based Premier Equipment has acquired a 45,000-square-foot office/warehouse flex building in Bellingham for $3.2 million. The property is located on 9.6 acres at 47 S. Maple St. John Eysenback of R.W. Holmes Realty Co. was the sole broker in the transaction. He is also representing the buyer in the search for a tenant to occupy 15,000 to 20,000 square feet of expansion space currently available in the building.
NEW YORK CITY — Mortgage Equicap has arranged a $13 million bridge loan and preferred equity investment for a condominium project in Manhattan's Tribeca neighborhood. The financing is being used to facilitate the conversion of a 30,000-square-foot rental building into luxury condominiums. The borrower and lender's names were not released.
NEW YORK CITY — Construction for One World Trade Center has reached the 26th floor. Scheduled for completion in 2013, construction is expected to reach the 50th floor by the end of this year. Ultimately, the tower will rise 104 stories and 1,776 square feet. It will contain 2.9 million square feet of Class A office space, 190,810 square feet of which has already been leased to China Center New York LLC. Additional tenants already committed include the New York State Office of General Services and the U.S. General Services Administration. Developed by the Port Authority of New York and New Jersey, the One World Trade Center project also includes 500,000 square feet of retail space, the WTC Transportation Hub and the 9/11 Memorial and Museum. The project will be applying for LEED-Gold certification. The project architect is Skidmore, Owings & Merrill. A team of Cushman & Wakefield brokers led by Tara Stacom and Allan Stein is leasing the property.
HACKENSACK, N.J. — A joint venture between Prism Capial Partners and New Boston Fund has sold a Hackensack flex building to a jewelry importer. The single-story, 43,000-square-foot property is located at 60 Commerce Way. The buyer plans to relocate its headquarters to the building. Michael Schaible of Jones Lang LaSalle represented the seller, and Young Star Realty represented the buyer. The acquisition price was not disclosed.