BELMONT, MASS. — Skanska USA has broken ground for the construction of the new Wellington Elementary School in Belmont. The project began with the demolition of the existing buildings. The new school will consist of two buildings connected by a two-story core that will house administrative offices, a media center, and art and music rooms. The 88,000-square-foot school will also be pursuing certification as a Massachusetts High-Performance Green School. Sustainable features will include a geothermal HVAC system, high-efficiency mechanical systems, and increased daylighting. Jonathan Levi Architects is the project's lead architect, and Burt/Hill Associates is the associated architect. During construction, Wellington Elementary students will be relocated to a modular classroom building at Belmont High School.
HARRISBURG AND READING, PA. — The Kislak Company has completed the sales of two Pennsylvania apartment buildings for a total of $10.68 million. The first transaction involved the $7.03 million sale of Walnut Crossing, a 134-unit, garden-style property located in Harrisburg. The property was 92 percent occupied at closing. The buyer assumed an existing $5.1 million mortgage from Freddie Mac. The second transaction involved the $3.65 million sale of Berkshire Towers, a 90-unit, high-rise building located in Reading. The property was 95 percent occupied at closing. Acquisition financing for this deal was provided by PNC Wealth Management. Robert Holland of The Kislak Company represented both parties in each transaction.
BRISTOL, CONN. — Brookside Apartments, a 78-unit apartment property located in Bristol, has been sold in a $6.2 million deal. Built in 1961 and extensively remodeled in 2003, the community contains 12 one-bedroom units, 41 two-bedroom units and 25 three-bedroom units. Residences range in size from 750 to 1,350 square feet. Rick Chozick of Chozick Realty represented the seller, CT Bristol Limited. Bartram & Cochran represented the buyer, Bristol Brookside LLC.
SOMERSET AND GREENSBURG, PA. — UMH Properties has acquired two Pennsylvania manufactured housing communities for a total of $13.2 million. The first community, Sunny Acres, is a 53-acre, 207-site property located in Somerset. The second property is Suburban Estates, a 35-acre, 200-site property located in Greensburg. The seller's name was not released.
NEW CASTLE, DEL. — Five Below has expanded its lease at Twin Spans Business Park in New Castle. The retailer will expand from 214,000 square feet to occupy all 421,000 square feet of 350 Anchor Mill Road. Harvey, Hanna & Associates negotiating the deal.
NEW YORK CITY — Landmark Realty Capital has arranged a $6 million first mortgage to finance the completion of a Brooklyn multifamily building. The project, located at 104-110 Broadway in the borough's Williamsburg neighborhood, consists of a seven-story building with 40 residences and two commercial units. The borrower, IB Broadway LLC, was represented by Landmark's John Chiappetta.
NEWARK, N.J. — The Hampshire Companies has disposed of a 6,705-square-foot retail building in Newark that is leased to AutoZone. The building is located at 300-344 Broad St., within close proximity to the Garden State Parkway and interstates 78 and 280. The buyer was Meadowlands Restaurant Inc.
EAST PROVIDENCE, R.I. — A joint venture led by USAA Real Estate Co. has acquired Wampanoag Plaza, a 225,610-square-foot shopping center in East Providence. Situated at the intersection of routes 44 and 1A, the property was built in 1970 and renovated last year. Its anchors include a 65,000-square-foot Stop & Shop, a 37,000-square-foot Savers and a 30,000-square-foot Marshalls. Additional tenants include Payhalf, Dollar Tree, NAPA Auto Parts and Payless Shoesource. Occupancy was 97 percent at the time of closing. The seller was New York-based Emmes Asset Management Co. Keypoint Partners will assume property management responsibilities.
BOSTON — NAI Hunneman has brokered the sale of a 21-unit apartment building in Boston's Fenway neighborhood for $5.22 million. The price per unit of approximately $248,571 represents a new high for a multifamily property in the Fenway area. Robert Tito, Dan McGee and Gina Barroso, all of NAI Hunneman, represented the seller, 227 Park Drive LLC, and procured the undisclosed buyer. Located at 227 Park Drive, the brick building was constructed in 1920 and renovated in 2005.
HOPKINTON, MASS. — Colliers Meredith & Grew has arranged an $8.5 million loan for the refinancing of an office/R&D portfolio located in Hopkinton. The portfolio comprises four buildings located at 97, 99, 103-105 and 107-109 South St. Its 173,917 square feet of space is fully leased, with pharmaceutical company Lonza Hopkinton occupying a majority of it. The loan carries an 8-year term and a fixed interest rate. Genworth Financial was the borrower and Southfield Properties I, II and III LLC was the borrower. John Broderick of Colliers' Capital Market Group facilitated the transaction.