NEW YORK CITY — GFI Realty Services has brokered the sale of a Harlem apartment building for $1.15 million. The property comprises nine residential units, all of which are rent stabilized, and one retail unit. It is located at 2528 Seventh Ave. Michael Kerwin and Roni Abudi of GFI represented the seller, a Manhattan-based investor. Abudi also represented the buyer, a local owner that plans to hold the property for the long term.
PHILADELPHIA — Colliers International has completed two sales in Phiadelphia. In the first deal, Bethanna disposed of its 22,000-square-foot building at 1216-1232 Wood St. in a sale-leaseback arrangement. The Christian family services organization will lease a portion of the first floor. The buyer, 1216-1232 Wood Street LP, plans to operate its own offices out of the building as well. Colliers’ Michael Barmash represented the seller, and Andy McGhee, also of Colliers, represented the buyer. The property traded for $1.6 million. In the second deal, Stein & Silverman Family Partnership acquired a 2-acre land parcel located in the Food Distribution Center off Pattison Avenue. Barmash represented the seller, Wing Lee Realty LLC. The property traded for $600,000.
DOVER, N.H. — Marcone Capital has arranged a $13 million loan for the refinancing of a New Hampshire shopping center. Shaw's Plaza is located at 851 Central Ave. in Dover. The 165,000-square-foot property is anchored by Shaw's Supermarkets and tenanted by Bed, Bath & Beyond, Petco, Rite Aid and Rocky's Ace Hardware. Occupancy was 95 percent at the time of closing. The owner is an affiliate of Northstar Properties. Mike Marcone of Marcone Capital secured the financing, which was provided by a Connecticut savings bank.
WALLKILL, N.Y. — President Container Group (PCG) has acquired two industrial buildings located in Panattoni Business Center. The buildings total 522,000 square feet and are rail served. PCG plans to use the buildings for the manufacturing and warehousing of corrugated containers. Jim Tully of CB Richard Ellis arranged the deal.
BOSTON — Bain Capital has signed a 15-year lease for 208,000 square feet of space at Boston's iconic Hancock Tower. The tenant will occupy seven contiguous floors of the 62-story tower and has the option to expand its presence up to 270,000 square feet before taking occupancy, which is expected in fall 2011. Cushman & Wakefield's Gil Dailey, Dave Martel and Rob Griffin represented the tenant in lease negotiations. Bill Anderson, also of Cushman & Wakefield, represented the landlord, a joint venture between Normandy Real Estate Partners and Five Mile Capital Partners. This lease brings occupancy at the 1.8 million-square-foot tower to 95 percent.
NEW YORK CITY — Massey Knakal Realty Services has completed two New York City multifamily sales for a total of $8.69 million. In the first transaction, James Nelson represented the seller in the $7.5 million disposition of 283 West 11th Street, a five-story, 10-unit building located in Manhattan's West Village. Peter Von Der Ahe of Marcus & Millichap represented the buyer. In the second transaction, Massey Knakal's Adam Hess handled the $1.19 million sale of 2902 Fort Hamilton Parkway, a three-story, four-unit walk-up building located in Brooklyn. Both properties feature ground-floor commercial space. The parties in both deals were not disclosed.
QUINCY, MASS. — Coastal Partners has completed construction for a new BJ's Wholesale Club in Quincy. The new store is located at 2100 Crown Colony Road within the Crown Colony Office Park. Its 84,000-square-foot size marks the first mid-sized prototype for the wholesaler in New England. The project consisted of the brownfield remediation of a 40,000-square-foot printing facility. It is the 20th BJ's in the state.
BRIDGEPORT, CONN. — The former National Wholesale Liquidators building in Bridgeport has sold for $7.85 million. Fortress Development acquired the 45,000-square-foot building, which is located at 4425 Main St., and plans to lease it to a major supermarket. Bruce Wettenstein of Vidal/Wettenstein was the sole broker in the deal between Fortress and the seller, Cornell Main Street LLC.
SEWELL, N.J. — CB Richard Ellis (CBRE) has arranged the sale of a medical office property in Sewell for $3.12 million. The 15,000-square-foot building is located at 570 Egg Harbor Road, less than a mile from Kennedy University Hospital's Washington Township campus and Virtua Hospital's new Gloucester County campus. The property is fully occupied through 2013 by the University of Medicine & Dentistry of New Jersey. CBRE's Douglas Rodio and Stephen Marzullo represented the seller, Guzzo Developers, and procured the buyer, a private investor.
GARDEN CITY, N.Y. — Metropolitan Realty Associates (MRA) has acquire a two-story, 335,000-square-foot Long Island office building in an off-market transaction for $15 million. The property is located on more than 17 acres at 711 Stewart Ave. in Garden City. It was 39 percent occupied at the time of closing by a tenant roster that includes Sanford Brown Institute, the New York State Department of Education, Nassau Radiology, a vocational school and several medical office tenants. MRA, which made the purchase with its equity partner, Angelo Gordon Co., plans to make significant capital improvements to the property. MRA completed the deal through a dual transaction with former owner AVR Realty and Guardian Life Insurance, which holds the property's mortgage. Richard Karson and Marty Lomazow of CB Richard Ellis negotiated the transaction.