NEW BRUNSWICK, PERTH AMBOY AND JERSEY CITY, N.J. — Marcus & Millichap's New Jersey office has completed the sales of three New Jersey apartment buildings for a total of $2.7 million. The first transaction involved a seven-unit building located at 40-42 Easton Ave. that traded for $1.15 million. The second deal included an 11-unit property located at 216 Madison Ave. in Perth Amboy that traded for $675,000. Maz Radwan of Marcus & Millichap represented the sellers as well as the buyers, all local parties. Radwan also partnered with Marcus & Millichap's Steven Matovski to sell a two-building, 12-unit property located at 161 Congress St. and 175 South St. in Jersey City. The property traded for $887,000. Matovski procured the buyer, a local apartment operator. The seller was a local private investor.
MONROE TOWNSHIP, N.J. — L.A. Enterprises has signed a lease that will relocate its headquarters to the Alovats North distribution property in Monroe Township. The tenant, which was previously headquartered in South Brunswick, will occupy 372,000 square feet within the building — representing an approximately 130,000-square-foot expansion. Stan Danzig, Jules Nissim and Noah Balanoff of Cushman & Wakefield's East Rutherford, N.J., office, along with Frank Caccavo and Jason Goldman of the firm's Edison, N.J., office represented the landlord, Principle Real Estate Investors, in lease negotiations. Douglas Fura of NAI Farbman and Raymond Musalo of Alliance Real Estate Group represented the tenant. Located near Exit 8A of the New Jersey Turnpike at 1 Costco Way, Alovats North is an approximately 1 million-square-foot, Class A distribution facility that features 36-foot clear ceiling heights, 50-foot by 50-foot column spacing and cross-docked loading.
NEW YORK CITY — Richman Group Development Corp. has commenced construction for two affordable housing projects in New York City's Central Harlem neighborhood. The Balton will be located at the corner of St. Nicholas Avenue and West 127th Street. It will consist of a 12-story wing and a six-story wing containing 156 studio, one-, two- and three-bedroom units. The other project, Douglass Park, will be an eight-story building located at the corner of Frederick Douglass Boulevard and West 128th Street. It will contain 70 one-, two- and three-bedroom units. Amenities at both communities will include fitness centers, resident lounges, outdoor courtyards, bicycle storage and laundry facilities. The buildings will also contain 15,000 square feet of ground-floor retail space. Upon completion, which is expected in 2011, Richman Property Services will serve as property manager. Richman Group has previously developed residential projects in Harlem, including The Hamilton and The Langston, both on 145th Street.
STOUGHTON, MASS. — CB Richard Ellis (CBRE) Investors has formed a joint venture with Wood Partners for the development of a new multifamily community in the Boston suburb of Stoughton. Alta at Indian Woods will be located at the intersection of Route 138 and Stagecoach Road. Construction will include three four-story buildings containing 154 garden-style units. Property amenities will include a clubhouse, a swimming pool with a sundeck, a fitness center and a clubroom. Site work for the project is already complete. CBRE Investors is developing the community on behalf of its CBRE Strategic Partners U.S. Opportunity 5 fund.
FRAMINGHAM, MASS. — NAI Hunneman has brokered the sale of a Framingham apartment community for $2.7 million. Colonial Arms is located at 3 and 5 Beaver Park Road. It consists of two three-story buildings, each containing 18 units in a mix of studio, one-bedroom and two-bedroom units. The 0.73-acre property also includes 50 parking spaces. The buyer, Coleross James LLC, plans to hold the community as a rental property. Carl Christi and Dan McGee of NAI procured the buyer and represented the seller, 3&5 Beaver Park LLC.
PHILADELPHIA — Berkadia Commercial Mortgage has originated $16.25 million in fixed-rate funds for the refinancing of a Philadelphia retail center. Whitman Plaza is a 279,000-square-foot property located at the intersection of Oregon Avenue and Randolph Street. Anchors include Pathmark and Kmart. Additional tenants include Fashion Bug, Payless Shoesource, Radio Shack and Party City. David Fishler of Berkadia's New York City office secured the loan on behalf of the borrower, an affiliate of Breslin Realty Development, which developed the property 25 years ago. The lender was Long Island, N.Y.-based Bethpage Federal Credit Union.
MECHANICSBURG, PA. — Appliance retailer hhgregg has signed a lease for a 40,000-square-foot retail building in Mechanicsburg. The building is situated within Hampden Commons Shopping Center and was formerly occupied by Circuit City. Owned by Clifton, N.J.-based ARC Properties, Hampden Commons is a 38-acre retail development located on Carlisle Pike. The center's anchors include The Home Depot, Staples, Kmart, PetSmart and Dick's Sporting Goods.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman (CWSG) has arranged $35 million in first-mortgage financing for a Manhattan office tower. The property, which contains 500,000 square feet of office space over 23 stories, is located at 1385 Broadway. It is currently in the final stages of a major capital improvements program. CWSG represented an affiliate of Bloomingdale Properties in securing the loan, which carries a 10-year term and was provided by a commercial bank. In addition, Cushman & Wakefield serves as property manager and leasing agent for 1385 Broadway.
WILMINGTON, DEL. — Emory Hill & Co. has completed construction for the new Delaware Children's Museum in Wilmington. The 37,000-square-foot project consisted of the conversion of the former Kahunaville restaurant into an interactive museum. The museum will open later this month.
NEW YORK CITY — Completion is nearing for Embelesar, a new residential cooperative building located at 152 W. 118th St. in New York City's East Harlem neighborhood. The six-story building contains a total of 57 residences in a mix of studios, one-bedroom and two-bedroom units. Amenities include concierge service, a landscaped terrace, a fitness room, and parking spaces and storage bins for rent. Prices start at $240,000, with most units ranging between $400,000 and $600,000. The Corcoran Group is marketing the property. Bluestone is the developer.