DEVENS, MASS. — Quiet Logistics has leased 200,000 square feet of industrial space at 66 Saratoga Blvd. in the Devens Industrial Park in Devens. The 66 Saratoga building, now fully occupied, is comprised of 420,000 square feet of industrial and office space. The site will serve as Quiet Logistics’ distribution center. John Lashar, Paul Leone and James Lipscomb, all of Richards Barry Joyce & Partners, represented the landlord, CrossHarbor Capital Partners. Klemmer Associates’ Greg Klemmer and Tim Brodigan represented Quiet Logistics in the lease.
NEW YORK CITY — The Community Preservation Corporation has provided a $1.16 million construction loan for two Harlem apartment buildings’ rehabilitation. The three-story brick walk-up apartments on Astor Row are located at 60 and 62 W. 130th St. and are designated as a historic landmark by the NYC Landmarks Preservation Commission. Astor Row features 28 semi-attached row houses. The buildings are owned by PFC Astor Row HDFC and, once completed, will feature two two-bedroom apartments and a duplex garden apartment. The NYC Department of Housing Preservation and Development also provided $330,000 in additional financing under its Preservation Participation Loan Program. J-P Design Inc. has been selected as the architect and Setanta Restoration Inc. has been chosen as the contractor.
NEPTUNE, SOUTH RIVER and LONG BRANCH, N.J. — Phoenix Realty Group and The Orbach Group have purchased three former AIG properties in central New Jersey for $46.5 million. The three properties — Jumping Brook Apartments in Neptune, Leonardine Gardens in South River and Marine Gardens in Long Branch — total 472 apartments. Nearly $2.5 million will be spent in renovations on all three properties. The purchase was part of a larger deal involving three other apartment communities in New Jersey sold to Vantage Properties and Angelo, Gordon & Co.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has brokered the sale of 1306 Fteley Avenue, an apartment building totaling 69 units in the Soundview Section of the Bronx. The six-story, 69,060-square-foot property sits on the southeast corner of Fteley Avenue and East 172nd St. Marco Lala of Marcus & Millichap’s Manhattan office represented both buyer and seller.
NEW YORK CITY — Beech Street Capital has provided a $14.8 million Fannie Mae loan to refinance two Section 8 apartment buildings in Manhattan’s Hamilton Heights. The property is comprised of 89 units and has had an occupancy of more than 97 percent over the past 2 years. Joe Klein of Meridian Capital Group originated the transaction. The loan has a 10-year term with a 9.5-year yield maintenance and a 30-year amortization schedule.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has facilitated the $2.4 million purchase of an 8-unit apartment building in New York’s Chelsea neighborhood. The property is located at 308 W. 22nd St. and fetched a capitalization rate of 4 percent. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap represented both buyer and seller in the transaction.
HOBOKEN, N.J. — Mission Fifty, a co-working space, will open its doors in the 3,000-square-foot penthouse of the Hoboken Business Center at 50 Harrison St. in Hoboken. The space includes offices, Internet connection, phones, printers, mail services and a conference room. Founders Aaron Price, Michael Pierce and Greg Dell’Aquila set up the space for entrepreneurs and freelancers to rent work space at a daily or monthly rate.
NEW YORK CITY — Pebblebrook Hotel Trust has acquired a 49 percent interest in a joint venture with Denihan Hospitality Group that owns six upscale hotels in Manhattan valued at $910 million, which includes $596.6 million in mortgage and mezzanine debt. Pebblebrook will make a $153.6 million equity investment in the joint venture, and Pebblebrook and Denihan will make all decisions jointly. The six hotels — Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin — comprise 1,640 guest rooms.
NEW YORK CITY — U.S. Republic Core Fund, an affiliate of USAA Real Estate Co., has joined RXR Realty and Broadway Partners in a joint venture to recapitalize 340 Madison Avenue, an approximately 750,000-square-foot Class A office building in Manhattan’s Grand Central submarket. Part of the recapitalization includes 12-year first mortgage financing from Cornerstone Real Estate Advisers. The property is 92 percent leased to tenants including SunGard, National Financial Partners and PNC Financial Services Group, as well as ground-level retailers Verizon Wireless, Starbucks, Coach and Van Laack.
ROBBINSVILLE, N.J. — Matrix Development Group has acquired 4 Applegate Drive, a 265,014-square-foot Class A warehouse site in Robbinsville from Allstate Investment. Matrix has also executed two leases for 80 percent of the building and capitalized the site in a venture with its partners at Morgan Stanley. BudCo East Coast has signed a 153,200-square-foot lease and Longchamp USA has leased 55,345 square feet at the site. Matrix is planning a $1.8 million renovation, which will include adding a truck court and loading doors to the site. Mindy Lissner and Stacey Weinberg of CB Richard Ellis represented Allstate in the property sale and Matrix was represented in-house. Jason Goldman of Cushman & Wakefield of New Jersey, Inc. represented BudCo and Joel Lubin of Jones Lang LaSalle represented Longchamp in the lease negotiations. Matrix was represented in-house in the lease transactions.