PATERSON, N.J. — CB Richard Ellis (CBRE) has completed the sale of a multifamily building located at 315 Park Ave. in Paterson. The property contains 19 units and was fully occupied at the time of closing. CBRE's Charles Berger, Dean Marchi and Gehane Triarsi represented the undisclosed seller in the transaction. The buyer, whose name was also not released, plans to hold the property as a long-term investment.
NEWARK, N.J. — Marcus & Millichap has brokered the sale of an 11-unit multifamily building in Newark for $250,000. Built in 1960, the property contains 10 apartments and one ground-floor commercial space. The unit mix is one studio, seven one-bedrooms, one two-bedroom and one three-bedroom. Steve Sussman of Marcus & Millichap's Miami office and Christopher Rizzolo of the firm's New Jersey office represented the seller, an Ohio financial institution, and procured the buyer, a New York investor.
PHILADELPHIA, PA. — Discount retailer Roses has signed a lease for 50,000 square feet of space at Rising Sun Plaza, a shopping center located at the intersection of Rising Sun and Adams avenues in Philadelphia. Jed Masloff and Jim Creed of Fameco Real Estate represented the retailer in lease negotiations. The store will hold its grand opening this week. The landlord's name as well as the terms of the lease were not disclosed.
CHELMSFORD, MASS. — Integrated Builders has completed a 13,000-square-foot interior office build-out at 300 Apollo Drive in Chelmsford. The space is being leased to semiconductor manufacturer Intersil Corp. Boston-based Spagnolo Gisness & Associates served as general contractor. Integrated has completed several projects at 300 Apollo, most notably a 133,500-square-foot office build-out for Aspect Software's corporate headquarters.
NEW YORK CITY — Massey Knakal Realty Service has brokered the sale of 121 residential units within the Donner Gardens apartment community in New York City. The apartments consist of the remaining unsold units from a co-op conversion of the property in the 1980s. The previous owner was the building's original developer. The units range from studios to two bedrooms, with the majority being one-bedroom apartments. Approximately 25 percent of the units are rent stabilized. Swain Weiner, Robert Knakal and Jonathan Hageman of Massey Knakal negotiated the deal. Donner Gardens consists of five, six-story buildings located on 81st and 82nd streets in Queens' Jackson Heights neighborhood. The community contains a total of 270 units.
NEWARK, N.J. — The Goldstein Group has brokered the sale of a freestanding Walgreens pharmacy located in Newark. The building is situated at 361-397 Bergen St. and is part of a shopping center that also includes The Home Depot, Applebee's and Wendy's. The buyer was undisclosed and the seller was Springfield Bergen LLC. The sale price was not release, but the property traded at a 6.5 percent cap rate. The Goldstein Group also negotiated the sale of the land for the building's development as well as the leasing of the building to the pharmacy chain.
SPRINGFIELD, N.J. — No Body Denied Health Club has opened a 21,500-square-foot anchor location within Echo Plaza, a shopping center located at the intersection of Mountain Avenue and U.S. Route 22 in Springfield. The fitness center includes a cycle studio, group fitness classrooms, a youth sport training zone and childcare areas. No Body Denied will join co-anchor Stew Leonard's Wine & Spirits at the shopping center, which is undergoing a repositioning. Other tenants include Outback Steakhouse, Sherwin Williams, Echoqua Italian Bistro and Chen's 22 Chinese restaurant. Larken Associates is the owner of Echo Plaza and Levin Management Corp. is the leasing agent.
WOBURN, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of a 5.6-acre redevelopment site located at 399 Washington St. in Woburn. The property was previously occupied by the Lannan Buick Pontiac auto dealership. Jim Koury and Nathaniel Heald of JLL represented the seller, Argonaut Holdings, and procured the buyer, Nai Nan Ko. The acquisition price was not disclosed.
CENTRAL ISLIP, N.Y. — Hauppauge, N.Y.-based Ashlind Properties has brokered the sale of a 248,000-square-foot distribution center located in Central Islip. The buyer, Raymour & Flannigan, had previously leased the property, located at 111 Windsor Place, and exercised its option to purchase it. Amenities of the building include 40-foot clear ceiling heights, 40 loading docks, a racking system and 11,000 square feet of office space. Richard Cohen of Ashlind represented both sides in the transaction, with assistance provided by Ashlind's Michael Landsman. The seller was Islip U-slip LLC. The acquisition price was not disclosed, but the original purchase option in the lease was in excess of $21 million.
NORTH BRANFORD, CONN. — Tranzon Integrated Property Group has completed the sale by auction of Central Plaza Shopping Center, a 50,000-square-foot retail property located in North Branford. The property traded for $2.86 million. Andrew Buzzi, Jr., of law firm Buzzi & Terbrusch represented the undisclosed seller. The buyer's name was also not released.