NEW YORK CITY — NAI Global has brokered the sale of a five-story garage building in New York City for $29.5 million. The 40,000-square-foot building is located at 318 E. 48th St. It was purchased by the Government of the Republic of Singapore, which plans to convert the building into an office building that will house its Mission to the United Nations and Consulate offices. The government is currently located at 231 W. 51st St. Gil Robinov of NAI's New York City office represented the buyer. David Noonan of Newmark Knight Frank represented the seller, Chapman Consulting Group.
QUINCY, MASS. — CB Richard Ellis (CBRE) Investors has acquired Avalon at Faxon Park, a 171-unit garden apartment community located in Quincy. The property, which was built in 1997, is situated at 500 Falls Blvd. It features one-, two- and three-bedroom units averaging 1,027 square feet. Amenties include a clubhouse, a swimming pool and a playground. The property was fully occupied at the time of closing. CBRE Investors plans to complete capital improvements to the community, including upgrades to the fitness center, clubhouse and other commons areas. CBRE Investors made the purchase on behalf of its CBRE Strategic Partners U.S. Value 5 Fund, with Stephen Gullo and Steve Zaleski providing in-house representation. Simon Butler of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not released.
QUINCY, MASS — Fantini & Gorga (F&G) has arranged $13 million in financing for a ground lease in Quincy. The borrower plans to construct a 102,000-square-foot Lowe's Home Improvement Warehouse on 13 acres at Burgin Parkway, across from the Quincy Adams MBTA Station. The land parcel is part of a 16-acre assemblage; the remaining 3.5 acres include a relocated city park and a land swap with an existing owner. F&G's Tim O'Donnell, Mark Whelan and Andrew Kern negotiated the transaction. The lender is a regional bank.
NEW YORK CITY — SL Green Realty Corp. has closed on a $215 million loan for the refinancing of 100 Park Avenue in Manhattan, New York City. The loan carries a 5-year term with two 1-year extension options and a 6.64 percent fixed interest rate. The proceeds will be used to retire the property's existing $175 million mortgage as well as complete a $72 million renovation of the property that began in 2007. The lender was a group of banks that includes DekaBank, Helaba, PB Capital Corp., Westdeutsche ImmobilienBank AG and Modern Bank. SL Green owns 100 Park Avenue in a joint venture with institutional investors advised by Prudential Real Estate Investors. The tower totals 36 stories and 825,815 square feet.
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed two leases for Manhattan office space totaling 189,054 square feet. First, JLL brokered a 10-year renewal on behalf of General Motors Corp. (GM) at 767 Fifth Avenue. GM occupies the 14th through 16th floors of the building for a total of 114,300 square feet. The company has leased space at the 2 million-square-foot, Class A building since it was built in 1968. Peter Riguardi, Michael Shenot and Lloyd Desatnick represented the tenant. Robert Selsam and Andrew Levin of Boston Properties provided in-house representation for the landlord. In the second deal, JLL negotiated a sublease for 74,754 square feet on behalf of NYC Office Suites at 1350 Avenue of the Americas. The subtenant, which provides short-term office space for lease, will occupy the second through fourth floors of the 585,156-square-foot building for an 11-year term. Scott Panzer and Sean Black of JLL represented NYC Office Suites. Joseph Harkins of Grubb & Ellis represented the sublessor, Harper Collins.
NORTH KINGSTOWN, R.I. — Integrated Builders has completed construction for the Outside Air Center, an 80,000-square-foot retail component of The Shops at Quonset Point. The project also included 25,000 square feet of shell space for anchor Dave's Marketplace, as well as tenant fit-ups for Supercuts and Hollywood Nails. The project architect is Boston-based Bergmeyer Associates. The Shops at Quonset Point totals 25 acres; it consists of 160,000 square feet of retail space and 40,000 square feet of office space. The Shops at Quonset Point is part of the $80 million Quonset Gateway master-planned project.
WALTHAM, MASS. — J. Calnan & Associates has completed Phase I of the 85,000-square-foot renovation of Constant Contact's Waltham headquarters located at 1601 Trapelo Rd. A new Network Operations Center was built, which includes state-of-the-art audio/visual equipment and a media room for online podcasts. Phase II of the project will include the creation of a Great Room, which will be used for large training events. The project team also includes Visnick & Caulfield and WB Engineers.
HAVERHILL, MASS. — The grand opening has been held for the second building at Hamel Mill Lofts, a 305-unit multifamily project located in Haverhill. Known as The Pentucket, the eight-story building contains 60 units. The first building at the four-building complex opened in December 2008. Known as The Essex, the structure totals eight stories and contains 71 units. The other two buildings, a nine-floor, 163-unit building known as The Tilton, and a two-story, 11-unit building known as The Powerhouse, will open this December. Developed by Forest City Residential, Hamel Mill Lofts consists of the historic redevelopment of the former L.H. Hamel Leather Company Complex, a shoe manufacturing facility that was first built in 1916. All buildings feature one- and two-bedroom units with rents ranging from $1,100 to $1,800 per month. Amenities, which will be located on the first floor of The Powerhouse, include a fitness center, a screening room, a game room with a billiards table, a community room, a resident lounge and a cyber cafe. The property is currently 37 percent leased.
PHILADELPHIA — Levin Management Corp. has brokered the purchase of Morrell Plaza, a 103,244-square-foot shopping center located in Philadelphia, for $22 million. Located on Frankford Avenue, Morrell Plaza is anchored by a 60,726-square-foot ShopRite and a 12,718-square-foot RiteAid. Other tenants include Blockbuster, T-Mobile, Beneficial Mutual Savings Bank, Supercuts, Allstate Insurance, Jackson Hewitt and Dunkin' Donuts. The buyer, which was represented by Levin Management, was a joint venture partnership that includes Levin Properties. Richard Soloff of Colliers Lanard & Axilbund represented the seller, Midland Development Group.
AVON, MASS. — The Stubbledine Company has completed the sale of an industrial building located in Avon for $1.15 million. The 22,000-square-foot building is situated on 1.45 acres at 244 Bodwell St. Micah Stubbledine and Donald Humpton of The Stubbledine Company represented the seller, Titan Realty Trust, and procured the buyer, 244 Bodwell LLC.