BOSTON, MASS. — Wells Fargo has provided $51.41 million in permanent, non-recourse financing for a 17-property, 1.8 million-square-foot industrial portfolio recently acquired by Cabot Properties. Doug Novitch and Kimberly Dail of Wells Fargo's Boston office originated the loan. March Bechard and Justin Harvey provided in-house representation on behalf of Cabot. Terms of the loan were not disclosed.
ALBANY, N.Y. — Albany-based NAI Platform has completed the sale of an apartment building located at 357-363 Morris St. in Albany for $2.4 million. The building contains 31 units; it was built in 1929 to house nurses working at nearby Albany Medical Center, and today it primarily houses medical school students . NAI's Fred McLaughlin represented the seller, and Tom Cairns, also of NAI, represented the buyer. Both parties were undisclosed.
COPLAY, PA. — NAI Summit has arranged the acquisition of a 10,500-square-foot flex industrial building located in Coplay for $650,000. The building, which is located at 3241 Levans Road, will be used by the buyer, Loikits Industrial Services, as the second location for its HVAC and refrigeration repair operations. Its first location is in Whitehall, Pa. Jay Haines of NAI Summit represented the buyer. The seller was undisclosed.
ARLINGTON, MASS. — Bierbrier Development is nearing completion for a 9,000-square-foot, freestanding addition to the Arlington Village Shops retail center in Arlington. Upon completion, the addition will bring the total amount of space within the center to 25,000 square feet. The project is applying for LEED certification. Petco and Hair Cuttery have already signed leases for a total of 6,375 square feet within the new addition. The Meat House also signed a lease for 3,300 square feet within the original shopping center. Adam Cirel of Atlantic Realty Properties, Jonathan Lapat of Strategic Retail Advisors and Casey Piche of Bierbrier Development negotiated the leases.
SPRINGFIELD, PA. — Conshohocken, Pa.-based Equity Retail Brokers has completed the sale of an approximately 2-acre development site located at 537 Baltimore Pike in Springfield. The buyer, Beneficial Mutual Savings Bank, plans to demolish the building presently occupying the site and construct a 4,500-square-foot bank branch with three drive-thru lanes. The branch will open this summer. Lee Cooper and Ed Ginn of Equity Retail Brokers represented the buyer. The seller was Illinois-based Insite Springfield LLC.
CHELMSFORD, MASS. — Jones Lang LaSalle (JLL) has completed the sale of an 84,000-square-foot industrial flex building located at 10 Industrial Ave. in Chelmsford. The single-story building is leased to the U.S. Department of Veterans Affairs, which recently expanded to occupy the entire building. JLL's Scott Jamieson, Michael Smith and Rob Borden represented the seller, New Boston Fund, and procured the buyer, RAM Management Co. The acquisition price was not disclosed.
NEW YORK CITY — Massey Knakal has brokered the sale of a four-story residential building in New York City for $4 million. Located at 851 Lexington Ave. on Manhattan's Upper East Side, the building contains two retail spaces on the first two floors and two studio apartments on the top two floors. Massey Knakal's Guthrie Garvin was the sole broker in the deal.
BREINIGSVILLE, PA. — CB Richard Ellis Capital Markets (CBRE) has arranged $4.3 million in permanent financing for the acquisition of Allentown Crossings III, an approximately 119,900-square-foot industrial building located in Breinigsville. Situated on 17 acres, the Class A facility features 28-foot clear ceiling heights, 12 loading docks and 10 trailer stalls. It is leased on a long-term basis to Olympus Corporation of the Americas. Mike Riccio and Christine Kubas of CBRE's Hartford, Conn., office secured the loan, which carries a 10-year term, a 6.5 percent interest rate and a 25-year amortization schedule. The borrower was Griffin Land & Nurseries, and the lender was NewAlliance Bank.
NEW YORK CITY — Douglaston Development has opened Ohm, a 34-story rental apartment building located at 312 11th Ave. in the Chelsea neighborhood of Manhattan, New York City. Ohm contains 288 units, with monthly rents starting at $1,850. Amenities include a four-story lobby atrium that will also serve as a performance and multimedia space; a 5,100-square-foot, landscaped sky deck; a two-story gym; and a 3,400-square-foot lounge with an adjacent, 4,400-square-foot outdoor patio. The building also includes 5,000 square feet of ground-floor retail space and two levels of parking. Douglaston is the developer and Stephen B. Jacobs is the project architect.
LITTLE EGG HARBOR, N.J. — Marcus & Millichap has brokered the sale of Tuckerton Commons, a retail center located in Little Egg Harbor, for $2.16 million. The property totals 9,168 square feet and was built in 2007. It is fully occupied by West Marine, AT&T and Jersey Mike's. Michael Lombardo of Marcus & Millichap's New Jersey office represented the seller, a North Carolina-based developer. Seth Pollack, also of Marcus & Millichap's New Jersey office, represented the buyer, a northern New Jersey-based investor.