HAVERHILL, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of an apartment community in Haverhill for $26.55 million. Residence at Little River contains 174 one- and two-bedroom units over seven buildings. Amenities include a business center, a fitness center and a swimming pool. Michael Smith and Scott Jamieson of JLL's Boston office partnered with Al Cissel and Scott Melnick of the firm's Bethesda, Md., office to represent the seller, Equity Residential. The buyer was Acumen Real Estate.
MASSACHUSETTS — Providence, R.I.-based Providence Realty Investment has entered into the Massachusetts multifamily market with its acquisition of a 10-property affordable housing portfolio from Equity Residential for $108 million. The portfolio totals 931 units in a mix of garden-style, mid-rise and townhome-style residences. The properties are all located in Massachusetts within an hour's drive of each other. Providence made the purchase through its affiliate, Rhode Island Homes. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and Christopher Sower represented the seller and procured the buyer.
NEWTON, MASS. — Richards Barry Joyce & Partners (RBJ) has brokered the sale of a Newton office building for $11.15 million. Situated at 313 Washington St., the property totals 81,603 square feet over four floors. Occupancy was 91 percent at the time of closing. RBJ's Frank Petz and James Tribble represented the seller, a fund managed by Transwestern Investment Co. The buyer was Taurus New England Investment Corp.
BETHPAGE, N.Y. — NorthMarq Capital has arranged $4.3 million in first-mortgage financing for a shopping center located in Bethpage. Singleton's Shopping Center is a 45,000-square-foot property located at 150-160 Hicksville Road. It's primary tenant is H.R. Singleton's Café and Restaurant, which is also the owner. The loan carries a fixed interest rate, a 10-year term and a 25-year amortization schedule. The lender was StanCorp Mortgage Investors. Charles Cotsalas of NorthMarq's Long Island office partnered with Ernes DesRochers of the firm's New York City office to secure the loan.
NEW YORK CITY — New York City-based MCR Development has acquired a 10-hotel portfolio for approximately $164 million. The portfolio contains a total of 1,100 rooms. The properties include six Marriot-branded hotels and four Hilton-branded hotels located in Connecticut, New Jersey, New York and Pennsylvania. The flags include Residence Inn by Marriott, Springhill Suites by Marriott, Courtyard by Marriott, Hilton Garden Inn and Hilton Homewood Suites. The properties average less than two years in age. MCR Property Management will manage the hotels. The seller's name was not released.
NEW YORK CITY — The grand opening has been held for the new Best Western Plus Prospect Park Hotel. The new hotel is located at 764 4th Avenue in Brooklyn and contains 99 guestrooms. Amenities include a fitness center, a 3,200-square-foot spa, a business center and meeting space. The hotel's owner is 764 4th Avenue Associates LLC.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a retail condominium located in at 54 Bond St. in New York City for $5.5 million. Tenants at the space include Rogan, Billy Reid and Cire-Trudon. Jerome Benayoun of Eastern Consolidated represented the seller, local developer Adam Gordon, as well as the buyer, a French investment group.
MIDDLETOWN, CONN. — CB Richard Ellis (CBRE) has negotiated the sale of a Middletown apartment community for $3.7 million. Wilcox Apartments is located at 305-309 S. Main St. The building was constructed as a manufacturing facility in 1907 and converted to apartments in 1989. It contains 81 units in a mix of one-, two- and three-bedroom residences. Michael Stone of CBRE represented the seller, an affiliate of Vesta Corp., and procured the buyer, an affiliate of Hamilton Point Investments.
BOSTON — An affiliate of The Mount Vernon Company has purchased a multifamily development site in Boston's Allston neighborhood from an affiliate of Leggat McCall Properties for $4.65 million. The site is approved for the construction of Griggs Street Lofts, a five-story, 100-unit apartment building. Simon Butler, Biria St. John, Chris Sower and Michael Byrne, all of Cushman & Wakefield, represented the seller and procured the buyer. The construction timetable was not released.
FLORHAM, N.J. — Construction is advancing for the new North America headquarters of BASF. The 325,000-square-foot building is being built within The Green at Florham Park, a master-planned community located in Florham. The $100 million project will be complete in 2012 and will be applying for LEED-Platinum certification. Turner Construction Co. is providing construction management services. Rockefeller Group Development Corp. is the developer. At full build-out, The Green at Florham Park will contain 830,000 square feet of Class A office space as well as a hotel. Construction is also under way within the park for a new medical facility for Atlantic Sports Health Institute.