NEW YORK CITY — Duval & Stachenfeld has represented Seattle-based Sabey Data Center Properties in the $120 million acquisition of the principal condominium interest in the 1 million-square-foot 375 Pearl St. in Manhattan. Additionally, the firm represented Sabey's local partner, Young Woo & Associates, which has an interest in the property. The building will be repositioned into a state-of-the-art, multi-tenant commercial data center. Terri Adler, Todd Eisner, Chris Barbaruolo and Marc Rosen of Duval & Stachenfeld's New York City office represented the buyer.
Northeast
PRINCETON, N.J. — Marcus & Millichap has facilitated the sale of the 21,095-square-foot Clifftown Center in Princeton for $3.75 million. Christopher Munley, Mark Taylor and Dean Zang of the firm's Philadelphia office represented the seller, New Jersey-based Xanadu Associates, and procured the buyer, New York-based Jemstone Acquisitions Corp.
CONSHOHOCKEN, PA. — A joint venture between Miller Investment Management and Hayden Real Estate Investments (MIM-Hayden Funds) has partnered with Boston-based The Davis Cos. to acquire the 258,000-square-foot, two-building Valley Forge Office Center, located at 530 and 580 East Swedesford Rd. in Conshohocken. The partnership previously acquired the first mortgage on the property from CW Capital in December 2010 and has now taken full-ownership as a recapitalized entity.
NEW YORK CITY — New York City-based Eastern Consolidated has sold two mixed-use buildings, located at 448-452 Broome St. in Manhattan, for $17 million. David Schechtman, Azita Aghravi, Marion T. Jones and Brian Ezratty represented the seller, Spain-based Caixanova, and procured the buyer, a joint venture between Tavros Capital and BLH Management.
SOUTH HACKENSACK, N.J. — Gretchen Wilcox and Al Raymond of Morristown, N.J.-based G.S. Wilcox has secured a fixed-rate, $12 million commercial mortgage loan through Great West Life for a 140,838-square-foot warehouse property leased on a long-term basis to a retail restaurant supply distributor.
ARLINGTON, MASS. — Cushman & Wakefield has negotiated the sale of 30 Mill Street, a development site located in Arlington, Mass., approved for the construction of 116 apartments. The firm's Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, represented the seller, CBS Transaction, and procured the buyer, W.P. East Acquisitions, an affiliate of Atlanta-based Wood Partners. Construction financing for the project is being provided by Cambridge Savings Bank.
WILMINGTON, MASS. — A 177,350-square-foot industrial building and approximately 12.17 acres of land, located at 30 Industrial Way in Wilmington, has sold for $4.5 million. Gregory Cahill and Rob Cronin of Lincoln Property Co.'s Boston office represented the seller, Beckwith Realty. The buyer was self-represented.
JERSEY CITY, N.J. — The 467-unit The Residences at Dixon Mills has started its next phase of redevelopment, which includes the hallways, lobbies and courtyard areas. Nancy Santos, LLC, was the architect for the project and designed each of the five buildings to have their own style through color schemes, artwork and light fixtures that match the old style architecture of the development.
NEW YORK CITY — AXIS Reinsurance Co. has leased 121,019 square feet at 1211 Avenue of Americas in New York City, a 2 million-square-foot, Class A office building. Mario Chiarella and Mark Fowler of Weichert Commercial Brokerage and Dana Pike of George Comfort & Sons represented the tenant and Cushman & Wakefield represented the owner, Beacon Capital Partners.
NEW YORK CITY — The Clarion Partners and Lightyear Capital have completed the management buyout of ING Group's private market real estate investment management business in the Americas. The company, which will revert to its former name of Clarion Partners, will remain headquartered in New York City and operate in the U.S., Mexico and Brazil. Clarion Partners has ownership in nearly 1,200 properties and more than $22 billion in real estate assets under management.