NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of an approximately 7,440-square-foot medical office building located in the Bay Ridge neighborhood of Brooklyn, New York City, for $2.6 million. The building, which is situated at 370 Bay Ridge Parkway, contains eight units and approximately 2,400 square feet of development rights. In addition, the sale included a 4,650-square-foot land parcel that will be used as a parking lot. Matthew Giordano, Stephen Palmese and David Simone of Massey Knakal handled the transaction between the undisclosed seller and the buyer, a physician who will also serve as the main tenant of the building.
SOUTHPORT, CONN. — Clearview Investment Management has acquired a partially completed component of Southport Green, a 64,600-square-foot mixed-use project located in Southport. Included in the sale is an approximately 40-room hotel, a restaurant, office space and luxury residential units. Clearview plans to complete the components and operate the hotel, which will open next spring under the name Delamar Southport. The CB Richard Ellis team of Jeffrey Dunne, Steven Bardsley, Christopher Leonard and David Gavin represented the undisclosed seller and procured Clearview. The sale price was not disclosed.
BOSTON — Boston-based GVA Thompson Hennessey & Partners has completed a $7.5 million commercial sale in Boston. The sale included a 24,859-square-foot parking lot located at 45 Stuart St. and the air rights next to the historic Jacob Wirth Building. The land site will remain a parking lot and the Jacob Wirth Restaurant will remain in operation. Chris McMahon of GVA represented the buyer, Erstat Realty Capital, and the undisclosed seller.
BRANFORD, CONN. — CB Richard Ellis | New England (CBRE) has brokered the sale of a 55,400-square-foot research and development facility located in Branford for $4.1 million. The building is fully occupied by 454 Life Sciences Corp., a division of Roche Diagnostics Operations. CBRE's Pat Mulready, Tim Fegan, Elli Klapper and John McCormick represented the seller, Alliance Commercial Partners, and procured the buyer, New York-based Ash Realty Associates. The current tenant has plans to invest more than $5 million in capital improvements to the property.
GREENWICH, CONN. — FirstService Williams has brokered the sale of an approximately 5,600-square-foot retail property located in downtown Greenwich for $8 million. The retail property is situated at 75 Greenwich Ave. and is occupied by Sephora. Stephen Westerberg of FirstService Williams' Stamford, Conn., office represented the seller, Merlof LLC. The buyer, 75 Greenwich Avenue LLC, utilized in-house representation.
ROME, N.Y. — The Rome Housing Authority will partner with Albany, N.Y.-based Omni Housing Development to complete a $40 million renovation project for Liberty Gardens, a 180-unit affordable housing community located in Rome. The project will be the first major upgrade of the property since it was built in 1952. Construction will include the gut renovation of all units and the installation of energy-efficient systems and appliances. The community will also be brought up to compliance with the Americans with Disabilities Act. Groundbreaking will occur in the spring, and completion is expected to take 3 to 5 years.
POTTSTOWN, PA., BAYONNE, N.J., AND NEW YORK CITY — Marcus & Millichap has completed three multifamily sales. The first transaction involved the $1.1 million sale of Elliott Place, a 20-unit apartment building located at 124 King St. in Pottstown. Ken Wellar and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the buyer, a limited liability company, and the seller, a local private investor. The second transaction involved the $895,000 sale of a residential building located in Bayonne. The property contains two- and three-bedroom units, a six-bedroom duplex, ground-floor office space and two cell phone towers. Thomas McConnell, Kevin McCrann and Maz Radwan of Marcus & Millichap's New Jersey office represented the seller, a local developer. The final deal involved the sale of 860 Marcy Ave., an eight-unit multifamily building located in Brooklyn, New York City, for $425,000. Nick Richards of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and the buyer, also a private investor.
HARRISBURG AND DICKSON CITY, PA. — Cedar Shopping Centers has transferred the ownership of two of its Pennsylvania shopping centers to a joint venture between itself and RioCan Real Estate Investment Trust. RioCan will own an 80 percent interest and Cedar will own a 20 percent interest in Blue Mountain Shopping Commons in Harrisburg and Sunset Crossing in Dickson City. Blue Mountain Commons totals 121,000 square feet and Sunset Crossing totals 74,000 square feet. Both shopping centers are anchored by Giant Food Stores. Cedar realized a $32 million profit from the transfer, which is being used to reduce the balance of the company's credit facilities. The deal represents two of seven properties that will be transferred to the joint venture. The remaining five properties will close during the first quarter of next year.
ORANGEBURG, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of a three-story, 50,408-square-foot office building located at 100 Dutch Hill Road in Orangeburg. The Class A facility is situated on approximately 3.75 acres. It was occupied by the seller, KeyBank, which used the building as its Hudson Valley/Metro New York district headquarters. The bank plans to relocate its offices but will temporarily lease 15,000 square feet of space at the building. The only other tenant currently is a law firm that occupies 5,000 square feet. The buyer, Dutchill Partners LLC, plans to launch a leasing campaign for the remainder of the building. The CBRE team that represented the seller included Kevin Langtry and William Cuddy of the firm's Stamford, Conn., office; Al Mirin of the firm's Private Client Group; and James Tully of the firm's Saddle Brook, N.J., office.
PITTSBURGH — Groundbreaking has occurred for a 25,120-square-foot speculative flex project located in Pittsburgh. The project will be situated at 6104 Grand Ave. on Neville Island. It will feature 15,700 square feet of warehouse space with 14-foot clear ceiling heights and drive-in doors, as well as 9,420 square feet of office space. Completion is slated for next summer. Chuck Snyder of JLS Land Co. is the owner. Burns & Scalo Real Estate Services is serving as owner's construction representative and is handling leasing.