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.
WESTBOROUGH, MASS. — Invesco Real Estate has purchased a 280-unit multifamily community located at 1 Homestead Blvd. in Westborough on behalf of one of its pension fund clients. The garden-style community contains a mix of one- to three-bedroom units averaging 1,070 square feet in size. Amenities include a clubhouse, a fitness center, an indoor basketball court, a swimming pool and a playground. Occupancy was 97 percent at the time of closing. Simon Butler and Biria St. John of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not disclosed.
EDISON, N.J. — Onyx Equities has completed five transactions totaling 109,107 square feet at Edison Square Office Park, the company's three-building, 230,969-square-foot office property located in Edison. Most significantly, The Conti Group purchased the 67,000-square-foot 2045 Lincoln Highway building for use as its new headquarters. Paul Giannone, Kevin Carton, Paul Hindes, Dan DePalma and Todd Elfand of Jones Lang LaSalle represented both parties in the transaction. In addition, Onyx completed four leases at the same building. L&T Infotech renewed and expanded its existing lease to 31,303 square feet in a deal that was arranged by Carton and Elfand. Birlasoft Inc. renewed its lease for 5,854 square feet in a deal brokered by Sean Brady of Cushman & Wakefield. Janney Montgomery Scott LLC renewed its lease for 4,170 square feet. Finally, Kale USA signed a new lease for 870 square feet. Elfand brokered the deal.
PITTSBURGH — Strategic Storage Trust (SST) has purchased two Pittsburgh self-storage facilities for a total of $5.7 million. The first property contains 470 units and is located on Landings Drive near the interchange of Interstate 76 and State Route 28. The second property contains 820 units and is located on Lebanon Road near Allegheny County Airport. The seller, Sovran Acquisition LP, was represented by Locke Acquisition Group. Since SST's launch in 2008, the non-traded REIT has acquired 26 self-storage properties in 14 states.
RIDGEFIELD PARK, N.J. — Samsung Electronics America has signed a lease for 193,000 square feet of office space at 85 Challenger Road, a 235,000-square-foot, Class A office building located in Ridgefield Park. The company plans to relocate its U.S. headquarters to the building from a nearby location. The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel, Jose Cruz, Marc Trevisan and David DeMatteis represented the landlord, KABR Real Estate Investment Partners. CB Richard Ellis' John Oh and Paul March represented Samsung. The same Cushman & Wakefield team also orchestrated KABR's purchase of the property in June. The then-vacant property was sold by AIG, which had foreclosed on it. The property is currently undergoing capital improvements, including the addition of a full-service cafeteria, an update to the common areas and elevators, and a lobby remodeling.