THORNDALE, PA. — Marcus & Millichap has completed the sale of Caln Plaza, a 57,400-square-foot mixed-use property located in Thorndale, for $4.24 million. The property contains a shopping center, a residential apartment building and a self-service car wash. Matthew Gorman, Tom Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a private investor. Both Gormans, along with Derrick Dougherty, Mark Taylor and Dean Zang, all with the firm's Philadelphia office, represented the buyer, an investor group led by Scott Homel and Pintzuk Brown Holdings.
NEW YORK CITY — Salmon & Marshall has brokered the sale of an apartment building located in the West Village of Manhattan, New York City, for $5.3 million. The building is situated at 120 MacDougal St.; it contains 26 residential units and two commercial units. Kevin Salmon and Matthew Marshall of Salmon & Marshall represented the undisclosed seller and procured the buyers, Jordan Vogel and Aaron Feldman of Manhattan-based Benchmark Real Estate Group.
NEW YORK CITY — Construction is nearing completion for Limelight Marketplace, a retail redevelopment project located at 656 Avenue of the Americas in the Flatiron District of Manhattan, New York City. The three-story, 163-year old building is being renovated into boutique retail space that will be occupied by more than 60 retail, restaurant and services tenants. The turnkey space will supply tenants with POS systems, store build-out and maintenance support, branded materials, merchandising, and marketing and PR services. Completion is slated for March.
NEW YORK CITY — New York City (NYC) Development Corp. has completed the $20.1 million renovation of Rose Hill Apartments, an affordable senior apartment community located at 2855 Southern Blvd. in the Fordham Bedford Park section of the Bronx, New York City. The nine-story building contains 119 studio and one-bedroom units, a meeting room and 22 outdoor parking spaces. Construction included the replacement of the heating plant and roof, façade and window repairs, and upgrades to units, common areas and the lobby. The project was designed by Daughtry Carstarphen Edelman Sultan Knox & Wood Architects. The general contractor was Notias Construction. Funding was provided by the NYC Development Corp. through its Low-Income Affordable Marketplace Program and the Section 202 Preservation program.
RICHFORD AND MIDDLEBURY, VT. — Burlington-based Redstone has brokered two Vermont commercial sales. In the first transaction, Maple Mountain Woodworks purchased a 24,000-square-foot commercial building and 7 acres of land located at 484 Hardwood Hill Road in Richford for $420,000. Redstone's Linda Letourneau and David Jacobs represented the seller, Stairs Unlimited. In the second transaction, Edgewater Gallery purchased a commercial property located at 1 Mill St. in Middlebury from Frog Hollow Craft Association for $310,000. Duncan Harris of Redstone and Ingrid Jackson of Ingrid Jackson Real Estate represented the seller and Jackson procured the buyer.
Boston has the third largest investment management center in the world, eclipsed only by New York and London. It’s the birthplace of the mutual fund and is now arguably the “mutual fund capital of the world,” with literally trillions of dollars invested in funds managed there. The Boston retail market has certainly had its share of woes along with the rest of the country, but high barriers to entry, its infill nature and the city's promising long-term results keep the retail market pretty strong. Boston, perhaps more than any other Northeast market, has been nearly impossible for developers to crack and has become a notoriously challenging market in which to build. Because of this, the demand for retail space has remained light, but the vacancy rate for the area is nominal, hovering around only 5 to 7 percent. Although the amount of retail space in the city has increased by 12 percent since 2003, it has failed to keep pace with demand, which has grown 19 percent during the same time frame. Facing stiff economic headwinds, several developers have announced they will scale back on projects proposed for Boston. Earlier this year, plans for a massive urban shopping center in …
UNION, N.J. — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a warehouse located at 667 Lehigh Ave. in Union for $1.82 million. The buyer, New York City-based Plex Supply Co., plans to use the 30,000-square-foot property for additional storage and distribution space. The sale also includes 2 acres of vacant land. KDA's Gary Mayzlin represented the Plex Supply Co. as well as the seller, HJH Group.
WILMINGTON, DEL. — Bellevue Realty Co. has brokered the sale of two office buildings located in Wilmington. In the first transaction, Barbieri Holdings purchased a 4,500-square-foot property located at 109 W. 7th St. from Michael and Lisa Pedicone. Kevin McGonegal of Bellevue Realty represented the sellers and Anthony Medori of White Real Estate represented the buyers. Bellevue also arranged the sale of a 3,500-square-foot building and an adjoining parking lot located that are located at 715-719 N. Tatnall St. Bellevue Realty's Marvin Sachs and William Fincher represented the sellers, Children and Families First Delaware Inc. McGonegal represented the buyer, 715-719 N. Tatnall Street LLC. The acquisition prices in both transactions were not disclosed.
FEASTERVILLE, PA. — Deerwood Real Estate Capital has arranged a $3.9 million loan for the refinancing of a 112,000-square-foot shopping center located in Feasterville. Tenants at the center include Michael's and Dollar Tree. The financing carries a 5-year term and a 25-year amortization schedule. It will be used to refinance an expiring CMBS loan. Deerwood's Abe Katz secured the loan on behalf of the undisclosed borrower. The lender's name was also not released.
NEW YORK CITY — Construction is complete for the $39 million renovation of Riverdale Osborne Towers, a four-building, 523-unit affordable housing community located at 440 Watkins St. in the Brownsville neighborhood of Brooklyn, New York City. The project included the installation of new windows in all apartments, the replacement of two roofs, three new boilers, the replacement of all eight elevators, two new gas-fired furnaces, façade repairs, new gates and apartment entry doors, and a new lobby entrance and management office. The project was completed by a partnership that included CPC Resources, Catholic Charities Progress of Peoples Development Corp. and East Brooklyn Congregations.