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.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of two multifamily buildings in Manhattan, New York City. In the first transaction, Massey Knakal's Thomas Gammino arranged the sale of a five-story walk-up building located at 504 E. 84th St. on the Upper East Side. The building, which traded for $2.67 million, features eight residential units, including a 2,900-square-foot owner duplex with a garden. Five of the units are free market and three are rent stabilized. The building also includes a rooftop antenna currently rented to Sprint and 2,100 square feet of air rights. In the second transaction, Massey Knakal's Michael DeCheser arranged the $2.4 million sale of a commercial loft building located at 112 Stanton St. on the Lower East Side. The six-story building contains a ground-floor retail space with basement space as well as six residential units above. Three units are currently occupied by interim multiple dwelling tenants and the other three are vacant. The buyers and sellers in both transactions were not disclosed.
PHILADELPHIA — Indianapolis-based appliance and electronics retailer hhgregg has announced plans to open three new stores in the mid-Atlantic as part of its East Coast expansion. The stores will be located at Christiana Center in Newark, Del.; Paxton Towne Centre in Harrisburg, Pa.; and Wyoming Mall in Wilkes-Barree, Pa. All three power centers are owned by Philadelphia-based Pennsylvania Real Estate Investment Trust.
PHILADELPHIA — The Philadelphia office of Marcus & Millichap has brokered the sale of a commercial real estate portfolio for $60.1 million. The portfolio contains 13 single-tenant properties located across the country. Nine of the properties were fee simple and subject to 25-year absolute net leases, each with four 5-year extension options. The remaining five properties were with a leasehold interest. Marcus & Millichap's Mark Taylor, Dean Zang and Christopher Munley represented both parties in the transaction. Details about the properties as well as the parties involved were not released.
PORTSMOUTH, N.H. — North Kingstown, R.I.-based retailer Ocean State Job Lot has acquired a former freestanding Circuit City building located in Portsmouth for $3.5 million. The approximately 35,000-square-foot property is situated at 1700 Woodbury Ave. Lisa Kane of locally based The Kane Company represented the buyer in the transaction. The seller was not disclosed.