SYRACUSE, N.Y. — Scott Allyn, owner of a 19th-century manufacturing facility located at 219 S. West St. in Syracuse, has selected New York-based Fiedler Marciano Architecture to create a new 19,200-square-foot, multi-use art complex adjacent to Red House Arts Center. The three-story building will be anchored by SubCat Studios, a recoding studio on the basement and first floor, as well as a lobby, lounge and cafe that will be shared with Red House.
Northeast
NORWALK, CT. — Clarion Partners, on behalf of one of its pension fund clients, has acquired the minority interest of its partner of more than 15 years, Fairfield Investors, in the 1.4 million-square-foot, Class A office complex Merritt 7 Corporate Park, located at the intersection of Merritt Parkway and Route 7 in Norfolk. Additionally, Clarion Partners has formed a strategic venture with Marcus Partners to assume property management and leasing services.
SOMERS POINT, N.J. — Joshua Lipsey of Marcus & Millichap Capital Corp.'s New Jersey office secured a $7.5 million refinancing loan for a 214-unit multifamily property in Somers Point. The 10-year loan has a fixed-interest rate and a 30-year amortization.
BRONX, N.Y. — The 56-unit, six-story Fordham Village, located at 355 East 194th St. in the Bronx, is now open. The affordable housing development is for veterans who are homeless or at a risk of homelessness. Amenities include a glass-walled community room, garden, computer center and access to trained staff who will provide professional counseling services. This is the first phase in The Jericho Project's Veterans Initiative that will eventually serve 200 veterans. The NYC Department of Housing Preservation and Development provided $7.84 million through it's Supportive Housing Loan Program and an additional $6 million through Low-Income Housing Tax Credit Equity. The New York State Energy Research and Development Authority provided $106,000, and $118,000 in developer equity was provided by Jericho.
BOSTON — Boston-based Synergy Investment & Development has sold the 50,673-square-foot Church Green Building, located at 101 Summer St. in Boston, to a Synergy/Independencia joint venture for $11.5 million. Bill Crean, Kevin Kennedy and Andrea Matteson of CB Richard Ellis' Boston office arranged the repositioning.
COATESVILLE, PA. — A 14,000-square-foot ground lease, located at 800 East Lincoln Highway in Coatesville, has been sold for $2.81 million in an off-market transaction. Walgreens Pharmacy recently signed a 25-year ground lease for the site and the previously existing 14,000-square-foot building has been demolished to make way for the construction of the pharmacy. The buyer, a charitable trust from the Western U.S. acquired the property in a cash transaction. Chris Datz and Anthony Sembello of Pintzuk Brown Realty Group assisted the seller, a partnership lead by Scott Homel, also of Pintzuk Brown Realty Group.
MELROSE, MASS. — Wood Partners is developing the 212-unit Alta Stone Place, a renovated mill and podium-style project in Melrose. The project involves the redevelopment and renovation of the four-story brick and wood beam building that was formerly the Boston Rubber Shoe Company facility, as well as the construction of two new four-story, wood-frame buildings and a three-story building containing a 6,500-square-foot clubhouse. Bargmann Hendrie + Archetype is the architect for the project and Allen & Major Associates is the civil engineer. Construction will begin in June with the first units ready by next spring.
EAST GREENWICH, R.I. — Liner Retail Properties has purchased the 41,233-square-foot East Greenwich Commons, located at 507-563 Main St. in East Greenwich, for $8 million. The two-building property, anchored by CVS/Pharmacy, includes a Starbucks, Webster Bank, Kon Asian Bistro, Tio Matteos Mexican Grille and more. Geoff Millerd of Cushman & Wakefield's Commercial Real Estate Solutions in Seattle represented the seller and procured Linear Retail as the buyer.
BRONX, N. Y. — Daffy's has opened a 28,000-square-foot store in the 1 million-square-foot Bay Plaza Shopping Center in the Bronx. Tenants of the center include Barnes & Noble, JC Penney, Old Navy, Marshall's, P.C. Richards, Kmart AMC Theaters and more. New Rochelle, N.Y.-based Welco Realty negotiated the lease on behalf of the landlord, Prestige Properties & Development Co.
MANSFIELD, MASS. — Behringer Harvard has acquired the 200-unit West Village, a luxury apartment community located at 792 West Dr. in Mansfield. The 28.6-acre site features seven, three-story buildings. Amenities include gas barbecue grills, a club room with fireplace and television, a fitness center, a business center and a resort-style swimming pool and spa. The purchase was made through a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund.