SOMERVILLE, MASS. — Federal Realty Investment Trust and retailer IKEA have completed a land swap at the Assembly Square retail center in Somerville. As a result of the transaction, Federal Realty now owns an additional 16.6 acres of riverfront property on Mystic River, and IKEA owns 11.9 acres near Interstate 93. Federal Realty plans to add the space to an existing assemblage for the development of a new mixed-use project known as Assembly on the Mystic. IKEA plans to build a new 340,000-square-foot retail location on its parcel and already has infrastructure work under way. The construction timetable for both projects was not released.
NEW JERSEY — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has completed four northern New Jersey multifamily sales totaling $9.19 million The first transaction involves the $5.1 million sale of three buildings located at 2100-2102 and 2104-2110 Kennedy Blvd., and 928-930 21st St. in Union City. The properties contain a total of 68 residential units and three retail spaces. GHA's Ken Uranowitz and Scott Callahan represented the seller, a New Jersey-based investment group, and procured the buyer, a longtime GHA client. Uranowitz and Callahan also completed the $1.55 million sale of a 22-unit building located at 42 Park Ave. in Bloomfield as well as the $1 million sale of an 18-unit building located at 63 and 67 Kennedy Blvd. in Bayonne. In the Bloomfield transaction, the buyer was 42 Park Avenue Associates LLC and the seller was undisclosed. In the Bayonne transaction, the seller was Bayonne Associates LLC and the buyer was undisclosed. Finally, GHA's Joel Schwartz and Stephen Tragash completed the $1.54 million sale of a 22-unit, three-story building located at 511 North Ave. in Elizabeth. The pair represented the seller, 511 North LLC, and procured the undisclosed buyer.
ARMONK AND TARRYTOWN, N.Y. — Yonkers, N.Y.-based NAI Friedland Realty has brokered two New York office deals totaling approximately $11 million. First, SEMX Corp. sold a 43,700-square-foot office building located at One Labriola Ct. in Armonk to 30 Clairmont LLC for $4.7 million. Also, Children's Corner Learning Center signed a lease for 10,749 square feet of office space at 580 White Plans Rd. in Tarrytown for the operation of a daycare center. The lease is valued at approximately $6.3 million, and the landlord is RXR Realty. Both transactions were negotiated by Ellen Benedek and Carl Silbergleit with NAI Friedland.
NEW YORK CITY — Insurance and investment holding company C.V. Starr & Co. has signed a long-term lease for 141,000 square feet of office space at 399 Park Ave. in New York City. The company plans to use the space as its new world headquarters. It already occupies a full floor of the building but will now occupy three full floors, relocating employees from other New York-area offices to the new space. John Picco, David Stockel, August DiRenzo and Andrew Behymer of Cushman & Wakefield represented C.V. Starr in lease negotiations. The landlord, Boston Properties, was represented in-house by Andrew Levin and by CB Richard Ellis' Peter Turchin, John Powers and Greg Rothkin.
PLAINVILLE, MASS. — Marcus & Millichap has completed the sale of a 9,796-square-foot retail center located in Plainville for $3.45 million. The property is located on Taunton Street, directly across from Target, Lowe's Home Improvement Warehouse and Super Stop & Shop. It consists of two tenants, National Tire & Battery and Dunkin Donuts. The former is subject to a 25-year, triple-net lease, and the latter is subject to a 10-year lease. Robert Horvath and Todd Tremblay of Marcus & Millichap's Boston office represented the seller, a national retail owner, and procured the buyer, a regional investor.
ROCKY HILL, CONN. — Colliers Dow & Condon has arranged a 115,000-square-foot lease renewal in Rocky Hill. Cleary Millwork will continue to occupy 115,000 square feet of space at 235 Dividend Rd. Philip Gagnon of Colliers represented Cleary in lease negotiations. Mark Duclos of Sentry Commercial represented the landlord, Bussmann Associates. Terms of the lease were not disclosed.
NORWALK, CONN., AND LYNDHURST, N.J. — Marcus & Millichap has negotiated two multifamily sales for a total of $4.58 million. The first property is Hyatt Manor, a 20-unit property located in Norwalk that sold for $2.7 million. The property is located at 6 Hyatt Ave.; it contains three buildings and was constructed from 1952 to 1955. Gary Witten of Marcus & Millichap's New Haven, Conn., office represented the seller, a corporation. Witten and Bradley Balletto, also of the firm's New Haven office, represented the buyer, a limited liability company. The second property is a 15-unit apartment building located in Lyndhurst. The building, which traded for $1.88 million, was constructed in 1925 and also contains ground-floor retail space. Greg Babaian of Marcus & Millichap's New Jersey office represented the buyer, a local investor, and the seller, a limited liability company.
NORWALK, CONN. — CB Richard Ellis (CBRE) has completed the acquisition of a 6,000-square-foot retail property located at 261 Connecticut Ave. in Norwalk for $2.25 million. Al Mirin and Silvia Pogosyan of CBRE's Stamford, Conn., office represented the buyer, Hattco Post Road LLC. The buyer also owns several adjacent land parcels through an affiliate and has future plans to develop the parcels for retail use. Hattco could deliver more than 20,000 square feet of retail space as early as 2012, but the 261 Connecticut Avenue property, which was formerly occupied by Seymour's Hardware, is available for immediate occupancy. Jessica Curtis of CBRE's Fairfield County, Conn., office is overseeing leasing for the entire portfolio.
NEW YORK CITY — A three-story, vacant commercial building has been sold in New York City for $2 million. The property is located at 315 W. 53rd St. and includes 946 square feet of air rights. David Johnson of Eastern Consolidated represented the buyer, Glenn Nilsen of Ti Takk LLC, who acquired the property in a 1031 exchange from the seller, the Colin family. Andrew Liebhafsky and Christoffer Broadhead of Massey Knakal represented the seller.
BETHLEHEM, PA. — Arbor Commercial Funding has arranged $18 million in Fannie Mae DUS financing for Saucon View Apartments, a 198-unit community located in Bethlehem. The loan carries a 10-year term with a 30-year amortization schedule and a 6.06 percent interest rate. Edward Petti of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.