DEVENS, MASS. — Supply chain solutions company NFI has signed a lease for 125,000 square feet of industrial space within Devens Industrial Park in Devens. The landlord is CrossHarbor Capital Partners. The space, which is located within a 401,000-square-foot warehouse at 66 Saratoga Blvd., will be used as a distribution center. John Lashar, John Wilson, Paul Leone and James Lipscomb of Richards Barry Joyce & Partners represented the landlord in lease negotiations.
NEW YORK CITY — Duane Reade has renewed the lease for its 10,000-square-foot pharmacy at 401 Park Avenue South in New York City for an additional 20 years. The initial lease term was set to expire in 2015. The tenant plans to complete a multi-million upgrade to the space in the near term. The landlord was Meringoff Properties. Winick Realty Group represented the tenant in the transaction.
NEW YORK CITY — American Realty Capital New York Recovery REIT has purchased a retail property located in Brooklyn's Bensonhurst neighborhood for $6.17 million. Foot Locker occupies the property through 2026. This marks the seventh property in New York City purchased by the REIT. The other six are located in Manhattan.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an eight-unit apartment building located at 474 60th St. in Brooklyn for $1.05 million. A private investor acquired the property at a 6.8 percent cap rate. Bruce Thomsen of Marcus & Millichap's Brooklyn office represented the seller, also a private investor.
MANCHESTER, N.H. — Albany, N.Y.-based Dawn Home Management has acquired a Manchester apartment community from Equity Residential for $36 million. Wellington Hill is a 390-unit property located approximately 4 miles east of downtown Manchester. Constructed in 1986, the property comprises garden-style apartment buildings and townhome buildings on a 32.7-acre site. The community contains one- through three-bedroom residences and the average unit size is 1,008 square feet. Property amenities include a community room, a fitness center, an outdoor swimming pool with a sundeck, an indoor lap pool with a hot tub, a sauna, a racquetball court, tennis courts and a playground. The team of Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield's Capital Markets Group represented the seller and procured the buyer.
TEANECK, N.J. — Marcus & Millichap has brokered the sale of Teaneck Apartments, a 16-unit, garden-style apartment community located on West Englewood Avenue in Teaneck. The property traded for $2.15 million. Greg Babaian of Marcus & Millchap's New Jersey office represented the seller, a local investor. The buyer's name was also not released.
SOUTHINGTON, CONN. — R. Calabrese Agency has completed the sale of a vacant 2.5-acre commercial land parcel located at the intersection of Meriden-Waterbury Turnpike and Knotter Drive in Southington. Knotter Drive Associates purchased it from American Hawk LLC for $725,000. Ralph Calabrese and Tony Valenti of R. Calabrese were the sole brokers in the deal. The buyer has retained R. Calabrese to market the land for lease or build-to-suit.
PARAMUS, N.J. — Marcus & Millichap has brokered the sale of a 25,000-square-foot retail property located on Route 4 in Paramus. Constructed in 1991, the building had been leased on a triple-net basis to Staples since its completion. David Thurston of Marcus & Millichap's New Jersey office represented the seller, a New York investor, and procured the buyer, a regional retail investor.
FREEHOLD, N.J. — Procida Funding has acquired the first mortgage for Freehold Commons, a newly constructed, 40,000-square-foot, Class A office building located at 82 South St. in Freehold. Procida acquired the $7 million note from a local bank and will assist in repositioning the property for lease, refinance or sale.
NEW YORK CITY — NorthMarq Capital has arranged a $1 million first mortgage for a retail condominium located at 351 W. Broadway in New York City. The property contains 1,250 square feet of above-grade space and a 650-square-foot basement. Pines Vintage is its major tenant. The loan carries a 25-year, fully amortizing term with 5-year adjustments. Craig Bjornsund of NorthMarq's New York Metro office arranged the loan on behalf of a limited liability company. The lender was StanCorp Mortgage Investors.