NEW YORK CITY — Sherwood Equities has acquired the title to a development site located along Manhattan's High Line. The site, known alternately as 500 W. 21st St. and 175 10th Ave., currently contains a 19,000-square-foot garage. The previous owner, which was foreclosed on last year, was reportedly planning to develop the site into a boutique hotel. Sherwood plans to improve the building and lease it as a gallery in the short-term, but the site, which features a full blockfront bordering the High Line, can support approximately 100,000 square feet of new development consisting of residential, hotel, office and retail space.
FORT LEE, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a $10 million mortgage note secured by a 13-story office building located in Fort Lee. The Class A property contains approximately 139,000 square feet of space and is located at 2100 North Central Road. Its former tenants included Kwasha Lipton, PricewaterhouseCoopers and Mellon Financial. CBRE's Jeffrey Dunne, Kevin Welsh and Brian Schulz represented the seller, the senior lien holder, and procured the buyer, a foreign real estate investment firm.
LANCASTER, PA. — Marcus & Millichap has brokered a $1.19 million multifamily sale in Lancaster. Pennwick Village Townhomes is a 14-unit rental community located at 2010-2014 Pennwick Road. All but one of the townhomes were occupied at the time of closing. Zachary Pierce and Kenn Wellar of Marcus & Millichap's Philadelphia office and Steve Laurenson of the firm's Reston, Va., office represented the seller, a private investor. Pierce and Wellar secured the buyer, a limited liability company. The property traded at a 6.89 percent capitalization rate.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $3.2 million loan for the refinancing of a Bronx apartment building. The six-story, pre-war building contains 48 units, all of which are leased. The loan carries a 5-year term with 1 year interest only, followed by a 30-year amortization schedule. It carries a 5.87 percent interest rate. CBRE’s Max Herzog and Michael Diaz secured the loan. The borrower and lender were undisclosed.
NEW YORK CITY — Transwestern Realty Financing Partners has purchased a $4.4 million B-Note loan from Natixis Real Estate Capital. The loan is collateralized by 4 New York Plaza in Manhattan's Financial District. The office tower contains 1.05 million square feet of space and is 75 percent occupied by JPMorgan under a long-term lease. The purchase was made by Transwestern on behalf of Transwestern Mezzanine Realty Partners III, a fully discretionary investment fund.
NEW YORK CITY — GFI Realty Services has brokered the sale of a Harlem apartment building for $1.15 million. The property comprises nine residential units, all of which are rent stabilized, and one retail unit. It is located at 2528 Seventh Ave. Michael Kerwin and Roni Abudi of GFI represented the seller, a Manhattan-based investor. Abudi also represented the buyer, a local owner that plans to hold the property for the long term.
PHILADELPHIA — Colliers International has completed two sales in Phiadelphia. In the first deal, Bethanna disposed of its 22,000-square-foot building at 1216-1232 Wood St. in a sale-leaseback arrangement. The Christian family services organization will lease a portion of the first floor. The buyer, 1216-1232 Wood Street LP, plans to operate its own offices out of the building as well. Colliers’ Michael Barmash represented the seller, and Andy McGhee, also of Colliers, represented the buyer. The property traded for $1.6 million. In the second deal, Stein & Silverman Family Partnership acquired a 2-acre land parcel located in the Food Distribution Center off Pattison Avenue. Barmash represented the seller, Wing Lee Realty LLC. The property traded for $600,000.
DOVER, N.H. — Marcone Capital has arranged a $13 million loan for the refinancing of a New Hampshire shopping center. Shaw's Plaza is located at 851 Central Ave. in Dover. The 165,000-square-foot property is anchored by Shaw's Supermarkets and tenanted by Bed, Bath & Beyond, Petco, Rite Aid and Rocky's Ace Hardware. Occupancy was 95 percent at the time of closing. The owner is an affiliate of Northstar Properties. Mike Marcone of Marcone Capital secured the financing, which was provided by a Connecticut savings bank.
WALLKILL, N.Y. — President Container Group (PCG) has acquired two industrial buildings located in Panattoni Business Center. The buildings total 522,000 square feet and are rail served. PCG plans to use the buildings for the manufacturing and warehousing of corrugated containers. Jim Tully of CB Richard Ellis arranged the deal.
BOSTON — Bain Capital has signed a 15-year lease for 208,000 square feet of space at Boston's iconic Hancock Tower. The tenant will occupy seven contiguous floors of the 62-story tower and has the option to expand its presence up to 270,000 square feet before taking occupancy, which is expected in fall 2011. Cushman & Wakefield's Gil Dailey, Dave Martel and Rob Griffin represented the tenant in lease negotiations. Bill Anderson, also of Cushman & Wakefield, represented the landlord, a joint venture between Normandy Real Estate Partners and Five Mile Capital Partners. This lease brings occupancy at the 1.8 million-square-foot tower to 95 percent.