NEW YORK CITY — Massey Knakal Realty Services has completed two New York City multifamily sales for a total of $8.69 million. In the first transaction, James Nelson represented the seller in the $7.5 million disposition of 283 West 11th Street, a five-story, 10-unit building located in Manhattan's West Village. Peter Von Der Ahe of Marcus & Millichap represented the buyer. In the second transaction, Massey Knakal's Adam Hess handled the $1.19 million sale of 2902 Fort Hamilton Parkway, a three-story, four-unit walk-up building located in Brooklyn. Both properties feature ground-floor commercial space. The parties in both deals were not disclosed.
QUINCY, MASS. — Coastal Partners has completed construction for a new BJ's Wholesale Club in Quincy. The new store is located at 2100 Crown Colony Road within the Crown Colony Office Park. Its 84,000-square-foot size marks the first mid-sized prototype for the wholesaler in New England. The project consisted of the brownfield remediation of a 40,000-square-foot printing facility. It is the 20th BJ's in the state.
BRIDGEPORT, CONN. — The former National Wholesale Liquidators building in Bridgeport has sold for $7.85 million. Fortress Development acquired the 45,000-square-foot building, which is located at 4425 Main St., and plans to lease it to a major supermarket. Bruce Wettenstein of Vidal/Wettenstein was the sole broker in the deal between Fortress and the seller, Cornell Main Street LLC.
SEWELL, N.J. — CB Richard Ellis (CBRE) has arranged the sale of a medical office property in Sewell for $3.12 million. The 15,000-square-foot building is located at 570 Egg Harbor Road, less than a mile from Kennedy University Hospital's Washington Township campus and Virtua Hospital's new Gloucester County campus. The property is fully occupied through 2013 by the University of Medicine & Dentistry of New Jersey. CBRE's Douglas Rodio and Stephen Marzullo represented the seller, Guzzo Developers, and procured the buyer, a private investor.
GARDEN CITY, N.Y. — Metropolitan Realty Associates (MRA) has acquire a two-story, 335,000-square-foot Long Island office building in an off-market transaction for $15 million. The property is located on more than 17 acres at 711 Stewart Ave. in Garden City. It was 39 percent occupied at the time of closing by a tenant roster that includes Sanford Brown Institute, the New York State Department of Education, Nassau Radiology, a vocational school and several medical office tenants. MRA, which made the purchase with its equity partner, Angelo Gordon Co., plans to make significant capital improvements to the property. MRA completed the deal through a dual transaction with former owner AVR Realty and Guardian Life Insurance, which holds the property's mortgage. Richard Karson and Marty Lomazow of CB Richard Ellis negotiated the transaction.
SEWELL, N.J. — Jackson Cross Partners (JCP) has completed the sale of a 54,704-square-foot flex building located at 11 Enterprise Court in Sewell. The seller was Hollywood Tans Brand and the buyer was New Age Fastening Systems. JCP's Jim Young, Harry McKenna and Lou Battagliese negotiated the deal.
BROCKTON, MASS., AND PHILADELPHIA — Marcus & Millichap has brokered the sales of two retail properties for a total of $2.9 million. The first transaction involved the $1.72 million sale of a Dollar Tree located at 999 N. Montello St. in Brockton. Dollar Tree is leasing the 8,500-square-foot building for a 10-year term. Robert Horvath and Todd Tremblay of Marcus & Millichap represented the seller, Keefe Montello Street LLC. Adam Mancinone and Blake Barbarisi of Marcus & Millichap's New Haven, Conn., office represented the buyer, Phoenix Property Management. The second deal involved the sale of a McDonald's ground lease in Philadelphia for $1.18 million. The restaurant is an outparcel to Lindbergh Plaza and is operating in the location under a lease with 16 years remaining. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, Lindbergh Development Associates, and procured the buyer, Island Avenue Heights Associates.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman (CWSG) has arranged the $212 million refinancing of a hotel portfolio controlled by Irving-based FelCor Lodging Trust. The portfolio contains nine hotels totaling approximately 2,500 rooms. Five of the hotels fly the Embassy Suites flag and the other four are Sheraton hotels. CWSG's Mark Gordon, Jared Kelso, Alison Tan and Ernest Lee secured the loan, which carries a floating interest rate. The lender's name was not released.
CANANDAIGUA, N.Y. — Sperry Van Ness (SVN) has brokered the sale of the Tops Supermarket in Canandaigua for $8.75 million. The 57,498-square-foot building was constructed in 2002 and sits on 11 acres at 5150 North St. Joseph French and Tom Dalzell of SVN's White Plains, N.Y., office represented the seller, Salt Lake City-based Phillips Edison & Co., as well as the buyer, a New York City-based private investor.
NEW YORK CITY — Marcus & Millichap has completed the sale of a retail building located at 407 Park Ave. in New York City for $8.7 million. The two-story building includes 29,450 square feet of air rights. Upscale men's clothing story Stefano Ricci occupies the entire building. Adelaide Polsinelli and Steve Siegel of Marcus & Millichap's Manhattan office represented the seller, 407 Park LLC. Glen Kunofsky and James Ventura, also of Marcus & Millichap, represented the buyer, Land Finance Corp.