AMHERST, N.Y. — CarStar Automotive has purchased a former General Motors auto dealership located in Amherst for $1.85 million. The property comprises a 20,000-square-foot building situated on approximately 5 acres at 2915 Niagara Falls Blvd. CarStar plans to relocate its current facility to the property. Richard Schechter and Ben Borruso of Pyramid Brokerage Co., along with Jones Lang LaSalle, represented the seller, General Motors. Pyramid has also been retained to sell the Gillogly Chevrolet dealership located in West Seneca, N.Y.
CHERRY HILL, N.J. — Behringer Harvard has acquired Burrough's Mill Apartment Homes, a 308-unit multifamily community located in Cherry Hill. Situated on 25.7 acres, the property contains 32 two-story buildings. The units comprise a mix of one, two and three bedrooms. They range in size from 835 to 1,450 square feet and more than half contain private garages. Community amenities include a clubhouse with a fitness center, a sauna and a business center. Other amenities include a resort-style swimming pool, a tennis court, a scenic pond, a walking trail and gated access. Behringer Harvard acquired the property through a joint venture between its Behringer Harvard Multifamily REIT I affiliate and PGGM Private Real Estate Fund, which assists large Dutch pension funds with real estate investments. The acquisition price was not disclosed.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of the former site of Bay Ridge United Methodist Church in Brooklyn, New York City, for $9.75 million. The property totals approximately 1 acre of land and is located at 362-364 Ovington Ave. The church building was demolished last October. The buyer, the School Construction Authority, plans to construct a new 680-student elementary school on the site as well as a new building for Bay Ridge Church. Stephen Palmese of Massey Knakal handled the transaction.
PHILADELPHIA — Meridian Capital Group has arranged $2.53 million in non-recourse financing for the refinancing of three Philadelphia multifamily properties. The President, The Bel Air and Chelten Arms Apartments are located at 425, 427 and 500 W. Chelten Ave., and contain a total of 93 units. Josh Gorsky of Meridian's New Jersey office arranged the financing, which carries a 10-year term with a 30-year amortization schedule and fixed interest rates of 5.72 and 5.75 percent. The borrower and lender were undisclosed.
MANAHAWKIN, N.J. — The Walters Group is nearing completion for Stafford Park Apartments, an affordable housing project located on Stafford Park Boulevard. Next month will see the completion of two of the five planned buildings at the project, which will bring 46 units online. At full build-out, Stafford Park Apartments will contain a mix of one-, two- and three-bedroom units with rents ranging from $468 to $1,207 per month. Amenities will include a clubhouse with a fitness center and a playground. The project is applying for LEED-Silver and Energy Star certification. Stafford Park Apartments is part of the larger Stafford Park redevelopment project. The retail portion of the project includes Target, Costco, Best Buy, Dick's Sporting Goods and PetSmart. A 565-unit, age-restricted housing community is also being planned.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $9.5 million first-mortgage loan for the refinancing of a 13-story luxury apartment building located in Manhattan, New York City. Situated within the Plaza district, the building contains 68 rental units and four ground-floor commercial spaces. Occupancy was 98 percent at the time of closing. Keith Kurland of the New York City office of CBRE Capital Markets secured a non-recourse loan with a 5-year, interest-only term and a 5.19 percent fixed interest rate. The loan was arranged in-house by CBRE Multifamily Capital, a Fannie Mae DUS lender.
ELLSWORTH, MAINE — A new Walmart has opened at Acadia Crossing, an open-air shopping center located in Ellsworth. The new Walmart marks the completion of Phase II construction at the 500,000-square-foot center. Acadia Crossing is located at the intersection of routes 1 and 3. Other anchors at the center include The Home Depot.
KING OF PRUSSIA, PA. — HREC Investment Advisors has completed the sale of the Park Ridge Hotel, a 265-room hotel located in King of Prussia. The buyer, Philadelphia-based Wurzak Hotel Group, plans to eventually redevelop the hotel into two hotels, an Element and a Sheraton/Westin. Geoff Davis of HREC represented the seller, Starwood Hotels. The acquisition price was not disclosed.
NEWARK, DEL. — Student housing developer Campus Living Villages is nearing completion for Studio Green Delaware, a student housing community located at 91 Thorn Lane, near the campus of the University of Delaware, in Newark. The project consists of the approximately $6 million conversion of the former Towne Court/Park Place Apartments, which was first built in the 1950s. The new Studio Green will contain 665 units in a mix of one-, two-, three- and four-bedroom residences. A 10,000-square-foot clubhouse called The Centre will feature a fitness center, an indoor basketball court, a yoga studio, a business center and meeting rooms, a game room, a screening room, an outdoor lounge, and a heated, saltwater swimming pool. Other amenities include on-site tanning facilities, laundry facilities and a bus stop for the university's bus service.
BRIDGEWATER, N.J. — Basking Ridge, N.J.-based Coldwell Banker Commercial Feist & Feist has negotiated the sale of a three-building, 100,000-square-foot industrial complex located in Bridgewater for $5.4 million. The complex is situated on more than 13 acres at 81 Chimney Rock Rd. and is currently undergoing a multi-million renovation. The buyer is Peter Chesson of Chesson Management, who is also the owner of Barker Bus Co. and plans to relocate the company to a portion of the facility. Peter Wisniewski of Feist & Feist represented the buyer. The seller was Jacksonville, Fla.-based Braddock Realty.