NEW YORK CITY — Studley has arranged the sale of the majority interest in 515 Madison, a 42-story, 340,000-square-foot office building located in the Plaza District of Manhattan, New York City. The sellers, the Malloy and Scheffer families, sold a majority interest of their fee and senior leasehold positions to a joint venture led by the Gural and Hemmerdinger families, which was the controlling party of the previously existing subordinate leaseholds. While the financial terms of the transaction were undisclosed, the agreement values the building at $150 million. Acquisition financing was provided by Wells Fargo. Occupancy was 96 percent at the time of closing.
TUCKERTON, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sale of Harbor View Plaza Apartments, a 72-unit multifamily community located at 334 E. Main St. in Tuckerton. The property contains a recently completed 21-unit expansion that is in the beginning stages of leasing. The original 51-unit section is fully occupied. GHA's Steven Follman represented the buyer, Harbor View Plaza Associates. Follman and Joseph Brecher, also of GHA, represented the seller, Milestone Properties.
SEAFORD, DEL. — Stan Johnson Co. (SJC) has brokered the sale of a 19,086-square-foot Tractor Supply Co. located in Seaford for $3.04 million. Gill Warner of SJC represented the seller, a private retail developer. Robert Rubin of NAI James E. Hanson represented the buyer, an individual investor.
TEANECK, N.J. — Alfred Anzari Enterprises has completed a $6 million renovation project at its Glenpointe mixed-use property in Teaneck. Construction primarily occurred on the office component of the property. Glenpointe Centre East received a redesign of the lobby's waterfall, the addition of wood-paneled walls and ceilings, new seating areas and lighting upgrades. Glenpointe Centre West received new granite flooring and an updated color scheme. Finally, The Atrium at Glenpointe received new carpeting and columns in the cafeteria, new ceilings and lighting throughout the building, and a new glass-walled WiFi lounge with a tropical fish tank. Glenpointe consists of approximately 650,000 square feet of office space, 164 residential condominiums, a hotel and a spa.
ENFIELD, CONN. — The Crowne Plaza Enfield Springfield, a 174-room, full service hotel located off of Interstate 91 in Enfield, has been sold. The hotel features an outdoor swimming pool, a restaurant and lounge, banquet and meeting space, and a business center. A California-based owner/user bought the property and plans to convert it into a Holiday Inn. Joe McCann of Philadelphia-based Optimum Hotel Brokerage represented the undisclosed seller in the transaction.
RYE BROOK, N.Y. — Freddie Mac has purchased a $46.8 million loan from PNC ARCS secured by Atria Rye Brook, an independent senior housing community located in Rye Brook. The 168-unit community contains a mix of studio, one- and two-bedroom residences. Amenities include a beauty parlor, a fitness center, activity rooms, dining rooms and a lounge. It was built in 2004. The transaction will allow the property's owner, an affiliate of Lazard Senior Housing Partners, the ability to refinance the property.
BRANFORD, CONN. — Branford,-based The Geenty Group, Realtors, has brokered the sale of a 10,000-square-foot warehouse located at 140 N. Branford Road in Branford for $800,000. Kristin Geenty and Kevin Geenty of The Geenty Group represented the buyer, Vigliotti Construction Co., as well as the seller, GHM, Inc. The buyer plans to renovate the facility and relocate its corporate offices to it.
CALDWELL, N.J. — Marcus & Millichap has negotiated the sale of a 6,175-square-foot retail property located in Caldwell for $1.25 million. Seth Pollack of Marcus & Millichap's New Jersey office represented the seller, a local retail developer. David Thurston, also of Marcus & Millichap, represented the buyer, a local investor participating in a 1031 exchange.
BEDFORD, MASS. — Newton, Mass.-based Diversified Project Management has been selected by Acme Packet to provide project management services for the build-out of the company's new Bedford headquarters. Acme has signed a lease that will relocate its operations from 75,000 square feet of space in Burlington, Mass., to 123,000 square feet at 100 Crosby Drive in Bedford. As part of the lease, Acme has the option to expand by 20,000 square feet. The interior build-out of the office and engineering space is expected to be complete in March, with occupation expected in June. Dyer Brown Architects is designing the project and Chapman Construction is the general contractor. Bradford Spencer of Grubb & Ellis represented Acme in lease negotiations.
HAZLETON, PA. — A new Candlewood Suites hotel has opened in Hazleton. Owned by American Hotel Development Partners, the five-story hotel contains 124 suites featuring fully equipped kitchens, executive desks and free high-speed Internet access. Hotel amenities include a fitness center and complimentary guest laundry. It is being managed by Harris Hotel Group.