WESTBOROUGH, MASS. — Invesco Real Estate has purchased a 280-unit multifamily community located at 1 Homestead Blvd. in Westborough on behalf of one of its pension fund clients. The garden-style community contains a mix of one- to three-bedroom units averaging 1,070 square feet in size. Amenities include a clubhouse, a fitness center, an indoor basketball court, a swimming pool and a playground. Occupancy was 97 percent at the time of closing. Simon Butler and Biria St. John of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not disclosed.
EDISON, N.J. — Onyx Equities has completed five transactions totaling 109,107 square feet at Edison Square Office Park, the company's three-building, 230,969-square-foot office property located in Edison. Most significantly, The Conti Group purchased the 67,000-square-foot 2045 Lincoln Highway building for use as its new headquarters. Paul Giannone, Kevin Carton, Paul Hindes, Dan DePalma and Todd Elfand of Jones Lang LaSalle represented both parties in the transaction. In addition, Onyx completed four leases at the same building. L&T Infotech renewed and expanded its existing lease to 31,303 square feet in a deal that was arranged by Carton and Elfand. Birlasoft Inc. renewed its lease for 5,854 square feet in a deal brokered by Sean Brady of Cushman & Wakefield. Janney Montgomery Scott LLC renewed its lease for 4,170 square feet. Finally, Kale USA signed a new lease for 870 square feet. Elfand brokered the deal.
PITTSBURGH — Strategic Storage Trust (SST) has purchased two Pittsburgh self-storage facilities for a total of $5.7 million. The first property contains 470 units and is located on Landings Drive near the interchange of Interstate 76 and State Route 28. The second property contains 820 units and is located on Lebanon Road near Allegheny County Airport. The seller, Sovran Acquisition LP, was represented by Locke Acquisition Group. Since SST's launch in 2008, the non-traded REIT has acquired 26 self-storage properties in 14 states.
RIDGEFIELD PARK, N.J. — Samsung Electronics America has signed a lease for 193,000 square feet of office space at 85 Challenger Road, a 235,000-square-foot, Class A office building located in Ridgefield Park. The company plans to relocate its U.S. headquarters to the building from a nearby location. The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel, Jose Cruz, Marc Trevisan and David DeMatteis represented the landlord, KABR Real Estate Investment Partners. CB Richard Ellis' John Oh and Paul March represented Samsung. The same Cushman & Wakefield team also orchestrated KABR's purchase of the property in June. The then-vacant property was sold by AIG, which had foreclosed on it. The property is currently undergoing capital improvements, including the addition of a full-service cafeteria, an update to the common areas and elevators, and a lobby remodeling.
THORNDALE, PA. — Marcus & Millichap has completed the sale of Caln Plaza, a 57,400-square-foot mixed-use property located in Thorndale, for $4.24 million. The property contains a shopping center, a residential apartment building and a self-service car wash. Matthew Gorman, Tom Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a private investor. Both Gormans, along with Derrick Dougherty, Mark Taylor and Dean Zang, all with the firm's Philadelphia office, represented the buyer, an investor group led by Scott Homel and Pintzuk Brown Holdings.
NEW YORK CITY — Salmon & Marshall has brokered the sale of an apartment building located in the West Village of Manhattan, New York City, for $5.3 million. The building is situated at 120 MacDougal St.; it contains 26 residential units and two commercial units. Kevin Salmon and Matthew Marshall of Salmon & Marshall represented the undisclosed seller and procured the buyers, Jordan Vogel and Aaron Feldman of Manhattan-based Benchmark Real Estate Group.
NEW YORK CITY — Construction is nearing completion for Limelight Marketplace, a retail redevelopment project located at 656 Avenue of the Americas in the Flatiron District of Manhattan, New York City. The three-story, 163-year old building is being renovated into boutique retail space that will be occupied by more than 60 retail, restaurant and services tenants. The turnkey space will supply tenants with POS systems, store build-out and maintenance support, branded materials, merchandising, and marketing and PR services. Completion is slated for March.
NEW YORK CITY — New York City (NYC) Development Corp. has completed the $20.1 million renovation of Rose Hill Apartments, an affordable senior apartment community located at 2855 Southern Blvd. in the Fordham Bedford Park section of the Bronx, New York City. The nine-story building contains 119 studio and one-bedroom units, a meeting room and 22 outdoor parking spaces. Construction included the replacement of the heating plant and roof, façade and window repairs, and upgrades to units, common areas and the lobby. The project was designed by Daughtry Carstarphen Edelman Sultan Knox & Wood Architects. The general contractor was Notias Construction. Funding was provided by the NYC Development Corp. through its Low-Income Affordable Marketplace Program and the Section 202 Preservation program.
RICHFORD AND MIDDLEBURY, VT. — Burlington-based Redstone has brokered two Vermont commercial sales. In the first transaction, Maple Mountain Woodworks purchased a 24,000-square-foot commercial building and 7 acres of land located at 484 Hardwood Hill Road in Richford for $420,000. Redstone's Linda Letourneau and David Jacobs represented the seller, Stairs Unlimited. In the second transaction, Edgewater Gallery purchased a commercial property located at 1 Mill St. in Middlebury from Frog Hollow Craft Association for $310,000. Duncan Harris of Redstone and Ingrid Jackson of Ingrid Jackson Real Estate represented the seller and Jackson procured the buyer.
Boston has the third largest investment management center in the world, eclipsed only by New York and London. It’s the birthplace of the mutual fund and is now arguably the “mutual fund capital of the world,” with literally trillions of dollars invested in funds managed there. The Boston retail market has certainly had its share of woes along with the rest of the country, but high barriers to entry, its infill nature and the city's promising long-term results keep the retail market pretty strong. Boston, perhaps more than any other Northeast market, has been nearly impossible for developers to crack and has become a notoriously challenging market in which to build. Because of this, the demand for retail space has remained light, but the vacancy rate for the area is nominal, hovering around only 5 to 7 percent. Although the amount of retail space in the city has increased by 12 percent since 2003, it has failed to keep pace with demand, which has grown 19 percent during the same time frame. Facing stiff economic headwinds, several developers have announced they will scale back on projects proposed for Boston. Earlier this year, plans for a massive urban shopping center in …