NEW YORK CITY — Marcus & Millichap has completed the sale of a 16-unit apartment building located in the Bronx, New York City, for $1.28 million. The property is a five-story, walk-up building that features a mix of studio, one-, two- and three-bedroom units. Almost all of the units have been recently renovated. The undisclosed buyer purchased the property free and clear of debt and used the proceeds to refinance a neighboring property. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, which was also undisclosed, as well as the buyer.
EDISON, N.J. — The Morris Companies has purchased Edison Towne Corporate Centre, a three-building office and industrial property located in Edison. Situated on 62 acres, the complex includes a 245,446-square-foot office building located at 2147 Route 27; a 99,260-square-foot research and development building located at 2121 Route 27; and a 140,000-square-foot warehouse located at 55 Talmadge Rd. Morris plans to redevelop a vacant land parcel located behind the warehouse building in the short-term. The seller was Starwood Heller. Jose Cruz, Andrew Merin, David Bernhaut and Gary Gabriel, all of Cushman & Wakefield, negotiated the deal. The acquisition price was not disclosed.
WEST HARTFORD, CONN. — CB Richard Ellis (CBRE) has brokered the $19.1 million sale of Westgate Apartments in West Hartford. The garden-style community is located on Farmington Avenue and totals 174 units. Jeffrey Dunne, Christopher Leonard and Matthew Innes of CBRE's New York office, along with Michael Stone of the firm's Hartford office, represented the seller, 1248 Westgate Associates LP, which is controlled by Capital Properties. The team also secured the buyer, Westgate Apartments LLC, which is controlled by Solomon Organization.
NEW YORK CITY — The Best Western President Hotel in New York City's Times Square has reopened following a $15 million renovation. The remodeling, which was undertaken by architectural firm Stonehill & Taylor, features a prominent presidential theme. The hotel's primary color scheme is purple to signify the combination of Democratic blue and Republican red. The lobby contains décor from the Lincoln and Jeffersonian eras, and each guest room contains artwork depicting past presidents and first ladies. Owned by Hampshire Hotels, the 15-story Best Western President Hotel contains 334 rooms and 44 suites. It features two on-site restaurants, a lobby cocktail lounge, a 24-hour fitness center, a business center and conference facilities.
NEW YORK CITY — NAI Global has brokered the sale of a five-story garage building in New York City for $29.5 million. The 40,000-square-foot building is located at 318 E. 48th St. It was purchased by the Government of the Republic of Singapore, which plans to convert the building into an office building that will house its Mission to the United Nations and Consulate offices. The government is currently located at 231 W. 51st St. Gil Robinov of NAI's New York City office represented the buyer. David Noonan of Newmark Knight Frank represented the seller, Chapman Consulting Group.
QUINCY, MASS. — CB Richard Ellis (CBRE) Investors has acquired Avalon at Faxon Park, a 171-unit garden apartment community located in Quincy. The property, which was built in 1997, is situated at 500 Falls Blvd. It features one-, two- and three-bedroom units averaging 1,027 square feet. Amenties include a clubhouse, a swimming pool and a playground. The property was fully occupied at the time of closing. CBRE Investors plans to complete capital improvements to the community, including upgrades to the fitness center, clubhouse and other commons areas. CBRE Investors made the purchase on behalf of its CBRE Strategic Partners U.S. Value 5 Fund, with Stephen Gullo and Steve Zaleski providing in-house representation. Simon Butler of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not released.
QUINCY, MASS — Fantini & Gorga (F&G) has arranged $13 million in financing for a ground lease in Quincy. The borrower plans to construct a 102,000-square-foot Lowe's Home Improvement Warehouse on 13 acres at Burgin Parkway, across from the Quincy Adams MBTA Station. The land parcel is part of a 16-acre assemblage; the remaining 3.5 acres include a relocated city park and a land swap with an existing owner. F&G's Tim O'Donnell, Mark Whelan and Andrew Kern negotiated the transaction. The lender is a regional bank.
NEW YORK CITY — SL Green Realty Corp. has closed on a $215 million loan for the refinancing of 100 Park Avenue in Manhattan, New York City. The loan carries a 5-year term with two 1-year extension options and a 6.64 percent fixed interest rate. The proceeds will be used to retire the property's existing $175 million mortgage as well as complete a $72 million renovation of the property that began in 2007. The lender was a group of banks that includes DekaBank, Helaba, PB Capital Corp., Westdeutsche ImmobilienBank AG and Modern Bank. SL Green owns 100 Park Avenue in a joint venture with institutional investors advised by Prudential Real Estate Investors. The tower totals 36 stories and 825,815 square feet.
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed two leases for Manhattan office space totaling 189,054 square feet. First, JLL brokered a 10-year renewal on behalf of General Motors Corp. (GM) at 767 Fifth Avenue. GM occupies the 14th through 16th floors of the building for a total of 114,300 square feet. The company has leased space at the 2 million-square-foot, Class A building since it was built in 1968. Peter Riguardi, Michael Shenot and Lloyd Desatnick represented the tenant. Robert Selsam and Andrew Levin of Boston Properties provided in-house representation for the landlord. In the second deal, JLL negotiated a sublease for 74,754 square feet on behalf of NYC Office Suites at 1350 Avenue of the Americas. The subtenant, which provides short-term office space for lease, will occupy the second through fourth floors of the 585,156-square-foot building for an 11-year term. Scott Panzer and Sean Black of JLL represented NYC Office Suites. Joseph Harkins of Grubb & Ellis represented the sublessor, Harper Collins.
NORTH KINGSTOWN, R.I. — Integrated Builders has completed construction for the Outside Air Center, an 80,000-square-foot retail component of The Shops at Quonset Point. The project also included 25,000 square feet of shell space for anchor Dave's Marketplace, as well as tenant fit-ups for Supercuts and Hollywood Nails. The project architect is Boston-based Bergmeyer Associates. The Shops at Quonset Point totals 25 acres; it consists of 160,000 square feet of retail space and 40,000 square feet of office space. The Shops at Quonset Point is part of the $80 million Quonset Gateway master-planned project.