RYE BROOK, N.Y. — Cleveland-based Forest City Enterprises has disposed of Sterling Glen of Rye Brook, a supported-living senior housing facility located in Rye Brook. The 168-unit community traded at a price of $70 million. It was acquired by Atria Senior Living Group as part of a larger transaction, agreed upon in 2007, in which Atria has agreed to acquire a majority of Forest City’s supported living portfolio.
TROY AND ELYSBURG, PA. — King of Prussia, Pa.-based Jackson Cross Partners – ONCOR International (JCP) has represented CSS Industries in the sales of two of the company’s Pennsylvania manufacturing facilities. The first property is a 211,000-square-foot plant, located on 13 acres in Troy, which was formerly utilized by CSS to manufacture decorative and woven ribbons. The second property, the former Arrow Shirt Co. building, is a 64,000-square-foot manufacturing plant located on 12.35 acres in Elysburg. It was formerly used by CSS’ Paper Magic Group for the production of seasonal holiday products. JCP’s Lou Battagliese and Nick Adams, along with Jeff Bower of Mericle Commercial Real Estate, represented CSS in both transactions. The buyer of the Troy facility was Cummings Lumber Co. and the buyer of the Elysburg facility was Toy Factory. The acquisition prices were not disclosed.
EDISON, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected to design a new academic building at Middlesex County College in Edison. The building will be located on Blue Colt Drive at one of the college’s main entrances. It will total two stories and 36,000 square feet; it will feature classrooms, computer labs, administrative offices, a culinary demonstration lab, kitchen facilities and meeting rooms. The $11 million project is also applying for LEED-Silver certification. The project is expected to go out for bidding in June, with construction expected to begin in August.
NEWARK, N.J. — Marcus & Millichap has arranged the sale of a 24,000-square-foot medical office building located in Newark. The single-tenant property traded for a price of $3.4 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented both undisclosed parties in the transaction.
NEW YORK CITY — Community Preservation Corp. (CPC) has provided a $1.26 million permanent loan for the refinancing of an apartment building located at 37 S. Third St. in the Williamsburg neighborhood of Brooklyn, New York City. The property received a CPC construction loan 8 years ago, which helped fund its renovation into eight loft apartments with ground-floor retail space. Rents currently average $2,450 per month. Terms of the loan, as well as the borrower, were not disclosed.
NEW BEDFORD, MASS. — Boston-based Fantini & Gorga (F&G) has arranged $2 million in acquisition financing for an 18,100-square-foot office building located in New Bedford. George Fantini and Mark Whelan of F&G placed the loan through StanCorp Mortgage Investors. Terms of the loan were not disclosed. The undisclosed borrower is acquiring the property as part of a 1031 exchange.
WHITEHALL, PA. — Allentown, Pa.-based Summit Management & Realty Co. has arranged the leasing of 12,000 square feet of warehouse space at Riverside Business Center, located at 1139 Lehigh Ave. in Whitehall. Mike Shelton of Summit represented the tenant, Furniture Associates. Tyler Chomik, also of Summit, represented building ownership in the transaction. The lease was valued at approximately $500,000.
HARTFORD, CONN. — Marcus & Millichap has completed the sale of Charter Oak Marketplace, a 259,056-square-foot retail center located at 475 Flatbush Ave. Built in 2004, the 34.37-acre center comprises a 149,551-square-foot freestanding Wal-Mart, a 76,750-square-foot strip building and numerous pad sites. Wal-Mart’s co-anchors at the center include Marshall’s and Dollar Tree. Pad tenants include McDonald’s, Taco Bell, Popeye’s, Pollo Tropical, and Texas Roadhouse. Sharon Bands of Marcus & Millichap’s Manhattan, New York City, office represented the seller, Centro Properties, and secured the buyer, a New Jersey-based shopping center REIT. The acquisition price was not disclosed but the property listed for $19.25 million.
NEW YORK CITY — A joint venture between Taconic Investment Partners and Denham Wolf Real Estate Services has begun a new phase of the $25 million renovation project currently under way at The BankNote, a four-building, 405,000-square-foot office and retail property located in the Hunts Point neighborhood of the Bronx, New York City. The phase, scheduled for completion this year, will include parking lot renovations, the addition of landscaping and pedestrian walkways, new lobbies, a new cooling tower, corridor upgrades, new bathrooms, and a modernization of the elevators in the Lafayette and Barretto buildings. The joint venture is seeking LEED certification for the project. The project architect is Beyer Blinder Belle.
VALLEY STREAM, N.Y. — New York City-based Philips International has begun a multi-million dollar capital improvements program at 99 W. Hawthorne Ave. in Valley Stream. Construction to the seven-story, 45,330-square-foot property will include a conversion of the building’s space into 99 for-sale office condominiums, which will range in size from 1,000 square feet to 7,486-square-foot, full-floor spaces. The lobby and common area will also see renovations. Kelly Koukou and Mark Greenspan of CB Richard Ellis will handle marketing for the new office condos. A construction timetable was not released.