BRIDGEWATER, MASS. — Marcus & Millichap has brokered the sale of a Home Depot located in Bridgewater for $11.55 million. The retail center is situated on approximately 27 acres at 1453 Pleasant St. In addition to the home improvement warehouse, the location also features a 28,098-square-foot Garden Center. Home Depot opened at the location in February. It occupies the site on a 30-year, absolute triple-net ground lease. Terms of it include no landlord responsibilities, a $75,000 rental increase beginning in year 26, and eight 5-year options with a 10 percent rental increase in each option. Glen Kunofsky and Russell Wachtler of Marcus & Millichap’s Manhattan, New York City, office, along with Todd Tremblay of the firm’s Boston office, represented the seller. Sharon Bonds, also of Marcus & Millichap’s Manhattan office, represented the buyer. Both parties were undisclosed.
SOUTHINGTON, CONN. — R. Calabrese Agency (RCA) has completed the sale of a 10,400-square-foot office building, located at 1850 West St. in Southington. Initial plans are for the building to be occupied by Dr. Nicole Porzio-Hawley and her husband Dr. Andrew Hawley, who are opening a new chiropractic and sports medicine practice this summer named Porzio & Hawley Chiropractic. Ralph Calabrese of RCA represented the buyer, Dr. Robert Porzio. The seller, EZ Enterprises, was represented by Frank Mirmina of Lil-1 Associates. The acquisition price was not disclosed.
PHILADELPHIA — Philadelphia-based NAI Bluestone Real Estate Capital has arranged $4 million in construction-to-permanent financing for a portion of Logan Plaza, an office park located in Philadelphia’s Logan/Olney neighborhood. The borrower, OYR Realty Group, plans to use the funds to complete capital improvements at one of the office park’s buildings. The building is vacant, but a lease was recently signed with the Department of Public Welfare for approximately 66 percent of the space. The loan will start with a floating interest rate, but convert to a fixed loan with a 70 percent loan-to-value ratio upon completion. The lender is Beneficial Savings Bank. Logan Plaza is a six-building, 340,000-square-foot office campus. OYR Realty Group is a joint venture between Visionary Cos. and Thylan Associates.
TOWAMENCIN, PA. — Construction is nearing completion on SKF’s new U.S. world headquarters building located at Forty Foot Road and Tomlinson Road in Towamencin. Designed by Thomas E. Hall & Associates (TEH) and developed and constructed by Philadelphia Suburban Development Corp., the three-story, 84,000-square-foot building will feature patterned-brick, glass, and cantilevered columnless glass corners. TEH also renovated the core and shell of an existing 35,000-square-foot attached warehouse building, which will retain its existing pre-cast concrete wall panels and will feature new windows and brick facing to match the new building. The project, located within the Towamencin Business Center, is expected to be complete this month.
ISELIN, N.J. — CB Richard Ellis has completed the sale of a 98,459-square-foot office building located at 186 Wood Ave S. in Metropark in Iselin. Set on 19.43 acres, the property is also approved for 474,000 square feet of Class A office space. Jeffrey Dunne and Kevin Welsh of CB Richard Ellis' New York Institutional Group collaborated with Jeffrey Babikian to represent Siemens Shared Services, LLC, an entity controlled by Siemens Corporation, in the sale. The team was also responsible for procuring the buyer, Hampshire Global Partners, an entity controlled by The Hampshire Companies, which plans to re-develop and upgrade the office building and develop the balance of the site over time. The sale price was undisclosed.
NEW YORK CITY — Massey Knakal has brokered the $11.22 million sale of 333 Ovington, Ave., a six-story, 119 rental unit elevator apartment building located between Third and Fourth Avenues in Brooklyn’s Bay Ridge neighborhood in New York City. The price equates to 9x GRM, $121 per square foot, $94.3k per unit, and a 6 percent capitalization rate. Landon McGaw of Massey Knakal handled the listing along with colleague Stephen Palmese. The buyer and seller were undisclosed.
LODI, N.J. — Marcus & Millichap has brokered the sale of Manorview Apartments in Lodi. The 21-unit property, which also contains one office space property, was sold for $2.2 million. Greg Babaian of Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. Manorview Apartments was built on Main Street in 1950. It features a lot size of .24 acres, and a rentable square footage of 17,850 square feet.
NEW YORK CITY — Goulston & Storrs has expanded its New York office with the addition of David Rabinowitz. He joins the firm as the director of the real estate group. Prior to joining Goulston & Storss, Rabinowitz was a partner in Sutherland’s New York office where he was co-chair of the Retail Practice and led Sutherland’s Northeast Real Estate Team.
PORTLAND, MAINE — CB Richard Ellis/New England has negotiated the sale of the Holiday Inn by the Bay, located at 88 Spring Street in Portland. The 11-story hotel contains 239 rooms. It features more than 30,000 square feet of meeting space, an indoor swimming pool, a fitness center and an on-site restaurant. CBRE’s Dave McElroy and Scott Hutchinson represented the seller, Harper Hotels, and procured the buyer, Bangor, Maine-based Lafayette Hotels. The acquisition price was not disclosed.
NEW BRITAIN, CONN. — NorthMarq Capital has brokered the acquisition of Pebblebrook Apartments, a 486-unit multifamily community located in New Britain and arranged its acquisition financing. The property was purchased for $28.64 million and is secured by a $23.59 million loan. The financing carries a 10-year term with a 30-year amortization schedule and 1 year of interest-only payments. Robert Ranieri of NorthMarq’s Capital Services Group East and J. Jeffrey Robertson of the firm’s Miami regional office arranged the transaction and financing. The lender was Freddie Mac.