NEW YORK CITY — Marcus & Millichap has brokered the sale of 154 Highland Place, a 20-unit multifamily building located in Brooklyn, New York City. The property sold at a price of $1.57 million, at a 7.08 percent capitalization rate. Cody Liebman and Zachary Felson of Marcus & Millichap’s Brooklyn office represented the seller and secured the buyer in the transaction. Both parties were undisclosed.
BOLTON LANDING, N.Y. — The Plasencia Group (TPG) has negotiated the sale of the historic Sagamore Resort, located in Bolton Landing, for approximately $88 million. Constructed in 1883 on the shores of Lake George, Sagamore Resort is a 70-acre resort that features a hotel, condominiums, an 18-hole golf course designed by Donald Ross, conference facilities, a marina, a sailing school, a spa, and multiple food and beverage outlets. Stephen Kindl of TPG’s Capital Markets Group represented the seller, Green Island Associates. The property was purchased by Sagbolt LLC, an affiliate of Ocean Properties Limited Hotels & Resorts.
WESTFIELD, N.J. — The New Jersey office of Jones Lang LaSalle (JLL) has brokered the acquisition of a Class A office building located in Westfield. The three-story, 41,281-square-foot building is located at 50 Cardinal Dr. and was purchased by Atlantic Container Lines, which plans to use the facility as its headquarters location. The property was constructed in 2006. Chris Conklin and J.C. Giordano of JLL represented Atlantic Container Lines; Frank Cotilla, also of JLL, will be providing project management and relocation services. The seller and purchase price were not disclosed.
HOLDERNESS, N.H. — Construction has been completed for the renovation and expansion of Weld Dining Hall at Holderness School, a co-ed boarding and day school located in Holderness. The $3.1 million project, which was designed by Architectural Resources Cambridge, consisted of the expansion of the dining hall to a 400-seat capacity for regular meals and a 475-seat capacity for special functions. Additional renovations included a 1,200-square-foot, scatter-type servery, as well as improved acoustics and an upgraded kitchen. Milestone Engineering & Construction provided construction management services.
BLACKWOOD, N.J. — Marcus & Millichap has arranged the sale of South Jersey Storage, a 104-unit self-storage property located in Blackwood. Robert Gentile and Scott Lukash of the firm’s Philadelphia listed the property on behalf of the seller and procured the buyer. The property was more than 95 percent occupied at the time of closing. It traded at a price of $640,000.
MIDDLETOWN, CONN. — Marcus & Millichap has arranged the sale of a 650-unit, Class A apartment portfolio for $75 million. Located in Middletown, the portfolio comprises Chestnut Hill Apartments and Northwoods Apartments. Chestnut Hill is situated on 29.44 acres at 5 Town Colony Dr.; it contains 314 one- and two-bedroom units in seven three-story buildings. Northwoods is situated on 17.37 acres at 1 Dove Lane; it contains 336 units in five three-story buildings. Both properties feature a clubhouse, a business center, a billiards room, a library, tennis and racquetball courts, an indoor hot tub, a swimming pool and a fitness facility. Steve Witten and Victor Nolletti of Marcus & Millichap’s New Haven, Conn., office represented the sellers, Middletown-Oxford LP and Connecticut Colony Associates LP, as well as the buyers, Northwoods Apartment Associates LLC and Chestnut Apartment Associates LLC. The portfolio traded at a price of $115,385 per unit.
NEW YORK CITY — The New 118th Upper Manhattan Portfolio, a collection of 21 walk-up apartment buildings located in the Washington Heights and Central Harlem neighborhoods of New York City, has been sold in a $54 million transaction. Comprising 418,230 rentable square feet, the portfolio contains 500 residential units, five super units and 12 commercial units. The buildings in the portfolio consist of 20 five-story buildings and one six-story building; a majority of the units are presently subject to rent regulation. The buildings include: 234-236 E. 118th St.; 463-467 W. 159th St.; 503-507 W. 176th St.; 531 W. 179th St.; 704 W. 180th St.; 559-561 W. 183rd St.; 507 W. 184th St.; 510-524 W. 184th St.; 515 W. 184th St.; 516-520 W.188th St.; 500 W. 190th St.; 2180-2182 Amsterdam; 283-285 Audubon Ave.; and 70-72 Pinehurst. Robert Knakal, Rob Shapiro and Shimon Shkury of Massey Knakal Realty Services represented both parties in the transaction. The seller was Richard Wasserman, Esq., acting as trustee for the U.S. Bankruptcy Court; the buyer was undisclosed.
LANCASTER, PA. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Quail Run Apartments, a 136-unit multifamily community located in Lancaster, for $7.7 million. Robert Holland of Kislak represented the seller, The Apartment Gallery, as well as the buyer, The Solomon Organization. This marks the third time that Holland has sold the property. It was 98 percent occupied at the time of closing. The new owner plans to install separate utility meters for each unit. Union Center Bank provided acquisition financing for the property.
PARSIPPANY, N.J. — Commercial Realty Group is nearing completion for the first building in InterPark Office Campus, a Class A office project located in Parsippany. Located at 100 InterPark Blvd., the four-story building will contain 76,000 square feet, and is being built in anticipation of LEED-Silver certification. The building will be divisible from 4,500 square feet; it will include a water feature, an exercise facility and on-site food service. InterPark Office Campus also has the potential for a Phase II building that will rise five stories and contain up to 109,000 square feet of space. Josh Cohen, Marc Rosenberg, Bill Brown and Katie Kennedy of Cushman & Wakefield’s Morristown, N.J., office are handling leasing for the property. Site work, including all paving and landscaping, is already complete for the project.
WOOD-RIDGE, N.J. — Lakewood, N.J.-based Somerset Development has received final approval for the development of Phase I of Westmont Station, a 70-acre, transit-oriented, mixed-use project located at the former Curtiss-Wright site in Wood-Ridge. Phase I will include the construction of four buildings containing 406 apartment residences, as well as 27 single-family homes, 36 townhomes, 11 live-work townhomes, and approximately 25,000 square feet of retail and commercial space. Of the apartments, 61 will be affordable housing units. The apartments are being developed by AvalonBay Communities; occupancy for the first phase is scheduled for 2010 Additional construction will consist of the project’s anchor, a New Jersey Transit Train Station. Construction for it is slated to begin in 2009, with completion in 2011. Ultimately, the project will contain 788 residential units, 130,000 square feet of retail and office space, a public square, a new middle school, athletic fields, and walking and biking paths. The project is also participating in the LEED Neighborhood Development pilot program.
