EAST HARTFORD, CONN. — Sperry Van Ness has completed the $19.16 million sale of School Street Square in East Hartford. The 147,258-square-foot retail center is located on 14 acres at 265 Ellington Rd. Tenants include Big Y World Class Market, Rite Aid, Fashion Bug and Blockbuster. Joseph French, Jr. and his team at Sperry Van Ness represented the seller, Trumball, in the transaction. The buyer was an undisclosed New York-based private investor.
MORRISTOWN, N.J. Houlihan Parnes/iCap Realty Advisors have arranged the $13 million sale of a 54,000-square-foot retail building in Morristown. The facility is located in South Street in the city s business district. Rob Tilburzi and Richard Slavin of Houlihan Parnes/iCap arranged the sale for the undisclosed buyer and seller in the transaction.
WEEHAWKEN, N.J. — John Greenberg and Don Baxter of The Kislak Company have brokered the $1.53 million sale of a 21-unit apartment facility in Weehawken. Located at 24 50th St., the facility contains one- and two-bedroom apartments and was fully occupied at the time of the sale. Greenberg and Baxter represented the undisclosed buyer and seller in the disposition.
NEW MILFORD, CONN. — Arbor Commercial Funding has closed a $2 million loan to refinance Sherwood Commons, a 36-unit apartment facility in New Milford. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.76 percent. John Edwards of Arbor originated the Fannie Mae loan for the undisclosed borrower.
NEWARK, N.J. — Tucker Development has signed a contract to purchase 3.5 acres at 422 Broad Street adjacent to the Broad Street rail station and an off-ramp of Interstate 280 in Newark. Tucker plans to construct a 400,000-square-foot, transit-oriented mixed-use project. The $150 million development will also include the first new Class A office building in Newark in more than 15 years, a 200-room hotel, 50,000 square feet of retail space on the first two floors and a 25,000-square-foot health spa. The project will also be the first to utilize New Jersey’s new Urban Transit Hub Tax Credit Program.
NEW YORK CITY — BFC Partners is constructing Toren, a 240-unit condominium tower located at 150 Myrtle Ave. in the Fort Greene neighborhood of Brooklyn, New York City. The 38-story building will feature, studios, one-, two- and three-bedroom apartments ranging in size from 442 square feet to 1,967 square feet. In addition, the top eight floors will include eight one-bedroom penthouse units and 24 two- and three-bedroom penthouse units. The building is also going for a silver LEED certification status and will feature several green amenities such as its own cogeneration plant. Designed by Skidmore, Owings & Merrill, the facility will feature amenities such as a multi-level roof garden, a fitness center and an outdoor screening room. Prices for the units range from the mid-$300s to the $1.7 million.
PARAMUS, N.J. — Vornado Realty Trust has entered into an agreement to sell its entire interest in Americold Realty Trust to The Yucaipa Companies for $220 million. The net proceeds sale price will result in a gain of $110 million based on a $1.52 billion valuation before debt and other obligations. Morgan Stanley Real Estate will also sell its interest in Americold to Yucaipa, which will then own 100 percent of the REIT. The sale is set to close immediately.
SALEM, MASS. — Gina Barroso of NAI Hunneman has completed the $1 million sale of a 13-unit apartment facility located at 313 Essex St. in Salem. The three-story property contains seven studios, six one-bedroom units and totals 8,216 square feet. Barroso represented the seller, Heller Trust, and George Fallon Tache Real Estate represented the buyer, Anthony and Colleen Rosati.
NORRISTOWN, PA. — David Csontos of GVA Williams New Jersey has completed the sale of Valley Forge Corporate Center I & II in Norristown. Located at 2500 and 2600 Monroe Blvd., Valley Forge Corporate Center I & II are part of the Valley Forge Corporate Center, a 14-building business campus that contains a total of 880,000 square feet. Building I is comprised of 72,880 square feet set within two stories on 6.65 acres. It is currently leased to Idearc. Building II is a one-story facility that contains 45,500 square feet on 4.15 acres. It is currently leased to a major regional transmission organization. The sale price was undisclosed.
SOUTH BRUNSWICK, N.J. — GMH Capital Partners has completed the $13.3 million sale of the Home Depot distribution warehouse in South Brunswick. The 212,335-square-foot facility was purchased by Cobalt Capital Partners. It was fully occupied by Home Depot at the time of the sale. Bill Tourtellotte of GMH represented the seller, Long Ridge Industrial Portfolio, in the transaction.