NEW YORK CITY — GFI Realty Services has negotiated the sale of 1667 and 1690 Clay Ave., two five-story apartment buildings located in the Bronx, New York City, for $3.8 million. The two walk-up buildings contain 43 apartment units and two retail stores. The transaction was negotiated by Colin Rower of GFI Realty Services. The buyer was Chad Kurland of Titan Capital, and the seller was the Gershnov family, which sold the property as part of a reverse 1031 exchange.
COVENTRY, R.I. — Fantini & Gorga has arranged $8 million in construction financing for Coventry Crossing, a three-building, 21,000-square-foot retail center located in Coventry. The property is situated on 5.7 acres directly across from the 200-acre, master-planned Centre of New England project. Coventry Crossing is currently under development by Hecht Development; tenants already signed include CVS/pharmacy, Webster Bank and Dunkin Donuts. Terms of the financing were not disclosed.
IRONDEQUOIT, MASSENA AND SARANAC LAKE, N.Y. — Bryn Mawr, Pa.-based WP Realty has sold a three-property portfolio of New York shopping centers to Erez Capital Fund. The first is Irondequoit Plaza, a 216,000-square-foot community shopping center located in Irondequoit. The property is anchored by a 90,000-square-foot Wegmans and a 27,000-square-foot Big Lots. Additional tenants in the 99 percent-leased center include Dollar General, Dollar Tree, Citizens Bank and Dunkin Donuts. The second property is St. Lawrence Plaza, a 166,000-square-foot community shopping center located on Highway 37 in Massena. The property, which is 99 percent occupied, is anchored by a 68,160-square-foot BJ’s Wholesale Club, a 56,717-square-foot Hannaford Brothers and a 25,370-square-foot OfficeMax. The last property is Saranac Lake Plaza, a recently redeveloped, 68,000-square-foot shopping center located in Saranac Lake. The property is tenanted by Ace Hardware, Grand Union Supermarket, Dollar Tree and Advance Auto. The center was fully occupied at the time of closing.
JERSEY CITY, N.J. — Hasbrouck Height, N.J.-based DMR Architects has been selected to serve as project architect for the redevelopment of Jersey City’s historic Paramount Building, formerly known as Jersey City Medical Center. The building will be redesigned as part of Phase II of Metrovest Equities’ $350 million Beacon mixed-use project. The redeveloped building will include 208 residential units, a gym spanning the entire basement level and the preservation of the building’s existing art deco theater. Upon completion in 2010, Beacon will contain 1,200 residential units, parks, shops, screening rooms and a museum devoted to Jersey City Medical Center. Construction at Paramount is expected to begin in 2009.
BLOOMFIELD, CONN. — The Hartford, Conn., office of Chozick Realty has brokered the sale of Manor House Apartments, a 125-unit multifamily community located at the intersection of Revere Drive and Park Avenue in Bloomfield, for $15.77 million. Situated on 15.33 acres, the community contains a mix of 24 one-bedroom and 101 two-bedroom units in 11 buildings. Rick Chozick of Chozick Realty acted as sole broker in the transaction. The seller was an investment group led by J. Winkler, and the buyer was Windsor Castle LLC.
NEW BRITAIN, CONN. — iCap Realty Advisors of New York has arranged the sale of Hart Street Medical Center, a 53,000-square-foot medical office building located in New Britain, for $9 million. The complex is located directly across from the Hospital of Central Connecticut. Additionally, iCap secured $7 million in non-recourse, acquisition financing for the buyer to fund the purchase. The loan carries a 5-year term and a 78 percent loan-to-value ratio. Harout Ghazarian of iCap represented the seller, and Zeev Douek, also of iCap, represented the buyer in the sale. Both parties were undisclosed.
EASTON, PA. —Verus Partners and Cabot Properties have teamed up to develop a 358,375-square-foot, build-to-suit manufacturing and warehouse facility for Majestic Athletic, a division of VF Imagewear, in Easton. The new facility will be situated on 40 acres at 2320 Newlins Mill Rd. It will feature 30-foot clear ceiling heights, 28,000 square feet of office space, 16 loading docks and one drive-in door. The Norwood Company is serving as general contractor. CB Richard Ellis and Guilford Realty negotiated the build-to-suit transaction. Majestic Athletic will consolidate several of its existing operations into the new facility upon completion.
RAHWAY, N.J. — The grand opening has been held for the new Hotel Indigo Skyview Rahway, a 100-room boutique hotel located in Rahway. The hotel is part of a mixed-use development located in the city’s downtown area and arts district, and includes luxury condominiums and retail space, in addition to the hotel. The Hotel Indigo features fitness facilities, a casual restaurant, a full-service spa that will open in the fall, a 24-hour business center, two meeting rooms and high-speed Internet access throughout the hotel. The hotel is owned by Carriage City Hospitality, and will be managed by Atlanta-based InterContinental Hotels Group. The opening marks the first Hotel Indigo to open in New Jersey and the seventeenth worldwide.
BRIDGEPORT, CONN. — Westport, Conn.-based Vidal Wettenstein Real Estate has brokered the sale of part of the Coastline Terminal complex, consisting of a 60,000-square-foot industrial facility located at 315 Seaview Ave. in Bridgeport. The high-bay facility traded at a price of $2.6 million. Scott Zakos, Randy Vidal and Bruce Wettenstein of Vidal Wettenstein represented the seller, Coastline Terminal. The property was acquired by Gault Cos. The remaining 20 acres of the Coastline Terminal property is currently being marketed.
PISCATAWAY, N.J. — Eastern Consolidated has brokered the sale of two adjacent Class B office buildings located in Piscataway for $8.25 million. Situated on 10 acres, the two properties include a two-story, 68,156-square-foot building located at 200 Centennial Ave. and a single-story, 70,451-square-foot building located at 220 Centennial Ave. Eric Anton, Ronald Solarz and Paul Nigido of Eastern Consolidated represented the seller, New York City-based The Andalex Group. The buyer, locally based Ambiani Realty, was represented by Dan de Palma of Jones Lang LaSalle.
