DANBURY, CONN. — The Hampshire Companies has acquired the Praxair Office Building, a 42,500-square-foot office building located at 55 Old Ridgebury Rd. in Danbury. The property is fully leased on a long-term basis by Praxair Inc. The seller in the transaction was Sunbelt Management Co., which was represented by Grubb & Ellis. Hampshire made the acquisition on behalf of Hampshire Generational Fund, the company’s commingled, discretionary real estate investment fund.
MT. VERNON, N.Y. — Meridian Capital Group has arranged $53.2 million in acquisition financing for Westchester Plaza, an 850,000-square-foot residential community located in Mt. Vernon. The community consists of four residential buildings spread out over 8.9 acres, as well as a 75,000-square-foot shopping center. The property contains 698 apartment units; tenants in the retail portion include Washington Mutual Bank, Radio Shack and Eckerd. Elliot Treitel of Meridian’s New Jersey office secured the loan on behalf of the borrower, Urban American Management. Terms of the financing include a 5.5 percent fixed rate with interest-only payments for the first 3 years.
WEST CALDWELL, N.J. — Union, N.J.-based Del-Sano Contracting Corp, has been selected to provide general contracting services for the construction of Phases II and III of Crane’s Mill, a 35-acre senior housing facility located in West Caldwell that is being developed by Lutheran Social Ministries of New Jersey. The project is expected to cost $27 million, and construction will begin this month. Phase II will include the construction of 70 independent units with 47 underground parking spaces, as well as 10 cottages with attached garages. The independent living units will be located in a two-story building attached to the existing central facility. Phase III of Crane’s Mill will encompass 20,000 square feet of new and existing space. A new wing will be added that will house the memory support area, a dementia courtyard and renovated common areas for the assisted living areas. Construction will also include the conversion of 18 of the facility’s 60 assisted living units into dementia units. Upon completion, Crane’s Mill will contain 286 independent living units, 48 assisted living units and 18 dementia units, with 66 of the units set aside for skilled nursing and rehabilitation services. The first phase of the community was completed in …
LEVITTOWN, PA. — Marcus & Millichap has brokered the sale of Avalon Court Apartments, a 120-unit, garden-style apartment community located in Levittown. Situated on 6 acres on Bristol Oxford Valley Road, the property contains 11 three-story brick buildings. Clark Talone and Ridge MacLaren of Marcus & Millichap’s Philadelphia office represented the seller, Avalon Partners, and procured the buyer, a regionally based partnership. The acquisition price was not disclosed.
NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has arranged the sale of a 30,000-square-foot manufacturing building, located at 27-02 Skillman Ave. in the Long Island City neighborhood of Queens, New York City, for $7 million. The two-story property features a freight elevator, heavy power capacity, multiple loading docks and 20,000 square feet of air rights. The buyer, United Air Conditioning, plans to use the ground floor of the facility for manufacturing and the second floor for offices. Dmitri Gourianov of KDA represented the United Air Conditioning. The seller, Dallek Inc., was represented by Joshua Zellner of Zellner Realty.
WATERBURY, CONN. — R. Calabrese Agency has completed the sale of Fair Oaks Center, a 47,000-square-foot inline retail center located at 708 Wolcott St. in Waterbury, for $4.57 million. The property is anchored by Aaron’s Rents Furniture Store; additional tenants include Hertz Rent-A-Car, American Automobile of Connecticut, FYE and Play It Again Sports. Bob Bowden of R Calabrese Agency negotiated the transaction between the seller, Waterbury-based Deeken Associates, and the buyer, Long Island, N.Y.-based Malachite Group Ltd.
HACKENSACK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of The Carlyle, a 13-story apartment tower located in Hackensack, for $23.55 million. Located at 380 Prospect Ave., the property features 128 residences in a mix of one- and two-bedroom units. Building amenities include laundry facilities, a 24-hour doorman, a swimming pool and on-site parking. Occupancy was more than 98 percent at the time of closing. Ken Uranowitz, Greg Pine and Steven Follman of Gebroe-Hammer represented the seller, Hekemian & Co., and procured the buyer, a New Jersey-based investment group.
EAST BRUNSWICK, N.J. — Sheldon Gross Realty has negotiated the sale of a 63,000-square-foot industrial property located at 34 Kennedy Blvd. in East Brunswick. The facility features two loading docks, 50 parking spaces and 5,500 square feet of office space. Jonathan Glick of Sheldon Gross represented the seller, Cathay Import & Export, in this transaction and in the company’s relocation to another East Brunswick facility. The property was acquired by a subsidiary of Vahl Inc., which was represented by Alliance Real Estate Group.
NASHUA, N.H. — Bedford, N.H.-based Eckman Construction has completed AHEPA 35 Manor, a $4.3 million senior housing project located in Nashua, on behalf of the American Hellenic Educational Progressive Association. Construction consisted of a 38-unit apartment building for low-income elderly and handicapped residents. The building features several units that are handicap accessible. The project was designed by Colchester, Conn.-based Peter W. Argiros Architecture. It was funded through the Section 202 program of the U.S. Department of Housing & Urban Development.
JERSEY CITY, N.J. — EnviroFinance Group has provided $27.5 million in financing for the acquisition and remediation of Liberty Harbor North, a 2.7-acre waterfront brownfield site located in Jersey City. The borrower, Statue of Liberty Harbor North Redevelopment Urban Renewal LLC, plans to clean up the site and subsequently develop it into a 564,000-square-foot hotel and residential property. It will feature a 313-room Conrad Hilton hotel, as well as 470 for-sale and rental condominiums. Completion of the clean up is expected to take less than 1 year; the hotel/residential project is slated for completion in 2012.