NEW YORK CITY — David Johnson and Alan Miller of Eastern Consolidated have negotiated the $12 million sale of a four-building package located in the High-Line district in Manhattan, New York City. Located at 197-199 Tenth Ave., the property allows for approximately 25,000 buildable square feet with 50 feet of frontage. The buyer, Peter Moore of PMA Associates, is evaluating the possibility of constructing a boutique hotel, a condominium or both with high-end retail on the ground floor. Eastern Consolidated procured the buyer, and the seller, the Wynne Family, represented itself in the transaction.
MARLBOROUGH, MASS. — CB Richard Ellis has completed the sale of the 274-unit Jefferson at Wheeler Hill in Marlborough. The multifamily facility sits on 56 acres at 21 Austen Way. It is adjacent to interstates 495 and 290 and is in close proximity to the Route 95/128 corridor, the 193/Route 3 corridor and the Route 495 corridor. Amenities include a fitness center, a two-story clubhouse and a resort style swimming pool. Paul Donahue, Travis D’Amato and Malcolm McComb of CB Richard Ellis represented the seller, RREEF Real Estate, and procured the buyer, Steven D. Bell & Company. The sale price was undisclosed.
MINEOLA, N.Y. — Harold D. Baker & Co. has arranged $5.5 million in financing for a CVS ground lease in Mineola. The leased property is a 1.31-acre site at the intersection of Jericho Turnpike and Roslyn Road. CVS plans to construct a 12,900-square-foot building on the property. The loan was funded by RiverSource Life Insurance Co.
NEW JERSEY, NEW YORK AND CONNECTICUT Lighthouse Real Estate Ventures has acquired the 25-asset Baker industrial portfolio for $209 million. The 1.98 million-square-foot warehouse/flex portfolio consists of five properties in Morris Plains, N.J.; 10 facilities situated in corporate parks in Elmsford and Port Chester, N.Y.; and 10 properties in Fairfield and New Haven counties in Connecticut. The portfolio also includes a 2- and 5-acre site for future development. Jeffrey Dunne, Steven Bardsley, Jeffrey Oram, David Gavin, William Cuddy, Sean Cahill, Matthew O Hare and Tom Mallaney of CB Richard Ellis represented the seller, Baker Properties and procured the buyer in the transaction, which was a 1031 exchange sale. At the time of the sale the portfolio was 93 percent leased.
NEW YORK CITY — Bob Klein of Kalmon Dolgin Affiliates has completed the $20 million sale of 580 Union Ave., a 35,000-square-foot development parcel located in the Greenpoint neighborhood of Brooklyn, New York City. Klein represented the seller, McCarren Park, and the buyer, Heatherwood Properties, in the transaction. The buyer plans to construct a six-story residential rental community on the site.
NEW YORK CITY — Bob Klein of Kalmon Dolgin Affiliates has completed the $20 million sale of 580 Union Ave., a 35,000-square-foot development parcel located in the Greenpoint neighborhood of Brooklyn, New York City. Klein represented the seller, McCarren Park, and the buyer, Heatherwood Properties, in the transaction. The buyer plans to construct a six-story residential rental community on the site.
NEW YORK CITY — Itzhaki Properties has completed the $19 million sale of 176-182 W. 82nd St. in Manhattan, New York City. The four-building portfolio includes identical five-story properties located between Columbus and Amsterdam avenues. Shay Zach of Itzhaki Properties represented the seller, West 82nd Street Holdings, and Barry Farchi represented the buyer, an undisclosed foreign entity, in the sale.
NEW YORK CITY — Itzhaki Properties has completed the $19 million sale of 176-182 W. 82nd St. in Manhattan, New York City. The four-building portfolio includes identical five-story properties located between Columbus and Amsterdam avenues. Shay Zach of Itzhaki Properties represented the seller, West 82nd Street Holdings, and Barry Farchi represented the buyer, an undisclosed foreign entity, in the sale.
LOWELL, MASS. David Gilkie of NAI Hunneman has completed the $930,000 sale of an industrial facility in Lowell. The two-story, 16,709-square-foot light industrial facility is located at 585-607 Middlesex St. on a 0.52-acre lot. Gilkie represented the seller, Flauto Realty, in the transaction. The buyer, Nobis Engineering represented itself in the sale.
COLLEGEVILLE, PA. — Construction is underway on 399 Arcola Rd., a 14,872-square-foot office building in Collegeville. The two-story building is located within the Providence Corporate Center at the intersections of Route 422 and 29 interchange. Developed by 399 Associates LP, the facility is slated to be complete in second quarter 2008. GVA Smith Mack is the exclusive leasing agent for the building.