FARMINGTON, CONN. — GTJ REIT has purchased 8 Farm Springs Rd. in Farmington for $23.3 million. The two-story, single-tenant office building totals 107,654-square-foot and is situated on 10.53 acres. Located in the Farm Springs/Batterson Park Road corridor with immediate access to Interstate 84. At the time of the sale, the facility was 100 percent leased to the Hartford Fire Insurance Co. Jeffrey Dunne, Patrick Bisceglia, John McCormick, Patrick Mulready and Matthew Innes of CB Richard Ellis represented the seller, 8 Farm Springs Road Associates LLC, in the sale.
MONTGOMERY, N.Y. — Savanna Investment Management is under contract to purchase 282 acres of land in Montgomery. Situated at the conflux of Interstate 84 and New York State Thruway directly adjacent to Stewart International Airport. Savanna plans to develop the Hudson International Business Center, a more than 1 million-square-foot commercial property. The project is also slated to include a 60-room hotel. The purchase was made through Savanna Real Estate Fund I.
MONTGOMERY, N.Y. — Savanna Investment Management is under contract to purchase 282 acres of land in Montgomery. Situated at the conflux of Interstate 84 and New York State Thruway directly adjacent to Stewart International Airport. Savanna plans to develop the Hudson International Business Center, a more than 1 million-square-foot commercial property. The project is also slated to include a 60-room hotel. The purchase was made through Savanna Real Estate Fund I.
PORTLAND, MAINE — John Edwards of Arbor Commercial Funding’s Boston office has arranged $1.18 million in financing for a 25-unit complex at 485 Cumberland Ave. in Portland. The 10-year loan was funded by Fannie Mae’s 3MaxExpress program. The borrower was undisclosed.
PORTLAND, MAINE — John Edwards of Arbor Commercial Funding’s Boston office has arranged $1.18 million in financing for a 25-unit complex at 485 Cumberland Ave. in Portland. The 10-year loan was funded by Fannie Mae’s 3MaxExpress program. The borrower was undisclosed.
CANTON, MASS. — Rugby Realty has acquired two office buildings in the Canton Commerce Center in Canton. Rugby purchased 85 Dan Rd., a one-story, 78,708-square-foot office building, from iStar Financial for $5.1 million. Organogenesis is slated to lease the facility. 275 Dan Rd., a one-story, 99,689-square-foot flex/R&D building, was purchased from CW Capital for an undisclosed price. Sean Teague, Joseph Fallon, William Foley of DTZ FHO represented Rugby Realty in the sale and Organogenesis in the lease negotiations. Cathy Minnerly and Jason Bryer of Cushman & Wakefield represented iStar Financial, and Richards Barry Joyce & Partners represented CW Capital in the sale.
NEW YORK CITY — HJ Development is currently converting 211 E. 51st St. into condominium units. The former apartment facility is located between Third and Second Avenues in Midtown Manhattan, New York City. Upon completion, the converted building will feature 73 residences. One-bedroom units will range in size from 505 square feet to 868 square feet, and two-bedroom units will average 1,200 square feet. The building will also include two penthouse residences. Prices for the units range from $605,000 to $4.5 million. Completion is slated for July 2008.
NEW YORK CITY — HJ Development is currently converting 211 E. 51st St. into condominium units. The former apartment facility is located between Third and Second Avenues in Midtown Manhattan, New York City. Upon completion, the converted building will feature 73 residences. One-bedroom units will range in size from 505 square feet to 868 square feet, and two-bedroom units will average 1,200 square feet. The building will also include two penthouse residences. Prices for the units range from $605,000 to $4.5 million. Completion is slated for July 2008.
NEW YORK CITY — MJH Birchwood has begun renovations of 117 units in the 244-unit The Residences at Jackson Heights in Queens, New York City. The Residences at Jackson Heights are made up of two cooperatives, Birchwood House and Sheila Terrace. The units are being redesigned by Lawrence M. Shapiro and Freyer Collaborative Architects. Studios, one- and two-bedroom units will range in size from 540 square feet to more than 1,100 square feet. Prices range from $170,000 to more than $350,000.
NEW YORK CITY — MJH Birchwood has begun renovations of 117 units in the 244-unit The Residences at Jackson Heights in Queens, New York City. The Residences at Jackson Heights are made up of two cooperatives, Birchwood House and Sheila Terrace. The units are being redesigned by Lawrence M. Shapiro and Freyer Collaborative Architects. Studios, one- and two-bedroom units will range in size from 540 square feet to more than 1,100 square feet. Prices range from $170,000 to more than $350,000.