NEW YORK CITY — Cool Wind Ventilation Corp. has purchased a 35,000-square-foot industrial building in the Glendale neighborhood of Queens, New York City, from Michael Schwartz of Mechanics Building Material for $5.8 million. Located at 82-40 73rd Ave., the property is situated on a 50,000-square-foot lot zoned for manufacturing. The building features a 9,000-square-foot yard, 20 parking spaces, 24-foot ceilings, a drive-in, two interior tailboards, sprinklers and heavy power and gas-radiant heat. Joe Hentze of Hentze-Dor Realty represented the buyer in the transaction, and Larry Smith and Hillel Galosher of Sholom & Zuckerbrot Realty represented the seller.
Northeast
NORTH KINGSTOWN, R.I. — The Talent Factory and Kool Kidz have opened in the 87,000-square-foot shopping center Kingstown Plaza, located on Post Road (Route 1) in North Kingstown. Owned by The Grossman Companies, Kingstown Plaza is now 100 percent occupied. T.J. Maxx, HomeGoods and Dollar Tree are the center’s anchor tenants. Additional tenants include Verizon Wireless, Sovereign Bank, Lucky Nails, Curves for Women, Pier Pizza, Exotic Tans and Weight Watchers. Frank O’ Neill of The Grossman Companies represented the tenants and the owner in-house in the transaction. The amount of space each business leased was undisclosed.
CRANBURY, N.J. — Matrix Development Group has purchased 2 Centre Drive and 8 Centre Drive, two single-story office buildings in Cranbury that total 32,331 square feet of office space. The buildings are adjacent to Matrix Development Group headquarters and are part of an 11-building campus adjacent to the Forsgate Country Club. Less than 2 miles from the New Jersey Turnpike’s Exit 8A Interchange, the properties also offer immediate access to Route 130. Office space offered in 2 Centre Drive totals 16,132 square feet, while 8 Centre Drive provides 16,199 square feet. The buildings’ suites range in size from 1,700 to 16,000 square feet and are available for lease. Construction is underway to upgrade the buildings’ signage, landscaping and common areas. The seller and sale price were undisclosed.
MILFORD, CONN. — Computil Corp. has purchased 256 Seaside Avenue, a 2,400-square-foot office building in Milford, from Suman Gupta for $475,000. The buyer plans to use the property, situated on 0.42 acres, as its corporate headquarters. Fidelity Real Estate represented the buyer in the transaction, and Michael Richetelli of Colonial Properties represented the seller.
NEW YORK CITY — Michael Kerwin of GFI Realty Services has brokered the $33.16 million sale of 69-37 to 69-39 Austin Street and 107-16 71st in the Forest Hills neighborhood of Queens, New York City. Consisting of two, two-story buildings, the portfolio comprises 42,068 square feet and tenants such as The Gap, Staples and Duane Reade. The properties are in close proximity to other national retailers, including Barnes & Noble and Ann Taylor, as well as to the E and 7 trains and several major bus lines. Kerwin represented the buyer, a Midtown investor, and the seller, a local Forest Hills investor, in the transaction. The sale was a 1031 exchange.
PARSIPPANY, N.J. — Gottesman Real Estate Partners has purchased 2 Cranberry Road, a 203,871-square-foot flex building in Parsippany from an affiliate of AVR Realty Co. for $19.05 million. The buyer assumed a $12.28 million first mortgage on the property. The facility was Gottesman’s first purchase under its new acquisition program. The two-story building offers flexibility to tenants with light industrial, warehouse, distribution, manufacturing or office needs. Six tenants — The Hammer Company, Ingersoll-Rand Security Technologies, Aviall Services, Tronex International, Diamondair USA and The Padded Wagon of New Jersey — occupy the property. Built into a gentle grade, the structure loads from all sides through 20 docks that access various models. The first floor contains a 22-foot ceiling, while the second floor features an 18-foot ceiling. Column space is 24-foot by 30-foot. Amenities include a ratio of 1.8 parking spaces per 1,000 square feet and usable outdoor balconies. The buyer plans to continue improvement of landscaping and visibility on behalf of the tenants. The building’s location offers access to interstates 80, 287 and 280, Route 46 and Highway 202. CB Richard Ellis’ Tri-State Regional Institutional Group was the sole broker in the transaction.
NEW YORK CITY — Itzhaki Properties has brokered the $17.75 million sale of a hotel development site comprising nearly 170,000 square feet in the Long Island City neighborhood of Queens, New York City. The site consists of five adjacent properties located at 2405 Jackson Ave., 2409 Jackson Ave., 2411-15 Jackson Ave., 2417 Jackson Ave. and 2419 Jackson Ave., between 45th Ave. and 45th Rd. The properties are in close proximity to subway lines G, V, E and the 7. Shay Zach of Itzhaki Properties represented the buyer, a Japanese hotel group, and the seller, an assembled group of local owners, in the transaction.
RYE BROOK, N.Y. — Owner and developer Win Ridge Realty has announced that Phase II of redevelopment for The Rye Ridge Shopping Center, a neighborhood mixed-use complex in Rye Brook, is underway. Renovations for the 220,000-square-foot center, consisting of three components, include new storefronts and awnings, lighting, landscaping and parking area improvements. New tenants such as The Look, Landsberg Jewelers, Salon PF, Shelly Belly/ My Lilly Pad, JW Tumbles, Little Scoops and The Bar Method Pilates and Yoga have also been added. Additional availability is slated for early 2008. Other Rye Ridge Shopping Center tenants include Rye Ridge Deli, The Wine Gallery, Blockbuster Entertainment and CVS/pharmacy.
WOODBRIDGE, CONN. — The Boston office of CBRE | Capital Markets has arranged on behalf of the borrower, APCA Woodbridge, $4.9 million in acquisition financing for 1764 Litchfield Turnpike in Woodbridge. The 49,790-square-foot Class A office building is known as Woodbridge Corporate Center. Situated on a 7.95-acre lot, the multi-tenant building is 95 percent occupied and provides access to major transportation routes. Michael Prakken and Deborah Dalton of CBRE | Capital Markets secured financing for the borrower, an affiliate of Boston-based Ashforth Paradigm Capital Advisors. Equitrust Life Insurance Co. arranged the 5-year, fixed-rate, non-recourse loan.
NEW YORK CITY — CGS Developers is converting The PowerHouse, formerly home of the Pennsylvania Railroad’s century-old power station, into a luxury condominium located along the East River at 50-09 Second St. in the Long Island City neighborhood of Queens, New York City. Karl Fischer and Andres Escobar designed the 177-unit building, which features 80 layouts for studio, one-, two- and three-bedroom homes. Residence sizes will range from approximately 600 to more than 1,700 square feet, and will contain oversized windows, American walnut hardwood floors and solid-core doors. Prices begin at approximately $450,000. Amenities will include a residents’ lounge with billiards, a large plasma-screen television, a wet bar and seating, a children’s play area, a social space that includes a fully equipped screening room and a fitness center, on-staff personal trainers, on-site cold storage and a high-tech virtual concierge system for the home, building and neighborhood amenities and services. Another amenity will be New York’s first Aqua Grotto, a water-oriented social space that includes a large whirlpool with a waterfall, massage services and a full-service spa. Occupancy is slated for July 2008.