PHILADELPHIA — Coldwell Banker Commercial Realty has brokered the $14 million sale of a 136,000-square-foot office building located at 399 Market St. in Philadelphia’s Old City neighborhood. According to LoopNet Inc., the building rises five stories and was originally constructed in 1977. Peter Rothberg and Jonathan Dubrow of Coldwell Banker represented the seller, Colonial Penn Life Insurance, in the transaction. OCF Realty purchased the property in an off-market transaction. Coldwell Banker is also the building’s leasing agent.
ELMIRA, N.Y. — Time Equities Inc. (TEI) has purchased Big Flats Commons, a 44,635-square-foot shopping center located in the upstate New York community of Elmira. Target anchors the property, which was built in 2007. Other tenants include Best Buy, Maurice’s, Five Guys, Panera Bread, Vitamin Shoppe and Papa John’s. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented TEI in the transaction on an in-house basis. Kenneth Brownwell of Vanguard-Fine represented the seller, NNN REIT.
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Stop & Shop to Close 32 Stores in the Northeast
QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year. Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company. “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop. The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36 million sale of a 112,000-square-foot mixed-use building located at 65 W. 55th St. in Midtown Manhattan. The sales price translates to a cap rate of 5.2 percent. The 13-story, elevator-served building was originally constructed in 1962 and consists of 70 apartments, 20 office suites and three retail spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented both the seller, Sachs Cos., and the buyer, private investor John Choi, in the transaction.
NEW YORK CITY — A developer doing business as Bronx 161 LLC has completed Bronx Vibe, a 155-unit mixed-income housing project in the borough’s Concourse Village area. Residences come in studio, one- and two-bedroom floor plans, with 30 percent of the units reserved as affordable housing. Amenities include a pool, fitness center, coworking lounge, game roof and a rooftop terrace. IMC Architecture designed the project. Classic Image handled interior design, and Ray Builders served as the general contractor. Information on starting rents was not disclosed.
LIVINGSTON, N.J. — Marcus & Millichap has brokered the $13.5 million sale of a 34,599-square-foot medical office building located in the Northern New Jersey community of Livingston. The three-story building at 315 E. Northfield Road is home to several medical practices across a variety of specialty fields. Alan Cafiero, Brian Kaplan, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller, a New Jersey-based partnership, in the transaction. Cafiero and Joe Koicim, also with Marcus & Millichap, procured the buyer, a New York-based limited liability company.
FLEMINGTON, N.J. — Locally based developer Larken Associates has broken ground on Flemington Junction Business Center II, a 50,000-square-foot industrial flex project that will be located about 60 miles southwest of Manhattan. The building will feature a clear height of 32 feet, and units can be subdivided to spaces as small as 3,125 square feet. Core Enterprises is providing construction management services for the project, which is slated for a fourth-quarter delivery.
NEW YORK CITY — Rooftop Hospitality Group has signed a 12-year retail lease extension at 230 Fifth Ave. in Manhattan. The tenant occupies the roof of the New York Market Center building, where it operates the 230 Fifth Avenue Rooftop Bar concept. The bar originally opened in 2006 and comprises 32,050 square feet of indoor and outdoor space. Jane Gural-Senders, David Kaye and Harvey Richer internally represented the landlord, GFP Real Estate, which has owned the building since 1958, in the lease negotiations.
YONKERS, N.Y. — Affinius Capital has provided a $112.7 million loan for the refinancing of Alexander Crossing, a 440-unit apartment building located north of New York City in Yonkers. The newly built waterfront property offers 119 studios, 218 one-bedroom units, 90 two-bedroom residences and 13 three-bedroom apartments. Units are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include an outdoor heated pool, terraces with grills and outdoor games, a fitness center, resident lounge, coworking space, multi-sport simulator and a game room. Jonathan Schwartz, Aaron Appel, Sean Reimer, Keith Kurland, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the financing on behalf of the borrower, a joint venture between Rose Associates and Battery Global Advisors.
BOSTON — Colliers has arranged a $62 million loan for the refinancing of Addison, a 230-unit apartment community in East Boston that was completed in late 2021. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball court, outdoor grilling and dining stations, coworking lounge, industrial kitchen and a maker space equipped with 3D printers, a laser cutter for digital sewing/embroidery machines and art supplies. Jeffrey Black, Bryan Koop, Sean Burke, Kevin Phelan and Matthew Lombardi of Colliers arranged the loan through CrossHarbor Capital Partners. The borrower was a joint venture between Redgate Capital Partners, North River Co. and ELV Associates.