HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a portfolio of two apartment buildings totaling 52 units in Hartford. The building at 17 Marshall St. features 12 studios and 13 one-bedroom units, and the building at 50 Gillett St. houses 16 one-bedrooms, eight two-bedrooms and three commercial spaces. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $2.4 million sale of a 27-unit multifamily building at 290 E. 53rd St. in Brooklyn’s East Flatbush area. The four-story walk-up building was originally constructed in 1920. Aaron Jungreis, Ben Khakshoor and Eli Shayestehpour of Rosewood represented the seller, New York-based investment firm Barberry Rose Management, in the transaction and procured the buyer, private investor Mike Kim.
BOSTON — JLL has arranged the recapitalization of The Sudbury, a 36-story apartment tower located within the Bulfinch Crossing development in downtown Boston that was completed in 2020. Units come in one-, two- and three-bedroom floor plans and have an average size of 855 square feet. The Sudbury also houses 55 condos. Amenities include a pool, fitness center, golf simulator, rooftop terrace, children’s playroom, coworking space and a private dining room. Riaz Cassum, Roberto Casas, Martha Nay, Kellie Coveney, Madeline Joyce and Ari Bogen of JLL represented the owner, a partnership between National Real Estate Investors and HYM Investment Group, in the transaction. The team also procured the new equity partner, Carmel Partners.
ALLENTOWN, PA. — Marcus & Millichap has brokered the $12.5 million sale of Parkway Shopping Center, a 133,314-square-foot retail center in the Lehigh Valley city of Allentown. The center was built in 1959 and is home to tenants such as Subway, Dollar Tree, IHOP and State Farm Insurance. Colin Reder, Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the deal. Neil Campbell and Ian Nordfors of Institutional Property Advisors, a division of Marcus & Millichap, arranged acquisition financing on behalf of the buyer.
HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a portfolio of four apartment buildings totaling 60 units in Hartford. The buildings are located at 125–131 Washington St. and 338-342 Jefferson St. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sales price was also not disclosed.
NEW YORK CITY — The National Museum of Mathematics has signed a 27,158-square-foot retail lease for a temporary space at 225 Fifth Ave. in Manhattan’s NoMad area. The space previously housed a 24 Hour Fitness. The museum has been located at 11 E. 26th St. since opening in 2012. Lindsay Ornstein, Stephen Powers, Jake Cinti and Julia Fish of OPEN Impact Real Estate represented the tenant in the lease negotiations. Peter Whitenack of Newmark represented the undisclosed landlord.
NEW YORK CITY — Whole Foods Market will debut its new “quick-shop” store format at 1175 Third Ave. on Manhattan’s Upper East Side later this year. At 7,000 to 14,000 square feet, these formats are between 25 to 50 percent of the typical 40,000-square-foot Whole Foods store. The store will also be the first of the Austin-based grocer’s 17 New York City locations to offer a Juice & Java coffee bar and fast-casual eatery.
The data center market remains a powerhouse of growth and demand in the commercial real estate world. REBusinessOnline sat down with Ryan Goeller, a principal at NAI KLNB commercial real estate services in Virginia, to discuss the various factors impacting this dynamic asset class. REBusinessOnline: Briefly, a data center is a dedicated building housing computer servers and storage systems, constantly processing and managing data for various applications. What is the current state of the data center market? Goeller: Extremely active, with very high demand. Development pipelines are at full power and are strained in certain markets. Leasing demand is through the roof. REBusinessOnline: What types of tenants use these data centers, and what are their space needs? Goeller: The majority of the time, the need for space is so insatiable that entire buildings are leased to single users, especially when it comes to large hyperscale computing projects. However, there are still colocation providers housing smaller tenants in certain buildings. A lot of the activity happening in Northern Virginia is hyperscale activity. These are large tech companies coming in and building 2-million-square-foot campuses that they’re fully occupying themselves. In these instances, the tenants aren’t likely to move once they occupy a space; …
BOSTON — Dallas-based REIT Ashford Hospitality Trust has entered into a definitive agreement to sell the 390-room Hilton Boston Back Bay Hotel for $171 million. Located at 40 Dalton St., the hotel offers a mix of traditional guestrooms and suites and amenities such as a fitness center, meeting and event rooms and an onsite restaurant. The deal is expected to close before the end of March. The buyer, a partnership between New York City-based hospitality investment firm Certares and California-based Belcourt Capital Partners, plans to implement a capital improvement program. The sales price represents a cap rate of 7.3 percent based on the property’s 2023 net operating income of $14.9 million.
NEW YORK CITY — New York City-based Simone Development Cos. is nearing completion of a 186,298-square-foot industrial conversion project in the Morris Park area of The Bronx. The site at 1720 Eastchester Road previously housed a 63,000-square-foot Stop & Shop grocery store, liquor store and a Subway restaurant and is adjacent to Hutchinson Metro Center, Simone’s 1.4 million-square-foot mixed-use development. The new building will feature 63,000 square feet of indoor warehouse space with a clear height of 18 feet, as well as 62,000 square feet of rooftop parking and 65,000 square feet of outdoor parking space. Full completion is scheduled for this summer. Cushman & Wakefield is marketing the property for lease.