NEW YORK CITY — Marcus & Millichap has brokered the $5 million sale of a 35-unit apartment building in Upper Manhattan. The five-story building at 120 Haven St. houses six one-bedroom units, 25 two-bedroom residences and four three-bedroom apartments. Seth Glasser, Michael Fusco, Christopher Mehran and Jacob Kahn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Kahn also secured acquisition financing for the deal.
NEW YORK CITY — Locally based owner-operator Global Holdings has received a $382.4 million loan for the refinancing of 120 Park Avenue, a 620,000-square-foot office building in Midtown Manhattan. Wells Fargo and LBBW co-provided the loan. Bloomberg LP serves as the building’s anchor tenant, occupying roughly 500,000 square feet across 20 stories and recently extending its commitment to the building through 2040. Global Holdings is currently undertaking capital improvements to the building, including a lobby renovation and elevator modernization. The firm also recently completed window upgrades on the fifth and sixth floors.
STATE COLLEGE, PA. — Nashville-based brokerage firm Matthews has negotiated the sale of a 513-unit self-storage facility in State College, home of Penn State University, and the facility is located about four miles from campus. State College Storage is a newly constructed facility that features climate-controlled and drive-up units for a total of 58,800 net rentable square feet. Austin McLeod and Jack Connelly of Matthews represented the seller, an undisclosed private developer, in the transaction. U-Haul purchased State College Storage for an undisclosed price.
NORWOOD, MASS. — Colliers has arranged the $44.5 million construction loan for a 145-unit multifamily project in Norwood, located southwest of Boston. The site is located at 259 Lenox St., and the new five-story building will offer studio, one- and two-bedroom units, 20 percent of which will be earmarked as affordable housing. Amenities will include an outdoor pool, fitness center, golf simulator, coworking spaces and grilling and dining stations. Patrick Boyle, Matt Lombardi Jr. and Rose Liu of Colliers arranged the loan through Beacon Bank on behalf of the developer, Tremont Asset Management.
DANBURY, CONN. — Marcus & Millichap has brokered the $12 million sale of the Holiday Inn Express & Suites in Danbury, located in southern Connecticut’s Fairfield County. Built on 2.5 acres in 2001 and renovated in 2024, the four-story hotel offers 79 rooms and suites and amenities such as a pool and a fitness center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) and Centerspace (NYSE: CSR) have entered into a definitive merger agreement under which the two companies will combine in an all-stock transaction valued at $8.1 billion, including debt. The combined multifamily REIT will own and operate 163 properties totaling 44,354 units across 17 states. According to Scott Schaeffer, chairman and CEO of IRT, the deal will pair IRT’s Sun Belt portfolio with Centerspace’s Midwest and Mountain West communities. He also cites greater efficiencies across a larger operating base and an expanded value-add renovation program. The combined company is expected to have a pro forma equity market capitalization of approximately $5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Centerspace shareholders will receive 3.8 shares of IRT common stock for each share of Centerspace common stock owned. Upon closing, IRT stockholders will own approximately 78 percent of the combined company’s equity, while Centerspace shareholders will own roughly 22 percent. IRT’s management team will continue to lead the combined company. Schaeffer will serve as chairman and CEO, and James Sebra will serve as president and CFO. Upon completion of the merger, the …
SHREWSBURY, MASS. — Industrial Commercial Properties (ICP) has acquired a 680,000-square-foot industrial campus in Shrewsbury, located in Worcester County. The development at 65 Chestnut St. consists of two buildings that were built in the 1980s. According to LoopNet Inc., the buildings feature clear heights of roughly 21.5 to 28.5 feet. In addition, the campus has the electrical capacity to support up to 15 megawatts of power. ICP plans to reposition the campus to support manufacturing usage and has already received zoning approval for that initiative. The seller and sales price were not disclosed.
TOMS RIVER, N.J. — Colliers has brokered the $13.6 million sale of a portfolio of two medical office buildings totaling 55,680 square feet in Toms River, located near the Jersey Shore. The buildings at 1-3 Plaza Drive total 37,621 and 18,059 square feet, respectively, and had a combined occupancy rate of 98 percent at the time of sale. Tenants include Physicians Surgicenter, University Radiology Group and Astera Cancer Care. Jacklene Chesler, Patrick Norris and Brittany Leventoff of Colliers represented the seller, New Jersey-based Horizon Equities, in the transaction. The buyer was undisclosed.
FLEMINGTON, N.J. — Locally based owner-operator Larken Associates has completed the renovation of Raritan Commons, a 67,040-square-foot office building in Flemington, about 60 miles southwest of Manhattan. Renovations included upgrades to common areas and hallways, including new sconces and LED lighting, furniture, signage, flooring, wallpaper and wall paintings. Additionally, the firm remodeled common-area bathrooms with new flooring, walls, fixtures, lighting, countertops and partitions.
SALEM, N.H. — Four new tenants have signed leases at Tuscan Village, a 170-acre mixed-use development in Salem, approximately 30 miles north of Boston, that is a redevelopment of the former Rockingham Park horseracing complex. The new tenants are Whole Foods Market, wellness and recovery studio SWTHZ, gift and lifestyle boutique Festa Studio and fashion brand Free People. Tentative opening dates were not announced.