NEW YORK CITY — Marcus & Millichap has brokered the $4.6 million sale of a 10-unit apartment building in Queens. The elevator-served building at 18-10 Astoria Blvd. offers studio and one-bedroom units, as well as a landscaped rooftop terrace. Sean Fopeano, Shaun Riney, Louis Zarif and David Cornejo of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
NEW YORK CITY AND ATLANTA — Global Net Lease Inc. (NYSE: GNL) has entered into a binding agreement to sell its multi-tenant retail portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings LLC for approximately $1.8 billion. The transaction represents an 8.4 percent cash cap rate. GNL says the transaction would accelerate its deleveraging initiative and position the company as a pure-play, single-tenant net lease (STNL) company. GNL launched its disposition initiative in 2024, with the objectives of significantly reducing debt, enhancing financial flexibility and lowering its cost of capital. Following the completion of the multi-tenant portfolio sale, which would represent the most significant step in this initiative to date, GNL expects to have completed nearly $3 billion in dispositions between the start of 2024 and the end of 2025, inclusive of properties in its disposition pipeline. The company expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on its revolving credit facility. The board of directors has concurrently approved a share repurchase program authorizing the company to opportunistically repurchase up to $300 million of its outstanding common stock in accordance with typical practice for such programs. “We believe …
NASHUA, N.H. — STAG Industrial (NYSE: STG), a Boston-based REIT, has sold a 337,391-square-foot property in Nashua, located near the Massachusetts-New Hampshire border, for $67 million. The sales price represents a cap rate of 4.9 percent. According to LoopNet Inc., the single-story building at 80 Northwest Blvd. was originally constructed on 23 acres in 1999. Building features include clear heights of 28 to 32 feet, a total of 33 loading docks, one drive-in door and 125-foot truck court depths. STAG Industrial acquired the property in 2014 for $11.7 million. The buyer was not disclosed.
NEW YORK CITY — Locally based development and investment firm Slate Property Group has begun leasing The Welz, a 162-unit apartment complex in Brooklyn. Designed by Aufgang Architects with interior design by Alchemy, the 19-story building is located in the Williamsburg area and offers studio, one- and two-bedroom units. Roughly 30 percent (49) of the residences are reserved for renters earning between 60 and 130 percent of the area median income, and residents also have access to a rooftop deck with grilling stations, a fitness center and package lockers. Slate developed the property in partnership with local real estate private equity firm Avenue Realty Capital. Rents start at $3,175 per month for a studio apartment.
WILTON, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a 102-unit apartment complex in Wilton, located in southern Connecticut’s Fairfield County. Avalon Wilton on River Road is an eight-building complex that was built in 1996 and renovated in 2012. The property offers 64 townhome-style residences and 38 garden-style units in two- and three-bedroom floor plans that have an average size of 1,552 square feet. Amenities include a pool and outdoor grilling and dining stations. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Virginia-based REIT AvalonBay Communities, in the transaction and procured the buyer, AEW Capital Management.
WINSTED, CONN. — Marcus & Millichap has brokered the $14 million sale of The Shops at Ledgebrook, a 105,499-square-foot shopping center in Winsted, located northwest of Hartford. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1989, with a 52,704-square-foot store. Other tenants include Webster Bank, Sophia’s Pizza Restaurant and China Delight. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the New York-based seller in the transaction and procured the New Jersey-based buyer. Both parties were private investors that requested anonymity.
MADISON, N.J. — Kelley Drye & Warren LLP has signed a 17,260-square-foot office lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Parsippany to Giralda Farms, a 1.3 million-square-foot corporate campus. Nick Savage and Greg Barkan of CBRE represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown of Cushman & Wakefield represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.
UXBRIDGE, MASS. — Boston-based investment firm Rockpoint has purchased a 607,000-square-foot industrial property in Uxbridge, located in southern-central Massachusetts, for $120 million. Completed in 2023, Uxbridge Distribution Center sits on 70 acres and features a clear height of 40 feet, 125 loading docks and four drive-in doors. The property was 73 percent leased at the time of sale, with an undisclosed medical equipment wholesaler serving as the anchor tenant via a 443,413-square-foot lease. Michael Restivo and David Coffman led a JLL team that represented the seller, a partnership between Scannell Properties and a fund advised by Crow Holdings Capital, in the transaction. Riaz Cassum and Andrew Gray, also with JLL, arranged a five-year, fixed-rate acquisition loan for the deal on behalf of Rockpoint. Affiliates of global private equity firm KKR provided the debt.
ABERDEEN, N.J. — JLL has brokered the $57 million sale of The Forge at Glassworks, a 170-unit apartment complex located in the Northern New Jersey community of Aberdeen, for $57 million. Built in 2017, the garden-style, market-rate property offers one- and two-bedroom apartments as well as three-bedroom townhomes. The average unit size is 1,077 square feet. Amenities include a resident clubroom, pool, fitness center with yoga studios, game room and multiple outdoor gathering spaces. Jose Cruz, Michael Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Ingerman Group, in the transaction and procured the buyer, multifamily development and investment firm Beachwold Residential.
PEABODY, MASS. — A partnership between Utah-based developer PEG Cos., Houston-based McNair Interests and Simon Property Group has broken ground on a 142-room hotel in Peabody, located northeast of Boston. The hotel will be situated on a 2.7-acre site within Northshore Mall, which Simon owns, and will be operated under the Residence Inn by Marriott brand. Amenities will include a fitness center, indoor pool and a conference room. The project team also includes DesignCell Architecture, civil engineer R.J. O’Connell & Associates and general contractor Callahan Construction. Completion is slated for fall 2026.