NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $26 million sale of a 237-unit multifamily property in The Bronx. The 17-story building sits on a five-acre site at 1500 Noble Ave., in between the West Farms and Parkchester neighborhoods. The unit mix consists of 50 one-bedrooms, 136 two-bedrooms and 51 three-bedrooms. Victor Sozio, Shimon Shkury, Jason Gold, Daniel Mahfar and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
PROVIDENCE, R.I. — Entertainment concept Level99 has opened a new, 40,000-square-foot venue at Providence Place, a shopping mall located just northwest of the capital city’s downtown area. Comprising 43 rooms, the facility offers interactive challenges as well as a restaurant, Night Shift Brewing Kitchen & Tap. Investment fund Act III Holdings, led by Panera Bread founder Ron Shaich, backs Level99. Brookfield Properties owns Providence Place.
JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has begun leasing Starling, a 39-unit apartment building in Jersey City’s Bergen-Lafayette neighborhood. Designed by GRT Architects, Starling offers studio, one-, two- and three-bedroom units and amenities such as a rooftop lounge, fitness center, coworking space, golf simulator and a package room, as well as ground-floor restaurant space. Rents start at $2,690 per month for a studio apartment.
LAWRENCEVILLE, N.J. — Crate & Barrel Outlet will open a 23,400-square-foot store in Lawrenceville, a northern suburb of Trenton. The space is located within Mercer on One, a 551,000-square-foot shopping center that was originally built in 1975. Alana Friedman and David Townes of JLL represented Crate & Barrel Outlet in the lease negotiations. Jeff Fischer represented the landlord, Federal Realty Investment Trust, on an internal basis.
PITTSBURGH — Seattle-based Avatar Financial Group has provided an $8.4 million bridge loan for the DoubleTree by Hilton Pittsburgh-Green Tree hotel on the city’s southwest side. The property consists of three buildings with a total of 460 rooms. Amenities include three food-and-beverage options, indoor and outdoor pools, a fitness center and 40,000 square feet of meeting and event space. The sponsor, a joint venture between New York City-based investment firms First Choice Investments and The Chetrit Group, acquired the asset in 2021. The financing carries a 24-month term and loan-to-value ratio of approximately 26.5 percent, and the proceeds will be used to complete renovations and pay off existing debt.
LONDONDERRY, N.H. — Newmark has negotiated the $39.7 million sale-leaseback of a 224,780-square-foot industrial facility in Londonderry, located outside of Manchester near the New Hampshire-Massachusetts border. The facility was constructed on 17 acres in 2018 for digital printing company EFI and includes both manufacturing and research and development space. Richard Ruggiero and Brian Pinch of Newmark represented EFI in the transaction. The duo also procured the buyer, regional investment firm R.J. Kelly. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark provided additional support on the transaction.
BEVERLY, MASS. — Axcelis Technologies, which supplies manufacturing equipment for the semiconductor business, has signed a 95,800-square-foot industrial lease in Beverly, a northern suburb of Boston. Axcelis will use the entirety of the building at 105 Sam Fonzo Drive for order fulfillment and distribution purposes. Richard Ruggiero, Matt Adams, Torin Taylor and Rory Walsh of Newmark represented the tenant in the lease negotiations. The representative of the landlord, a Massachusetts-based limited liability company, was not disclosed.
BETHLEHEM, PA. — Regional brokerage firm Zimmel Associates has negotiated a 70,000-square-foot industrial lease in the Lehigh Valley city of Bethlehem. The 120,000-square-foot building at 2500 Emrick Blvd. was constructed in 2017 and features a clear height of 32 feet and 3,500 square feet of office space. David Zimmel of Zimmel Associates represented the tenant, Romeo & Layla Warehousing, in the negotiations for the seven-year lease. Locally based developer J.G. Petrucci Co. owns the building.
NEW YORK CITY — Marcus & Millichap has brokered the $4.9 million sale of a 10,900-square-foot retail and medical office building in Brooklyn’s Sheepshead Bay neighborhood. The building at 1670 E. 17th St. has 12 suites and is zoned for up to 4,700 square feet of expansion. Jakub Nowak of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
WILMINGTON, MASS. — JLL has arranged a $57 million construction loan for a 237,800-square-foot industrial project that will be located at 800 Salem St. in the northern Boston suburb of Wilmington. Building features will include a clear height of 36 feet, 47 dock positions and parking for 332 cars and 33 trailers. Steven Klein, Brett Paulsrud and Ryan Parker of JLL arranged the three-year loan through an undisclosed national bank on behalf of the borrower, a partnership between Connecticut-based Wheelock Street Capital and Boston-based Camber Development. Construction is underway and expected to be complete in the third quarter.