EDISON, N.J. — Locally based brokerage firm Zimmel Associates has arranged the $49.7 million sale of a 122,000-square-foot office complex located at 1090 King Georges Post Road in the Northern New Jersey community of Edison. The campus is known as The Business Center at Edison and consists of 12 one-story, standalone buildings. David Zimmel of Zimmel Associates represented the seller, New Jersey-based Denholtz Properties, in the transaction. The buyer, Federal Business Centers, plans to redevelop the property for industrial usage.
STAMFORD, CONN. — Greystone has provided a $15 million HUD-insured loan for the refinancing of a 94-unit multifamily property in Stamford, located in southern coastal Connecticut. The property at 100 Prospect St. was originally built as an office complex between 1977 and 1981 and converted to residential use in 2008. Amenities include a fitness center and a rooftop terrace. Lori DiMartino of Greystone originated the fixed-rate financing, which retires an existing bridge loan that was used to acquire the property. The borrower was not disclosed.
MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Apex One91, a 110-unit apartment complex in Manchester, located just east of Hartford. Built in 1991, the seven-building complex offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, fitness center and laundry facilities. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Paredim Communities, in the transaction and procured the buyer, Cue Residential.
WAREHAM, MASS. — Pennrose will develop a 93-unit affordable housing project in Wareham, located in southern Massachusetts near the base of Cape Cod. The development will consist of a 49-unit complex with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. Units will come in one-, two- and three-bedroom apartments and will be reserved for renters earning between 30 and 100 percent of the area median income. Completion is slated for summer 2024.
NEW YORK CITY — Compensation Advisory Partners, a consulting firm that specializes in executive-level compensation, has signed a 10,000-square-foot office lease at 1180 Avenue of the Americas in Midtown Manhattan. The 398,937-square-foot building recently underwent a value-add program. Bryan Boisi, Michael Baraldi, Harry Blair and Mark Boisi of Cushman & Wakefield represented the landlord, Northwood Investors, in the lease negotiations. Bert Rosenblatt of Cresa represented the tenant, which is taking space on the 20th floor.
NEW YORK CITY — TD Bank has provided a $72.5 million construction loan for a 133-unit multifamily project in the Gowanus area of Brooklyn. The property at 544 Carroll St. will be a 17-story building that will feature an average unit size of 973 square feet and amenities such as a rooftop lounge, fitness center and event space. A quarter of the units will be earmarked as affordable housing. Christopher Peck and Peter Rotchford of JLL arranged the loan on behalf of the borrower, a joint venture between Avery Hall, Declaration Partners and Bridge Investment Group. Delivery is slated for late 2025.
NEW YORK CITY — An affiliate of Empire State Realty Trust (ESRT) has purchased two adjacent commercial buildings in Brooklyn’s Williamsburg neighborhood for $26.4 million. The buildings total a combined 11,000 square feet across six market-rate apartments and 5,600 square feet of retail space. ESRT acquired the buildings, which were both fully occupied at the time of sale, via a 1031 exchange. The seller was not disclosed. Global law firm Fried Frank advised ESRT on the deal.
NEW YORK CITY — Regus, a provider of coworking and flexible workspace solutions, has signed a 37,031-square-foot office lease renewal at 14 Wall St. in Manhattan’s Financial District. Regus will continue to occupy the entire 20th floor of the 1.1 million-square-foot building, which was originally constructed in 1910 for the Bankers Trust Co. Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak of CBRE represented the undisclosed landlord in the lease negotiations. Jon Pavone and Michael Cohen of Colliers represented Regus.
HANOVER, PA. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 12,500-square-foot medical office building in Hanover, located in the southern-central part of the Keystone State. According to LoopNet Inc., the two-story building at 100 Frederick St. was constructed in 1979. Conor Daly led the Blueprint team that represented the seller, a local owner-operator, in the transaction. Additional terms of sale were not disclosed.
WEST HAVEN, CONN. — Houlihan-Parnes has arranged a $2.6 million loan for the refinancing of Savin Rock Plaza, a 70,000-square-foot shopping center in West Haven, located in southern coastal Connecticut. The center was built in 1985 and is home to tenants such as Family Dollar, Peoples Bank and Dunkin’. New York Saving & Bank provided the 10-year loan to the borrower, an undisclosed investment firm based in White Plains, New York.