BOSTON — Marcus & Millichap has brokered the $5.2 million sale of Beals Street Apartments, a nine-unit multifamily building in Boston’s Brookline neighborhood. Constructed in 1909, Beals Street Apartments features six condo-style, two-bedroom residences and three studio apartments. Matthew Pierce of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction and procured the buyer, a limited liability company. Both parties requested anonymity.
GREENWICH, CONN. — CBRE has negotiated the $5.1 million sale of a commercial building in Greenwich, located in southern coastal Connecticut, that consists of four apartments and two retail spaces. The building was constructed in 2016 and was fully occupied at the time of sale, with Club Pilates and Estate Treasures of Greenwich serving as the retail tenants. Jeffrey Dunne, David Gavin, Stuart MacKenzie, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, Marx Realty, in the transaction. CBRE also procured the buyer, a Connecticut-based private investor.
NEW YORK CITY — Newmark has secured a 31,916-square-foot office lease expansion and renewal at 1350 Avenue of the Americas, a 35-story, 601,330-square-foot building in Manhattan’s Plaza District. The footprint of the tenant, reinsurance brokerage firm Howden Tiger, now includes its currently occupied 13,287 square feet on the entire 33rd floor and the addition of 18,629 square feet on the entire 34th and penthouse floors. Leo Paytas of Newmark represented Howden Tiger in the lease negotiations. Howard Tenenbaum and Gary Rosen internally represented the landlord, SL Green.
LANGHORNE, PA. — Wellis USA, a manufacturer of luxury hot tubs, has signed a 22,000-square-foot industrial lease in Langhorne, a northeastern suburb of Philadelphia. The building at 181 Wheeler Court sits on 7.4 acres, totals 100,055 square feet and features a clear height of 24 feet. Frank Roddy of locally based brokerage firm Roddy Inc. represented the tenant in the lease negotiations. Andrew McGhee of Colliers represented the landlord, an affiliate of Los Angeles-based Ares Management Corp. (NYSE: ARES).
NORTH PROVIDENCE, R.I. — A joint venture partnership between ShopOne Centers REIT, Pantheon and an undisclosed global institutional investor has acquired North Providence Marketplace, a 112,497-square-foot retail center located in North Providence. Shaw’s Supermarket anchors the property, which was 88 percent occupied at the time of sale. Other tenants include Dollar Tree, Rainbow, H&R Block and Sally Beauty Supply. Shaw’s also features an in-store Starbucks Coffee. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the undisclosed seller in the deal.
BOSTON — Cushman & Wakefield has brokered the $20 million sale of a 16-unit apartment building located at 37-43 Temple Place in Boston. The five-story building, which was most recently renovated in 2008, houses two-, three- and four-bedroom units and 4,950 square feet of retail space that is fully leased. Bruce Lusa, Chris Sower, Jon Bryant, John Flaherty, Kevin Jones, Mary VanNatta and Julie Regan of Cushman & Wakefield represented the seller, 3MJ Realty LLC, in the transaction. The buyer was SC Alpha Inc.
TRENTON, N.J. — Chicago-based intermediary Maverick Commercial Mortgage Inc. has arranged a $4.5 million acquisition loan for a 240,000-square-foot office building located at 240 W. State St. in Trenton. The undisclosed, Maryland-based borrower plans to convert the 16-story building, which includes retail space and onsite parking, into a multifamily complex following the expiration of in-place leases at the end of the year. An undisclosed debt fund provided the 12-month, variable-rate loan.
KEARNY, N.J. — Global Courier Express has signed a 96,375-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 205 Campus Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp. in the lease negotiations. Jimo Liu with Avison Young represented Global Courier Express.
PHILADELPHIA — CBRE has negotiated a 29,000-square-foot healthcare lease in Philadelphia. According to LoopNet Inc., the six-story, 29,130-square-foot building at 3261 Tulip St. was originally constructed in 1960. Les Haggett and Kieara Hill of CBRE represented the tenant, Florida-based provider Praesum Healthcare Services, in the negotiations for the full-building lease. The name and representative of the landlord were not disclosed.
BOSTON — The Boston Planning & Development Agency has approved the master plan of Dorchester Bay City, a mixed-use project on the city’s south side, according to a host of local media sources. The Boston Globe reports that the waterfront project, which is a redevelopment of the former site of the Bayside Expo Center, carries a price tag of roughly $5 billion. Accordia Partners, which is a partnership between Boston developers Kirk Sykes and Dick Galvin, and New York-based Ares Capital Corp. lead the development team. According to The Dorchester Reporter, the latest plans for the development call for 21 buildings totaling roughly 6.1 million square feet across a total acreage of 36.2 acres. The buildings will house office, life sciences, residential, retail, restaurant and office uses, and most will include underground parking, per the media outlet. According to the project webpage, Dorchester Bay City will feature a 2.7-acre park at the water’s edge; a 6,300-square-foot pavilion with various amenities; and an 8,000-square-foot learning and innovation center. Approximately 20 percent of the residential inventory to be designated as affordable housing, specifically for households earning 70 percent or less of the area median income. The development team plans to make $36.8 …