TRUMBULL, CONN. — New Jersey-based developer Garden Communities has begun leasing The Residences at Main, a 260-unit apartment community in Trumbull, located in Connecticut’s Fairfield County. The unit mix consists of 70 one-bedroom apartments and 190 two-bedroom residences that range in size from 730 to 1,230 square feet. Amenities include a pool, fitness center, coworking lounge, package locker system and a pet park. Rents start at $2,370 per month for a one-bedroom unit.
SOMERSET, N.J. — Cushman & Wakefield has brokered the sale of a 151,756-square-foot industrial development site in the Northern New Jersey community of Somerset. The fully entitled site is located at 110 Belmont Drive and spans 7.8 acres. Gary Gabriel, Kyle Schmidt, Ryan Larkin, Mindy Lissner and David Gheriani of Cushman & Wakefield represented the seller, Braha Properties, in the transaction. Nevada-based Dermody Properties acquired the site with plans to construct a facility with a clear height of 40 feet, 30 loading positions and 93 car parking spaces.
HUDSON, MASS. — Brokerage firm Horvath & Tremblay has arranged the $21.9 million sale of Center at Hudson, an 84,605-square-foot shopping center located about 30 miles west of Boston. The grocery-anchored center consists of a freestanding, 58,266-square-foot Stop & Shop, which has operated out of that location since 1990 and recently extended its lease, and 26,339 square feet of inline space. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.35 percent.
NEW YORK CITY — New Jersey-based investment firm Cedarbridge Management has purchased a 54-unit multifamily building located at 4300 Broadway in Manhattan’s Washington Heights neighborhood for $12 million. The six-story building was originally constructed in 1955 and houses five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Cedarbridge and the undisclosed seller in the transaction. The deal traded at a cap rate of 7 percent.
LONG BRANCH, N.J. — Locally based firm Inspired by Somerset Development has broken ground on a 22-unit multifamily project at the site of the former Inkwell Coffee House in the coastal New Jersey community of Long Branch. The three-story building will house one- and two-bedroom units, 800 square feet of street-level retail space, an indoor parking garage and a private rooftop deck. Construction is slated for a summer 2024 completion.
NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $500 million in funds to refinance debt on 919 Third Avenue, a 1.5 million-square-foot office building in Midtown Manhattan. Designed by international architecture firm Skidmore, Owings & Merrill, the 47-story building was originally completed in 1970. It was designed to accommodate an existing New York City landmark, famed restaurant and saloon P.J. Clarke’s. SL Green owns the building in partnership with an institutional investor advised by J.P. Morgan Global Alternatives. The property is 80 percent leased to tenants such as Bloomberg, which expanded by an additional five floors last winter, as well as law firm Shulte Roth & Zabel LLP. Another law firm, Cohen Clair Lans Greifer & Simpson LLP, became the building’s newest tenant when it inked a 17,862-square-foot deal last month. A consortium of lenders led by New York City-based Aareal Capital Corp. and French lender Credit Agricole Corporate & Investment Bank provided the financing. James Millon, Tom Traynor and Mark Finan of CBRE arranged the debt. The loan bears interest at a rate of 250 basis points above the Secured Overnight Financing Rate (SOFR), which closed at 4.81 percent on Friday, …
PISCATAWAY, N.J. — New York City-based developer Rockefeller Group has broken ground on Constitution Logistics Center, a 147,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The 18-acre site at 10 Constitution Ave. formerly housed a 100,000-square-foot office building that was owned and occupied by hearing aid manufacturer WS Audiology and that is now being demolished. Constitution Logistics Center will feature a clear height of 36 feet, 41 loading docks, 123 car parking spaces and 57 trailer stalls. Completion is slated for the second quarter of 2024. ARCO Construction is the general contractor for the project. Cushman & Wakefield and KBC Advisors have been appointed as the leasing agents.
RIDGEFIELD, N.J. — Locally based investment firm Faropoint has acquired a 113,979-square-foot industrial facility in the Northern New Jersey community of Ridgefield for $28.3 million. Faropoint acquired the two-building facility, which consists of a 57,599-square-foot food processing and production building and a 56,380-square-foot distribution building, in a sale-leaseback with the tenant, Biazzo Dairy Products. Frank Costa III, Jim Isbell and Brian Sherlock with Viewpoint Advisors brokered the deal.
NORWALK, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Belden Square, a 24-unit apartment complex in Norwalk, located in the southern coastal part of Connecticut. Belden Square, which includes 11,675 square feet of commercial space, was originally built in 1989 as an office building and converted to residential use in 2017. Apartments come in studio, one- and two-bedroom formats. Brad Balletto, Rich Edwards and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 7,356-square-foot retail property located at 1 Worth St. in Manhattan’s Tribeca neighborhood. The seller was Xeno Lightning, a film production company that had owned and operated out of the six-story building since 1990. The buyer was not disclosed. Trever Gallina of Marcus & Millichap brokered the deal.
