ANSONIA, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Ansonia Landing, a 91,460-square-foot shopping center located in Connecticut’s New Haven County. The property, which was built in 1979 and was 91.5 percent leased at the time of sale, consists of a 60,000-square-foot Stop & Shop grocery store and a 31,460-square-foot strip center. Jim Koury of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
CHERRY HILL, N.J. — Camden County has signed a 154,211-square-foot office lease at Woodcrest Corporate Center in Cherry Hill, a suburb of Philadelphia. The deal brings the 352,520-square-foot complex to full occupancy. Other tenants at Woodcrest Corporate Center include Auto Lenders, Radian, Penn National Gaming, Jefferson Health Systems, Conduent and Solar Xchange. JLL represented the landlord, Crown Properties, in the lease negotiations.
EAST CAMBRIDGE, MASS. — A joint venture between LCOR, a development firm with three offices in the mid-Atlantic region, and San Francisco-based DivcoWest has begun leasing Park 151, a 468-unit apartment community located across the Charles River from Boston in East Cambridge. The 20-story building houses studio, one-, two- and three-bedroom units, 392 of which are market-rate apartments, 54 of which are affordable and 22 of which are penthouses. In addition, Park 151 features 19,000 square feet of ground-floor retail space. Amenities include a pool and lounge area, outdoor grilling stations, a fitness center, indoor and outdoor yoga spaces, a terrace and coworking and micro-office spaces. Rents start at roughly $2,900 per month for a studio apartment.
SOMERVILLE, MASS. — A development team of DLJ Real Estate Capital Partners and Leggat McCall Properties has completed 101 South Street, a 289,000-square-foot life sciences project in Somerville, located on the northern outskirts of Boston. The building is the first of four master-planned life sciences facilities within the 1.8 million-square-foot Boynton Yards development. Architecture firms Spagnolo Gisness & Associates and Hashim Sarkis Studios designed the project, and Shawmut Design & Construction served as the general contractor. Flagship Pioneering and its affiliates lease 280,000 square feet of the nine-story building.
DOVER, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of North Dover Center, a 191,973-square-foot shopping center in Dover. The property was built in 1989 and was 97 percent leased at the time of sale. The spaces of two of the original anchor tenants, Toys ‘R’ Us and Acme, have been backfilled by Hobby Lobby and Bob’s Discount Furniture in recent years. Staples and T.J. Maxx are the center’s other anchors. Brad Nathanson, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, Milbrook Properties, in the transaction.
ELIZABETH, N.J. — Locally based brokerage firm Kislak Co. Inc. has arranged the $50 million sale of a portfolio of multifamily properties totaling 326 units in the Northern New Jersey community of Elizabeth. The portfolio also included two cell towers. The unit mix comprises 26 studios, 234 one-bedroom units, 60 two-bedroom apartments and six three-bedroom residences. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
HOLMDEL, N.J. — Fitness Factory Health Club has opened a 20,000-square-foot facility at Bell Works, an office and retail development located in the Northern New Jersey community of Holmdel. A grand opening celebration took place on May 4. In addition to cardio and strength training equipment, the facility will offer a smoothie bar, a turfed functional training area, virtual training area and a recovery room. The location at Bell Works, a redevelopment of the former Bell Labs campus that is owned by Somerset Development, is the seventh for Fitness Factory.
NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) has sold The Center Building, a 470,000-square-foot office building located in the Long Island City neighborhood of Queens, for $173 million. The eight-story building, which includes ground-floor retail space, was originally constructed in 1914 as an assembly plant and service center for Ford’s Model T vehicle. Today, the building is home to five city agencies, as well as the Metropolitan Transportation Authority. Locally based development and investment firm 60 Guilders purchased the asset for an undisclosed price. Eastdil Secured provided financial advisory services to Vornado.
NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Residences will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall 2024. The $100 million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity for the development.
NEW YORK CITY — Northwood Investors has completed the renovation of 1180 Avenue of the Americas, a 398,937-square-foot office building in Midtown Manhattan. The project involved renovating the building’s main entrance, lobby and façade and revamping the amenity center, which now houses a 3,500-square-foot terrace and two conference rooms and lounges. Northwood also upgraded the elevator and mechanical systems and added speculative office suites. Gensler designed the capital improvement program. Cushman & Wakefield leases the building.