NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.2 million sale of a 28-unit multifamily building located at 88 E. 111th St. in East Harlem. The property includes two commercial spaces. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
PHILADELPHIA — Locally based investment firm OneFive Capital has acquired Next LVL, a 281-unit modular housing community in Philadelphia’s University City neighborhood, for $88 million. The seven-story building includes 7,391 square feet of commercial space and 54 underground parking spots. Ken Wellar, Douglas Sitt, Mark Duszak and Corey Lonberger of Rittenhouse Realty Advisors represented the seller and developer, Philadelphia-based Alterra Property Group, in the transaction. The Rittenhouse team also procured OneFive Capital, which plans to rebrand the community as SOLO on Chestnut, as the buyer. ACORE Capital provided acquisition financing.
NEW YORK CITY — IBM has signed a 328,000-square-foot office lease at One Madison Avenue in Manhattan. The tenant will occupy portions of floors two and seven, the entirety of floors eight through 10 and a portion of the ground floor, where IBM will have an exclusive lobby entrance. The lease term is 16 years. Owned by SL Green Realty Corp. (NYSE: SLG), One Madison Avenue houses a 56,000-square-foot Chelsea Piers Fitness; a 13,000-square-foot restaurant; a 10,000-square-foot artisanal food market; a 7,000-square-foot tenant lounge; and a 5,000-square-foot rooftop terrace. Patrick Murphy, Josh Kuriloff and Winston Schromm of Cushman & Wakefield represented IBM in the lease negotiations. Paul Glickman, Alex Chudnoff, Diana Biasotti and Ben Bass of JLL represented SL Green.
PITTSBURGH — Aeroterm, a division of global logistics operator Realterm, will enter into a 30-year ground lease with the Allegheny County Airport Authority to develop a cargo facility at Pittsburgh International Airport. The facility will be situated on an 8.8-acre site and will span between 140,000 and 170,000 square feet. Completion is slated for the second quarter of 2023. More than 250 million pounds of freight passed through the airport in 2021, a 30 percent increase in volume from 2020, according to Aeroterm executives.
HANOVER, MASS. — Benchmark Senior Living is nearing completion of Benchmark at Hanover, a 97-unit assisted living and memory care community located about 25 miles southeast of Boston. Benchmark at Hanover totals 91,000 square feet. Udelsman Associates designed the community, which Callahan Construction is building. The community is scheduled to open this summer.
BOHEMIA, N.Y. — Bed Bath & Beyond has renewed its 42,000-square-foot lease at Sayville Plaza, a shopping center located in the Long Island community of Bohemia. Other tenants at Sayville Plaza include Northwell Health, Old Navy, Panera Bread, Jennifer Furniture, The Vitamin Shoppe, Chipotle Mexican Grill and Sprint. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations.
STAMFORD, CONN. — California-based investment firm Carmel Partners has purchased Vela on the Park, a 209-unit multifamily high-rise in Stamford, located in the southern coastal part of the state. The 19-story building houses studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop deck, fitness center, pet spa, arcade, media center and a resident lounge. Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn of JLL represented the seller, a partnership between an affiliate of regional developer Trinity Financial Inc. and Boston-based Berkshire Residential Investments, in the transaction.
TARRYTOWN, N.Y. — A partnership between New York-based Taconic Capital Advisors and Connecticut-based HEI Hotels & Resorts has acquired the 444-room Westchester Marriott hotel in Tarrytown, a northern suburb of New York City. The sales price was $40 million. The property houses two food and beverage concepts, a gift shop, fitness center, spa, laundry facilities and 26,700 square feet of meeting and event space. The new ownership will invest $30 million in renovations to the property, with HEI Hotels assuming management responsibilities. Ares Commercial Real Estate Corp. is financing the capital improvement program.
MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for the refinancing of Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The borrower was not disclosed.
BELMONT, N.H. — McLaughlin Investments has negotiated the $7.8 million sale of Belknap Mall, a 235,000-square-foot shopping center in Belmont, located north of Manchester. Grocer Shaw’s anchors the property with a 38,500-square-foot store. Other tenants include Job Lots, Planet Fitness, Clear Choice Medical Clinic, Jo-Ann Fabric, Verizon Super Cuts and Dunkin’. John McLaughlin of McLaughlin Investments represented the buyer, Vernet Properties LLC, in the transaction. The seller, Belknap Realty, was represented in-house.