LAWRENCE, MASS. — Locally based brokerage firm ABG Commercial Realty has negotiated the $15.7 million sale of a 90,692-square-foot industrial property in Lawrence, located north of Boston near the Massachusetts-New Hampshire border. The property was built on 6.2 acres in 1968 and renovated in 2014. At the time of sale, the facility was fully leased to logistics firm Mainstream Global. The buyer was a joint venture between Boston-based Oliver Street Capital and an undisclosed institutional investor. The seller was also not disclosed.
NEW YORK CITY — Global logistics operator Realterm has acquired a 130,000-square-foot warehouse located in the Maspeth neighborhood of Queens. The building, which has 15 loading positions, sits on 5.2 acres at 50-35 56th Road, roughly five miles from LaGuardia Airport. The property was fully leased at the time of sale. Eastdil Secured represented the undisclosed seller in the transaction. Isaac Ilkhanov of Stelth Group represented Realterm.
NEW YORK CITY — Los Angeles-based investment firm CIM Group, in partnership with locally based developer LIVWRK, has sold a 320-unit apartment community located at 85 Jay St. in Brooklyn’s Dumbo neighborhood for $220 million. The community is part of a larger development that includes 407 for-sale condos, 140,000 square feet of retail space that is anchored by a 77,000-square-foot Life Time Fitness and a 660-space parking garage. New York City-based RXR Realty purchased the rental complex. CIM Group has retained ownership of the condos and retail space.
NEWARK, N.J. — JLL has arranged a $110 million permanent loan for an 850,000-square-foot warehouse and distribution center in Newark. Thomas Didio, Thomas Didio Jr. and Ryan Carroll of JLL arranged the nonrecourse loan, which carried a fixed interest rate and a 15-year term, through a correspondent life insurance company. The borrower was not disclosed.
NEW YORK CITY — Roku (NASDAQ: ROKU) has signed a 240,000-square-foot office lease to occupy the top eight floors at 5 Times Square in Midtown Manhattan. The California-based streaming services provider will backfill space previously occupied by Ernst & Young as part of its relocation from a 70,000-square-foot space at 114 West 41st Street. The move-in is slated for the fourth quarter. Bob Alexander, Ryan Alexander, Mike Affronti, Alex Benisatto, Taylor Callaghan and Nicole Marshall of CBRE represented the landlord, RXR Realty, in the lease negotiations along with internal agents Dan Birney and Alexandra Budd. Sacha Zarba and Frederick Fackelmayer of CBRE represented Roku.
SOMERSET, N.J. — CBRE has brokered the $30.7 million sale of a 15-acre site in Somerset, located in the northern-central part of the Garden State, that currently houses a 209,000-square-foot office building. The undisclosed buyer plans to redevelop the property, which was built in 1986, into a warehouse and distribution center. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer in the transaction. The seller was also not disclosed.
WARRINGTON, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Warrington Plaza, an 87,581-square-foot shopping center located on the northern outskirts of Philadelphia. A 35,000-square-foot Avalon Floor & Tile anchors the property. Brad Nathanson of IPA represented the seller, Valley Forge Investment Corp., in the transaction. New York-based Realty Resource Capital Corp. purchased the asset for $22.5 million.
PHILADELPHIA — New York City-based Square Mile Capital Management has provided a $195 million acquisition loan for 1500 Locust, a 612-unit apartment tower located in Philadelphia’s Rittenhouse Square neighborhood. The 45-story building also houses 7,700 square feet of retail space and was 97 percent occupied at the time of sale. Amenities include a rooftop pool and lounge, fitness center, media room and outdoor grilling stations. Drew Anderman and Alan Blank of Meridian Capital Group arranged the debt. The borrower is a joint venture between Fairstead, a developer with offices along the East Coast, and its undisclosed institutional equity partner. A portion of the proceeds will be used to fund capital improvements. Lizann McGowan, Erin Miller, Marybeth Farris and Chris Koehler of Newmark represented the seller, Barings, in the transaction.
NEW YORK CITY — TerraCRG has arranged the $102 million sale of a multifamily development site in the Gowanus area of Brooklyn. The buyer, a partnership between locally based investment group Tavros Capital and developer Charney Cos., plans to develop a 660-unit community that will also house 60,000 square feet of commercial space. A quarter of the units will be designated as affordable housing under the city’s Mandatory Inclusionary Housing program. Ofer Cohen, Dan Marks and Daniel Lebor of TerraCRG marketed the site on behalf of the seller, Property Markets Group.
NEW YORK CITY — A partnership between LIHC Investment Group, Camber Property Group and Settlement Housing Fund has purchased Lexington Court, nine-building, 229-unit affordable housing complex in East Harlem, for $85 million. The new ownership will invest about $10 million in capital improvement to the portfolio, including upgrades to plumbing and mechanical systems, as well as common area improvements. To finance the acquisition, the partnership secured a $73.1 million FHA loan from the New York City Housing Development Corp to complement its $11.5 million equity investment.