HAZELTON, PA. — Montecito Medical, a Nashville-based healthcare real estate investment firm, has acquired a 73,255-square-foot facility in Hazelton that is fully leased to Lehigh Valley Health System. The building houses a 13,500-square-foot ambulatory surgery center, and its specialty providers include cardiology, orthopedics, physical therapy/rehabilitation, neurology, bariatric medicine, diagnostic imaging services, chiropractic and primary care. The seller and sales price were not disclosed.
OLD BRIDGE, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the sale of a warehouse located at 3220 Bordentown Ave. in the Northern New Jersey community of Old Bridge. According to LoopNet Inc., the property was built in 1980. The 9.9-acre site includes six acres of outdoor storage space, and the building houses 42,000 square feet of office space and clear heights of 14 to 16 feet. The seller was not disclosed. Brentwood Realty purchased the building for an undisclosed price. Jonathan Glick of Sheldon Gross Realty brokered the deal.
NEW YORK CITY — Mount Sinai Health System has signed a 17,464-square-foot lease for a new cardiology office at 373 Park Avenue South in Manhattan’s Flatiron District. The lease term is 10 years. The 12-story building spans 110,000 square feet and was originally constructed in the early 1900s. Leonard Zimmerman of Hemsley Spear represented the tenant in the lease negotiations. Kate Goodman represented the landlord, ATCO Properties & Management, on an internal basis.
EVERETT, MASS. — South Carolina-based development and management firm Greystar has broken ground on 35 Garvey Street, a 450-unit apartment community in the eastern Boston suburb of Everett. The project will transform a vacant former industrial site in Everett’s evolving Commercial Triangle into a transit-oriented development. About 5 percent (23) of the units will be reserved as affordable housing. The community will also include a 564-space parking garage and 6,500 square feet of ground-floor retail space. A tentative completion date was not disclosed.
NEW HAVEN, CONN. — New York-based investment firm Paredim Partners has acquired Taft Apartments, a 194-unit multifamily complex situated across from Yale’s Old Campus (the oldest portion of the campus) in New Haven. Originally constructed as a hotel in 1912 and converted to residential use in 1978, the 14-story building houses studio, one- and two-bedroom units. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, an entity doing business as Taft Realty Associates LLC, in the transaction. The trio also procured Paredim Partners, which plans to implement a value-add program, as the buyer.
BOGOTA, N.J. — JLL has arranged an undisclosed amount of predevelopment and construction financing for a 150,917-square-foot speculative warehouse that will be located in the Northern New Jersey community of Bogota. The site spans 10.8 acres at 14-22 River Road. Building features will include a clear height of 40 feet, 28 dock doors, three drive-in doors, an ESFR sprinkler system, 15 trailer parking stalls and 225 automobile parking spaces. David Sitt, Peter Rotchford, Matthew Pizzolato and Michael Lachs of JLL arranged the loan through Centennial Bank on behalf of the borrower, Thor Equities Group.
PHILADELPHIA — CBRE has negotiated the $7.2 million sale of The Retro Apartments, a 21-unit multifamily building located in Philadelphia’s Fishtown/East Kensington neighborhood. The five-story property was built in 2021 and offers one-, two- and three-bedroom units. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Stamm Development Group, in the transaction. The buyer was a partnership between private investors Laibel Newhouse and Joel Friedman.
SMITHFIELD TOWNSHIP, PA. — Co-developers DEPG Associates and ARCTRUST have broken ground on a 40,000-square-foot medical office building in Smithfield Township, located in Lehigh Valley. The project, which represents the first of a larger, five-building development for St. Luke’s University Health, will be situated within the 120-acre Smithfield Gateway mixed-use development. Completion of the building is slated for January 2023, and the first phase of the larger project is scheduled for a 2024 delivery.
CONCORD, N.H. — Storage Ventures, a Connecticut-based self-storage investment and management firm, has acquired a 385-unit facility located along Concord’s Loudon Road corridor. Built in 1988, the six-building complex offers drive-up self-storage space and a rental apartment, as well as outdoor parking for cars, recreational vehicles and boats. The seller and sales price were not disclosed.
WATERBURY, CONN. — Newmark has brokered the sale of Brass Mill Commons, a 204,447-square-foot shopping center located in Waterbury, about 25 miles north of New Haven. Anchored by grocer Save A Lot, Brass Mill Commons is also home to retailers such as Dick’s Sporting Goods, T.J. Maxx, Michaels, Petco, Barnes & Noble, Ulta Beauty and Buffalo Wild Wings. The center includes three restaurant pad sites that are leased to McDonald’s, TGI Fridays and Chili’s. Geoffrey Millerd, Mathew Adler and Coley Cannon of Newmark represented the seller and procured the buyer in the transaction. Both parties requested anonymity.