NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Orange Gardens, a 175-unit apartment complex in New Haven. The property comprises 13 buildings that were constructed on a 6.2-acre site between 1963 and 1969. According to Apartments.com, units come in studio, one- and two-bedroom formats. Wes Klockner, Eric Pentore, Victor Nolletti and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer. Both parties were limited liability companies that requested anonymity.
PARK RIDGE, N.J. — Marcus & Millichap has brokered the $17 million sale of Ridgemont Shopping Center, a 71,650-square-foot shopping center in Park Ridge, located near the New Jersey-New York border. German discount grocer Lidl anchors the center, which is also home to tenants such as Staples, Chase Bank and Starbucks. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap, along with Bill Farkas of Jeffery Realty, represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
HAUPPAUGE, N.Y. — Premier Care Industries has signed a 56,500-square-foot industrial lease in the Long Island community of Hauppauge. The provider of wet wipes will use the space at 100 Marcus Blvd., which according to LoopNet Inc. was constructed in 1971 and totals 151,847 square feet, as its new logistics warehouse. JLL represented Premier Care Industries and the landlord, BEB Capital, in the lease negotiations.
WALLKILL, N.Y. — Crow Holdings Development is underway on construction of an 834,800-square-foot industrial project in Wallkill, about 70 miles north of New York City. Golden Triangle Logistics Center will be a 92-acre development with two buildings that will total 535,600 and 299,200 square feet. The first building, which is slated for a summer delivery, will feature a clear height of 36 feet, 88 dock doors and parking for 83 trailers and 422 cars. JLL originally brokered the land sale behind Golden Triangle Logistics Center and has also been retained as the leasing agent.
PASSAIC, N.J. — Valley Bank has provided an $18.6 million loan for the refinancing of a 124,000-square-foot industrial building in the Northern New Jersey community of Passaic. The building at 101 Seventh St. is currently operated as a recycling facility and offers proximity to several major nearby thoroughfares. Jason Gaccione, Shawn Rosenthal and Jake Salkovitz of CBRE arranged the loan on behalf of the owner, an entity doing business as 101 Seventh Street Urban Renewal LLC.
QUAKERTOWN, PA. — CBRE has negotiated the $5.7 million sale of two industrial buildings totaling 165,175 square feet in Quakertown, about 50 miles north of Philadelphia. The interconnected buildings sit on an 8.1-acre site in the downtown area and were originally constructed in the late 1800s by the Quakertown Electric Light Co. Steve Marzullo, Adam Silverman and Dale Lewis of CBRE represented the seller, a division of Mativ Holdings, in the deal and procured the buyer, Pennsylvania-based Coleman Investment Properties.
SOUTH YARMOUTH, MASS. — JLL has brokered the sale of Parker Beach Lodge, a 50-room hotel located in the Cape Cod community of South Yarmouth. The hotel, which was renovated between 2021 and 2022, includes two suites and offers amenities such as an outdoor pool and a swim/gift shop. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the undisclosed seller in the transaction. The new ownership has tapped Jamsan Hotel Management to oversee operations.
NEW YORK CITY — Rockella has signed a 15-year, 16,243-square-foot office lease at 520 Eighth Ave. in Midtown Manhattan. The provider of creative office and artistic workspaces will move into its space on the 24th floor of the 26-story, 860,000-square-foot building, which was originally constructed in 1926, later this spring. Matthew Mandell represented the landlord, GFP Real Estate, in the lease negotiations on an internal basis. Michael Joseph and Aidan Campbell of Colliers represented the tenant.
BOSTON — JLL has negotiated the $123 million sale of a Marriott-branded hotel in downtown Boston. The Courtyard Boston Downtown is a 13-story, 315-room hotel that was originally built in 1925 as the headquarters for Boston’s Lodge No. 10 of the Benevolent and Protective Order of the Elks. The hotel offers amenities such as an onsite bar and restaurant that pays homage to the building’s original function, as well as a fitness center, business center and 12,684 square feet of meeting and event space. The building also houses approximately 46,000 square feet of retail space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, Ashford Hospitality Trust, in the transaction. The buyer was not disclosed.
HOBOKEN, N.J. — Locally based developer LCOR has broken ground on a 386-unit multifamily project in Hoboken. The 27-story building will be known as Charlie and will be located within the $900 million Hoboken Connect mixed-use development. Units will come in studio, one-, two- and three-bedroom floor plans, with 20 percent of the residences to be reserved as affordable housing, although specific income restrictions were not disclosed. Amenities will include a resident lounge with package room, concierge and pet spa, as well as a second floor and rooftop amenity space with a fitness center, entertainment kitchen, coworking spaces, dining areas and an outdoor pool. Consigli Construction Co. is the general contractor for Charlie, a tentative completion date for which was not disclosed. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged a $155 million construction loan through insurance accounts managed by KKR for the project. The loan carried a five-year term and a floating interest rate.