LOWELL, MASS. — SVN | Parsons Commercial Group | Boston has brokered the sale of a 33,000-square-foot office building located at 81 Bridge St. in Lowell, which is located north of Boston. The sales price was approximately $2.5 million. According to LoopNet Inc., the two-story building was constructed in 1916. Marci Alvarado and Jake Parsons of SVN represented the seller, Bridge Street Business Center LLC, in the transaction. The duo also procured the buyer, Mill Bridge Residential LLC.
DOVER, DEL. — Greysteel has brokered the sale of Willows at Dover, a 132-unit apartment community in the state capital city. The townhouse-style property was built in 1976 and renovated in 2009. Amenities include a playground, clubhouse and onsite laundry facilities. Henry Mathies and Fletcher Hultman of Greysteel represented the seller, New Jersey-based investment firm The Ingerman Group, in the transaction. The duo also procured the buyer, an affiliate of Los Angeles-based BLDG Partners, which acquired the asset for approximately $19.5 million.
MIDDLETOWN AND SMYRNA, DEL. — Lument has provided an $8 million Freddie Mac loan to the Delaware State Housing Authority (DSHA) for the conversion of three public housing developments into Section 8 affordable housing for seniors. The permanent financing will pay off construction and renovation debt for a portfolio of three properties totaling 106 units. The portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. Holly Square and Peach Circle will be reserved for seniors age 62 and older, with McLane Gardens having general occupancy.
NEW JERSEY — G.S. Wilcox & Co., a locally based mortgage banking firm, has arranged a $21 million loan for the refinancing of a 236,000-square-foot industrial property in Northern New Jersey. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the 20-year loan through Mutual of Omaha on behalf of the undisclosed borrower. The property name and location were also not disclosed.
STRATFORD, CONN. — Connecticut Distributors Inc., an importer and wholesaler of alcoholic beverages, has signed a 27,156-square-foot industrial lease at 280 Garfield Ave. in the coastal Connecticut city of Stratford. Bruce Wettenstein of Vidal/Wettenstein represented the landlord in the lease negotiations. Sean Cahill of Avison Young represented the tenant.
MILFORD, CONN. — CBRE has negotiated the $4.7 million sale of a 4,596-square-foot retail property in the coastal Connecticut city of Milford. The freestanding property is situated on 2.5 acres at 1651 Boston Post Road and houses a bank branch for JPMorgan Chase. Charles Berger, Elli Klapper and Samuel Bernhaut of CBRE represented the seller, Klein Automotive Parts, in the transaction. The buyer was an undisclosed national REIT.
WOONSOCKET, RHODE ISLAND — CVS Health Corp. (NYSE: CVS) reported $67.1 billion in revenue for the third quarter, a 3.5 percent increase from that same period a year ago. The company cited the expansion of its healthcare services, particularly its doubling of its COVID-19 testing sites to more than 4,000 pharmacy locations nationwide, as a key driver of growth. According to CNBC, CVS surpassed analysts’ expectations of $66.6 billion in quarterly revenue, prompting the Woonsocket, Rhode Island-based chain to raise its 2020 earnings guidance. The stock price of CVS opened at $63.05 per share on Friday, Nov. 6, down from $69.43 per share a year ago.
METHUEN, MASS. — CBRE has arranged the sale of two industrial buildings totaling 362,252 square feet in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The sales price was approximately $64.1 million. One of the buildings is a 291,400-square-foot cold storage facility that was built in 1985 and renovated in 1990. The other is a 70,872-square-foot property that was built in 1989. The buildings were fully leased at the time of sale to Shaw’s Supermarkets and McCollister’s Transportation Group, respectively. Scott Dragos, Douglas Jacoby, Chris Skeffington and Daniel Hines of CBRE represented the seller, Equity Industrial Properties, in the transaction.
AMESBURY, MASS. — Marcus & Millichap has brokered the sale of two multifamily assets totaling 183 units in the northeastern Massachusetts city of Amesbury. British Colonial Apartments is a 111-unit community located at 164 Whitehall Road that features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Amesbury Gardens is a 72-unit complex at 106 Friend St. that offers studio, one- and two-bedroom floor plans. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. The properties sold for $26.5 million and had a combined occupancy rate of 98 percent at the time of sale.
PENNSAUKEN, N.J. — Binswanger Commercial Real Estate Services has negotiated a 103,275-square-foot industrial lease expansion at Pennsauken Logistics Center, located outside of Philadelphia in Southern New Jersey. The tenant, e-commerce firm Utopia Fulfillment, originally took occupancy of a 120,000-square-foot space two months ago for fulfillment of orders for its home goods products. Mike Torsiello and Chris Pennington of Binswanger represented the landlord, Philadelphia-based Velocity Ventures, in the lease negotiations. Pennsauken Logistics Center features proximity to Interstate 95 and 295, as well as 20- to 35-foot clear heights and three acres of dedicated trailer storage space that equates to 200 to 250 parking stalls.