BUFFALO, N.Y. — Battery manufacturer Viridi Parente will increase its footprint at the former General Motors plant in Buffalo to 190,000 square feet. The company is working with St. Louis-based Alberici Construction to build 70,000 square feet of additional lab, assembly, office and production space at the 850,000-square-foot facility, which was originally built in 1923. Viridi Parente’s current 120,000-square-foot space comprises 60,000 square feet of battery assembly and manufacturing space, 20,000 square feet of office and lab space and a 40,000-square-foot shipping and receiving warehouse. American Axle & Manufacturing previously occupied the facility before vacating it in 2007.
BURLINGTON, MASS. — Newmark has arranged the sale of a 157,229-square-foot office building located at 1 Van de Graaff Drive in Burlington, a northern suburb of Boston. The property offers proximity to Interstate 95/Route 128 and amenities such as a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer, commercial owner-operator FoxRock Properties, in the transaction.
BENSALEM, PA. — A partnership between Pennsylvania-based developer Endurance Real Estate Group and ASB Real Estate Investments has sold a 430,373-square-foot industrial building in Bensalem, located in Bucks County, for $41.9 million. The property was originally built in 1973 within Expressway 95 Business Park. Brad Ruppel, Mike Hines, Brian Fiumara and Lauren Dawicki of CBRE represented the partnership and procured the buyer, global owner-operator EQT Exeter, in the transaction.
WELLESLEY, MASS. — SVN | Parsons Commercial Group | Boston has brokered the $6 million sale of an 8,900-square-foot retail center in Wellesley, a western suburb of Boston. Marilyn Santiago of SVN represented the seller, an entity doing business as STMC LLC, in the transaction. Arlon Brown, also with SVN, represented the buyer, AlpCentral LLC. The property was 83 percent leased at the time of sale.
NEW JERSEY — A joint venture between affiliates of Harbor Group International (HGI) and Cammeby’s International Group has acquired a portfolio of 41 workforce housing properties totaling 5,302 units for $1 billion. The properties are located across 14 different cities in various parts of New Jersey. The new ownership will invest approximately $46 million in capital improvements across the portfolio. Eastdil Secured brokered the sale and advised on the debt placement alongside New York City-based Meridian Capital Group. HGI will manage 10 of the properties. The seller was not disclosed.
NEW YORK CITY — Avison Young has brokered the $61 million sale of a portfolio of 12 multifamily buildings totaling 261 units and two retail spaces on Manhattan’s Upper East Side. All properties in the portfolio are located between Second and York avenues and East 91st and East 73rd streets. James Nelson, Brandon Polakoff, David Shalom, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller in addition to procuring the buyer in the transaction. Both parties requested anonymity.
AVON, CONN. — Connecticut-based brokerage firm Chozick Realty has negotiated the $29 million sale of Avon Mill Apartments, a 186-unit multifamily community located on the western outskirts of Hartford. Built in 1978, the property sits on a 46.6-acre site that is fully approved for the development of an additional 250 apartments. Rick Chozick and David Chozick of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction. In addition to constructing new residences, the new ownership will implement a value-add program to the existing units.
Axiom Capital Arranges $11M CMBS Loan for Redevelopment of Retail Property in Fairfield, Connecticut
FAIRFIELD, CONN. — Axiom Capital Corp. has arranged an $11 million CMBS loan for the redevelopment of a retail property in Fairfield, located in the southern coastal part of the state. Kohl’s formerly occupied the asset, which is being converted into a multi-tenant property that will house stores of German discount grocer Aldi and Atlanta-based home improvement retailer Floor & Décor. The nonrecourse, fixed-rate loan was structured with a 10-year term and 10 years of interest-only payments. The borrower was an undisclosed private developer.
NEW YORK CITY — Adyen, a Dutch provider of digital payment platforms, has signed a 30,415-square-foot office lease at 71 Fifth Avenue in Manhattan’s Union Square neighborhood. The tenant will occupy 15,177 square feet on the entire 10th floor and 15,238 square feet on the entire 11th floor of the building, which was originally constructed in 1907. Rory Murphy and Thomas Hines of Transwestern represented Adyen in the lease negotiations. Mitchell Konsker, Dan Turkewitz and Ben Bass of JLL, along with internal agents Joseph Jacobson, Jonathan Ratner and Cindy Chang, represented the landlord, Madison Capital.
MASSACHUSETTS — Macquarie Infrastructure Partners V, a subsidiary of global financial services firm Macquarie Asset Management, has entered into an agreement to acquire a 50 percent stake in a portfolio of eight general acute care hospitals located in various parts of Massachusetts. Birmingham, Ala.-based Medical Properties Trust Inc. (NYSE: MPW) owns the portfolio, which is valued at $1.78 billion. Dallas-based Steward Health Care currently operates the properties and recently extended its leases through 2041. Medical Properties Trust will use proceeds to repay debt and fund its previously announced $950 million Springstone inpatient behavioral health facility transactions, which are expected to close in the second half of the year.