SYRACUSE, N.Y. — Illinois-based investment firm Inland Private Capital Corp. has sold a 124,980-square-foot industrial facility in Syracuse for $13.4 million. At the time of sale, the property was 100 percent leased to Niagara Mohawk Corp., an energy provider that also conducts business under the name National Grid. The company purchased the property in 2011 and sold it through a Delaware Statutory Trust (DST). The buyer was not disclosed.
CHELMSFORD, MASS. — The Shearwater Cos., an investment firm based in southern New England, has acquired a 91,476-square-foot industrial building in Chelmsford, a northern suburb of Boston. The sales price was $14.8 million. The recently renovated building features a clear height of 27 feet and was fully leased to a subsidiary of medical device provider Teleflex Inc. at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, The RAM Cos., in the transaction.
UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $103 million loan for the refinancing of a 428-unit apartment building in the Northern New Jersey community of Union. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the debt through life insurance company Thrivent Financial on behalf of the borrower, Russo Development. The loan carried an 18.5-year term, 30-year amortization schedule and an interest rate of approximately 2.5 percent.
NEW YORK CITY — New York-based investment firm Navika Group of Cos. and Blue Sky Hospitality Solutions have acquired Andaz Wall Street, a 253-room hotel in Manhattan. Guestrooms range in size from 345 to 1,500 square feet, and amenities include 10,000 square feet of meeting and event space, as well as a new onsite restaurant and bar. The new ownership plans to invest about $5 million in capital improvements and to rebrand the property as the Hyatt Centric Wall Street New York.
READING, PA. — National Coatings & Supplies, a North Carolina-based automotive paint distributor, has signed a 119,537-square-foot industrial lease in Reading. The tenant will occupy space at Building A at Berks 222 Industrial Center, which features a clear height of 32 feet. Joel Kreider, Ed Skonecki and Michael Pietropola of Lee & Associates represented the landlord, locally based developer Endurance Real Estate Group, in the lease negotiations. Ida McMurray of SVN Latus represented the tenant.
JERSEY CITY, N.J. — JLL has placed a $10.2 million acquisition loan for the Nestlé Waters Building, a 65,715-square-foot warehouse in Jersey City. An affiliate of the Swiss food supplier has utilized the entirety of the property, which was originally built in 1971, since 2008 as a distribution outlet for its bottled water products. Building features include a clear height of 24 feet, 11 dock-high doors and 15,000 square feet of office space. Jon Mikula of JLL arranged the five-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Cohen Asset Management.
PITTSBURGH — MultiVersity Housing Partners has purchased The Revival on Carson Portfolio, which consists of two Pittsburgh multifamily buildings that are known as The Maul and The Nakama and that total 47 units. The buildings include ground-floor retail space. MultiVersity plans to invest in capital improvements to the property through the additions of outdoor kitchens to the rooftop decks, more fitness equipment, a business center and updated lobby features. The seller was not disclosed.
NEW YORK CITY AND PHILADELPHIA — Blackstone Real Estate Income Trust Inc. (BREIT) has agreed to acquire Resource REIT, a publicly registered, non-traded REIT based in Philadelphia, for $3.7 billion in an all-cash transaction. Under the terms of the deal, BREIT will acquire all of the outstanding shares of common stock of Resource REIT for $14.75 per share, including the assumption of existing debt. The transaction is expected to close in the second quarter. Resource REIT’s portfolio currently consists of 42 garden-style apartment communities totaling more than 12,600 units across 13 states, including Arizona, Colorado, Florida, Georgia and Texas. “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the country,” says Asim Hamid, senior managing director at Blackstone. “We intend to capitalize on our expertise, scale and management practices to ensure these properties are well maintained and provide an exceptional experience for residents.” Lazard Frères & Co. LLC is acting as exclusive financial advisor to Resource REIT, and DLA Piper LLP is acting as the firm’s legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisors to BREIT. Simpson Thacher …
ANDOVER, MASS. — Newmark has negotiated the $151 million sale of a four-building office complex that is situated within Minuteman Park, a corporate campus located about 25 miles north of Boston in Andover. The buildings at 30, 100 and 200 Minuteman Road, along with the property at 138 River Road, total approximately 600,000 square feet. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Spear Street Capital, in the transaction. The buyer was not disclosed.
NEW YORK CITY — Los Angeles-based Parkview Financial has funded a $66 million construction loan for a 131-unit multifamily project that will be located at 57 Caton Place in Brooklyn. About 25 percent (33) of the units will be reserved as affordable housing. Residences will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center, game room and coworking space. The borrower is an affiliate of locally based developer Aview Equities. Gene Kaufman Architect is designing the project, and Jun’s Construction Inc. is the general contractor. Completion is slated for January 2024.