NEW YORK CITY — A partnership between locally based investment firm Taconic Partners, global asset manager Nuveen Real Estate and Flatiron Equities has acquired 309-324 East 95th Street in Upper Manhattan for $70 million. The property was originally constructed in 1927 as a manufacturing facility but was repurposed in the 1980s. The site now houses a five-story office building that connects with a two-story garage. Barry Goodman of Newmark represented the partnership in the transaction. The seller was not disclosed. Potential redevelopment plans are currently being evaluated.
CHERRYVILLE, PA. — Marcus & Millichap has brokered the sale of Cherryville Self Storage, a 404-unit facility located about 10 miles north of Allentown in the Lehigh Valley. Built on five acres in the late 1990s, the property consists of 89 climate-controlled units and 315 non-climate-controlled units across 58,075 net rentable square feet of space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
KEENE, N.H. — Covenant Living Communities & Services has agreed to purchase Hillside Village Keene, a seniors housing community located just north of the Massachusetts-New Hampshire border. Covenant is purchasing the community out of bankruptcy in a deal that is scheduled to close in early 2022. Hillside Village opened in 2019 with 141 independent living units, 43 assisted living units, 18 assisted living/memory care units and 20 nursing care suites. The price was not disclosed.
MONTCLAIR, N.J. — JLL has negotiated the sale of Montclair Residences at Bay Street Station, a 163-unit apartment community in Northern New Jersey. Built in 2008, the transit-oriented property features studio, one- and two-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, lounge and outdoor grilling areas. Jose Cruz, Steve Simonelli, J.B. Bruno, Michael Oliver and Kevin O’Hearn of JLL represented the seller, New York-based Clarion Partners, in the transaction. Natixis, an international investment bank based in Paris, provided a $54 million, floating-rate acquisition loan to the buyer, a joint venture between Mill Creek Residential and Cigna Investment Management. Matthew Pizzolato, Andy Scott, Tom Didio Jr. and Gerard Quinn of JLL placed the debt.
PLAINFIELD, N.J. — Progress Capital has arranged a $17.6 million construction loan for a 104-unit multifamily project in the Northern New Jersey community of Plainfield. In addition to one commercial space, the property will offer 10 studio apartments, 61 one-bedroom units and 33 two-bedroom residences. Amenities will include a clubhouse, fitness center and outdoor grilling and recreational areas. Brad Domenico and Eddie Miro of Progress Capital arranged the three-year, interest-only loan through Trevian Capital on behalf of the borrower, West of Hudson Properties.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell its ownership interest in the office condos and parking garage at 110 East 42nd Street in Midtown Manhattan for $117 million. SL Green is selling its stake, the size of which was not disclosed, to Meadow Partners in a deal that is expected to close before the end of the year. The office condos, which comprise a portion of the ground floor and the sixth through 18th floors, were originally built in 1923. The property is located across from Grand Central Station and One Vanderbilt, SL Green’s 1.7 million-square-foot office skyscraper. The locally based investment and development firm previously sold the office condos in 2007 and regained control of that component of the site in 2011. SL Green acquired the garage in 2013.
PHILADELPHIA — Wharton Industrial, an investment arm of New York-based Wharton Equity Partners, has acquired a portfolio of seven industrial properties totaling roughly 450,000 square feet in the Philadelphia area. Four of the properties are located in the Pennsylvania markets of Croydon, Boothwyn and Reading. The other three are located in the Southern New Jersey communities of Marlton, Moorestown and Pennsauken. The seller and sales price were not disclosed.
EASTON, MASS. — Atlantic Capital Partners has arranged the sale of Highland Plaza, a 112,869-square-foot shopping center in Easton, located about 30 miles south of Boston. Regional grocer Big Y anchors the property, which was 96 percent leased at the time of sale, with a 56,519-square-foot store. Other tenants include T.J. Maxx and Liberty Mutual. Justin Smith, Chris Peterson, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller, Cincinnati-based shopping center REIT Phillips Edison & Co. (NASDAQ: PECO), in the deal. The team also procured the undisclosed buyer.
NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.
BOSTON — Wayfair (NYSE: W), a Boston-based e-commerce firm specializing in furniture, will open three brick-and-mortar stores in the Boston area in 2022. The first two stores will be located within open-air centers in Lynnfield and Dedham that are owned by WS Development and will carry the company’s AllModern brands. The third store will be located within Simon Property Group’s Burlington Mall and will carry the Joss & Main brand. Wayfair plans to open more stores to support other brands over the next two years.