WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported fourth-quarter revenue of $69.5 billion, exceeding the $68.7 billion projected by analysts, as the Rhode Island-based drugstore and pharmacy expanded its COVID-19 testing and vaccination services. CVS also reported quarterly net income of $975 million, down from $1.7 billion in the fourth quarter of 2019. In addressing the earnings report, CEO Karen Lynch said that the company expects to roll out a wider range of healthcare services in 2021. The stock price of CVS, which operates about 10,000 stores across the United States, opened at $73.57 on Tuesday, Feb. 26, up from $71.19 per share a year ago.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to sell its 25 percent interest in Tower 46, a mixed-use building located at 55 W. 46th St. in Manhattan, for $275 million. SL Green acquired its stake in the building, which includes office, retail and multifamily uses, in 2014. The buyer is a fund backed by Brookfield Asset Management. Paul Gillen, Anthony Ledesma and Kyle van Buitenen of Hodges Ward Elliott represented SL Green in the transaction, which is expected to close before the end of the first quarter.
PLAINVIEW, N.Y. — Chelsea Living has opened The Residences at Plainview, an active adult community in the Long Island hamlet of Plainview. The community features newly renovated studio, one-bedroom and two-bedroom apartments with full kitchens, a custom wellness program and amenities reminiscent of a luxury hotel. Chelsea operates a full-service assisted living and memory care community, Somerset Gardens, in Plainview less than a mile from the new property. The number of units at the property was not disclosed.
RENSSELAER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rosewood Rehabilitation & Nursing Center in Rensselaer, located just across the Hudson River from Albany. The 80-bed skilled nursing facility was originally developed in the mid-1970s. Prior to the sale, the private ownership group completed capital investments including interior renovations, operational equipment upgrades and technological enhancements. The property was above 90 percent occupied at the time of sale. The buyer and seller were not disclosed.
NEW YORK CITY — Newmark has negotiated an 8,718-square-foot retail lease for luxury accessories provider Valentino at 135 Spring St. in the Soho area of Manhattan. The new store spans 4,424 square feet on the ground floor and 4,294 square feet on the second level. Newmark’s Ariel Schuster, Ross Berkowitz and Brandon Miller represented the landlord, Invesco Real Estate, in the lease negotiations.
BLOOMFIELD, N.J. — JLL has brokered the sale of a 128,715-square-foot, single-tenant retail building in the Northern New Jersey community of Bloomfield that is triple-net leased to The Home Depot (NYSE: HD) on a long-term basis. Home Depot has occupied the property, which sits on an 11-acre tract adjacent to the Garden State Parkway, since 1994. Benderson Development purchased the asset from New York-based Acadia Realty Trust for $16.4 million. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jordan Altman of JLL brokered the deal
NEW PALTZ, N.Y. — Kempner Properties, an investment firm based in metro New York City, has acquired Paltz Commons, a 36-unit multifamily property in New Paltz, located roughly midway between Albany and New York City. Built in 1966, the garden-style property consists of three buildings and was fully occupied at the time of sale. The new ownership plans to implement a value-add program focused on improving the unit interiors, common areas, building exteriors and landscaping.
CAMBRIDGE, MASS. — Cornerstone Realty Capital has arranged a $6.5 million loan for the refinancing of a 26-unit apartment building in Cambridge. Originally built in 1903, the property consists of 25 three-bedroom units and one two-bedroom unit that have been renovated in phases over the last several years. Cornerstone arranged the nonrecourse loan, which was structured with a 10-year term, fixed interest rate and 24 months of interest-only payments. The borrower was locally based management firm The Micozzi Companies.
NEW YORK CITY — Locally based firm Ariel Property Advisors has placed a $6 million loan for the refinancing of a 93-unit multifamily portfolio that comprises three rent-stabilized properties in Manhattan’s Washington Heights area. Matt Dzbanek of Ariel Property Advisors originated the financing, which allowed the undisclosed borrower to receive $3 million cash back to address capital expenditures. The exact locations of the properties were also undisclosed. The borrower, a family office, has owned the portfolio since 1971.The lender is a privately held entity that provides bridge and construction loans off of its fully discretionary balance sheet.
TARRYTOWN, N.Y. — Ampacet Corp., a manufacturer of masterbatches, an additive used for coloring plastics, has signed a 35,000-square-foot office lease renewal in the northern New York City suburb of Tarrytown. Jamie Schwartz internally represented the landlord, GHP Office Realty LLC, an affiliate of Houlihan-Parnes Realtors LLC, in the negotiations for the seven-year renewal. The deal brings the property, which GHP acquired in 2017, to full occupancy.