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Northeast

Hillcroft-Village-Danbury
AcquisitionsConnecticutMultifamilyNortheast

FPA Multifamily Buys 192-Unit Hillcroft Village Apartments in Danbury, Connecticut

by Taylor Williams

DANBURY, CONN. — California-based FPA Multifamily has purchased Hillcroft Village, a 192-unit apartment complex in Danbury, about 70 miles north of New York City. The property was built on 10.5 acres in 1971. Units feature an average size of 988 square feet, as well as individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, playground and a resident clubhouse. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a venture partner of Timberline Real Estate Ventures LLC, in the transaction. The team also procured FPA Multifamily as the buyer.

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Clarus-Glen-Ridge
DevelopmentMultifamilyNew JerseyNortheast

JMF Properties Begins Leasing 110-Unit Apartment Complex in Glen Ridge, New Jersey

by Taylor Williams

GLEN RIDGE, N.J. — JMF Properties has begun leasing Clarus Glen Ridge, a 110-unit apartment complex in Glen Ridge, located in Northern New Jersey’s Essex County. The property offers one- and two-bedroom units and amenities such as a fitness center, theater room, parlor with a wet bar, business center, dog park and storage lockers. Rents start at roughly $2,600 per month for a one-bedroom unit. Construction began in May 2019.

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AcquisitionsMultifamilyNew JerseyNortheast

Gebroe-Hammer Arranges $21.4M Sale of Jersey City Multifamily Portfolio

by Taylor Williams

JERSEY CITY, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has arranged the $21.4 million sale of a portfolio of five multifamily properties totaling 134 units in Jersey City. Niko Nicolaou of Gebroe-Hammer represented the seller, Coltown Properties, and procured the buyer, West of Hudson Properties, in the transaction. Brad Domenico of Progress Capital arranged an undisclosed amount of acquisition financing on behalf of the new ownership.

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AcquisitionsIndustrialNew JerseyNortheast

Sitex Group Acquires 30,000 SF Warehouse in Fairfield, New Jersey

by Taylor Williams

FAIRFIELD, N.J. — Private equity real estate firm Sitex Group has acquired a 30,000-square-foot warehouse located in the Northern New Jersey community of Fairfield. The seller was an undisclosed private investor. David Zimmel of Zimmel Associates brokered the deal and has been retained as the leasing agent. Sitex Group plans to implement a value-add program and make the property available for occupancy in summer 2022.

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475-Clermont-Brooklyn
LoansMultifamilyNew YorkNortheast

MetLife Provides $143.1M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams

NEW YORK CITY — MetLife Investments & Management has provided a $143.1 million loan for the refinancing of 475 Clermont, a 363-unit multifamily property in Brooklyn. The 12-story building includes 33,000 square feet of retail space and 45,000 square feet of parking. Units feature individual washers and dryers, stainless steel appliances and private terraces/balconies. Amenities include a fitness center, business center, children’s play area, landscaped courtyard with artwork and a theater room. Drew Fletcher and Matthew Hirsch of Greystone arranged the debt, which was structured with a 10-year term and a fixed interest rate. The borrower was New York City-based RXR Realty.

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IndustrialLoansNew JerseyNortheast

JLL Arranges $14.3M in Financing for New Jersey Industrial Portfolio

by Taylor Williams

EDISON, N.J. — JLL has arranged $14.3 million in financing for a portfolio of industrial buildings totaling approximately 430,000 square feet within Raritan Center Business Park in the Northern New Jersey community of Edison. The buildings were constructed between 1980 and 1991 and were 99 percent leased to a roster of 20 tenants at the time of sale. Michael Klein and Max Custer of JLL arranged three fixed-rate loans through an undisclosed life insurance company to retire existing debt on the properties and fund tenant improvements. The borrower was Summit Associates Inc.

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AcquisitionsMassachusettsNortheastRetail

Marcus & Millichap Brokers $9.7M Sale of Retail Asset Leased to Lowe’s in Abington, Massachusetts

by Taylor Williams

ABINGTON, MASS. — Marcus & Millichap has brokered the $9.7 million sale of a 102,000-square-foot retail asset located at 400 Bedford St. in Abington, located south of Boston. The property is leased to Lowe’s Home Improvement. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMultifamilyNew YorkNortheastRetail

TerraCRG Negotiates $7.4M Sale of Development Site in Brooklyn’s Flatbush District

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $7.4 million sale of a commercial development site in Brooklyn’s Flatbush area. The site is currently zoned to support residential and retail uses. Ofer Cohen, Daniel Lebor and Peter Matheos of TerraCRG represented the seller, Freda Realty Co. LLC, in the transaction. The buyer was a locally based entity doing business as Horizon at Flatbush LLC.

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IndustrialLeasing ActivityNew JerseyNortheast

Questar Signs 37,000 SF Industrial Lease in Fairfield, New Jersey

by Taylor Williams

FAIRFIELD, N.J. — Questar, a provider of packaging products and services to the waste industry, has signed a 37,000-square-foot industrial lease in the Northern New Jersey community of Fairfield. Torsten Thaler, John Wilkinson, Chuck Fern, Jason Barton, Thomas Tucci and Stephen Shoemaker of Cushman & Wakefield represented Questar in the lease negotiations. Jack Shulman and Elliot Ferris represented the landlord, The STRO Cos.

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AcquisitionsHospitalityMaineNortheast

Apple Hospitality REIT Acquires Aloft Hotel in Portland, Maine, for $51.2M

by Taylor Williams

PORTLAND, MAINE — Apple Hospitality REIT (NYSE: APL) has acquired the 157-room Aloft Hotel in downtown Portland for $51.2 million, or approximately $326,000 per key. The newly built, waterfront property features a fitness center, meeting space and multiple food and beverage options. The seller was not disclosed. Following the acquisition, the portfolio of Virginia-based Apple Hospitality consists of 215 hotels totaling about 28,000 rooms across 35 states.

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