NEW YORK CITY — Rent the Runway, a New York City-based online service that provides rentals of designer clothes and accessories, will close its stores around the country in order to focus on building its digital platform, according to reports from CNBC and The Wall Street Journal. The New York City-based company will close its stores in Los Angeles, Chicago, San Francisco and Washington, D.C., while its flagship store in New York City will be converted into a permanent drop-off site for product distribution. CNBC reports that the company intends to grow its network of drop-off locations, and has partnered with apparel retailers Nordstrom and West Elm as part of that initiative.
CLIFTON, N.J. — New Jersey-based development and investment firm Tulfra Real Estate has sold a 925-unit self-storage facility located at 10 Kingsland Road in Clifton, about 20 miles west of New York City, for $24.2 million. Tulfra acquired the site, which spans 6.5 acres, from an out-of-state corporation in 2017. The buyer, Columbia Storage Group, also recently acquired a 108,000-square-foot self-storage facility in West Caldwell, New Jersey, from Tulfra.
TEMPLE, PA. — Marcus & Millichap has arranged the $11.5 million sale of a 21,850-square-foot retail center in the eastern Pennsylvania city of Temple. The newly built property is situated on 3.2 acres and houses tenants such as Chick-fil-A, Panera Bread, Mod Pizza and Visions Credit Union. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a 1031 exchange investor.
LINCOLN, MASS. — Civico Development has completed Oriole Landing, a 60-unit residential community in the western Boston suburb of Lincoln. Fifteen of the units are reserved for renters earning 80 percent or less of the area median income. The project involved the restoration of a historic farmhouse that serves as an amenity building for the complex. Bald Hill Builders served as the general contractor for the project. Madison Management is handling leasing.
CLINTON, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Shoreline of Clinton, a 48-unit memory care community in Clinton, located on Long Island Sound east of New Haven. The community was renovated in 2015, but due to high levels of competition was still marketed as a value-add opportunity. A New York-based owner-operator acquired the property. The seller and price were not disclosed.
NEW YORK CITY — Locally based investment firm Rudin Management Co. will renovate 80 Pine Street, a 1.2 million-square-foot office building located in Manhattan’s Financial District. The project will upgrade the lobby and mechanical systems and implement various measures to promote health and wellness, including heightened air filtration and circulation and touchless entry systems. JLL will handle leasing of the redeveloped property.
BAYONNE, N.J. — Hudson Regional Hospital (HRH) has purchased Bayonne Medical Center, a healthcare property located across the Hudson River from Brooklyn, for $76 million. HRH has purchased the operations of the property, which features 278 beds, from its current operator CarePoint Health. Additional terms of sale were not disclosed.
JERSEY CITY, N.J. — JLL has provided a $20.5 million Freddie Mac loan for the refinancing of Garabrant, a multifamily asset located in the Bergen-Lafayette neighborhood of Jersey City. Built in 2019, the six-story, 80-unit property features studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, hardwood floors and island kitchens. Amenities include a fitness center, rooftop terrace, outdoor grilling areas, a sauna and bike storage space. Matthew Pizzolato of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Point Capital Development LLC.
HARTFORD, CONN. — CBRE has brokered the sale of a $16.3 million multifamily portfolio in the Connecticut capital city of Hartford. The portfolio spans two properties, a 165-unit community at 873 West Blvd. and a 52-unit property at 748 New Britain Ave. Jeffrey Dunne, Gene Pride, Eric Apfel, Jeremy Neuer, Steven Bardsley, David Gavin, Simon Butler and Biria St. John of CBRE represented the seller, a partnership between Forum Capital Partners and Cantor Real Estate, in the transaction. The team also procured the buyer, New York-based private investment firm 25th Century, which will implement a value-add program.
MOOSIC, PA. — Apparel and jewelry retailer Versona has signed a 10,000-square-foot retail lease at The Shoppes at Montage Mountain, a retail center located in Moosic in the Wilkes-Barre/Scranton area. The official opening is slated for September 24. Approximately 95 percent of the center’s tenants that were affected by the pandemic have since reopened. U.S. Properties Group owns the center.