NORTH PROVIDENCE, R.I. — Edgewood Group has acquired Smithfield Manor, a 42-unit multifamily property in North Providence, for $3.1 million. The community has since been rebranded as The Belmore and is located in close proximity to Providence College, Rhode Island College, Our Lady of Fatima Hospital and downtown Providence. Edgewood plans to renovate the property, which was built in 1968, with interior and exterior upgrades as well as new signage and landscaping. The seller was undisclosed.
ORANGE, CONN. — Angel Commercial LLC has brokered the $7.3 million sale of a 23.3-acre parcel zoned for industrial development in Orange, a western suburb of New Haven. The property is situated at 205 Indian River Road, adjacent to PEZ Manufacturing Inc.’s production facility and Interstate 95. A FedEx building is also under construction in the same area. The parcel was subdivided and sold to four different undisclosed buyers. Jon Angel of Angel Commercial represented the seller, Indian River Road LLC, in the transaction.
NEW YORK CITY — Munich Reinsurance America Inc. has agreed to purchase 330 Madison Ave., a 39-story, 852,000-square-foot office tower in Manhattan. The building was originally constructed in 1963 and was renovated in 2012 to include a new glass curtainwall façade, upgraded lobby and updated systems that achieved LEED Gold certification. The asset is located adjacent to Grand Central Station and near the New York Public Library and Bryant Park. The sales price was not disclosed, although multiple news outlets reported the negotiations were in the range of $850 million to $900 million. At the time of the agreement, the building was 95 percent occupied by tenants including Guggenheim Partners, JLL and HSBC. “We are glad to invest in the United States, given the U.S. share of [the buyer’s] insurance portfolio,” says Hans-Joachim Barkmann, managing director of MEAG, which advised the buyer in the transaction. “The overall American real estate market is also currently outperforming continental Europe, especially Midtown Manhattan, which is really unique in the world in terms of status and prospects.” CBRE represented the seller, which was undisclosed, though several outlets report the seller was Abu Dhabi Investment Authority. Based in Princeton, N.J., Munich Reinsurance America is the …
WESTHAMPTON BEACH, N.Y. — A partnership between Metro Storage LLC and Fremont Realty Capital has opened a 689-unit self-storage facility in West Hampton Beach on the eastern part of Long Island. The two-story facility, located at 105 Old Riverhead Road, offers 77,000 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. Metro Storage opened a 785-unit facility in Line Lexington, Pennsylvania at approximately the same time. The Westhampton Beach property is Metro’s 5th self-storage facility in New York
WORCESTER, MASS. — Finard Properties has acquired Greendale Mall, a 308,863-square-foot shopping mall in Worcester, located approximately 45 miles west of Boston. The mall was completed in 1987 and currently houses tenants such as TJ Maxx, Greendale Furniture and Reliant Healthcare. Located at 7 Neponset St., the mall offers immediate proximity to downtown Worcester and close access to metropolitan communities. Finard Properties plans to redevelop Greendale Mall as a mixed-use development. The project team includes architect Prellwitz Chilinski Associates and general contractor Bohler Engineering. Robert Griffin Jr. of Newmark Knight Frank represented the undisclosed seller in the transaction.
NEW YORK CITY — Trinity Place Holdings and TF Cornerstone have entered into a joint venture agreement to acquire 250 North 10th Street, a 234-unit luxury apartment building in the Williamsburg neighborhood of Brooklyn. The six-story, 150,000-square-foot building features a mix of studio, one- and two-bedroom units and amenities such as a roof deck and fitness center. LCOR Inc. and the California State Teachers Retirement System developed the property in 2014 and sold it to Nuveen Real Estate in May 2015 for $169 million. A JLL team represented Nuveen Real Estate in the December 2019 acquisition agreement. The deal is expected to close by February 2020.
FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the sale of The Jefferson at Farmingdale Plaza, a 154-unit multifamily community located in the western Long Island city of Farmingdale. Built in 2015, the property features two three-story buildings at 148 South Front St., adjacent to the Farmingdale LIRR rail station. Amenities include a health club with a yoga studio and aerobics center, business lounge, billiards room and a media center with a movie theater. The property also features 20,000 square feet of retail space leased to tenants including Starbucks, TAO Asian Bistro and Eastern Breeze spa. Kevin Donner and Brian Whitmer led the Cushman & Wakefield team that represented the seller, a joint venture between H.I.G. Realty Partners and JPI Cos. The team also procured the buyer, Fairfield Properties. The sales price was undisclosed.
NEW HAVEN, CONN. — Marcus & Millichap has arranged $6 million in financing for Retreat at Southern Connecticut, a rehabilitation facility in New Haven. The facility specializes in mental health services and substance abuse rehabilitation, and the loan will be used to increase treatment options and hire more than 150 new staff members. Stonehenge Capital provided the loan, terms of which were undisclosed. Robert Noeldechen of Marcus & Millichap handled the debt placement.
As the saying goes, “nothing worth having comes easy.” While this is true in many ways — especially in the real estate business — the multifamily market in New Hampshire is putting this saying to the test. Design and technology trends represent innovative ways to make life easier for new residents. The result is a revolution in convenience and lifestyle across developments from Nashua to Pittsburg and everywhere in between. Five trends in particular are driving this revolution in the multifamily space. 1. Maximum Flexibility “Flexibility” is a term thrown around in real estate now more than ever. The line between traditional commercial and residential spaces is blurry, with an ever-increasing focus on creating flexible work and gathering areas. Cubical farms are out and coworking spaces are rapidly expanding. The result is a blending of residential and commercial experiences, with office décor that feels like home and homes designed to act as secondary offices. Collaborative gathering areas, which would have been considered foreign just 10 years ago, are now a focal point in new buildouts. Tenants and developers see these spaces as “must haves,” not “nice to haves.” Flexibility also spills over to simple multifamily concepts such as package deliveries …
LINE LEXINGTON, PA. — A partnership between Metro Storage LLC and Fremont Realty Capital (FRC) has opened a 785-unit self-storage facility in Line Lexington, located approximately 30 miles north of Philadelphia. The two-story facility, located at 4671 County Line Road, offers 79,383 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. The property is Metro’s 11th self-storage facility in Pennsylvania.