ROCKAWAY, N.J. — Atlantic Health System has purchased Morristown Medical Center Health Pavilion, a 92,326-square-foot medical office building in Rockaway, located approximately 35 miles west of New York City, for $26 million. The building opened in 2016, and the Atlantic Health System was the sole occupant at the time of sale. JLL’s Jose Cruz and Ben Appel represented the seller in the transaction.
IRWIN, PA. — The Knapp Group, a division of Marcus & Millichap, has brokered the $7.5 million sale of two seniors housing properties in Irwin, located approximately 20 miles southeast of Pittsburgh. Combined, the communities comprise 95 units of independent living and assisted living. One of the properties was built in 1999 and the other in 1959. The names of the facilities were not disclosed. The seller was a physician within the community looking to retire from the seniors housing business. A local owner-operator acquired the communities for $7.5 million. Joseph Knapp of the Knapp group represented the seller.
NEW JERSEY — CBRE has arranged the $8.27 million sale of nine civic properties from the Youth Consultation Services (YCS) portfolio in New Jersey. The properties comprise a mix of youth centers and schools located in Montclair, Hackensack, Newark, Somerdale, Gloucester, Estell-Manor, Vineland and Blackwood. Three different buyers purchased the assets, one of whom bought seven buildings as part of a sale-leaseback with YCS. The two other buyers purchased buildings that had been recently vacated by YCS. CBRE’s Charles Berger and Elli Klapper, along with Randy Eigen and Donald Sperling of Brokerage Services, represented the seller in the transaction.
BOSTON — A partnership between American Campus Communities (ACC) and Northeastern University has opened LightView, an 825-bed student housing community in Boston. The 20-story development offers four-bedroom units with shared or private accommodations. Amenities include social and recreational lounges, a fitness center, 24-hour academic success center and 2,000 square feet of retail. ACC will own and operate the building. The project — designed by CUBE 3 and Elkus Manfredi Architects — was fully leased prior to opening.
STRATFORD, CONN. — Angel Commercial LLC has negotiated a 76,000-square-foot industrial lease in Stratford, located approximately 50 miles southwest of Hartford. The property features one drive-in door and three dock doors. The tenant, Unger Enterprises Inc., is a manufacturer of professional cleaning and maintenance tools. Brett Sherman of Angel Commercial represented Unger in the transaction. The landlord is Exeter Property Group.
LONG ISLAND, N.Y. — CBRE has announced the sale of Hawthorne Court, a 434-unit multifamily community on Long Island. The property was built in 1968 and offers studio, one-, two- and three-bedroom units. Shared amenities include onsite laundry and gym facilities and a pool. CBRE’s Jeffrey Dunne, Gene Pride and Travis Langer represented the seller, a joint venture between Post Road Group and Spruce Capital Partners, in the transaction. The CBRE team also procured the buyer.
TRUMBULL, CONN. — Resort Lifestyle Communities (RLC) will soon break ground on River Valley, an independent living seniors housing property in Trumbull, located approximately 50 miles southwest of Hartford. The 180,000-square-foot community will offer one- and two-bedroom units, though the number of units is not yet disclosed. The property will provide cooking, cleaning and valet parking services, as well as fitness classes and community events. River Valley will be the second RLC location in Connecticut.
BERGENFIELD, N.J. — NAI James Hanson has negotiated the sale of a 5,245-square-foot office building in Bergenfield, a northern suburb of New York City. The buyer, Maywood Physical Therapy & Rehab Center, will utilize a portion of the building as its third medical office location and will continue to lease the remaining space to the four current tenants. NAI James Hanson’s Dominic Fittizzi represented the seller, S&S Realty Holding Co. LLC, in the transaction.
PHILADELPHIA — CBRE has brokered the sale of a 283,500-square-foot industrial facility in Philadelphia. The buyer, a partnership between Wharton Industrial Partners and Walton Street Capital, plans to invest $10 million in an extensive repositioning of the site, which will be rebranded SoPhi Logistics Center. Improvements will include installation of a new roof and lights, as well as leveling the interior floors, expanding and upgrading the loading docks and repaving and repainting the entire site. Construction is expected to be complete in early 2020. CBRE’s Patrick Green and Michael Mullen represented the seller, an individual investor based in Switzerland who purchased the property in 2006. The sales price was undisclosed.
NEW YORK CITY — JLL has negotiated a 27,811-square-foot office lease for Marquee Brands LLC at 330 West 34th. Street in New York City. Designed by Schulze & Weaver, the 682,000-square-foot building was completed in 1926. Mitchell Konsker, Alexander Chudnoff, Benjamin Bass and Harrison Potter of JLL represented Marquee in the transaction. Josh Glick and Jared Silverman represented the landlord, Vornado Realty Trust, in-house.
