LONG ISLAND CITY, N.Y. — Metropolitan Realty Associates has sold a 246,000-square-foot industrial building in Long Island City for $72 million. Located at 48-49 35th St., the property was originally constructed in 1949. Tenants at the building include international shipping company AirSea Packing as well as Housing Works Thrift Shop. The buyer was North River Co. Metropolitan Realty Associates acquired the property with equity partner TH Real Estate in 2017 for $55 million.
EDDYSTONE, PA. — HFF has secured $23.5 million in acquisition financing for Eddystone Industrial Park, a four-building industrial park in the Philadelphia suburb of Eddystone. Located at 1001 Industrial Highway, the park totals 465,680 square feet and is spread across more than 43 acres. The property features clear heights ranging from 18 to 60 feet as well as 52 dock doors and 16 drive-in doors. Michael Pagniucci and Ryan Ade of HFF worked on behalf of the borrower, Foxfield Industrial, to secure financing through a regional commercial bank. Terms of the financing were not disclosed.
NEW YORK CITY — Apparel manufacturer American Exchange Time has acquired an 18,000-square-foot office condominium in the Midtown South neighborhood of Manhattan. The company purchased the entire 15th floor office condo, which benefits from an open layout, full height windows on all four sides and 13-foot ceilings slab-to-slab. Located at 420 Fifth Ave., the building includes a three-story atrium lobby and a large plaza entry. John Ciraulo, Craig Waggner and Doug Blankrot of Cushman & Wakefield represented the seller, AM Property Holding & Quality Capital USA, in the transaction. American Exchange Time was represented by Wayne Siegel of Advisors Commercial Real Estate.
MARLBORO, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Solana Marlboro, a newly constructed, 79-unit assisted living and memory community in Marlboro. A joint venture between affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital sold the property for an undisclosed price. The buyer was Kayne Anderson Real Estate. Chelsea Senior Living, the current operator, will continue to manage the community. Located approximately 20 miles south of New York City, the community is within a quarter-mile of a variety of shopping and entertainment options. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Sam Dylag.
NEW YORK CITY — Coworking company WeWork has signed a 236,000-square-foot lease at 1440 Broadway, a 25-story, 747,000-square-foot office building in Manhattan. WeWork’s space will consist of a newly constructed private entrance and lobby. The company will occupy floors 14 through 21 at the building. New York-based owner and developer CIM Group acquired 1449 Broadway in December 2017 and is currently executing a capital improvement plan at the building. The plan includes the renovation of the existing street entrance and lobby as well as a new roof deck amenity that will offer views of Bryant Park, Times Square and the Hudson River.
The Boston office market continues to see established out-of-market tech users from a diverse group of industries take large blocks of space. In the Seaport District, Aptiv, a division of the car technology company Delphi Technologies, took 93,000 sq. ft. at 100 Northern Avenue. In the central business district, Spotify, a digital music service company, opened its first Boston location and leased 73,000 sq. ft. at Center Plaza. Verizon’s Oath, the digital publishing arm of the company, inked a 440,000 sq. ft. lease at North Station’s The Hub. And Bose, a consumer electronic products company, recently took the remaining available space at Boston Landing, bringing its leasing total to 145,000 sq. ft. at the project. The diversity of this new crop of tech entrants into the market solidifies the strength of Boston’s growing technology cluster. Innovators aplenty In a city once dominated by financial service and insurance firms, Boston is now home to a world-class entrepreneurial ecosystem. This is important as established companies across industries race to innovate in the digital age. The juxtaposition of Fortune 500 companies such as Optum and Amazon next door to newly funded and rapidly expanding home-grown startups such as Draft Kings and Toast makes …
BRIDGEWATER, N.J. — New York-based financial advisory firm Juniper Capital Group has secured $23.3 million in acquisition financing for Woodmont Square, a 100-unit apartment community in Bridgewater. Amenities at the property include quartz counter tops, stainless steel appliances, a gym, clubhouse, game room, basketball courts and electronic keyless entry systems. Nate Lowy of Juniper secured the 10-year loan through a local bank on behalf of the borrower, a local investor. Terms of the financing include a 4 percent interest rate.
LOWELL, MASS. — CBRE/New England has arranged the sale of Cabot Crossing, a 252-unit garden-style multifamily community in Lowell, for an undisclosed price. The property was built between 1987 and 1988 and comprises seven three-story buildings as well as a clubhouse and management office. The unit mix includes 28 studio, 131 one-bedroom and 56 two-bedroom apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, in the transaction. The buyer was Cabot Crossing Apartments Property Owner LLC, an affiliate of JRK Property Holdings.
HAMILTON, N.J. — Cushman & Wakefield has brokered the sale of Ibis Plaza, a two-building office complex in Hamilton. The price was not disclosed. Located at 3525-2525 Quakerbridge Road, the 119,000-square-foot property is currently 88 percent occupied by approximately 75 tenants. The building also features a 6,700-square-foot event venue available for rent to both tenants and off-site organizations. Cushman & Wakefield’s New Jersey capital markets team represented the seller, a private ownership entity, in the transaction. The buyer was IBIS Realty LLC.
CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction for Blueprint.
