NEW YORK CITY — Avison Young has brokered the $7 million sale of a vacant development site in the East Village of Manhattan. Located at 14 Second Ave., the property offers 15,042 buildable square feet. James Nelson, Brandon Polakoff and Toku Saito of Avison Young represented the undisclosed seller in the transaction. The buyer was developer Station Cos. The developer plans to build a 10-story residential building with full-floor condominium units on the property.
WEST BRIDGEWATER, MASS. — KeyPoint Partners has negotiated the $3.4 million sale of West Bridgewater Plaza, a retail property in West Bridgewater. The 133,000-square-foot retail center is located off Route 28. Don Mace of KeyPoint represented the buyer, the owner and operator of indoor entertainment concept FunZ. The buyer plans to open a FunZ location in the former Shaw’s space at the center.
FORKED RIVER, N.J. — HFF has negotiated the sale of Sunrise Plaza, a 255,940-square-foot retail center in Forked River. Located on more than 27 acres, the center is fully occupied by a tenant roster that includes Aldi, Kohl’s and The Home Depot. The center was built in 2007. Jose Cruz, Stephen Simonelli, Kevin O’Hearn and Michael Oliver of HFF represented the undisclosed seller in the transaction. The buyer was a public entity.
BOSTON — Cushman & Wakefield Senior Housing Capital Markets, acting as advisor to HCP Inc., has arranged the sale of a portfolio of seniors housing communities managed by Brookdale Senior Living. HCP agreed to sell the 17 Brookdale-managed properties to funds managed by affiliates of Apollo Global Management LLC (NYSE: APO) for $264 million. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, James Dooley and Sam Dylag.
NEW YORK CITY — Cushman & Wakefield has arranged the $16.2 million sale of Bathhouse Studios, a 14,000-square-foot mixed-use building in the East Village of Manhattan. Located at 538 E. 11th St., the property includes studio and event space as well as a residential unit above. Built in 1905, the property is a former public bathhouse and was converted into a studio in 1995 by Pulitzer Prize-winning photographer Eddie Adams. The ground floor of the building features 20-foot ceilings with oak floors, exposed brick and antique frosted windows. The residence above possesses 16-foot ceilings with oak floors throughout and a 2,200 square-foot outdoor deck. Michael DeCheser, Andrew Berry, Mei Ling Wong and Bryan Hurley of Cushman & Wakefield represented the seller, Alyssa Adams, in the transaction. The buyer was 538 East Eleventh LLC.
NEW YORK CITY — Encore Real Estate Investment Services has brokered the $9.4 million sale of a retail property occupied by Rite Aid in the Bronx. Brandon Hanna and Charles Slane of Encore represented the seller, a private developer and landowner in New York City, in the transaction. The buyer was undisclosed.
SAYREVILLE, N.J. — Marcus & Millichap has negotiated the $1.1 million sale of a nine-unit apartment building in Sayreville. Located at 107 MacArthur Ave., the property was recently fully renovated, including all kitchens, bathrooms and windows. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW JERSEY — Monticello Asset Management has provided $65 million in bridge-to-HUD financing to HP Intermediate Administrative Services LLC for the acquisition of four seniors housing communities in New Jersey. In addition, Monticello provided a $4 million working capital loan to the operator of the communities. The portfolio totals 654 total beds. The majority of the portfolio is skilled nursing, though it does include 74 memory care units, 60 assisted living units and a 16-bed ventilator unit. The buildings average 64,000 square feet. The floating-rate financing features a three-year term and two six-month extension options.
NEW YORK CITY — CIT Group has provided a $35 million loan for the construction of an office building in Manhattan. The six-story, 74,000-square-foot project is located at 323 E. 61st St. CIT provided the senior secured loan. The developer is a joint venture between The William Macklowe Company and LaSalle Property Fund. The designer is Daniel Goldner Architects. The completion date for the project has yet to be announced.
STATE COLLEGE, PA. — HREC Investment Advisors has arranged the sale of the 149-room Atherton Hotel in State College. The sales price was not disclosed. Ketan Patel of HREC represented the seller, Atherton Street Partnership, in the transaction. The buyer was AJ Capital Partners, a Chicago-based real estate developer, owner, and operator. The property is located in downtown State College, one block from Pennsylvania State University. AJ Capital plans to renovate the hotel and convert it to Graduate State College, part of the Graduate Hotels collection.