WASHINGTON, N.J. — HFF has brokered the $16.2 million sale of The Village Shoppes at Hawk Pointe and Hunterdon Medical Office Building in Washington. The Village Shoppes at Hawk Pointe comprises an 81,415-square-foot, fully leased, ShopRite-anchored retail center. Other tenants at the retail property include Anytime Fitness and Visions Federal Credit Union. Built in 2016, the Hunterdon Medical Office Building is a 25,000-square-foot, single-tenant property occupied by Hunterdon Healthcare. HFF represented the seller, Asbury Farms, in the transaction. The buyer was Larken Associates.
PATERSON, N.J. — Silver Arch Capital Partners and Procida Funding & Advisors LLC have provided a $12.5 million refinancing for Art Factory Studios, a 170-year-old, 21-building creative office park situated on 4.7 acres in Paterson. The borrower, Great Falls Industrial Park Inc., will use the loan proceeds to pay off debt and make capital upgrades. Located at 60-70 Spruce St., the property is the former home of the American Hemp Co. Past redevelopment of the campus has included retail stores, event spaces and light industrial spaces as well as more office and studio space. Terms of the financing were not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the $8.6 million sale of a four-story, 4,554-square-foot mixed-use building in the SoHo neighborhood of Manhattan. Located at 57 Grand St., the property comprises one ground-floor restaurant and three floor-through loft apartment spaces above. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, Granville Equities, in the transaction. The buyer was Lex Jay Realty Corp.
PHILADELPHIA — Binswanger has negotiated the $1.2 million sale of a 91,000-square-foot industrial facility in Philadelphia’s Fairhill neighborhood. Located at 3000 C St., the five-story property features two loading doors, a dry sprinkler system and also includes 2,000 square feet of office space. Mike Torsiello and Chris Pennington of Binswanger’s Philadelphia, office represented the seller, 3 S Properties, in the transaction. When Opportunity Knocks LP purchased the property.
BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle. Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt. Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston. Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property. Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities …
BOSTON — MP Boston, a local mixed-use and residential developer, broke ground Wednesday on Winthrop Center in downtown Boston. The $1.35 billion mixed-use development represents the largest private investment for a single project in Boston’s history. The site was formerly owned by the City of Boston and housed the Winthrop Square Garage. Set for a spring 2022 completion, Winthrop Center will feature 750,000 square feet of office space, 420 condominiums, retail and restaurants, as well as a public gathering space. The tower will rise 691 feet tall, making it the fourth-largest tower in Boston. At the base of Winthrop Center will be the Great Hall, an open civic space available to the public. The center will also feature an open mid-block alley between Winthrop Square/Downtown Crossing and Federal Street/the Financial District. Handel Architects LLP and Steven Winter Associates Inc. designed the tower to achieve LEED Platinum certification with hopes to also be a certified Passive House Pilot Project. Begun by Germany-based research organization Passivhaus Institut, Passive House is the only internationally recognized energy standard in commercial construction. If achieved, Winthrop Center would be the largest Passive House office building in the world. MP Boston is developing the tower in conjunction …
TRENTON, N.J. — Monmouth Real Estate Investment Corp. has acquired a 347,145-square-foot industrial facility in Trenton for $85.2 million. Located at 584 U.S. Highway 130, the 62-acre property is currently net-leased to FedEx Ground Packaging System Inc. with 14 years remaining on the term. The seller was undisclosed.
ANDOVER, MASS. — HFF has negotiated the $15 million sale of a 92,700-square-foot data center in Andover, approximately 24 miles north of Boston. Located at 15 Shattuck Road, the property was 100 percent leased at the time of the sale to Tierpoint, a national provider of information technology and data center services. Coleman Benedict, Ben Sayles and Kerry Hawkins of HFF represented the seller, Carter Validus Mission Critical REIT I, in the transaction. The buyer was Menlo Equities. Additionally, Jennifer Keller of HFF arranged $9 million in financing for the buyer through Berkshire Bank.
MANALAPAN, N.J. — CBRE has arranged the $8.6 million sale of Manalapan Tech Park, an 84,000-square-foot, 10-acre industrial flex facility in Manalapan. Located at 122-250 Park Ave., the property was built in 2005 and consists of nine buildings and 54 separate units. Each building includes both office and warehouse space. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the undisclosed seller in the transaction. The buyer was 120 Park SD LLC.
WATERTOWN, MASS. — Paradigm Capital Advisors has acquired Riverworks at Aetna Mills, an office complex in Watertown. Located at 480 Pleasant St., the property was originally built in 1907 and has been renovated with a number of capital improvements. Recent upgrades include improvements to the common areas, building systems, tenant spaces, cafeteria, fitness center and interior courtyard. The property is currently 98 percent leased to 15 tenants. Riverworks is one mile from Watertown Square, three miles from Cambridge and seven miles from Boston’s central business district.