BOSTON — CBRE/New England has negotiated the sale of Troy Boston, a 378-unit apartment tower in the South End neighborhood of Boston. The 19-story high-rise opened in 2015 and has an overall average unit size of approximately 630 square feet. The property is certified to LEED Gold standards. Simon Butler and Biria St. John of CBRE represented the seller, a fund advised by Gerding Edlen, in the transaction. Equity Residential bought the property for an undisclosed price.
WEST HARTFORD, CONN. — CS Acquisition Group LLC has purchased Westwood Apartments, a six-building, 200-unit apartment community in West Hartford for $20.8 million. The complex is the largest market-rate multifamily property in West Hartford by number of units and was constructed in 1971. Victor Nolletti and Wes Klockner of Institutional Property Advisors represented the seller, Westwood Apartments LLC, in the transaction.
BREINIGSVILLE, PA. — Cronheim Hotel Capital has arranged a $12.5 million acquisition loan for a Holiday Inn in Breinigsville. The property is located approximately seven miles east of Kutztown. Built in 1988, the 175-room hotel includes 14,000 square feet of meeting space as well as a 10,660-square-foot ballroom. Cronheim secured the non-recourse, floating-rate loan with a three-year term on behalf of borrower Infinity Asset Management. The lender was undisclosed. The property will be converted into a Delta by Marriot hotel.
LEMOYNE, PA. — Marcus & Millichap has brokered the sale of 840 Market Street Shopping Center, a 32,379-square-foot retail center in Lemoyne. The property sold for $2.8 million, which equates to an 8.9 percent capitalization rate. Craig Dunkle of Marcus & Millichap represented the seller, a private investor based in Mechanicsburg, in the transaction. RSR Realtors represented the buyer, a regional investor. The tenant roster at the shopping center includes Dollar General, Little Caesars, Akita’s Sushi Restaurant, 717 Cross Fit, Burn 30, and Rem Staffing.
MACUNGIE, PA. — Markward Group has orchestrated the sale of a 44,227-square-foot flex building in Macungie. Located at 111 Lehigh St., the 2.6-acre property is approximately 11 miles south of Allentown. Markward Group represented both the seller, Narsu and Ramani Tatikoia, and the buyer, Luicana Unique Design, in the transaction. Luicana Unique Design is a Kitchen and Bathroom remodeling company and will occupy a portion of the building.
PHILADELPHIA — Marcus & Millichap has arranged the sale of AQ Overbrook Flats, a 128-unit apartment community in the Overbrook Farms neighborhood of Philadelphia. The property sold for $13 million, or approximately $101,770 per unit. Clarke Talone, Andrew Townsend and Ridge MacLaren of Marcus & Millishap represented the seller, a limited liability company, in the transaction. The buyer is an affiliate of Aquinas Realty Partners. The property is located at 6358 Lancaster Ave. and 6312 Sherwood Road.
JERSEY CITY, N.J. — Progress Capital has secured an $11.8 million loan for the acquisition of a former manufacturing facility in Jersey City. The property is the former site of Elementis Specialties Inc. and is located at 400 Claremont Ave. The buyer, 400 Claremont Urban Renewal LLC, plans to redevelop the site into a mixed-use building with residential, parking and retail components. Progress Capital arranged the financing on behalf of the borrower through an undisclosed lender. The timeline for the project was not disclosed.
PHILADELPHIA — CBRE has negotiated the $10 million sale of Liberty Plaza, a 372,130-square-foot shopping center located at 4501 Woodhaven Road in Philadelphia. The shopping center, which was constructed in 1989, sits on 33 acres. Peter Stevens and Kevin McClernon of CBRE represented the seller, U.S. Bank National Association, in the transaction. The buyer was 4501 Woodhaven Holding LLC. The property is currently 45 percent occupied with a tenant roster that includes Dick’s Sporting Goods, Raymour & Flanigan, Burger King, Grand China Buffet and Liberty Nail Salon.
BERWYN, PA. — Maguire Hayden Real Estate Co. has acquired the Cassford Corporate Center, a five-building, 131,509-square-foot office campus in Berwyn for $9.2 million. The property was vacant at the time of sale but previously occupied by tax technology company Vertex Inc. CBRE represented the seller, a Delaware-based LLC, in the transaction.
WEST HEMPSTEAD, N.Y. — Island Associates has brokered the $4 million sale of a retail property in West Hempstead. Located at 605 Woodfield Road, the property consists of a 36,000-square-foot building occupied by Western Beef supermarket and Gino’s Pizzaria. Roger Delisle of Island Associates served as sole broker in the transaction. The seller was Carvel Holding Corp., which was the original operator of a supermarket at the location. Western Beef, the current operator of the supermarket, purchased the property.
