WILLISTON, VT. — Nedde Real Estate has brokered an office lease in the Hillside East subdivision of Williston. Cognizant Technology Solutions has inked a deal to occupy 9,025 square feet of office space at the property. Grant Butterfield of Nedde Real Estate represented Cognizant in the transaction. Cognizant is an American multinational corporation that provides custom information technology, consulting and business process outsourcing services. Terms of the lease and the name of the landlord were not released.
WINOOSKI, VT. — Nedde Real Estate, Redstone and Youkel Architecture + Development have completed the development of Riverrun Luxury Apartments in Winooski, with a ribbon cutting ceremony scheduled for Thursday, August 13. Located at 110 Winooski Falls Way, the property consists of 56 units in a mix of one- and two-bedroom layouts. The apartments feature nine-foot ceilings; river, city and nature preserve views; energy-efficient, triple-glazed windows; designer kitchens; washer/dryers; and air conditioning. On-site amenities include a fitness center, lobby with seating lounge, covered parking and heat/hot water included in the rent.
BURLINGTON AND ST. ALBANS, VT. — Nedde Real Estate has brokered the sales of four properties in Vermont. In the first deal, Grant Butterfield of Nedde Real Estate represented Mike DuPont in the acquisition of a three-unit multifamily property located at 54-56 Intervale Ave. in Burlington. Bessery Real Estate Partners, represented by Cannizzaro Real Estate, sold the property for an undisclosed price. In the second transaction, Butterfield arranged the sale of 137-139 Elmwood Avenue, a four-unit multifamily property located in Burlington. Mark Johnson sold the asset for an undisclosed price to Housing Strategies. In the third deal, Butterfield represented Eleven Eleven Enterprises LLC in the disposition of 30 South Main Street in St. Albans to Dominico Spano. The buyer plans to reopen the retail property, which was formerly Cosmic Bagel Bakery, as Round Table Bakery & Café. In the final transaction, Butterfield represented the undisclosed seller in the disposition of 222-224 South Winooki Avenue in Burlington. Karen LaPoint purchased the three-unit multifamily property for an undisclosed price.
WATERBURY, VT. — Marcus & Millichap has arranged the sale of a Merchant’s Bank location in Waterbury. A New England-based investor acquired the property, which is located at 994 Waterbury Stowe Road, for $1.4 million. The bank is located off Interstate 89 in an area with 26,000 vehicles passing per day. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer, while Marcus & Millichap’s San Diego office represented the seller. Jeffrey Nick, also of Marcus & Millichap, is the broker of record in Vermont.
SALEM, N.H., AND SOUTH BURLINGTON, VT. — Cushman & Wakefield Senior Housing Capital Markets has arranged $49.6 million in construction financing and joint venture equity for two senior housing developments in New England. The projects are LCB Senior Living’s seventh and eighth senior housing developments since it began its development program in 2013. The properties are The Residence at Salem Woods in Salem and The Residence at Quarry Hill in South Burlington. The Salem property will offer 84 apartments with 88 beds for independent, assisted and memory-care living. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project broke ground in November 2014 and is expected to open in early 2016. The South Burlington property features 102 apartments with 104 beds for independent, assisted and memory-care living. PNC Bank provided $18.4 million in construction financing, while Virtus Real Estate Capital provided $8.5 million in joint venture equity. Construction is slated to begin in January 2015 with a planned summer 2016 opening. Rick Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield negotiated the transactions.
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