NEW YORK CITY — JLL has brokered the $150 million sale of River Street Assemblage, a 3.2-acre waterfront development site in the North Williamsburg neighborhood of Brooklyn, to Two Trees Management Co. LLC. Located at One River Street, the property includes 285,020 square feet of buildable space and is zoned M3-1 for a variety of retail, office, manufacturing and mixed-use projects. The site also includes a portion of water, piers and platforms along the East River and River Street. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Con Edison, in the transaction.
PHILADELPHIA — Norvin Healthcare has acquired 3 Crescent Drive, a 96,000-square-foot medical building in Philadelphia. The property is 100 percent leased to Thomas Jefferson University Hospitals Inc. and stands at the gateway of the Philadelphia Navy Yard. The 1,200-acre Navy Yard houses more than 165 businesses, including the South Philadelphia Sports Complex. Liberty Property Trust was the seller.
DOYLESTOWN, PA. — Newmark Knight Frank (NKF) has arranged the sale of and financing for Solana at Doylestown, a 98-unit seniors housing community in Doylestown, located approximately 35 miles north of Philadelphia. Solana at Doylestown opened in 2014 and provides assisted living and memory care services. The property was 96 percent occupied at the time of sale. Ryan Maconachy and Chad Lavender of NKF represented the seller, Atlanta-based Formation Development Group. A joint venture between LCS Senior Living and Nuveen acquired the property for an undisclosed price. Sarah Anderson and Brittany Robinson, also of NKF, secured the financing on behalf of the buyer.
CHATHAM, N.J. — M&T Realty Capital Corp. has provided a $12.1 million FHA-insured loan to refinance a 108-bed skilled nursing facility in Chatham, located approximately 25 miles west of New York City. The loan was completed under the U.S. Department of Housing and Urban Development’s Section 232/223(f) program. The 35-year, fully amortizing loan features a fixed rate of 3.26 percent. The borrower and name of facility were not disclosed. Paula Quigley, Matt Pipitone and Jennifer Kooney of M&T Realty Capital led the transaction. Quigley also serves as the FHA/HUD program manager for M&T Realty Capital Corp.
EWING, N.J. — Portuguese-inspired barbecue concept Pork Chop’s BBQ has opened a 2,700-square-foot restaurant at Capitol Plaza, a 355,000-square-foot retail center in Ewing, a northern suburb of Trenton. The restaurant will serve barbecue meats and seafood as well as a variety of sides and will also offer catering services. Capitol Plaza’s office segment, 1001 Spruce Office Center, anchors the retail center with hundreds of employees and visitors. Other tenants include Planet Fitness, Foot Locker, Marshalls and numerous retail and dining options. Levin Management Corp. handles leasing and management of the retail center.
VERNON HILLS, ILL. — Passco Cos. has acquired The Atworth at Mellody Farm in Vernon Hills, a northern suburb of Chicago. The 260-unit multifamily community was developed in 2018 adjacent to Mellody Farm, a dining and retail destination. The Atworth’s seven-acre site is divided into several common areas in order to create a resort-style feel. The common areas include: The Conservatory, a two-story lounge with complimentary coffee, Wi-Fi, computer and televisions; The Courtyard, which features a pool and sundeck; The Game Loft, home to billiards, shuffle board, table tennis and foosball; and The Tasting Room, which features seating arrangements for casual or formal events. Additional amenities include a bike room, fitness center, yoga room and pet grooming stations. Units range in size from 556 to 1,465 square feet. The property was 97 percent occupied at the time of sale. A venture between AEW Capital Management, Focus and Atlantic Residential was the seller. Peter Evans and Richard Evans of Moran & Co. Midwest represented both parties in the transaction. Caleb Marten and Chris Black of KeyBank Real Estate Capital arranged $57.2 million in fixed-rate Fannie Mae financing for the acquisition.
CHICAGO — Chicago’s Willis Tower has become the largest building in the country to earn the LEED Platinum designation, the highest ranking possible given by the U.S. Green Building Council. The property owner, EQ Office, made energy, sustainability and comfort improvements to achieve the designation. EQ worked with Rivion, a Wisconsin-based energy consulting firm. Some of the enhancements include revamping the heating and cooling system, replacing electric hot-water generators with natural gas hot-water boilers, upgrading the building’s lighting and installing low-flow faucets and toilets. The 110-story Willis Tower is undergoing a $500 million renovation. The property, largest in the United States by square footage, earned LEED Gold certification in 2018.
CHICAGO — Essex Realty Group Inc. has negotiated the $4 million sale of 747 N. May St., a 22-unit building operating as an apartment hotel, also known as an apartel. This type of property is an apartment building that functions with a hotel-style booking system. At 747 N. May St., hotel operator Ginosi operates the units, which feature full kitchens and washers and dryers. The building underwent a full renovation in 2017. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex brokered the sale. A Chicago investor purchased the asset from local development firm City Pads.
ROSEMONT, ILL. — Mumford Co. has brokered the sale of the 141-room Best Western hotel in Rosemont for an undisclosed price. The three-story property is situated near Chicago’s O’Hare International Airport. Ed James and George Arvanitis of Mumford represented the seller, OMS O’Hare LLC. The team also procured the buyer, North Star Real Estate Group LLC, a Minnesota-based hotel investment group.
AUSTIN, MINN. — Marcus & Millichap has arranged the $1.7 million sale of a 3,713-square-foot property net leased to Arby’s in Austin, approximately 40 miles southwest of Rochester in southern Minnesota. Tom Gommels of Marcus & Millichap’s Minneapolis office marketed the single-tenant building, located at 1305 18th Ave. NW, on behalf of the seller, a limited liability company. Chad Lieber of Marcus & Millichap’s Newport Beach office secured and represented the buyer, an individual trust based in California.