NEW YORK CITY — Cushman & Wakefield has brokered the sale of a four-building multifamily portfolio located at 212-218 East 85th St. on Manhattan’s Upper East Side. An investment group led by the Glick Family acquired the portfolio for $30 million. Totaling 37,500 square feet, the four contiguous buildings comprise 70 residential units, four office spaces and two retail units. The apartment units are in a mix of studio, one- and two-bedroom layouts. Paul Smadbeck, Thomas Gammino Jr., Hunter Moss and Bryan Smadbeck of Cushman & Wakefield represented the undisclosed seller in the transaction.
CLIFTON, N.J. — NAI James E. Hanson has arranged the sale of a 10,876-square-foot office space located at 1030 Clifton Ave. in Clifton. Realty Investment Associates sold the property for an undisclosed price. The space is located within a two-story, 21,734-square-foot office building. The undisclosed buyer acquired the entire second floor on a condominium basis and plans to renovate, upgrade and occupy the space as a medical office. Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a retail building located at 34-39 31st St. in the South Astoria section of Queens. JAVSE Realty Corp. sold the building to a private investor for $7.5 million. Built in 1956, the property features 16,000 square feet of retail space. Jack Zalta of Rosewood Realty represented the seller, while Jacob Setton, also of Rosewood Realty, represented the buyer in the deal.
HOUSTON — As the growth of e-commerce continues, its impacts on logistics and operations within the industrial real estate sector become more significant. Recent data from supply chain consulting firm Tompkins projects that by 2020, the value of America’s cross-border e-commerce sales will be approximately $486 billion. In addition, the value of cross-border purchases via e-commerce will total about $140 billion. To meet the e-commerce demand, industrial developers will have to supply about 160 new logistics facilities spanning 800,000 square feet in top urban markets, according to Tompkins. Another 100 or so facilities in the 75,000- to 100,000-square-foot range will need to be repurposed to support delivery to secondary and tertiary markets. Distributors in the e-commerce era have long since learned to compress their supply chains and look for logistical opportunities to save on “last-mile” expenses. To that end, industrial operators are increasingly looking to air and rail transit as distribution channels. Steve Schellenberg, vice president of business development for IMS Worldwide Inc., a logistics consulting firm for the industrial real estate sector, discussed the rise of intermodal transit during the InterFace Houston Industrial conference on Oct. 31. Approximately 115 industrial real estate professionals attended the event, which was held …
NEW YORK CITY — Ceruzzi Holdings and SMI USA have topped out on construction for 138 East 50th Street, a luxury condominium project in Manhattan. The 63-story, 280,000-square-foot tower will feature 124 condominium units and 7,500 square feet of commercial space on the first floor. Once completed in early 2019, the property will feature a variety of amenities, including a 7,500-square-foot restaurant, an upscale fitness center and spa, a private club space, an indoor pool, a below-grade parking garage and outdoor terraces. Project partners include AECOM Tishman Construction, Pelli Clarke Pelli, SLCE and Champalimaud. Madison Realty Capital provided the construction loan for the project.
MORRIS TOWNSHIP, N.J. — Vision Real Estate Partners, along with a partner firm, has purchased 64 acres of the former Honeywell headquarters campus on Columbia Road in Morris Township for an undisclosed price. The site is approved for office, research and laboratory development, and Vision plans to develop up to 715,000 square feet of premier, build-to-suit corporate headquarters space at the site. Vision Real Estate Partners will oversee the development of the project on Columbia Road.
YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured permanent loan to refinance Adira at Riverside Rehabilitation & Nursing, a skilled nursing facility in Yonkers. Fred Levine and Shia Fishman of Greystone arranged the financing for the borrower, L&A RE Acquisitions. The loan features a 30-year term and a fixed rate. Adira at Riverside offers a certified respiratory and vent unit; short-term rehab; occupational, physical and speech therapy; wound care; neuro-rehabilitation; certified cardiopulmonary rehabilitation; long-term skilled nursing care; dedicated Alzheimer’s and dementia care units; and stroke and TBI rehab. On-site amenities include a modern fitness facility, concierge and a variety of recreational activities for residents.
NEW YORK CITY — Stellar Management, along with its partner Argent Ventures, has received a $25 million loan package to refinance The Willard, located at 252 W. 76th St. in Manhattan. New York Community Bank provided the loan, which was arranged by Meridian Capital Group. Purchased in 2013, The Willard features 53 apartment units and amenities, including a renovated lobby, gym, fitness center, children’s playroom and private storage facility. Paula Katz of Gluck & Katz represented Stellar Management, while Farber, Rosen & Kaufman P.C. represented New York Community Bank in the financing.
NEW YORK CITY — GFI Realty has brokered the sale of a development site located at 203 Sutter Ave. in Brooklyn’s Brownsville section. A local investor acquired the site for $5.6 million. The parcel has a total of 57,648 buildable square feet, with approved plans for a 42-unit residential building. Yisroel Pershin and Eli Shilian of GFI Realty represented the seller, a local investor, while Sylvia Spielman, also of GFI, represented the buyer in the deal.
MURRIETA, CALIF. — HFF has arranged the $56.6 million sale of Murrieta Town Center, a 334,939-square-foot shopping center in the Southern California town of Murrieta. Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF arranged the transaction on behalf of the seller, Jade Enterprises. An affiliate of U.S. Realty Partners acquired the asset. Murrieta Town Center was 81 percent occupied at the time of sale by Burlington, Rite Aid, Ross Dress for Less, Marshalls, Famous Footwear, Dollar Tree and Sizzler.