YORK, PA. — Bennett Williams Commercial has arranged the sale of a retail building located at 575 Maryland Ave. in York. SJK LLC purchased the property from 1221 Associates Inc. for $1.4 million. Denny Neiman of Bennett Williams Commercial represented the buyer, while Neiman and Keith Kahlbaugh of Bennett Williams represented the seller.
NANUET, N.Y. — AvalonBay Communities Inc. (NYSE: AVB) has sold eaves Nanuet, a 504-unit multifamily community in the New York City suburb of Nanuet, for $147 million. A joint venture between Harbor Group International LLC and Azure Partners LLC purchased the asset free and clear of existing debt. The community is situated on 54 acres at 100 Avalon Gardens Drive. HFF represented AvalonBay in the transaction. The property is located near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway. Nanuet’s Metro North train station and park and ride lot are also located nearby. The 97 percent-leased community includes 64 buildings with a mix of one-, two- and three-bedroom apartments averaging 1,208 square feet. Apartments feature loft spaces, gas fireplaces, closet and attic storage, in-unit washers and dryers, direct-access personal garages, and patios/balconies. Community amenities include an outdoor swimming pool with sun deck, two tennis courts, grilling areas, two playgrounds, clubhouse, fitness center, yoga room, indoor basketball and racquetball courts, and a resident lounge with a fireplace and business center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Robert Borny led the HFF investment sales team representing the seller. “Demand for well-located, value-add multifamily housing continues to …
CLEVELAND — BGL Real Estate Advisors has arranged the development financing for Weston Inc. The loans will be used toward the historical conversion of the Standard Building in downtown Cleveland. The $81 million financing consists of senior construction debt, subordinated bridge debt, municipal city and state agency debt, federal and state historic tax credit equity and Weston Inc. GP equity. The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank and Cleveland Development Advisors, as well as Ohio Water Development Authority and Ohio Development Services Agency, contributed capital to the transaction. Additionally, Piper Jaffray, Port of Cleveland, RSM US LLP and Stonehenge Capital were involved with the capital lease and historic tax credit equity structuring and syndication. Originally built in the 1920s for Standard Bank, the building will be converted from office space into market-rate apartments and first-floor retail space.
VILLAGE OF SOMERS, WIS. — First Industrial Realty Trust has signed a long-term tenant for its first building at First Park 94, a 601,439-square-foot industrial facility located in Village of Somers. The cross-docked facility features 36-foot clear heights, 185-foot truck courts, ample trailer parking, extensive dock-high loading, skylighting and an ESFR sprinkler system. The name of the tenant was not disclosed. Additionally, First Industrial is breaking ground for the second building at the park. The second building will total approximately 600,000 square feet with expandability. Upon completion, First Park 94 will accommodate 4.6 million square feet of development, including build-to-suits ranging from 150,000 square feet to 2 million square feet. The site is accessible to Interstate 94 from three four-way interchanges and offers frontage along the Canadian Pacific Railway with potential rail access. Whit Heitman, Sam Badger and Brad Weiner of NAI Hiffman, Roger Siegel of Dickman Co. and Tony Haning of JLL assisted with the lease transaction.
FREEHOLD, N.J. — Freehold-based UMH Properties has acquired two housing communities in Ohio for $2.9 million. The properties include 165 housing sites on approximately 71 acres. At the time of closing, the properties were approximately 64 percent occupied. The communities are part of a five-community portfolio, all located in Ohio, with a total purchase price of $17 million. The full portfolio contains a total of 821 sites on approximately 342 acres. UMH expects to close on the remaining communities before year-end.
CHICAGO — Millennium Properties R/E has arranged the sale of a six-flat apartment building located at 5532 S. Kimbark Ave. in Chicago’s Hyde Park neighborhood. Antheus Capital acquired the property for $1.3 million. The 7,050-square-foot building features six two-bedroom, two-bath units, each with large living spaces and eat-in kitchens. At the time of sale, the building was fully leased. The name seller was not released. Brad Thompson of Millennium Properties arranged the transaction.
EGG HARBOR TOWNSHIP, N.J. — Wolfson Group Inc. is breaking ground for the development of Oak Tree Plaza, a shopping center in Egg Harbor Township, on September 7. Located at the intersection of Black Horse Pike, Fire Road and Old Egg Harbor Road, the 249,943-square-foot center will be anchored by a 188,463-square-foot Walmart Supercenter. The plaza is slated to open in summer 2017.
HAMBURG AND TONAWANDA, N.Y. — Sinatra & Co. Real Estate (SCRE) has acquired 410 apartments in Hamburg and Tonawanda for $24.3 million. The deal includes a $21 million three-property multifamily portfolio in Hamburg consisting of the 184-unit Lincoln Square Apartments at 4055 Knoll Drive, the 126-unit Washington Square Apartments at 5546 Scranton Road and 40-unit Colonial Court Apartments at 5045 Berg Road. The remaining 60 units, located in Tonawanda, were purchased for $3.3 million. The sellers were NOCO Energy Corp. and Liberatore Management Group. The transaction was funded through the refinance of a local SCRE portfolio that has undergone value-add renovations. Largo Financial Group helped secure the debt financing.
PHILADELPHIA — Accesso Partners has increased the occupancy at 1515 Market Street from 82 to 92.3 percent within the past 18 months. The Hallandale, Fla.-based real estate investment manager acquired the 20-story, 502,000-square-foot office tower in 2014 and implemented an upgrade and renovation plan to increase occupancy. The plan included adding a conference center on the ninth floor and upgrading the lobby, elevator cabs, underground concourse entrance, common corridors and bathrooms. Approximately 47,081 square feet of office space leases were executed in the first half of this year and leases totaling another 10,000 square feet of space are out for signature. Current tenants include Sage Acquisitions; the law firm of Steven L. Chung Esq.; McMahon Engineering; GZA Geoenvironmentalists; HDR Engineers and Architects; Manley Deas Kochalski; Brainard Partners; Walker Nell; Cavo; O’Brian, Rulis and Bochicchio; Wade, Clark Mulchay; Legal Search; R-T Specialty; the administrative office of the Pennsylvania Supreme Court; Temple University; and Temple University’s Café Bookstore, operated by Barnes & Noble. Alex Breitmayer, Joshua Sloan and Drew McGowan of JLL are leasing agents for the property.
BEDFORD, MASS. — Nordblom Co. has leased 21,000 square feet of office space to Augmenix Inc., a medical device company. The company will relocate its corporate headquarters from Waltham, Mass., to 201 Burlington Road in Bedford late this year. The privately held company focuses on the development and commercialization of radiation oncology and urology products using its proprietary hydrogel technology. The two-building, 135,000-square-foot property features an on-site café, bike storage, state-of-the-art fitness facility and shower/locker facilities.