QUONSET, R.I. — Rhode Island Governor Gina Raimondo has included a $70 million bond proposal in the state budget to modernize and reconstruct Pier 2 at the Port of Davisville in Quonset. The budget, including the proposal, has yet to be approved by the state legislature. The port recently closed its sixth record-breaking year of automobile imports by ship and is consistently one of the top 10 auto ports in North America. Additionally, the port has experienced 547 percent growth over the past 20 years. Built in 1956, the pier was designed for a 50-year lifespan. The $70 million investment will solidify Davisville’s position as the premier marine commercial gateway to New England and add an additional 50 years to the pier’s useful life, as well as preserve hundreds of jobs in the maritime sector. There were 227,021 automobiles imported at the port last year, surpassing 2014’s record by 48,806 vehicles. Vehicles arriving at the port are processed, finished and distributed across the United States by North Atlantic Distribution Inc.
NEW YORK CITY — Meridian Capital Group has arranged $18 million in acquisition financing for the purchase of a mixed-use property, located at 16 E. 18th St. in Manhattan. The borrower was Stone Street Properties. The three-year loan, which was provided by a national balance sheet lender, features a floating rate and interest-only payments for the full term with two one-year extension options. The building features eight residential units and one retail unit, which is occupied by Paragon Sports. The buyer plans to renovate the full-floor residential units. Drew Anderman and Alan Blank of Meridian negotiated the financing transaction.
DEDHAM, MASS. — R.W. Holmes Realty has arranged the sale of a medical office building, located at 910 Washington St. in Dedham. Vision Realty Dedham LLC sold the two-story building to Dedham MOB LLC an entity controlled by Whelan Associates, for $6.4 million. Built in 2012, the 22,388-square-foot building is located off Route 128 within walking distance of Legacy Place and the commuter rail. The main tenant of the building is Greater Boston Urology. Garry Holmes and Dean Blackey of R.W. Holmes Realty represented the seller in the transaction.
NEW YORK CITY — Shutterstock has expanded its lease at the Empire State Building for an additional 25,300 square feet. The global provider of commercial imagery and music will now occupy 105,300 square feet at the building. The company’s headquarters has occupied 80,000 square feet at the building since 2013. Additional tenants at the Empire State Building are LinkedIn, Bulova, Coty, Global Brands Group, HNTB, Expedia, Skanska and Media General Digital. Paul Ippolito of Newmark Grubb Knight Frank represented the tenant, while Ryan Kass, Fred Posniak and Shane Ursini provided in-house representation for the landlord, Empire State Realty Trust Inc., in the transaction.
MANCHESTER, N.H. — Elliot Hospital has selected Bedford, N.H.-based Eckman Construction for the renovation of its emergency department and the creation of a new Rapid Triage and Treatment (RTT) unit in Manchester. The project will include renovation to the check-in, waiting room, and clinical areas to create the new RTT treatment spaces. Boston-based MorrisSwitzer is providing architectural services for the project.
TAMPA, FLA. — Vision Properties, a commercial real estate operating partner based in northern New Jersey, has acquired a five-building, Class A office campus in Tampa for more than $100 million. The 573,053-square-foot complex is located along Henderson Road, north of Tampa International Airport. In addition to the five office buildings, the property also has a development pad with an active site permit for an additional 111,600-square-foot office building. The office campus is situated within Renaissance Park, a master-planned, 71-acre mixed-use development. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the transaction. William Bertolero of Vision Properties will oversee the operations and asset management of the office campus. Fred Arena, founder of Vision Properties, expects to break ground on the sixth office building within the next 12 months.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased three Class C office buildings in Washington, D.C.’s Tenleytown neighborhood from American University for $45 million. The portfolio includes a 38,396-square-foot office building at 4000 Brandywine St. N.W., the former home of National Public Radio affiliate WAMU; a 59,996-square-foot office building at 4620 Wisconsin Ave. N.W.; and a 39,299-square-foot property at 4545 42nd St. N.W. CapSource is providing acquisition and construction loans for the Brandywine and Wisconsin Avenue locations. MidCap Mortgage is the lender for the 4545 42nd St. transaction. Bobby Meehling and Scott Frankel of CBRE represented the seller in all three transactions. UIP plans to invest $75 million in order to gut-renovate the Brandywine and Wisconsin Avenue buildings, creating residential apartments, all within a block of the Tenleytown-AU Metro station on the Red Line and with an abundance of underground parking.
MANASSAS, VA. — Sterling Organization has purchased Westgate Shopping Center, a grocery-anchored shopping center located in the Washington, D.C., suburb of Manassas, for $42.5 million. The 171,909-square-foot property is located at the southeast corner of Sudley Road and Lomond Drive, roughly 25 miles west of downtown Washington, D.C. Westgate was 99 percent leased at the time of the sale to tenants such as Giant, CVS/pharmacy, Barnes & Noble, Total Wine, Pier 1 Imports, Panera Bread, Virginia ABC, Baja Fresh and Sleepy’s. Sterling purchased the shopping center through its institutional stabilized fund Sterling United Properties I LP from a subsidiary of Katz Properties.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of Bank of America Center, a 24-story, 513,479-square-foot office tower located at 1111 E. Main St. in downtown Richmond. The sales price and buyer weren’t disclosed, but some media outlets report the sales price was $42 million and the buyer was an undisclosed private investment group made up of principals from Washington, D.C., and New York City. Eric Robinson of Cushman & Wakefield | Thalhimer represented the seller, an institutional investor represented by Cornerstone Real Estate Advisers, in the transaction. The property was 71 percent leased at the time of the sale to tenants such as the Commonwealth of Virginia, Bank of America, Sands Anderson PC, McCandlish Holton and DurretteCrump Law Firm.
ROYAL PALM BEACH, FLA. — CBRE has arranged the $28.6 million sale of Buckingham Plaza, a 91,000-square-foot retail power center in Royal Palm Beach in suburban Palm Beach County. The property was 100 percent leased at the time of sale to tenants such as T.J. Maxx, Michaels, Shoe Carnival and Tuesday Morning. The shopping center has cross connectivity with the Shoppes at Isla Verde. An affiliate of San Francisco-based Stockbridge Capital Group purchased Buckingham Plaza from an affiliate of Boca Raton-based PEBB Enterprises. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction.