UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million. In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million. The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased. In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant. The buyers in all three sales were not disclosed. Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million. The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months. Equity Commonwealth’s stock price closed …
WALL TOWNSHIP, N.J. — Holliday Fenoglio Fowler (HFF) has arranged $23.7 million in refinancing for a four-building office complex in Wall Township. Located at 1800 Route 34, the 189,836-square-foot complex is occupied by French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling. Constructed between 2001 and 2007, the property is 95 percent leased. Michael Klein led the HFF debt placement team that arranged the 10-year, fixed-rate loan through CIBC World Markets for the borrower, The Donato Group.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of an industrial property located at 58-44 Maurice Ave. in the Maspeth area of Queens. The former baking facility of Junior’s Cheesecakes of Flatbush Avenue sold for $4.5 million. The building is split into 14,000 square feet on the ground level, a 1,500-square-foot mezzanine storage area and 1,500 square feet of office space on the mezzanine. The buyer, Quality Installation NY Inc., plans to use the space for the warehousing and manufacturing of furniture and workstation products and repairs. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin represented the seller, Let it Be Realty LLC, while DY Realty represented the buyer, Quality Installation NY Inc.
NEW YORK CITY — An undisclosed buyer has acquired an apartment building located at 316 68th St. in Brooklyn’s Bay Ridge neighborhood for $3.7 million, or $240 per square foot, in an all-cash transaction. The four-story, 15,390-square-foot property features 20 units, of which 19 are rent stabilized and one is rent controlled. Brendan Maddigan and Aaron Warkov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
NEW YORK CITY — Shaw Industries, a carpet manufacturer, has signed a long-term lease to occupy 7,963 square feet of retail space at 853 Broadway in Union Square. The company will take occupancy of the entire third floor at the end of this year to use as a showroom. The third floor is the first of three floors that were recently renovated with a glass curtain wall. The 21-story, 212,000-square-foot office building is owned and managed by The Feil Organization. Robert Fisher provided in-house representation for the landlord, while Nicholas Weld and Michael Affronti of CBRE represented Shaw Industries in the transaction.
OAK PARK, MICH. — Commercial Property Advisors has brokered the sale of Providence Green Apartments located at 25500 Greenfield Road in Oak Park. Loop on Greenfield LLC bought the 717-unit apartment complex located north of Detroit from Wood Stone Providence Green LLC for $15.2 million. The 526,693-square-foot property was 33 percent occupied at closing and will be renamed The Loop on Greenfield.
INDIANAPOLIS — Cushman & Wakefield | Summit Realty Group has arranged the sale of 130 E Washington St., a 203,250-square-foot office building in downtown Indianapolis for $9.2 million. Cushman & Wakefield (C&W)|Summit marketed the property on behalf of the seller, Perennial Washington St. LLC. Onward Investors LLC purchased the asset. The building was formerly known as the Meyer-Kiser Bank Building. Tenants of the property include Arcadis and the national governing bodies of USA Track and Field, Diving, Gymnastics, and Synchronized Swimming. Summit Realty Group has also been retained by new ownership to oversee property management and leasing of the project.
SPRINGDALE, OHIO — Susan Branscome of NorthMarq Capital has arranged acquisition financing of $1.4 million for POWER Engineers. The industrial property 20 miles north of Cincinnati is 32,270 square feet and is located at 11733 Chesterdale Road in Springdale. NorthMarq arranged financing for the borrower, Al. Neyer LLC. The seven-year loan includes 17-year amortization schedule.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 15,660-square-foot industrial building located at 2410 Monroe St. PT Unlimited LLC purchased the building from Monroe Bank and Trust. Greg Hornby of Friedman represented both the buyer and the seller in the transaction.
OAK LAWN, ILL. — Transwestern has brokered the sale of Stony Creek Promenade, which is located at 4800 W 111th St. in Oak Lawn. MEPT purchased the 105,000-square-foot retail center from the developer, Hamilton Partners, for an undisclosed amount. Janice Sellis and Paul Barile of Transwestern represented the developer in the transaction.