SKANEATELES, N.Y. — Tessy Plastics has acquired a 112,644-square-foot manufacturing and office building in Skaneateles. Situated on 31.1 acres at 700 Visions Dr., the modern, high-tech facility was built in 2002. The buyer plans to construct approximately 50,000 square feet of clean room manufacturing space, which will be used to produce minimally invasive surgical devices. The property was purchased from Hand Held Products, which will be leasing back approximately 32,000 square feet of office space. Jim Panczykowski of Binswanger’s New Haven, Conn., office handled the transaction. The purchase price was not disclosed.
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BOSTON — CBRE/New England’s Capital Markets team has brokered the sale of Midway Studios, an 89-unit artist live/work community located in Boston’s Fort Point Channel district. Midway Studio Associates, a joint venture between the Keen Charitable Foundation and the Fort Point Cultural Coalition, sold the property for $20 million to a joint venture between New Atlantic Development LLC and the residents of Midway Studios. The property was originally built in 1912 and redeveloped into artist living space in spring 2005. The live/work studios, located on the second through sixth floors, are designed to accommodate a broad range of artists’ mediums. The first floor features two-story space with approximately 24,740 square feet of office and retail space. The property is currently home to Elevin Studios, Studio Troika, Arts & Business Council of Greater Boston and The Club of George Foreman III. Additionally, Late July Snacks will move in this fall. Simon Butler and Biria St. John of CBRE/NE represented both parties in the transaction.
YARMOUTH, MASS. — Weston Associates has reopened Swan Pond Village, an affordable multifamily complex located at 1100 Alewife Circle in South Yarmouth. Situated on 30 acres, the 18-building complex features 150 affordable residential units, including 68 one-bedroom, 44 two-bedroom, 30 three-bedroom and eight four-bedroom units. Additionally, the complex features a community building with a community room, as well as playgrounds, off-street parking, an on-site management office, 24-hour on-call maintenance and laundry facilities. Weston Associates recently completed capital improvements for the community including new roofs, windows, apartment interiors, bathrooms, HVAC systems, electrical upgrades and external site improvements. Weston Associates utilized the new Section 223(f) pilot program as part of the community’s revitalization. In partnership with the U.S. Department of Housing and Urban Development, MassDevelopment, the Massachusetts Department of Housing and Community Development and private partners, Weston Associates financed the project by combining FHA loans, tax-exempt bonds and low-income housing tax credits to create a streamlined and efficient financing and redevelopment process.
NEW YORK CITY — GFI Realty Services has brokered the sales of three walk-up apartment buildings in Brooklyn totaling $3.6 million. In Brooklyn’s Bedford Stuyvesant neighborhood, the four-story, 13-unit 920 Madison Street sold for $1.4 million. The four-story, seven-unit 1463 Bedford Avenue traded hands for $1.2 million in Brooklyn’s Crown Heights. Additionally in Crown Heights, 1130 St. Johns Place, a four-story, eight-unit building, sold for $960,000. Shlomo Antebi of GFI Realty Services represented the sellers and buyers in all transactions.
NEW YORK CITY — Houlihan Parnes Realtors has placed $2.9 million in first mortgage debt for three retail properties in Bronx. The one-story buildings, which total 14,000 square feet, are located at 26-34 West Kingsbridge Road, 134-138 West Fordham Road and 1735-1745 University Avenue. The three separate loans have 5-year, 3.75-percent fixed rates with 30-year amortization schedules. Additionally, the loans feature flexible terms and extension options. Jerry Houlihan arranged the financing, while Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the borrowers.
STAFFORD, TEXAS — Prime Property Investors (PPI) has acquired Estates at Fountain Lake, a 306-unit multifamily property in the Houston suburb of Stafford. The 14-building, garden-style community includes one- and two-bedroom apartments with rents averaging $1,300 per month, as well as a swimming pool, clubhouse and fitness center. Constructed in 1998, the complex — which was previously branded as Alexan Fountain Lake and is fully leased — is located on Fountain Lake Drive, just east of South Dairy Ashford Road. Northbrook, Ill.-based PPI acquired the asset from Dallas-based Trammell Crow Residential and plans upgrades for both unit interiors and communal amenities. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA Capital Markets represented the seller in the transaction, and Adam Allen, also of ARA Capital Markets, assisted in the capitalization of the property.
HOUSTON — Marcus & Millichap has brokered the sale of a 110,000-square-foot industrial property in Houston. The manufacturing facility is located on more than 35 acres, in close proximity to I-45 and the George Bush International Airport. Lectrus Corp., an electrical system integrator and designer of custom metal enclosures, fully leases the building on a triple-net basis. Ben Tashakorian and Toby Boessen of Marcus & Millichap marketed the property on behalf of the unnamed seller. Timothy Speck, also of Marcus & Millichap, assisted in the transaction.
FORT WORTH, TEXAS — HFF has arranged construction financing for the development of Victory Medical Center, a 104,971-square-foot surgical hospital to be located in Fort Worth. Planned for a six-acre site on the corner of Pennsylvania Avenue and South Main Street, the three-story facility will include eight operating rooms, four special procedure rooms, seven intensive care rooms and 24 inpatient beds. Victory Healthcare fully occupies the property, which is slated for completion in 2015. Jeremy Sain and Steven Heldenfels led the HFF team that worked on behalf of the borrower, a joint venture between Harrison Street Real Estate Capital LLC, Pisula Development Co., Victory Healthcare and a physician-owned group. Comerica Bank provided the 6.5-year loan.
ARLINGTON, TEXAS — Lee & Associates has arranged a 39,264-square-foot industrial lease in Arlington for FlexXray LLC, a provider of advanced inspection services and contract packaging solutions. The tenant will occupy space within the warehouse at 3751 New York Ave., which is in proximity to the interchange of I-20 and State Highway 360. Trey Fricke and Reid Basinger of Lee & Associates represented FlexXray in the negotiations. Matt Dornak of Stream Realty Partners represented the landlord, G&I VII Midpoint LP.
REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Township, a 132-unit multifamily complex in the San Francisco suburb of Redwood City, for $83 million. Completed earlier this year, the community includes one-, two- and three-bedroom apartments averaging 914 square feet, plus amenities such as a fitness center, whirlpool spa, business center and outdoor kitchen. Located at 333 Main St., the property is in proximity to the major thoroughfares of Veteran’s Boulevard and U.S. Route 101, as well as major area employers Oracle Corp., Electronic Arts, Shutterfly, Rocket Fuel, Stanford University, Facebook, Sony Computer Entertainment America LLC and Gilead Sciences. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni of IPA, a division of Marcus & Millichap, represented the seller in the transaction, a joint venture between Sares Regis Group and J.P. Morgan Asset Management.