Real Estate Weekly
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Deals & Dealmakers

ON THE SCENE: A&G Realty to manage sale, lease of Chelsea store; TEI buys former firearms facility

AGENTS

A&G Realty Partners has been retained by Gracious Home to manage the sale of the lease for its 17,000 s/f store in Chelsea, following the retailer’s recent Chapter 11 bankruptcy filing. The location has 70 feet of frontage on 25th St. and a rent which is substantially below market. A&G gracious-home-bankruptcyRealty is currently accepting bids on the lease for the fully built-out space, which has 8,500 s/f at street level and 8,500 s/f on the lower level. Located between Broadway and Sixth Ave., the store adjoins CVS and Fairway Market. Andy Graiser, co-president of A&G Realty, is handling the assignment.
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CBRE Group Inc. is marketing The Sandstone Building at 36-40 Clinton Street, Newark, NJ, that was built in the early 1900s. The historic building was previously home to Seton Hall University Law School. The 25,654 s/f building is located within the area known as Newark’s “Billion Dollar Triangle,” steps away from the Gateway Complex, Newark Penn Station, The Prudential Center and the New Jersey Performing Arts Center. Dudley Ryan, senior vice president and Kadeem Goodall-Reid, associate, of CBRE’s Saddle Brook, New Jersey office.are handling the assignment.

SALES

Jon Angel, president of Angel Commercial, LLC, announced the Quarry Road Business Park, located at 260-284 Quarry Road in Milford, CT, has sold for $5 million. Over the last two years, Angel Commercial implemented an asset stabilization plan which included structural and mechanical upgrades along with parking lot repairs. Upon completion, the company reintroduced the property for lease and once it achieved a 90 percent occupancy rate, the seller elected to offer the premises for sale. Angel Commercial represented the seller, ECP Quarry Road, LLC. The buyer, LM Real Estate Partners, was represented by the New Haven Group. The Quarry Road Business Park, an 83,580s/f flex property that occupies 7.7 acres, is minutes from I-95.
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CBRE Group Inc. facilitated the $4.1 million sale of 200 Washington Street, a 30,000 s/f property located in Newark, New Jersey. The owner was represented by Dudley Ryan, senior vice president and Kadeem Goodall-Reid, associate, of CBRE’s Saddle Brook, New Jersey office. The team procured a buyer that paid a competitive price for the asset and plans to immediately invest in interior capital improvements. Located in the central business district near the University Heights neighborhood of Newark, 200 Washington Street sits in proximity to Rutgers University, Essex County College. The two-story building features two continuous bands of windows and a large atrium, which provides an abundance of natural light.
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ALAN FISHER
ALAN FISHER

1 Frost Bridge Road Realty, LLC, a title-holding entity of Bridgeport-based Norwalk-Wilbert Vault Company, has purchased a 47,098 s/f industrial building on 8.44 acres in Watertown at 760 Frost Bridge Road from Frost Bridge Road, LLC. The purchase price was $1,570,000. Alan M. Fischer, CCIM, SIOR, of Fischer Commercial Real Estate Inc. represented the buyer. Nick Longo of Mathews Commercial Properties LLC represented the seller. Originally founded in 1926 as the Norwalk Vault Company of Bridgeport, The Norwalk-Wilbert Vault Company is an independent licensee of Wilbert Funeral Services, which has served the death care industry in Connecticut, Massachusetts, Rhode Island, New York and New Jersey for 78 years. Norwalk-Wilbert will relocate its operations from Bridgeport to the new facility once renovations and structural modifications are completed.
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NAI James E. Hanson brokered the sale of a 49,140-square-foot industrial building at 19 Central Boulevard in South Hackensack. Scott K. Perkins, SIOR, CCIM, Andrew Somple, SIOR, and Christopher Todd represented both the seller, Pelrine Children’s Irrevocable Trust, and the buyer, Pocas International, in the transaction. NAI Hanson was the exclusive listing agent for the property. Pocas International, a health beverage manufacturer and distributor, is relocating to 19 Central from two smaller warehouses in Ridgefield Park, N.J. NAI Hanson was tracking their use for a larger facility and presented 19 Central Blvd directly to them. The central location in the Meadowlands Submarket, with access to the NJ Turnpike and New York City via the George Washington Bridge allows the company to reach prospective customers in New York City while also maintaining their existing customer base east of the Meadowlands. With 2,910 square feet of office space, 18 ft.ceilings, five loading docks and one drive-in, the warehouse provides an attractive location to centralize Pocas International’s operation under one roof with more square footage than its two current warehouses combined.

JAKUB NOWAK
JAKUB NOWAK

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Marcus & Millichap announced the sale of 157 Smith Street, a 2,500-square foot development opportunity located in Brooklyn, N.Y.. The asset sold for $3,750,000, which equates to $500 per buildable square foot. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a developer, was also secured and represented by the team. $500 per buildable square foot represents a historical price record for any mid-block development along the Smith Street corridor.
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Avison Young announced that its Fairfield/Westchester office has arranged the sale of Temple Court Medical Building at 2590 Main Street in Stratford, CT, a three-story, 16,000 s/f medical office building. Terms of the deal were not disclosed. Located steps from the Stratford MetroNorth Station and a half-mile from Exit 32 of I-95, the property offers parking and a highly visible location in downtown Stratford. Eva Kornreich, an Associate in Avison Young’s Fairfield/Westchester office, represented the seller, Catherine J. Gong, in the transaction. The buyer was TimberRidge Associates, LLC, who represented themselves in the deal. The property has over 10,000 s/f available immediately for medical or other office tenants. Neurological Specialists, P.C. occupies the entire second floor of the property in a long-term lease
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EPIC Commercial Realty announced the sale of 161 Lenox Road, a development site in Prospect Lefferts Gardens, Brooklyn, for $3,575,000. Investment Sales Associates Heshie Goldfein and Sadya Liberow represented the seller. Senior Associate Broker Shay Zach represented the buyer. Located on Lenox Road, between Bedford Avenue and Rogers Avenue, the property is currently a vacant two-story single family home consisting of 28,896 square feet of total development rights. Located on a 42by 200 ft. lot, the property boasts residential development potential with a zoning of R7-1 and FAR of 3.44. The property is three blocks from the Winthrop Street train station as well as SUNY Downstate Medical Center.
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Northeast Private Client Group announced the sale of the 25,750-square-foot mixed-use property known as Fiddler’s Green, located at 2-10 Wilcox Street in Simsbury, Conn. Edward Jordan, JD, CCIM, the firm’s managing director, and Taylor Perun, senior associate in the Hartford/Springfield market, represented the seller in the $3,425,000 transaction. Fiddler’s Green is a fully renovated, 100 percent leased, multi-tenant commercial property in downtown Simsbury, Conn., and is currently occupied by a mix of local retailers, restaurants and businesses on net and modified gross leases. The property is positioned for continued appreciation, as Simsbury’s demographics show continued strength. Fiddler’s Green was sold together with the adjacent 3,750-square-foot mixed-use property known as 750 Hopmeadow Street, a historic residential structure to be used for commercial purposes. The seller, Fiddlers LLC, is a Connecticut-based investor. The buyer, also a Connecticut-based real estate investor, purchased the property for a price that equates to approximately $133 per-square-foot, and a capitalization rate of 7.5 percent. The buyer was represented by Gayle Erickson of Berkshire Hathaway Commercial Group.
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Time Equities Inc. (TEI) announced the acquisition of Marlin Business Center, located at 85 Willow Street in New Haven, Conn., for $4.5 million (picture top). Once a manufacturing facility for Marlin Firearms, the 150,000-square-foot business center consists of interconnected office and industrial buildings. Serving as TEI’s first property in East Rock, New Haven, the site will be renamed Marlin Works. Max Pastor, Associate Director of Acquisitions & Senior Counsel at TEI, and Brian Soto, managed the acquisition on behalf of Time Equities Inc. Current tenants located at Marlin Works include Bosco’s Bakery, Yale’s Shambala Center and several noted architectural firms.
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Rosewood Realty closed the following deals:

mike kerwin
MIKE KERWIN

• The $3.365 million sale of 1656 University Avenue in the Morris Heights, section of the Bronx. This is a 16,500 square feet five-story walk-up apartment building with 19 apartments and one superintendent unit. It was built in 1912. Rosewood Realty’s Mike Kerwin and Ben Khakshoor represented both the buyer and seller.
• The $1.3 million sale of 224 53rd Street in Sunset Park, Brooklyn. This is a 4,320 square feet, three-story walk-up apartment building with six apartments. It was built in 1908. Rosewood Realty’s Ilya Tolmasov represented the buyer and Rosewood Realty’s Maurice Dweck represented the seller.

 

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