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ON THE SCENE: Latest middle market sales

TerraCRG announced the $7.4 million sale of an approximately 15,300 s/f development site located at 1070 Flatbush Avenue in Flatbush. Ofer Cohen, Daniel Lebor and Peter Matheos represented the seller, Freda Realty Company, LLC. The site’s current mixed-use zoning allows for a 52,889 ZFA SF mixed-use building with retail on the ground level and residential above, or 70,518 ZFA with the Inclusionary Housing requirement. If proposed as fully commercial/community facility, the zoning allows for 61,320 commercial ZFA SF. Brooklyn-based development firm The Horizon Group Horizon, bought the site as Horizon Flatbush LLC, according to public records.

1070 Flatbush Avenue

Cignature Realty facilitated the sale of a 6-story multifamily elevator building for $7,275,000. The property, 655 East 228th Street (pictured top) has a total of 49 residential units and is located between Carpenter Avenue and Lowerre Place in Wakefield. The 47,412 square foot building sold for approximately $153 psf. Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller in this transaction.

Marcus & Millichap announced the sale of 162-168 Van Dyke Street, a 32,250 s/f industrial property located in Brooklyn, NY. The asset sold for $13,400,000. Jakub Nowak and Jesse Kay represented the seller. The buyer was represented by VCPRE. The asset features 13-to-18-foot ceilings and nine-foot ceilings in the basement. It is fitted with two large roll-up gates on Van Dyke Street and two large gates on Coffey Street. Additionally, the property is located within a qualified opportunity zone and the Southwest Brooklyn IBZ District. The property was delivered vacant.

385 Putnam Avenue

Northeast Private Client Group’s (NEPCG) Metro-North Investment Sales Team has announced the sale of two multifamily properties in New Haven County, and two multifamily properties in Fairfield County, Connecticut:
• Barnum Ave Apartments sold for a price of $2,600,000, which equates to $108,333 per unit and a cap rate of 6.23%. The 24-unit multifamily property is made up of five studio apartments and 19 one-bedroom apartments at 215 Barnum Ave in Bridgeport, Connecticut. Brad Balletto and Bob Paterno handled the transaction.
• Woodland Place Apartments, located at 30 and 31 Woodland Place in Stamford, Connecticut, sold for $1,805,000. It had a cap rate of 6.57% and a price per unit of $180,500. This two-building complex is in the heart of Harbor Point, an affluent redevelopment district located in the South End section of Stamford. Rich Edwards handled the transaction.
• Millstone Apartments located at 385 Putnam Avenue in Hamden, Connecticut, sold for $4,050,000. This 2015 conversion property achieved $98,870 per unit with a cap rate of 6.38%. The building offers above-market finishes for this asset class and has maintained near 100% occupancy throughout its operating history. It is located 1.9 miles away from the entrance to the Merritt Parkway and 3.2 miles away from Interstate-91. Brad Balletto handled the assignment.
• North Harbor Townhomes located at 11 North Harbor Street in Branford, Connecticut sold for a price of $2,425,000, equating to $202,083 per unit and a cap rate of 5.99%. The townhomes consist of six buildings and 12 units built from 1997-2008. The modern-construction townhomes each have in-unit laundry and off-street parking. Jeff Wright handled the transaction.

760-840 Stelzer Road, Columbus, Ohio

Simi Capital announced the $6.1 million sale of a 15-acre industrial service facility located at 760-840 Stelzer Road, Columbus, Ohio. The buyer, an industrial institution, plans to continue to utilize the property for industrial parking. Shortly after acquisition of the site, Simi Capital secured the property’s entitlement for industrial use and successfully arranged a long term-lease with CMH Parking and Repair. The site was later sold to a qualified strategic partner with the long-term lease in place. Simi Capital initially acquired the site for $4.2 million, the first time the property changed ownership in over 20 years. Ryan Crossley of Kooperman Mentel Ferguson Yaross served as legal representation for Simi Capital and Alex Marsh of The Robert Weiler Company was the real estate agent for this transaction.

Tulfra Real Estate has purchased a self-storage site in Jersey City and received final approval for a 220,000 s/f state-of-the-art storage facility and adjoining parking. A groundbreaking will be announced shortly. Located at 300 Thomas McGovern Drive, Jersey City, there are approximately 158,936 housing units and 22,560 new apartments under development within a three-mile radius of the site. The property is minutes from downtown Manhattan, and convenient to all boroughs via the New Jersey Turnpike. No purchase price has been disclosed. The broker on the transaction was Thomas Walsh, managing director at Walker & Dunlop.

340 Kaplan Drive

Sitex Group has acquired a 30,000 s/f warehouse in Fairfield, NJ, from a private investor. Located at 340 Kaplan Drive, it has 3,000 s/f of office space, three loading doors and an above-standard parking area. Sitex plans to make several cosmetic improvements and updates to the property which will be available for occupancy in summer 2022. David Zimmel of Zimmel Associates brokered the deal and has been retained as the exclusive leasing agent.

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