CBRE brokers unique property swap
Jeffrey Dunne, Gene Pride and Eric Apfel represented an affiliate of Fairfield Properties, in the sale of Fairfield Courtyard at Bay Shore, a 232-apartment workforce housing community in Bay Shore, N.Y.
The team also procured the buyer, Eagle Rock which swapped it 80-apartment townhome community, The Preserve, as part of the deal.
The Preserve is located adjacent to the Fairfield Townhomes at Coram, which is owned by Fairfield Properties. The synergies achievable by operating both The Preserve and Fairfield Townhomes together was attractive to Fairfield Properties.
Eagle Rock was motivated to pursue Fairfield Courtyard at Bay Shore to bolster their ownership of Long Island workforce housing. The end result was a unique exchange of properties.
“It was a delight working with both Eagle Rock and Fairfield Properties in coordinating the two sales, effectively creating an exchange of properties. This was a unique transaction that was accretive to both the seller and the buyer,” said Dunne.
“We expect that both properties will perform well moving forward, leveraging off the intrinsic strengths of the new owners and the strong historical performance of each.”
Sources close to the deal siad Fairfield sold Fairfield Courtyard at Bayshore to Eagle Rock for $58 million while and Eagle Rock sold The Preserve to Fairfield for $30 million.
Normandy sells Princeton offices
Newmark Knight Frank (NKF) announce the sale of 1 Independence Way in Princeton, New Jersey, on behalf of Normandy Real Estate Partners.
Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF’s Capital Markets team, brokered the deal with support from leasing broker Steve Tolkach, The NKF team was also responsible for securing the buyer, Guardian Realty, who assumed the existing CMBS mortgage.
1 Independence is a 113,998 s/f Class A office building that is 100 percent leased to two investment-grade tenants: S&P Global, a global financial information company, and Trimble MAPS, a provider of navigation software. The tenants offer stable long-term cash flow with 7.6 years of weighted average lease term.
With a generational investment in the building’s infrastructure highlighted by $16.1 million in recent capital improvements (including $11 million invested by the tenants), the property offers a highly-amenitized modern work environment with limited near-term capital exposure.
“Normandy Real Estate Partners was able to create substantial value by repositioning 1 Independence, driven by major capital enhancements and the execution of two long-term investment-grade leases,” said Welsh, executive managing director at NKF.
● NORTHEAST PRIVATE CLIENT GROUP
CT apartments fetch $14M
Northeast Private Client Group announced the sale of three Connecticut apartment properties for $14.19 million.
Brad Balletto, vice president of investments, represented Stratford-based Stratcon Properties LLC in teh sale of Sherwood and Shakespeare Apartments located at 490 and 498 Sherwood Place and Avon Apartments located at 1126 Stratford Avenue in Stratford, Conn and totaling 128 apartments.
The buyer was a private Bridgeport-based investor who acquired the properties at a price that equates to $110,859 per unit, and a capitalization rate of 5.85 percent based on current net operating income.
The three adjacent buildings are located close to I-95, and within walking distance to the Stratford Metro North Station, Downtown Stratford, American Shakespeare state park, and restaurants located along the Housatonic River.
● KALMON DOLGIN AFFILIATES
Queens warehouse sold for $16M
Kalmon Dolgin Affiliates (KDA) arranged the $16.5 million sale of a 70,000 s/f three-story industrial property at 74-16 Grand Avenue in the Queens neighborhood of Elmhurst, NY.
KDA’s Neil Dolgin and vice president Grant Dolgin negotiated on behalf of the seller, Monitor Holding Corp., and the buyer, 74-16 Grand Ave, LLC.
The buyer plans to redevelop the property to take advantage of its great location and increasing value of surrounding properties. The building formerly housed several tenants that used the space for warehousing and distribution.
“This large industrial property at 74-16 Grand Avenue presented a unique opportunity for the buyer,” said Neil Dolgin of KDA. “Its excellent location near the Long Island Expressway provides great exposure and offers easy access to and from Eastern Long Island, Brooklyn and Manhattan.”
The building on Grand Street (at 74th Street) offers proximity to the LIE and major thoroughfare Queens Boulevard.