REBusinessOnline.com

July 06, 2012

JARDIN APARTMENT PROPERTY SELLS FOR $38M
NEW YORK CITY — Steiner Studios has purchased 142 North 6th St., also known as the Jardin building, for $38 million. The 44-unit apartment building is fully occupied and rents average $53 per square foot. The Jardin was originally designed as a condominium property, however, during construction, developers decided that rentals would be a better move in the market. Amenities include a fitness center, landscaped courtyard and on-site parking. David Behin of MNS represented both the buyer and the seller, Read Property Group, in the transaction.


MEDICAL FACILITY BREAKS GROUND IN HOLDEN
HOLDEN, MASS. — Construction crews have broken ground on a three-story, 36,000-square-foot medical office building in Holden. Oriol Health Care, a family-owned healthcare organization, and Reliant Medical Group, a multi-specialty medical group, will occupy the space. The property will be located on the site of the former Holden District Hospital on Boyden Road. Reliant Medical Group will take 17,000 square feet in the building and offer a family medical practice, laboratory, pharmacy, radiology, OB/GYN services and an optical center. Cutler Associates is constructing the property, which is expected to be complete by the spring of 2013. Margulies Perruzi Architects designed the building.


FLOW SMART ACQUIRES 60,000 SF DELAWARE BUILDING
SEAFORD, DEL. — Flow Smart, a polymer product company, has purchased 213 Nesbit Drive in Seaford for $1.7 million. The 60,000-square-foot industrial building was formerly occupied by Century Window Fashions before slipping into foreclosure in late 2011. Rodney Joyner and Tom Knopp of Sperry Van Ness — Miller Commercial Real Estate represented the seller, WSFS Bank, in the transaction. Rob Harman, also of Sperry Van Ness, represented the buyer.


OCTAGON PAYS $6M FOR BROOKLINE APARTMENT PROPERTY
BROOKLINE, MASS. — Octagon Property Management has paid $6 million to buy 50-54 Kent St., a 15-unit apartment property in Brookline. The property is comprised of two apartment buildings on a 22,000-square-foot lot. Both buildings are fully occupied. Carl Christie, Dan McGee and Henry Lieber of NAI Hunneman represented the seller, 50-54 Kent Street LLC, in the transaction. They also procured the buyer.


DISTRESSED APARTMENT PROPERTY IN TEANECK SELLS FOR $1.4M
TEANECK, N.J. — Gebroe-Hammer Associates arranged the sale of a distressed apartment building, located at 63 Washington Place in Teaneck, for $1.4 million. Constructed in 1940, the 16-unit building includes a mix of one-, two- and three-bedroom units. The buyer and seller are two, long-time Gebroe-Hammer clients. Greg Pine of Gebroe-Hammer represented both parties in the transaction. The new owner plans to renovate the property.

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