NEW JERSEY — QuVa Pharma Inc. has signed an agreement to acquire an FDA-approved biotech pharmaceutical facility near Route 78 in western New Jersey. The 160,000-square-foot facility will enable QuVa Pharma to significantly extend its production capability and capacity to deliver high-quality, ready-to-use compounded sterile drug preparations to hospitals in key markets in the eastern half of the United States. QuVa currently operates two 503B-registered manufacturing facilities in Texas. Terms of the sale, including the name of the seller and acquisition price, were not released.
BAYONNE, N.J. — Marcus & Millichap has arranged the sale of Bayonne Plaza, a mixed-use property located at 473 Broadway in Bayonne. A private investor acquired the property from a developer for $3.2 million. The building features 29,577 square feet of space. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller and the buyer in the deal.
WINDSOR LOCKS, CONN. — O,R&L Commercial has arranged the sale of a bank-owned hotel and conference center located at 383 S. Center St. in Windsor Locks. Praas WL LLC acquired the 112,420-square-foot, 165-room hotel from MCC Bradley LLC for $1.2 million. The sale included ongoing business, liquor license and all equipment. Jay Morris and Carol Kennedy of O,R&L Commercial represented the seller and buyer in the transaction.
BURLINGTON AND NEWARK, N.J. — CBRE has brokered the sales of two retail properties in New Jersey. In the first transaction, a double net-leased Dollar Tree property, located at 1204 Route 130 N in Burlington, sold as part of a 1031 exchange for $1.4 million. The name of the seller and buyer were not released. In the second deal, a 19,500-square-foot retail property located at 727 Frelinghuysen Ave. in Newark sold for $650,000 to an undisclosed buyer. At the time of sale, the property was 75 percent vacant. The name of the seller was not released. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transactions.
MALDEN, MASS. — Fantini & Gorga has arranged an $18 million construction loan for the conversion of a historical building in downtown Malden into Residences @ Malden Station 138, an apartment building with amenity retail space. Located at 126-150 Pleasant St., the property will feature 71 residences, indoor parking, a fitness center, furnished roof deck, fireplace, meeting rooms, open seating areas furnished with televisions and a café station. Derek Coulombe, John Gorga and Despina Hatzipetrou arranged the financing for the undisclosed borrower through a regional bank.
PARSIPPANY, N.J. — Mack-Cali Realty has completed the disposition of an office building, located at 600 Parsippany Road in Parsippany. A joint venture between Bukiet Building Management and Mountain Development Corp. purchased the 100,000-square-foot building free and clear of existing debt for an undisclosed price. The three-story building was 92 percent leased at the time of sale to a variety of tenants, including Aerotek, Level 3 Communications, Sonneborn, Certified Financial Services, Inglesino, Webster, Wyciskala & Taylor, Property Title Group and Dewberry. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephan Simonelli and Marc Duval of HFF represented the seller in the deal.
NEW YORK CITY — Richter + Ratner, serving as construction manager, is completing a core-and-shell renovation and structural redevelopment of the 160,000-square-foot Bow Tie Building, located at 1514 Broadway in Times Square. The multimillion-dollar renovation began in February 2016 and will continue through early 2017. The project will create 25,000 square feet of additional floor space for new retail tenants by infilling the atrium space of the former Toys R Us flagship store. The new anchor tenants, Gap and Old Navy, will each occupy 31,000 square feet of the three-story building with additional retail tenants filling the remaining space. Bow Tie Partners has owned the building since 1977. Project team members include Carlton Architecture, Jack Green Associates and GMS Engineering.
WESTWOOD, N.J. — CBRE has arranged the sale of a retail property located at 39 Kinderkamack Road in Westwood. An undisclosed buyer acquired the property for $5.5 million. The 9,300-square-foot building is triple net-leased to Goodyear for a 15-year term. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transaction. The name of the seller was not released.
WILLOW GROVE, PA. — PREIT has signed Primark, a European fashion retailer, to its Willow Grove Park Mall in Willow Grove, a suburb of Philadelphia. The European fashion retailer will occupy 58,300 square feet of space, which was previously occupied by Sears, on the second and third floors of the mall. The store will feature 59 fitting rooms, 47 registers, recharge areas and a trend room that elevates the shopper experience with added convenience and innovative experiences. The retailer offers a range of fashion products, including womenswear, menswear, children’s apparel, home goods and beauty products. The opening at Willow Grove supports PREIT’s commitment to diversifying its tenant mix. This Primark location is the second in the Philadelphia region and the fifth in the Northeast.
ALLSTON, MASS. — The Davis Companies has broken ground on Telford 180, a condominium building in Allston. The six-story building will feature 85 condos in a mix of studio, one-, two- and three-bedroom layouts. Each residence will include large windows, high ceilings, a washer/dryer, and a kitchen with an open layout. On-site amenities include a first-floor lobby; rowing room; bike storage area with lounge and dog wash; an outdoor courtyard with grills, a fire pit and green space; private conference rooms and a fitness center with an outdoor wellness retreat area. The project is slated for completion in early fall 2017. CUBE3 with Stantec is serving as project architect and Ryan Associates is providing landscape design services.