WAYNE, PA. — Avison Young has acquired Remington Group Inc., a project management company with offices in Wayne as well as San Antonio, Texas. The purchase expands Avison Young’s business-line coverage in the Philadelphia area and commences the company’s project management services offerings in San Antonio. William Connor, founder of Remington Group, will become a principal of Avison Young and leader of the firm’s project management teams in Philadelphia and San Antonio. Additionally, Stephanie Hernandez, Adrienne Piselli, Michelle Flowers, Kate Milgrim, Bridgette Henner, Chris Rinnier, Steve Frederick, Jacy Bracaliello and Patricia Poe will join Avison Young.
HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of Colonial Court Apartments in Hammonton. The 72-unit apartment building sold for $5.1 million. Located at 748 Bellevue Ave., the property consists of 12 buildings with 24 one-bedroom and 48 two-bedroom apartments. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the undisclosed buyer in the transaction.
PARAMUS, N.J. — Valley Hospital has signed a 10-year lease for 73,978 square feet of space at Mack-Cali Centre III in Paramus. Located at 140 East Ridgewood Ave., the property features two towers joined by a seven-story atrium, an on-site café with outdoor seating and advanced building systems. Robert Rudin of Cushman & Wakefield represented the tenant, while Chris DeLorenz of Mack-Cali represented the landlord. Additional terms of the transaction were not disclosed.
PHILADELPHIA — National Real Estate Development has closed on a $141 million construction loan for 1100 Market Street, a mixed-use development at National’s East Market in Philadelphia’s Center City. The loan, which was provided by Ullico Inc., will allow for vertical construction of 1100 Market Street. National has also tapped Tutor Perini Building Corp. as general contractor for the $260 million mixed-use project. The project will feature an 18-story, 500,000-square-foot mixed-use complex, including a 16-story 322-unit residential tower; a 19,000-square-foot amenity level and outdoor deck above a two-story, 105,000-square-foot split retail podium; and 187 below-grade parking spaces and centralized loading. East Market is owned by National Real Estate Advisors, JOSS Realty Partners LLC, Young Capital LLC and SSH Real Estate.
NEW YORK CITY — CIT Group Inc., through CIT Real Estate Finance, has provided a $57.5 million senior secured loan to a joint venture between RedSky Capital LLC, JZ Capital Partners and other investors. The joint venture will use the loan to acquire a property along the Brooklyn waterfront. Located in the Greenpoint neighborhood, the property includes 112,226 square feet of land and 19,820 square feet of pier space. The partnership plans to develop a 40-story residential tower on the site when leases for the existing industrial buildings expire in the next two years. The project plans include both market-rate and affordable rental apartments and 100,000 square feet of ground-level retail space. The financing was provided by CIT Bank.
NEW YORK CITY — Eastern Consolidated has arranged the off-market sale of a development site located at 207 West 79th St. on the Upper West Side. Anbau Enterprises purchased the 6,600-square-foot site for $39 million from 79th Street Associates LLC. The site offers 60,000 buildable square feet. The buyer plans to demolish the existing five-story building and develop a 13-story luxury condominium project on the site. George Moss of Eastern Consolidated procured the buyer, while Deborah Gutoff, also of Eastern Consolidated, represented the seller in the transaction.
BELLMAWR, N.J. — Colliers has brokered the sale of two industrial/flex buildings at Korman’s Interstate Business Park in Bellmawr. Bellmawr Industrial and Technology Center LLC purchased the properties for $2.7 million from Korman Commercial Properties. The assets, which total more than 96,000 square feet, are located at 420 and 440 Benigno Blvd. The two-building property, called Kor-Center, is a multi-tenant complex. Current tenants are Show-n-Tell Media, an affiliate of the buyer; Dade Paper; Spectrum Show Services; and JDJ Construction; among others. Marc Isdaner of Colliers represented the seller in the transaction.
SYRACUSE, N.Y. — Philadelphia Mills, Pa.-based PaperWorks Industries has signed a lease for 496,200 square feet of industrial space in Syracuse. PaperWorks has leased the space from Orangeball LLC through 2032. Dennis Hennessy of COR Brokerage represented the landlord, while Mark Rupprecht of CBRE/Syracuse represented the tenant in the transaction. Additional terms of the lease were not released.
PITTSBURGH — HFF has arranged $28.8 million in financing for a two-property office and flex warehouse portfolio consisting of 21 buildings totaling 371,773 square feet in Pittsburgh. The borrower, Burns & Scalo Real Estate Services Inc., used the loan proceeds to purchase the assets from an undisclosed seller. Constructed between 1985 and 2006, the portfolio includes the 19-building, 87.6-percent leased Abele Business Park located at 2559 Washington Road and the two-building Cedar Ridge Business Park at 200 Cedar Ridge Dr. Mark Popovich and Nick Unkovic of HFF secured the loan through M&T Bank.
NIAGARA FALLS, N.Y. — Picone Construction has completed the $10 million Wingate by Wyndham Hotel in Niagara Falls. Located at 333 Rainbow Blvd., the four-story 100,000-square-foot hotel features 110 rooms, an indoor pool, breakfast area, meeting and board space, a fitness center, a restaurant and retail space. The architect of record was Silvestri Architects and the project engineer was Studio T3 Engineering.