NEW YORK CITY — Acadia Realty Trust is nearing the completion of a $3.7 million capital improvement campaign at five properties located in Brooklyn’s Sheepshead Bay neighborhood. Located at 3780-3858 Nostrand Ave., the properties total more than 70,500 square feet of office and retail space. The capital improvements program includes renovations to the façade, storefronts, vacant office suites, lobbies, elevators and bathrooms. Additional improvements are underway to reopen the below-grade garage to better service tenants and customers. Acadia Realty Trust originally purchased the portfolio in 2012 for $18.5 million.
NEW YORK CITY — Himmel + Meringoff and The Swig Company, co-owners of 1460 Broadway, have selected MdeAS Architects to redevelop and reposition the 16-story mixed-use office tower in New York City. Planned renovations and construction for the 215,000-square-foot building include an office component, renovations to the 35,000-square-foot ground- and lower-ground retail space, a new three-story glass façade, new retail storefronts and a revitalized building entry. Construction for the property’s office component is scheduled to begin in April, and renovation to the retail space is expected to end by 2015.
EWING TOWNSHIP, N.J. — A joint venture between Black Oak Associates and Broad Oak Partners has acquired a 98,000-square-foot mixed-use property located at 1600 N. Olden Ave. in Ewing Township. 1600 Olden LLC sold the property for $6.2 million. Family Dollar and the State of New Jersey Department of Motor Vehicles anchor the property, which offers a mix of retail, office and flex space. At the time of sale, the property was 70 percent occupied. The acquisition is the third in Black Oak’s investment fund vehicle, Black Oak IV LP. David Bernhaut of Cushman & Wakefield represented the seller in the transaction.
WORCESTER, MASS. — Hertz Investment Group has acquired Chestnut Place, a two-building office complex located in Worcester’s central business district. The 218,625-square-foot asset, including One Chestnut Place and Two Chestnut Place, sold for $14 million. Constructed in 1990, the 183,781-square-foot One Chestnut Place is currently 98 percent leased to tenants, including Fallon Community Health, UBS Financial Services and Sullivan Group Insurance. Two Chestnut Place, which was built in the 1800s, features 38,844 square feet of Class B office space. Two levels of underground parking and an outdoor plaza connect the two buildings.
PARSIPPANY, N.J. — Transwestern has brokered a 71,500-square-foot lease for Langan Engineering at the newly redeveloped 300 Kimball Drive in Parsippany. Additionally, Transwestern will oversee construction management services, on behalf of the landlord, for the fit-out of Langan’s space. 300 Kimball Drive recently underwent an extensive capital improvement program that transformed the single-tenant building into a multi-tenant office facility. Designed by Gensler, the redeveloped building features stainless steel pillars, polished Italian marble flooring, Shaw carpet tiles and wood wall coverings. Additionally, the renovation included upgrading the lobby, bistro and adding a fitness center with cardio and weight machines, free weights, yoga space and flat-screen televisions. Terms of the lease were not disclosed.
HAMILTON, N.J. — DTZ has brokered a 63,500-square-foot lease for industrial space within the Hamilton Business Center at 8 Marlen Dr. in Hamilton. Global Essence, a provider of high-quality natural ingredients for fragrance, flavoring, beauty and household products, plans to use the space as corporate headquarters and an operations facility. Robin Ritter-Ceriello and Larry Casey of DTZ represented the tenant, while Steve Tolkach and Dov Sortzkin of Newmark Grubb Knight Frank represented the landlord, Hamilton Business Center, in the transaction.
PHILADELPHIA — J.G. Petrucci has opened The Station at Manayunk, a luxury apartment community located at 1 Parker Ave. in the Manayunk section of Philadelphia. The 149-unit community features a 24-hour fitness center, outdoor and garage parking, full-size washer and dryers in each unit, personal balconies, kitchens with energy-efficient stainless steel appliances and granite countertops, and a bike share program. Rents range from $1,447 to $1,537 for one-bedroom units and $1,777 to $1,887 to two-bedroom units. The property is available for immediate occupancy.
PORT WASHINGTON, N.Y. — Local voters have approved a $69.9 million construction bond issue for improvements and renovations at the Port Washington Union Free School District in Port Washington. The construction program will encompass seven schools, an administration building and athletic facilities owned by the district. The properties include Paul D. Schreiber Senior High School, Carrie Palmer Weber Middle School, John Philip Sousa Elementary School, Guggenheim Elementary School, John J. Daly Elementary School, South Salem Elementary School, Manorhaven Elementary School. BBS Architects, Landscape Architects and Engineers is providing architectural, interior design, mechanical, electrical and plumbing, civil engineering and site and athletic field design services for the entire project. The improvement and renovation plan is slated to begin this summer. The Port Washington Union Free School District serves grades K-12 with a current enrollment of 4,994 students.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a 17,500-square-foot mixed-use property located at 893 Broadway, also known as 13 East 19th Street, in New York City. The four-story property sold for $35 million, or $2,000 per square foot. As part of the deal, the buyer, Cholla LLC, also acquired the leasehold interest held by Hotel Verite, which occupies 13,500 square feet of the building. The remaining 4,500 square feet is leased to Barn Joo, a Korean-inspired gastropub. The combined total price of $35 million includes both the sale of the property and the leasehold interest in the hotel. Tony Park of PD Properties LLC represented Charles Jung, the seller of the leasehold interest in Hotel Verite in the deal. Adelaide Polsinelli of Eastern Consolidated represented the buyer and the seller, Warman Enterprises LLC, in the transaction.
NEW YORK CITY — Mission Capital Advisors has arranged $29 million in non-recourse acquisition and renovation financing for a commercial loft property located at 2415 Third Ave. in the Mott Haven section of the Bronx. The eight-story, 175,000-square-foot property will undergo a capital improvements program, including upgrades to elevators, bathrooms, windows, corridors and HVAC systems. Additionally the new ownership plans to rebrand the property as the Bruckner Building. Jonathan More, Ari Hirt, Steven Buchwald and David Behmoaras of Missions Capital secured the loan on behalf of a joint venture between Savanna and Hornig Capital Partners.