Northeast

Vantage Builders Completes 55,000 SF Renovation for Omnicare

by Amy Works February 17, 2015

PEABODY, MASS. — Waltham, Mass.-based Vantage Builders Inc. has completed a 55,000-square-foot renovation project for Omnicare Inc. Located at Two Technology Dr. in Peabody, the $1.3 million project includes the creation of new office, pharmacy and shipping/receiving space for the company. The first phase of the project was an interior gut of the building, including the removal of pre-existing offices and structural walls. Additionally, the work included a completely new electrical distribution and lighting, mechanical and plumbing work and new VCT flooring. The office build-out encompassed 16,000 square feet and created a dozen new offices and rooms for cubicles. The new space also includes a lunchroom and high-tech training center with room for 40 trainees. The 22,000-square-foot pharmacy area offers ample room to Omnicare’s staff and robotics equipment, while the shipping area offers 22-foot clear heights and a built-in ramp. Vantage also installed a new HVAC system for the property. The project team included PFB Architects Inc. and Melling Engineering. The building, which is part of Centennial Park, is owned by Combined Properties.

February 17, 2015

Healthcare New York Northeast

Cardiovascular Associates Expands, Relocates to Queens Shopping Center

by Amy Works February 17, 2015

NEW YORK CITY — Jackson Heights Cardiovascular Associates has signed a long-term lease for space at Jackson Heights Shopping Center. The medical facility will accompany 13,780 square feet of the 142,274-square-foot retail center, which is located in the Queen’s Jackson Heights neighborhood. The tenant will occupy the entire second floor of the newly renovated portion of the shopping center. Jackson Heights Cardiovascular Associates is slated to move into the new space in the second quarter of 2015. Bill Bergman of Muss Development provided in-house representation for landlord, while Brian Jaffe of DY Realty Services represented the tenant in the transaction.

February 17, 2015

Northeast Office Pennsylvania

NGKF Brokers Relocation of PSU Center in Pittsburgh

by Amy Works February 17, 2015

PITTSBURGH — Newmark Grubb Knight Frank (NGKF) represented Pennsylvania State University (PSU) in the relocation of the Penn State Center and Exchange. PSU has signed a lease for 11,000 square feet at the Energy Innovation Center, which is located at 1435 Bedford Ave. in the Hill District neighborhood of Pittsburgh. Constructed in 1930, the 185,000-square-foot facility formerly served as the Connelly Trade School. The Penn State Center will occupy the first floor of the property, which is undergoing LEED Platinum certification. PSU is slated to occupy the property in April. Tom MacDonald of NGKF represented PSU in the transaction.

February 17, 2015

Hospitality New York Northeast

ARTIC Buys Majority Interest of The Manhattan at Times Square Hotel for $535M

by Amy Works February 16, 2015

NEW YORK CITY — Al Rayyan Tourism Investment Co. (ARTIC), the hospitality subsidiary of Al Faisal Holding Co., has purchased a 97 percent interest in The Manhattan at Times Square Hotel. Rockpoint Group, Highgate Hotels and a Goldman Sachs fund sold the interest for $535 million. Built in 1962, the 22-story hotel features 689 rooms and suites and commercial space. Situated at 790 Seventh Ave., the hotel covers an entire block and offers 900,000 square feet of potential development rights. Hodges Ward Elliott (HWE) represented the sellers in the deal. Additionally, HWE procured the acquisition financing, which was provided by Goldman Sachs, for ARTIC. Highgate Hotels will continue to manage the property.

February 16, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Brokers Two New Jersey Multifamily Property Sales

by Amy Works February 16, 2015

RAHWAY, N.J. — Gebroe-Hammer Associates has brokered the sales of two multifamily properties, River Place at Rahway and Alden Apartments, in Rahway. In the first transaction, an undisclosed buyer acquired River Place, located at 190 Lewis St., for $36 million. Built in 2005, the two-building property features 60 one-bedroom and 76 two-bedroom units. Each apartment features ceramic tile kitchens and bathrooms, nine-foot ceiling heights, washer and dryers, fully equipped kitchens and private balconies. On-site amenities include a fitness center, media room, outdoor courtyard, parking and attached garages. Joseph Brecher and Gehane Triarsi of Gebroe-Hammer represented the undisclosed owner, while Ken Uranowitz, also of Gebroe-Hammer, represented the undisclosed buyer in the deal. Additionally, Greg Pine, David Jarvis and Gehane Triarsi of Gebroe-Hammer brokered the sale of Alden Apartments for an undisclosed price. Alden Apartments Complex LLC sold the 32-unit apartment complex to an undisclosed buyer.

February 16, 2015

Loans New York Northeast Office Retail

Meridian Capital Arranges $15.5M in Refinancing for NYC Office/Retail Property

by Amy Works February 16, 2015

NEW YORK CITY — Meridian Capital Group has negotiated a $15.5 million mortgage for the refinancing of an office and retail property located in First Avenue in New York City. The borrower is First Broadway Acquisition LLC, an affiliate of Himmel + Meringoff Properties. The seven-year loan, provided by a local commercial bank, features a 3.75 percent fixed-rate and one year of interest-only payments. Allan Lieberman, Jeffrey Berkes and Asher Half of Meridian Capital Group arranged the financing. Located at 1114 First Ave., the 45,000-square-foot building is occupied by Hartstrings, a children’s apparel store, and Memorial Sloan Kettering Cancer Center.

February 16, 2015

Healthcare New York Northeast

18-Acre Land Parcel Sells to Two Pharma Companies for $3.5M in Islip, N.Y.

by Amy Works February 16, 2015

ISLIP, N.Y. — The town of Islip has sold an 18-acre land parcel on Carleton Avenue in Central Islip for a total of $3.5 million. The property was divided and sold to InvaGen Pharmaceuticals and AlphaMed. The buyers plans to relocate and expand operations at the site with two separate facilities — one for manufacturing and distribution and one for bottling, packaging and distribution. The companies will receive substantial financial benefits from Islip’s Industrial Development Agency, enabling InvaGen to construct a 260,000-square-foot facility and AlphaMed to build a 80,000-square-foot facility. InvaGen plans to invest as much as $37 million in its project, which will result in the retention of 390 jobs and the creation of 100 more, while AlphaMed plans to spend nearly $10 million and retain 15 jobs and create an additional 20. InvaGen manufactures a variety of pharmaceuticals for the medical industry, including cardiovascular, anti-inflammatory and anti-diabetic medicines. AlphaMed manufactures and distributes bottles for the pharmaceutical industry.

February 16, 2015

New Jersey Northeast Retail

The Goldstein Group Brokers Five New Leases at Inman Grove Shopping Center

by Amy Works February 16, 2015

EDISON, N.J. — The Goldstein Group has brokered five new leases, totaling 10,400 square feet, at Inman Grove Shopping Center, which is located at 1083 Inman Ave. in Edison. With these leases, the 112,404-square-foot retail center, which is anchored by a Stop & Shop, is fully occupied. The new leases include Allstate Insurance (1,600 square feet), Planet Wings (1,600 square feet), Discovery Christian Montessori (3,200 square feet), Nala Bheeman Indian Restaurant (2,400 square feet) and W.S. Rich & Son (1,600 square feet). Matthew Flath of The Goldstein Group represented the undisclosed landlord in the transactions.

February 16, 2015

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $65M Construction Loan for Mixed-Use Project in Brooklyn

by Amy Works February 13, 2015

NEW YORK CITY — Madison Realty Capital has provided $65 million in construction financing for the development of a mixed-use property at 19 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The undisclosed borrower plans to transform the vacant 80,000-square-foot site into a 384,000-square-foot mixed-use building offering retail, office and community facility space. Loan proceeds will be used to retire existing debt and fund future construction costs. The development site comprises four adjacent parcels occupying the entire block from Wythe Avenue to Kent Avenue between North 12th Street and North 13th Street. Current development plans call for a eight-story building offering floors ranging in size from 30,000 to 50,000 square feet.

February 13, 2015

Massachusetts Northeast Retail

Bierbrier Development Acquires 45,000 SF Shopping Center in Braintree, Mass.

by Amy Works February 13, 2015

BRAINTREE, MASS. — Bierbrier Development has purchased South Shore Plaza, a shopping center located at the corner of Routes 128 and 37 in Braintree. Carpenter & Co. sold the property for $41.5 million. The 45,000-square-foot retail property is fully occupied by a variety of local and national tenants, including Legal Sea Foods, Starbucks, AT&T, Jos. A. Bank and TGI Friday. Brian Corcoran of Ackman-Ziff arranged $29.6 million in acquisition financing through Wells Fargo for the transaction. Ben Sayles and Coleman Benedict of HFF represented the seller in the deal.

February 13, 2015

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