Northeast

Spear Street Capital Sells Marlborough Corporate Center for $25.55M

by Amy Works December 2, 2014

MARLBOROUGH, MASS. — Spear Street Capital has completed the disposition of Marlborough Corporate Center, which is located at 377 Simarano Dr. in Marlborough. A private trust controlled by a principal of IPG Photonics purchased the office building for $25.55 million. Built in 1998, the 156,630-square-foot building features a cafeteria and is 30 minutes west of downtown Boston. IPG, a provider of high-power fiber lasers and fiber amplifiers, is a current tenant of the building. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.

December 2, 2014

Civic New Jersey Northeast

Hollister Construction to Build $14M LifeTown in New Jersey

by Amy Works December 2, 2014

LIVINGSTON, N.J. — Hollister Construction Services is serving as construction manager for the development of LifeTown, a facility that will provide social, therapeutic, recreational and educational programs to youths with special needs. The 47,000-square-foot project, which is slated for completion in winter 2015, will feature a variety of educational and therapeutic experiences, including a sand room and water room for tactile therapy and mock retail stores. The center of the project features Life Village, a detailed mock-up of a town square featuring functioning storefronts, including a bank, florist, food and book stores, a salon, pet shop, health-care facility, café and movie theater, as well as street crossings, a traffic light and sidewalks. All elements of LifeTown have been designed to accommodate individuals with special needs, including noise reduction and easily accessible activities and spaces. The $14 million project was designed by Rotwein & Blake Associates.

December 2, 2014

Massachusetts Northeast Retail

Marcus & Millichap Brokers $11.34M Sale of CVS/pharmacy in Massachusetts

by Amy Works December 2, 2014

SAUGUS, MASS. — Marcus & Millichap has brokered the sale of a 24-hour CVS/pharmacy location in Saugus. The property sold for $11.34 million, or $879 per square foot. Built in 2008, the property is situated on 1.27 acres at 1075 Broadway St. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a national net-lease investor; Steven Siegel, also of Marcus & Millichap, represented the buyer. Jennifer Athas of Marcus & Millichap is the firm’s broker of record in Massachusetts.

December 2, 2014

Industrial Northeast Pennsylvania

KarMar Realty Arranges $4.2M Sale of 53,733 SF Industrial Building

by Amy Works December 2, 2014

BOOTHWYN, PA. — KarMar Realty Group brokered the sale of an industrial building in Boothwyn. Neltson Edison LP purchased the 53,733-square-foot property from PX Properties LLC for $4.2 million. Located at 5 Chelsea Parkway, the building is occupied by Access Information Management and Priority Express Courier. KarMar Realty Group represented the buyer, while Jim McCahon of Jones Lang LaSalle represented the seller in the transaction.

December 2, 2014

New York Northeast

BGC Partners Agrees to Acquire Apartment Realty Advisors, ARA Members

by Amy Works December 1, 2014

NEW YORK CITY — BGC Partners (NASDAQ: BGCP), a global brokerage company, has entered into agreements to acquired Apartment Realty Advisors (ARA) and its members. ARA is the nation’s largest privately held, full-service investment brokerage network focusing exclusively on the multi-housing industry. The acquisition is expected to significantly drive the growth of Newmark Grubb Knight Frank (NGKF), which is a part of BGC Partners, within the multi-housing capital markets space. The companies will be purchased for a total cash consideration of approximately $110 million. Additional cash and equity-based earn outs may be paid if certain performance targets are met in future periods. After closings, the acquired companies are expected to generate annual revenues in excess of $100 million and pre-tax distributable earnings in excess of $20 million. The deals, which are each subject to closing conditions, are expected to close in stages with a majority expected to close during the first quarter of 2014.

December 1, 2014

Mixed-Use New York Northeast

BRP Development Corp. to Transform Long-Vacant Harlem Site

by Amy Works December 1, 2014

NEW YORK CITY — BRP Development Corp. plans to redevelop the long-vacant Renaissance Ballroom, located at 2341-2349 Adam Clayton Powell Blvd. in Harlem, into a mixed-use development. The development company purchased the site from Abyssinian Baptist Church for an undisclosed price. The new project, Renny, will feature 134 mixed-income residential units, 17,500 square feet of retail space, 20,580 square feet of community facility space and 67 below-grade parking spaces. The development team is aiming to achieve LEED Silver certification with the project, which will feature solar panels, water-saving plumbing systems, an energy-efficient boiler and green roofs. Construction is slated to begin in first quarter 2015, with completion scheduled for 2017.

December 1, 2014

Northeast Pennsylvania Retail

IMC Construction Begins 155,000 SF King of Prussia Mall Expansion

by Amy Works December 1, 2014

KING OF PRUSSIA, PA. — IMC Construction has begun construction for the 155,000-square-foot expansion at King of Prussia Mall in King of Prussia. The new space will link The Plaza and The Court sections of the mall. More than 60 new retailers will be added along with a dining pavilion and expanded parking deck. The expansion was designed by RTKL. The mall will continue to stay open during the construction, which is slated for completion in fall 2016.

December 1, 2014

New Jersey Northeast Office

Prism Capital Partners Secures Three Leases Totaling 57,000 SF at Princeton Pike

by Amy Works December 1, 2014

LAWRENCEVILLE, N.J. — Prism Capital Partners has secured three new leases, totaling 57,000 square feet, at Princeton Pike Corporate Center in Lawrenceville. J. Knipper and Company Inc. has inked a deal for 23,000 square feet of garden-level space at 1009 Lenox Dr. Sab Russo of Mercer Oak Realty represented the tenant in the long-term transaction. National law firm Eckert Seamans Cherin and Mellott LLC signed a long-term lease for 22,550 square feet of second-floor space at 2000 Lenox Dr. Ed DaCosta of CBRE represented the Pittsburgh-based firm, which will relocate its regional office to the property from Trenton, N.J. Additionally, Management Planning Inc. leased 11,370 square feet at 1000 Lenox Dr. Roby Bull of Jones Lang LaSalle represented the tenant in the long-term transaction. Prism Capital Partners and Angelo, Gordon & Co. acquired Princeton Pike Corporate Center in 2013. Bloomfield, N.J.-based Prism Capital serves as operating partner for the joint venture.

December 1, 2014

New Jersey Northeast Retail

CBRE Arranges Sale of Village at Cambridge Crossing in Mount Laurel

by Amy Works November 26, 2014

MOUNT LAUREL, N.J. — Paramount Realty has completed the sale of Village at Cambridge Crossing in Mount Laurel. Cornerstone Real Estate Advisers acquired the shopping center for an undisclosed price. Tenants at the LA Fitness-anchored center include Chico’s, Ann Taylor Loft, Verizon Wireless, AAA Car Center, Ruby Tuesday and Charming Charlie. The property was 100 percent leased at the time of sale. Brad Nathanson, Thomas Gorman, Jeffery Dunne and David Gavin of CBRE represented the seller and procured the buyer in the deal.

November 26, 2014

Mixed-Use New York Northeast

Vornado Realty Trust Acquires 440,000 SF Mixed-Use Property in Queens

by Amy Works November 26, 2014

NEW YORK CITY — Perella Weinberg Partners Asset Based Value Strategy, a unit of Perella Weinberg Partners and Madison Marquette, has sold The Center Building to Vornado Realty Trust for an undisclosed price. Located at 33-00 Northern Blvd. in Queens’ Long Island City area, the 440,000-square-foot, mixed-use commercial building is 98 percent leased. When the joint venture originally purchased the property in late 2012, it was 88 percent leased. New tenants include New York Foundling, which signed a 15-year lease for more than 35,000 square feet. Ackman-Ziff advised Perella Weinberg Partners Asset Based Value Strategy and Madison Marquette on the transaction.

November 26, 2014

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