EATONTOWN, N.J. — Nordstrom Rack will open a new location at The Crossroads at Eatontown, located at 231 Highway 35 in Eatontown. The new 35,500-square-foot retail store is slated to open fall 2015. Construction for the new store is scheduled to commence this fall. Wall, N.J.-based Gerard Construction Corp. is building the new space. The Crossroads at Eatontown offers 105,735 square feet of retail space. Current tenants at the center include Macy’s Furniture and Fortunoff Backyard. Helena Loelius and Trista Ricciardelli of Sitar Realty Company-TCN Worldwide represented landlord LGR Associates in the transaction. Jeffery Howard of Ripco Real Estate Corp. represented Nordstrom Rack.
GREENWICH, CONN. — Kensico Properties is planning a major renovation for Pickwick Plaza, a three-building office complex located in Greenwich. The multi-million dollar capital improvement program will bring the 280,000-square-foot complex back to its Class A status. The main lobbies, elevators, common corridors and bathrooms in all three buildings will be renovated and upgraded; a new façade and store fronts along Greenwich Avenue will be constructed; a new entry from Greenwich Avenue with a water feature will be created; landscaping across the property will be revamped; and the entrance to the four-story, underground garage with be replaced with a new “easy pass” style security gate and high-speed door. Jay Hruska, Tara Stacom, Torey Walsh, Connor Daugstrup and Scott Silverstein of Cushman & Wakefield have been tapped as exclusive leasing agents for the property, which is managed by Hines.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 731 Meeker Avenue in Brooklyn. The 8,800-square-foot mixed-use property sold for $1.8 million. Shaun Riley, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and the buyer, a private investor, in the transaction.
KENILWORTH, N.J. — Bussel Realty Corp. (BRC) has arranged the sale of an industrial facility located at 25 Sidney Circle in Kenilworth. Scheininger Real Estate purchased the 17,200-square-foot property for $1.5 million from BPS Company. The property features 16-foot ceilings, one loading dock, one drive-in and 1,410 square feet of office space. The buyer purchased the facility for Flexline and plans to use it to manufacture specialty hose assemblies for the pharmaceutical, steel, food and aviation industries. Gregory Irving of BRC represented the buyer in the transaction.
NEWARK, DEL. — NAI Emory Hill has brokered more than 278,000 square feet of office space leases at its White Clay Corporate Center in Newark. CitiGroup Technology renewed its lease for approximately 88,000 square feet of office space and JP Morgan Chase inked a deal for several spaces totaling 190,000 square feet to accommodate an expansion. Neil Kilian of NAI Emory Hill brokered the transactions, which total more than $11.6 million.
CAMBRIDGE, MASS. — Transwestern | RBJ has brokered a lease between BioMed Realty Trust Inc. and MPM Capital Inc. at the recently completed 450 Kendall Street in Cambridge. MPM Capital, a venture capital firm focusing on the biomedical industry, will occupy 14,511 square feet at the building starting in April 2015. Steven Purpura and Eric Smith of Transwestern | RBJ represented the building owner, BioMed Realty, while John Barry and Jeff Landers, also of Transwestern | RBJ represented the tenant in the transaction. The 60,117-square-foot property is the first speculative office building to be constructed in Cambridge since 2001.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a three-building multifamily portfolio in New York City’s Washington Heights neighborhood. The 60-unit portfolio, which totals 45,543 square feet, sold for $10 million. The property at 432-434 West 163rd St. is a six-story walk-up with 30 two-bedroom residential units. The two contiguous buildings at 612-618 West 182nd St. also offer 30 residential units with two one-bedroom units, three two-bedroom units, 15 three-bedroom units and 11 four-bedroom units. Each property also features a super’s unit in the basement. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Marko Agbaba represented the seller and procured the buyer, both private investment firms, in the transaction.
BOSTON — Faros Properties has purchased 20 Ashburton Place, an eight-story office building in Boston’s Beacon Hill neighborhood, for $9.85 million. Built in 1968, the 48,580-square-foot building is occupied by Massachusetts Teachers Association, Beacon Hill Staffing Group and Beacon Hill Consulting Group. Frank Petz, Jessica Hughes and Robert Borden of JLL represented the seller in the transaction.
LINDEN, N.J. — Duke Realty Corp. has opened the first of three warehouse properties at Legacy Commerce Center, a 60-acre Class A industrial and retail development at the former site of a General Motors’ assembly plant in Linden. Located at 801 W. Linden Ave., the 495,000-square-foot building features 50-by-50-foot column spacing, a 36-foot ceiling, an ESFR sprinkler system and parking for 300 vehicles. Legacy Commerce Center will offer 1.1 million square feet of space with 10 proposed retail pad sites and three proposed industrial sites, offering for-lease space and build-to-suit opportunities. Mindy Lissner, William Waxman, Steven Beyda, Susan Strauss-Rickwalder and Jamie Dennison of CBRE Group are overseeing leasing and marketing for the complex on behalf of Duke Realty.
WILMINGTON, DE. — Patterson-Woods Commercial Properties/CORFAC International has brokered the sale of a 3,400-square-foot restaurant and bar located at 115 East Main St. in Wilmington. Mainline Enterprises LLC purchased the property for $1.35 million from LGLB Inc. Currently doing business as 16 Mile Taphouse, the restaurant is affiliated with Georgetown’s 16 Mile Brewing Company. Joe Latina of Patterson-Woods Commercial Properties/CORFAC represented both the buyer and seller in the sale-leaseback transaction.