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

Industrial New York Northeast

HFF Brokers Sale of 74,000 SF Industrial Facility in New Jersey

by Amy Works November 26, 2014

LAKEWOOD, N.J. — HFF has arranged the sale of an industrial flex facility, located at 150 Oberlin Ave. in Lakewood. Cedar Group of NJ LLC purchased the 74,000-square-foot facility free and clear of existing debt from LNR Property LLC for an undisclosed price. Situated on 6.28 acres, the multi-tenant facility was renovated in 2000 and features 20- to 28-foot clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces. Current tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County. Michael Nachamkin, Jose Cruz, Kevin O’Hearn and Jordan Avanzato of HFF represented the seller in the transaction.

November 26, 2014

Loans New York Northeast Retail

Cronheim Mortgage Secures $7.7M in Financing for Nine Mall Plaza in New York

by Amy Works November 26, 2014

POUGHKEEPSIE, N.Y. — Cronheim Mortgage has secured $7.7 million in financing for Nine Mall Plaza in Poughkeepsie. The 99,765-square-foot shopping center is occupied by Babies R Us, Aldi, H&R Block, Verizon, Supercuts and a variety of local retailers, including a dance studio and nail salon. The loan was structured with a 10-year initial term, a 22.5-year amortization schedule and flexible prepayment options for the borrower, Nine Mall Investors LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.

November 26, 2014

Industrial New York Northeast

Hillwood Acquires 95-Acre Site, Plans 1.2 Million SF Spec Industrial Project

by Amy Works November 25, 2014

EAST MANCHESTER TOWNSHIP, N.Y. — Hillwood Investment Properties, a Perot company, has acquired a 95-acre tract in East Manchester Township for an undisclosed price. The site is approved for a 1.2 million-square-foot industrial building that Hillwood Investment Properties plans to build on a speculative basis. Located along I-83 in Northern York County, Trade Center-83 will feature 36-food clear heights, a cross-dock configuration, 190-foot truck court depth, dual driveway access for multiple tenants and an ESFR sprinkler system. Additionally, the project benefits from a LERTA Tax Abatement providing tenants with an incentive equating to $0.48 per square foot over the 10-year LERTA term. Construction is scheduled to begin this year with delivery slated for fourth-quarter 2015. Michael Hess of CBRE served as broker for the acquisition and has been retained to market Trade Center-83 for lease.

November 25, 2014

New York Northeast Office

HFF Arranges $39.5M Sale of Office Property in Rye

by Amy Works November 25, 2014

RYE, N.Y. — HFF has brokered the sale of International Corporate Center at Rye, an office property located in Rye, Westchester County, N.Y. Faros Properties sold the 180,000-square-foot, Class A property for $39.5 million. Located at 555 Theodore Fremd Ave., the property, which was renovated in 2012, features three office buildings connected by a five-story glass rotunda lobby. On-site amenities include a fitness center, cafeteria, conference center with boardroom and an outdoor tenant courtyard. At the time of sale, the property was 98 percent leased to tenants in the financial service, private equity, law and consumer product sectors. Jeff Julien, Jose Cruz and Andrew Scandalios of HFF represented the seller. Richard Goldstein of Goldstein & Associates Realty represented the undisclosed buyer in the transaction.

November 25, 2014

Industrial Massachusetts New Hampshire Northeast

RAM Acquires Two Industrial Properties in Merrimack Valley for $21.2M

by Amy Works November 25, 2014

HUDSON, N.H., and CHELMSFORD, MASS. — The RAM Companies has acquired two industrial properties in Merrimack Valley for $21.2 million. The properties are 267 Lowell Road in Hudson and 25 Industrial Avenue in Chelmsford. The 121,533-square-foot property on Lowell Road features lab, clean room space and 401 parking spaces. Additionally, the property recently underwent renovations for its long-term Mercury Systems and Vectron Corp. The 48,734-square-foot property in Chelmsford is fully leased to a variety of tenants, including Comcast and CDM Smith. Dog Jacoby of Colliers Commercial Real Estate brokered the transaction and arranged debt financing through CIBC Bank for the deal.

November 25, 2014

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