BURLINGTON, MASS. — The Gutierrez Company has begun construction on its 4 Burlington Woods project in Burlington. Located off Route 128, the 100,000-square-foot, LEED-certified office building is designed for completed end-user flexibility. The property features efficient and open floor plates, a two-story lobby, five acres of landscaped grounds and direct highway access. Additionally, the four-story building will include interconnecting stairways, floor-to-ceiling windows along the main façade, high ceilings and energy-efficient systems. On-site amenities include three full service cafeterias, a fitness center and parking. Designed by CUBE 3, the development is slated for completion in first quarter 2015. Chris Decembrele, Matt Daniels, Andrew Whipple and Stephen Steinberg of JLL are serving as leasing agents for the property.
Northeast
LOWER MAKEFIELD TOWNSHIP, PA. — Advalurem Group, along with its local joint venture partner Pembroke Hobson, has acquired 1000 Floral Vale, a Class A office building located in Lower Makefield Township, for $19 million or $214 per square foot. Built in 2009, the 89,000-square-foot office property is LEED Gold certified. The property is currently 80 percent leased to two investment-grade tenants on long-term leases with extension options.
WALL, N.J. — AB Monmouth LLC, a wholly owned subsidiary of Amboy Bank, has proposed constructing an extended-stay hotel at the unfinished The Monmouth site, located at the intersection of routes 70 and 35 in Wall. The planned hotel will offer 199 guest units for short- or long-term guest. Originally designed by a previous developer as a 4,000-square-foot age-restricted community of condominiums, The Monmouth site has remained been half-built since 2011. AB Monmouth cannot sustain the undeveloped site indefinitely, and the company believes an extended-stay hotel is the best option for the property.
FARMINGTON, CONN. — CBRE has negotiated the sale of 1690 New Britain Avenue, an office building located along Route 6 in Farmington. S&I Realty Associates (AFI Inc.) sold the 165,264-square-foot property to Boston-based Albany Road Real Estate Partners for $20.5 million or $124 per square foot. Originally built in 1961, the office property is currently occupied by Allied World Assurance Co. and Moore Medical and AIG. Patrick Mulready and John McCormick of CBRE/New England’s Hartford office collaborated with Jeff Dunne and Steven Bardsley of CBRE’s Institutional Properties Group to represent both the seller and buyer in the transaction.
MATAWAN, N.J. — Cushman & Wakefield, on behalf of an affiliate of Denholtz Associates, has arranged $20.7 million for the recapitalization of Metro Park South in Matawan. Located at 100 Matawan Road, the five-story, 132,000-square-foot office building offers first-class amenities and a modern interior. The $20.7 million transaction involved securing joint venture equity from Palatine Capital Partners. John Alascio, Chris Moyer, John Spreitzer and Suraj Ravi of Cushman & Wakefield Equity, Debt & Structured Finance served as exclusive advisor to Denholtz Associates.
BOSTON — Boston-based EagleBridge Capital has brokered $6.5 million in permanent mortgage financing for a portfolio of three properties in the Brighton section of Boston. The portfolio comprises the two-story, 15,000-square-foot Brighton Heights located at 167 Corey Road; Three Washington Street, which is leased to Brighton Auto Clinic; and Five Washington Street, which is leased to U.S. 1 Petroleum. Tenants of the Brighton Heights property include medical, medical-related, educational, software and real estate firms. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a leading regional bank.
ALTOONA, PA. — Marcus & Millichap has brokered the sale of a Sheetz gas/convenience store in Altoona. The 6,902-square-foot, net-leased property sold for $1.8 million. Located at Frankstown Road and Amelia Avenue, Sheetz recently executed a 20-year corporately guaranteed absolute-net ground lease with rental increases in the option period on the 3.1-arce property. Matthew Gorman and Michael Shover of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as secured the represented the buyer, in the transaction.
BLOOMFIELD, N.J. — Colliers International has arranged a long-term lease for the new headquarters of Reverse Mortgage Investment Inc. in Bloomfield. The company will occupy 16,606 square feet at located at 1455 Broad St. within BroadAcres Office Park. The office park is owned by BR/Prism Central Park Owner LLC and operated by Prism Capital Partners LLC. BroadAcres recently underwent a major capital improvement program to upgrade the campus grounds and lobbies. Amenities at the office park include an on-site café, conference center and outdoor parking. Richard Madison of Colliers International represented Reverse Mortgage in the transaction, while Edwin Cohen provided in-house representation for Prism Capital Partners.
OLDMANS TOWNSHIP, N.J. — Cherry Hill, N.J.-based NFI has broken ground for the development of a build-to-suit distribution center in Oldmans Township. The 1 million-square-foot facility will feature energy-efficient warehouse space, Class A concrete tilt wall construction, cross-dock load configuration and an ESFR sprinkler system. Five Below, a retailer of merchandise for pre-teens and teens, will initially occupy 715,000 square feet of the facility, which will replace the company’s existing facility in New Castle, Del. Construction is slated for completion in early summer 2015. The build-to-suit distribution center will support the continued growth and expansion of Five Below on the East Coast.
NEW YORK CITY — Meridian Capital Group has arranged a land loan for 3 Hudson Boulevard on behalf of Meushar 34th Street LLC, an affiliate of The Moinian Group. Provided by a life insurance company, the two-year balance sheet loan features floating-rate, interest-only payments and three one-year extensions. Located at 400 11th Ave. in the Hudson Yards district, 3 Hudson Boulevard is a 46,634-square-foot development site. The borrower plans to develop a 1.8 million-square-foot, mixed-use property on the site featuring office space, as well as sustainable residential units. Dan Kaplan of FXFOWLE designed the tower, which is slated to obtain LEED Platinum certification. Drew Anderman and Alan Blank of Meridian Capital Group negotiated the transaction.