SUFFIELD, CONN. — East Granby, Conn.-based Trevisan USA LLC has broken ground on its new industrial facility in Suffield. The 17,000-square-foot building will accommodate Trevisan’s previously announced expansion in the United States. The new facility is located on the corner of Austin and South streets. Bloomfield, Conn.-based PDS Engineering and Construction is leading the project.
Northeast
NORTH HANOVER TOWNSHIP, N.J. — CBRE has arranged the $1.4 million sale of a newly constructed Dollar General property in North Hanover Township. The retail store is located at 189 Jacobstown New Egypt Road. The property has a 10-year net-lease in place with two five-year options, with 10 percent escalations in both option periods. The store is located at a signalized intersection and includes ample on-site parking.
NEW YORK — Massey Knakal Realty Services has arranged the sale and financing of a portfolio of residential condominium units within The Corinthian building. The property is located at 645 First Ave. in Manhattan’s Murray Hill neighborhood. The units were sold in an all-cash transaction valued at $147 million. Massey Knakal Capital Services arranged the acquisition and construction financing with a commitment amount of $125 million, with an initial funding of $115 million. The portfolio consists of 144 residential condominium units within a 57-story building, with an aggregate unit size of approximately 150,747 square feet. The property includes studio, one-, two- and three-bedroom units. The sale price equates to approximately $975 per square foot.
PHILLIPSBURG, N.J. — HFF has brokered the $22.7 million sale of Greenwich Center, a 182,583-square-foot retail power center located in Phillipsburg, 73 miles north of Philadelphia and 70 miles west of New York City. Greenwich Center is located at 1200-1208 New Brunswick Ave. The building was developed in two stages, Center I was completed in 2002 and Center II was finished in 2006. The shopping center is 93 percent leased to national and regional tenants. HFF represented the seller Retail Properties of America Inc. An affiliate of Northeast Capital Group and BHN Associates purchased the asset free and clear of existing debt in an all cash transaction.
BURLINGTON, MASS. — KeyPoint Partners LLC has added several new leasing and property management assignments to its portfolio. The assignments include Crosspointe Plaza, a 94,000-square-foot retail center in Naugatuck, Conn.; Tyngsboro Crossing (formerly TJ Maxx Plaza), a 180,400-square-foot retail center in Tyngsboro, Mass.; 2100 Washington St., a 20,000-square-foot retail/office property in Hanover, Mass.; and Merchant’s Row, a 63,700-square-foot retail center also on Washington Street in Hanover. Don Mace, vice president of leasing, is handling the assignments. KeyPoint Partners has also been named property manager for the Woonsocket Medical Building, a 53,000-square-foot office property located at John A. Cummings Way in Woonsocket, R.I. KeyPoint Partners is based in Burlington, Mass.
NEW YORK — Madison Realty Capital (MRC) has provided $33 million in first mortgage financing for 45 Park Place, a condominium tower under development by Soho Properties. Construction is expected to begin in 2015 and end in 2017. The loan will be used to fund pre-development and other costs associated with the as-of-right project, which totals 120,000 square feet. 45 Park Place is a glass and steel tower that will stand at 665 feet when finished. Jean Nouvel is the project’s architect and Tishman Construction is the construction manager.
GREENWICH, CONN. — Urstadt Biddle Properties Inc. has acquired two properties totaling 89,000 square feet in Greenwich. The first property is a three-story, 48,000-square-foot mixed-used building located on Boston Post Road. It was 97 percent occupied at the time of sale and is occupied by retail tenants including CVS/Pharmacy, Robek’s, Domino’s Pizza and Member’s Credit Union. The second property is a group of two-story mixed-use properties located at the intersection of Sound Beach Avenue and Arcadia Road. The property is anchored by an 18,200-square-foot King’s Supermarket, with other tenants including Dunkin’ Donuts, Panache Salon and Chillybear.
NEW BRITAIN, CONN. — The Grossman Cos. has acquired Columbus Plaza, a 54,450-square-foot shopping plaza in New Britain, for $7.7 million. The acquisition is Grossman’s sixth in Connecticut in the last two years. Jeff Dunne, David Gavin, Erik Edeen, Chris Angelone, Bill Moylan and Nat Heald from CBRE’s New York and Boston offices brokered the transaction. Peter Kenn of Goedecke & Co. arranged mortgage financing with Blue Hills Bank. Columbus Plaza is located at 150-174 Columbus Blvd. directly off Route 9.
WESTBOROUGH, MASS. — Ferris Development Group has signed a seven-year, 114,000-square-foot lease that will bring Genzyme, a Sanofi company, to One Research Drive in Wesborough. Genzyme will be relocating operations from its offices in Framingham later this year. The lease brings One Research Drive to 93 percent occupancy. John Lashar, Paul Leone and Danielle DeMarco of Transwestern | RBJ represented Ferris Development. Louis Kluger, Jeff Zell and Marc Sobel of JM Zell represented Genzyme.
NEW YORK — Carlton has arranged a $240 million multi-tranched equity and debt capital stack for Michael Shvo, Davide Bizzi and Howard Lorber to acquire 125 Greenwich Street, an 80-story condo tower in Manhattan’s Financial District. Carlton provided the capital stack by coordinating six different lenders and investors from five different countries, including India and China. Michael Campbell, Jeff Kosow and Robert Mudry and Chad Roberson of Carlton worked with Chairman Howard Michaels to execute the transaction.