MT. LAUREL, N.J. — Horizon Services, a plumbing and HVAC company, has acquired a 63,000-square-foot industrial building, located at 17 Roland Ave. in Mt. Laurel. Color Graphics Inc. sold the property for an undisclosed price. Situated on four acres, the property features 16-foot ceilings, six tailgates, one drive-in and 6,000 square feet of office space. Scott Mertz of NAI Mertz represented the seller in the transaction.
Northeast
UNION, N.J. — Bussel Realty Corp. (BRC), a New Jersey-based corporate and industrial real estate services firm, has signed Manhattan Trading for a lease at 1111 Springfield Road in Union. Manhattan Trading will occupy 18,000 square feet of the 57,000-square-foot industrial building, which features 12-foot ceiling heights, four tailboards, two drive-ins, 200 amps of power and a wet sprinkler system. James Hodgkins of BRC negotiated the transaction and represented the owner.
NEW YORK CITY — Eastern Consolidated has arranged the relocation of New York Kids Club to 170 Amsterdam Ave. in New York’s Upper West Side. The preschool chain will relocate from its current location to the ground floor of a new 20-story residential tower, situated between West 67th and West 68th streets, which is being developed by Equity Residential. The preschool center will occupy 2,400 square feet on the ground floor and 3,700 square feet on the basement level. New York Kids Club plans to begin its 15-year lease in summer 2015. Brad Cohen of Eastern Consolidated represented the landlord, while Neal Ohm of Neal Cabot Ohm represented the tenant in the transaction.
NEW YORK CITY — Gyro, a global business-to-business advertising agency, is expanding its office space and relocating to Lower Manhattan. The firm has signed an 11-year lease to occupy an entire floor at 115 Broadway, a landmarked 21-story property located on the corner of Broadway and Cedar Street. The company expects to relocate to the new space, which nearly doubles its current offices, during fourth quarter 2014. Keith Ellis of Savills Studley represented gyro in the long-term transaction. Founded in 1981, gyro specializes in advertising, brand strategy, digital, direct marketing and public relations for business-to-business services.
ALBANY, N.Y. — Eastern Consolidated has arranged the off-market sale of 677 Broadway in Albany. Shelbourne Capitol LLC purchased the 180,000-square-foot office tower for $34.5 million, in a two-part transaction that included a $1.5 million land lease and the $33 million leasehold on the property. The 12-story, Class A office property features a 900-car parking garage owned by the City of Albany Parking Authority, a redundant fiber service, a Building Management System (BMS) to monitor all building and tenant HVAC equipment, an uninterrupted power source system and an emergency generator. Gabriel Saffioti and Nicole Rabinowitsch of Eastern Consolidated represented the buyer, while Ben Tapper and Michael Coghill, also of Eastern Consolidated, represented the seller, Albany-based Columbia 667 LLC, in the transaction.
HOUGHTON, N.Y. — Houghton College has opened its new $23 million Kerr-Pegula Athletic Complex in Houghton. The project included the construction of a new baseball and softball stadium, resurfacing of Burke Field (a multi-sport competition field), and the construction of a 150,000-square-foot field house. The field house features an eight-lane 200-meter regulation size track; five tennis courts; cardio fitness center; weight lifting rom; MVP conference room; commercial kitchen and concessions; locker-room facilities; and office space. Additionally, the facility has the ability to host concerts and events with a maximum capacity of more than 6,000 people. The athletic complex was made possible, in part, by an initial $12 million gift given by Houghton alumna Kim and Terry Pegula, owners of the Buffalo Sabres and Rochester Americans.
TORONTO, CANADA — Toronto-based Avison Young has acquired Kwartler Associates, a New Jersey-based asset management firm. The purchase expands Avison Young’s business-line coverage in New Jersey and throughout the Tri-State market, adding 27 employees to the firm’s office in Morristown, N.J. Founded in 1980, Kwartler Associates manages more than 5.1 million square feet of office, industrial and flex space across 50 assets, including more than 2.2 million square feet of exclusive agency leasing and management assignments in Bergen and Morris counties, two of New Jersey’s most active office and industrial submarkets. Effective immediately, Kwartler President Daniel Frank will become a principal with Avison Young and be responsible for overseeing business development for the firm’s asset and property management business in the New Jersey and suburban Tri-State markets.
PHILADELPHIA — CBRE Group Inc.’s Capital Markets Debt & Structured Finance team has arranged $2.4 million first mortgage refinancing secured by 449 East Tioga Street in Philadelphia. Constructed in the 1960s, the manufacturing and distribution center features 294,148 square feet of industrial warehouse space, 22-foot clear heights and 34-by-34-foot column spacing. Case Paper has used the property as a distribution center since 1999 and has a current lease expiration date of 2019. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the refinancing with a CMBS lender for the borrower, B&W Associates, for a five-year term.
NEW YORK CITY — JLL has brokered a new, direct lease for AKF Group LLC at One Liberty Plaza in Lower Manhattan. The engineering firm signed a 15-year lease for 57,018 square feet of space at the 2.3 million-square-foot commercial office building owned by Brookfield. AKF will occupy the entire 44,378-square-foot 22nd floor and a portion of the 23rd floor at the building, which is located across from the World Trade Center. The firm is consolidating its presence downtown from locations at 1501 Broadway and 330 West 42nd Street in Midtown. Paul Mas, Michael Shenot, Ruby Hwang and Roxanne Tehranian of JLL represented the tenant in the transaction. Brookfield was represented in-house by Jeremiah Larkin and Duncan McCuaig, along with David Falk, Peter Shimkin, Hal Stein and Nick Berger of Newmark Grubb Knight Frank.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-building portfolio in northern Manhattan. Adam Mermelstein/Tree Top Development purchased the portfolio, which features 147 apartments and four retail stores, from a local real estate fund for $24.5 million. The portfolio includes 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street and 507 West 170th Street. Located in Hamilton Heights, 565 West 139th Street is a six-story, 75-foot-wide elevator building. The remaining buildings are located in Washington Heights across the street from Columbia Medical Center. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented both the buyer and seller in the transaction.