BORDENTOWN, N.J. — CBRE Inc. has brokered a 7,861-square-foot lease at 243 Route 30 in Bordentown. New Jersey-based Reconstructive Orthopedics plans to open its 10th location at the space this September. Dan McGovern of CBRE represented the property owner, Apco Petroleum, while Danny Wolf of Rose Commercial represented the tenant.
Northeast
NEW YORK CITY — Boddewyn Gaynor Architects has designed the major improvements that are now underway at a 400,000-square-foot former industrial building on the waterfront in Brooklyn’s Sunset Park. Located at 14 53rd St. and known as the Brooklyn Whale Building, the seven-floor property is owned and managed by SL Whale Realty LLC, which acquired the building in 2011. The upgrades include canopies to highlight the main entrance and two secondary entrances along the building’s 600-foot façade; a new lobby with concierge desk, newsstand and sweet shop, and restroom facilities for visitors; energy-efficient replacement windows; and infrastructure improvements to support the improved office space.
NEW YORK CITY — Silvershore Properties, a mid-market investor in Manhattan and Brooklyn, has completed the disposition of 101 Delancey Street. Located on Manhattan’s Lower East Side, the six-story, mixed-use property sold for $17.3 million. The property features 20 rental apartments and five retail spaces with 86 feet of frontage on Delancey Street. The property was delivered to the buyer, 101 Delancey Realty LLC, vacant.
KING OF PRUSSIA, PA. —A fund advised by CBRE Global Investors has acquired a single-tenant grocery property in King of Prussia. Located at One Village Dr., the grocery property is occupied by a 147,456-square-foot Wegmans, which is under a 25-year ground lease. Constructed in 2012, the store is a prototype design for the grocer, which has 83 stores across the Northeast. The Wegmans parcel is the first phase of The Village at Valley Forge, a 101.55-acre mixed-use development that will feature lifestyle retail, apartments and office/medical office properties, as well as a children’s hospital. This is the fund’s second retail acquisition in the Northeast; the fund acquired Porter Square Galleria in Cambridge, Mass., earlier this year.
PLYMOUTH, MASS. — Burlington, Mass.-based KeyPoint Partners has opened a satellite office at Colony Place in Plymouth. The commercial real estate service firm, which manages Colony Place, has moved its staff and services to the existing management office at the center from its former Middleboro, Mass., office. Located off Route 44 near Route 3, the largest open-air shopping center southeastern Massachusetts offers more than 850,000 square feet of retail space. The tenant roster includes Walmart, Dick’s Sporting Goods, DSW, Best Buy, Bed Bath & Beyond, ULTA, Talbots and LOFT, among others.
NEWARK, N.J. — Newark Regional Business Partnership (NRBP) has relocated its headquarters to The Berger Organization’s Military Park Building in Newark. NRBP has signed a long-term lease to occupy 10,000 square feet at the 21-story, 250,000-square-foot office building. The non-profit organizations sharing NRBP’s space include: Greater Newark Enterprises Corp., The Nicholson Foundation, Newark Alliance and ReServe. Jones Lang LaSalle represented NRBP in the lease negotiations.
BOSTON — HFF (NYSE: HF) has secured financing totaling $240 million for One Channel Center and the Channel Center Garage, a 501,650-square-foot, newly built office building and 967-space parking garage in Boston’s Seaport District. HFF represented the borrower, a venture between affiliates of Ares Management LLC and CV Properties LLC. The financing was structured as a $190 million first mortgage loan and a $50 million mezzanine loan. The loans will be used to refinance the construction loan on the property. One Channel Center, designed by the architectural firm of ADD Inc. in collaboration with Spalding Tougias Architects, was completed in June 2014. HFF also arranged the $170 million construction loan for the property in 2012. The 11-story One Channel Center is leased entirely to State Street Corp., an international financial services company. One Channel Center and the Channel Center Garage are located within the larger Channel Center master-plan area, a 2.1 million-square-foot mixed-use neighborhood combining office, luxury residential and street-front retail and restaurants. Channel Center is anchored by a series of landscaped parks that include the 1.7-acre Channel Center Park. Anthony Cutone, managing director, and Brett Paulsrud, senior real estate analyst, led the HFF debt placement team.
WESTBOROUGH, MASS. — W. P. Carey Inc. has acquired a facility within Westborough Technology Park in Westborough, a suburb 30 miles west of Boston. The 250,813-square-foot office property sold for $47 million. The property is currently leased to Bose Corp. for a period of 11 years. The seller was Columbia Property Trust. W. P. Carey is a global net-lease REIT specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 550-554 Fourth Ave. in Brooklyn’s Park Slope neighborhood. The property, which is an assemblage of five tax lots with a 7,032-square-foot footprint including a property at 138-140 15th Street, sold for $7.4 million. Located at the corner of 15th Street and Fourth Avenue, the site is zoned for C2-4/R8A and allows for 38,000 buildable square feet or up to approximately 50,632 gross buildable square feet with inclusionary housing. Ofer Cohen, Melissa DiBella Warren, Peter Matheos, Dan Marks, Michael Hernandez and Joseph Terzi of TerraCRG arranged the transaction.
PORT JEFFERSON, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has approved benefits to a proposed 74-unit rental apartment complex in Port Jefferson. Port Jefferson-based Rail Realty LLC is planning to construct a two-building, 74-unit rental apartment at the northeast and southeast corners of Texaco Avenue and Linden Place. The complex will feature studio, one- and two-bedroom apartments with rents ranging from $1,400 to $1,975 per month. The IDA has approved economic incentives for the development. The project will create 69 construction jobs and five permanent positions.