BLOOMFIELD, N.J. —Bechtel and Financial Computer Inc. have joined the tenant base at Prism Capital Partners’ BroadAcres Office Park in Bloomfield. Prism, which owns and manages the four-building, 380,000-square-foot campus, was self-represented by Edwin Cohen. Bechtel, a global engineering, project management and construction company, leased 23,000 square feet on the first and second floors at 300 Broadacres Drive. Christopher Olsen from Newmark Grubb Knight Frank served as tenant broker in the transaction. Financial Computer Inc. leased 4,200 square feet on the second floor of 400 Broadacres Drive. The information technology advisor, specializing in financial services offices, will relocate its headquarters to the property from Fairfield, N.J., in an expansion move. Curtis Foster of Cushman & Wakefield represented the tenant in the long-term transaction.
Northeast
BOSTON — HFF has arranged $204 million in construction financing for the development of Two Harbor Shore Drive, a 516,000-square-foot office building on Fan Pier in Boston’s Seaport District. HFF worked on behalf of the borrower, a venture between The Fallon Company and an institutional client advised by Cornerstone Real Estate Advisers LLC, to secure the construction loan through RBS Citizens. Due for completion in spring 2016, Two Harbor Shore Drive is a 17-story glass tower. The property will feature 18,000 square feet of ground-floor retail and approximately 380,000 square feet of space will be occupied by law firm Goodwin Procter LLP. John Fowler and Anthony Cutone led the HFF debt placement team representing The Fallon Co.
NEW YORK CITY — Stalco Construction and Perkins Eastman have completed the $24 million expansion and renovation of Lincoln Medical Center Emergency Department in the Bronx. The emergency care facility and Level 1 trauma center is the fifth-busiest emergency department in the United States, according to the companies. The emergency department increased to 57,095 square feet, and the number of treatment bays doubled from 53 to 106. The project includes a dedicated children’s emergency unit, an adult waiting room, new psychiatric and mental health emergency unit, trauma center, asthma patient unit and a women’s health section. The project team included general contractor Stalco Construction; architect Perkins Eastman; construction manager Hunter Roberts; structural engineer GACE Consulting Engineers; mechanical, electrical, and plumbing (MEP) engineer Kallen & Lemelson, Consulting Engineers; geotechnical engineer Pillori Associates; and landscape designer RGR Landscape.
NEW YORK CITY — Besen & Associates has arranged the $9.4 million sale of 820-830 Riverside Drive, a five-story 46-unit apartment property in Manhattan. Built in 1921, the property spans 50,910 square feet. Amit Doshi and Shallini Mehra of Besen & Associates arranged the off-market transaction for the buyer, a local private investor, and the seller, a private equity real estate fund. The average rent per apartment is $1,282 a month. The sale price equates to a 13.3 gross rent multiplier, 4 percent cap rate and $184 per square foot. Bryan McCrossen of Donovan LLP represented the seller, and Eric Berliner of Berliner & Pilson Esq. represented the buyer.
BETHLEHEM, PA. — MHC Associates has sold a recently renovated three-story medical office building to Lehigh Valley Health Network for $6.2 million. The 44,489-square-foot building sits on the Lehigh Valley Hospital Muhlenberg Campus and has easy access to Route 22. NAI Summit assisted both parties to make the process seamless. Built in 1989 and renovated in 2011, the medical office building is located at 2597 Schoenersville Road in Bethlehem. NAI Summit has provided management services for the property during the past 27 years.
BOSTON — Berkeley Investments Inc. has begun the total rehabilitation of 9 Channel Center, a seven-story office and retail building totaling 77,000 square feet in the Channel Center neighborhood of Boston’s Seaport District. JLL has been named the leasing agent for the office space. The property’s renovation will include the installation of new building systems and the addition of street-level retail. The building’s brick and beam architecture is being restored as a historic building in accordance with historic tax credit requirements of the National Park Service. The building will also feature a new atrium lobby, windows, modern lighting and finishes, elevators, open retail storefronts on the ground floor and a roof deck. The architect for 9 Channel Center is Bargmann Hendrie + Archetype Inc. The agents for retail leasing are Boston Retail Partners.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an 11-building multifamily portfolio in the Tremont section of the Bronx for $40 million. The combined 348,726 –square-foot portfolio includes 10 five-story buildings and one six-story apartment building with a total of 331 apartments. The properties are located at: 2078 and 2074 Crotona Parkway; 2132 and 2140 Daly Ave.; 1895 Belmont Ave.; 2146 Vyse Ave; 968, 984 and 990 Bronx Park South; and 2075 and 2079 Mohegan Ave. The sale also includes a vacant lot. Aaron Jungreis and Mike Kerwin of Rosewood Realty Group brokered the deal on behalf of the seller, Mohegan Crotona Associates, a private investor. Michael Guttman, also of the firm, represented the undisclosed buyer, also a private investor. The portfolio sold for 7.4 times the combined rent rolls.
FAIR LAWN, N.J. — Bergen County’s United Way has acquired the second phase of the Gateway to Fair Lawn, a 3.9-acre residential and retail development in Fair Lawn, N.J., for $1.7 million. United Way purchased the 3.9-acre portion of a subdivided seven-acre parcel from the Borough of Fair Lawn. The site has been approved for 64 garden apartments, which Bergen County’s United Way will develop as affordable senior housing. Located at 18-35 River Road, the residential portion of the Gateway to Fair Lawn will be situated adjacent to phase one of the development, which includes 20,000 square feet of retail space that is currently occupied by CVS/pharmacy and Advance Auto Parts. Darren Lizzack and Hal Messer of NAI Hanson represented the Borough of Fair Lawn in the transaction.
ROCKY HILL, CONN. — O,R&L Commercial has arranged the $3.8 million sale of a 43,465-square-foot office building in Rocky Hill, a southern suburb of Hartford, Conn. Jay Morris and Robert Gaucher of the firm represented the buyer, Twenty Eighty Professional Center LLC, and the seller, 2080 Realty LLC, in the transaction. The building, located at 2080 Silas Deane Hwy, was fully leased at the time of the sale.
GARDEN CITY, N.Y. — ULTA Beauty, the national retailer of prestige and mass beauty products, including cosmetics, fragrance, hair care and more, has signed a lease for a 11,400-square-foot space in the Mall at Bay Plaza. The 780,000-square-foot mall is under construction now and will open third quarter of 2014. This will be ULTA's first location in the Bronx. Sabre Real Estate Group arranged the lease.