SELDEN, N.Y. — Patchogue, N.Y.-based BBS Architects, Landscape Architects and Engineers has completed a new astronomical observatory at the Suffolk County Community College’s Selden Campus. The 700-square-foot observatory features a 25-foot high dome with a 20.5-foot diameter and a Meade 10-inch RCX400 Ritchey-Chretien telescope. Situated atop the Smithtown Science Building, the observatory cost $270,000.
Northeast
REVERE, MASS. — KeyPoint Partners has brokered a lease for Big Lots at Wonderland Marketplace in Revere. Big Lots will occupy 31,000 square feet of space at the 135,000-square-foot shopping center. Current tenants include Marshalls, Staples, Hair Cuttery, Ninety-Nine restaurant and the U.S. Post Office. Big Lots will lease a portion of the former Stop & Shop with the remaining 33,687 square feet available for lease. Don Mac of KeyPoint Partners negotiated the transaction on behalf of the landlord.
CANTON, MASS. — Colliers International has brokered a 25,000-square-foot office lease at 150 Royall Street in Canton for Gray, Gray & Gray LLP. The accounting firm will relocate from its previous headquarters at Southwest Park in Westwood, Mass., in August. The 262,800-square-foot office building was fully renovated in 2007. Thomas Hynes and James Elcock of Colliers International represented the tenant. The landlord, OneBeacon Insurance Group, was represented in-house by John Ferrari, along with Richard Bradbury of Babson Real Estate Advisors.
According to the Allegheny Conference on Economic Development, in 2013 there were more people working in Pittsburgh than ever before. The region has seen five consecutive years of continuous expansion and a current capital investment of $3.2 billion. Pittsburgh ranks among the top 15 metropolitan areas for five-year private sector job growth according to On Numbers Economic Index. Possibly more impressive than the jobs themselves, the earnings growth in the region over the same five-year period was 24.3 percent — the highest increase in the U.S. Pittsburgh’s unemployment rate fell to 6 percent in February, with the seven-county region posting an increase of 2,400 jobs in the same period. Among the companies expanding in Pittsburgh is Cigna Health. The company, which currently employs more than 1,400 in the region, plans to grow by 10 percent in 2014, adding approximately 150 new management, training and customer service positions to its regional post in Pittsburgh’s Parkway West submarket. This is great news for retailers in the area, which is also known as the Airport Corridor and which has been a mecca for retail for several decades. In recent years, retailers have struggled to survive here, as the submarket suffered from over-development and …
CAMBRIDGE, MASS. — Brookwood Financial Partners has completed the disposition of One Alewife Center, which is located at the intersection of Routes 2 and 16 in Cambridge. James Campbell Company LLC purchased the four-story, 89,875-square-foot office building for $21.6 million. Brookwood originally acquired the office building in June 2012 and since then increased the property’s occupancy from 53 to 91 percent. The Boston office of Colony Realty Partners advised the buyer, while Robert Griffith, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller in the transaction.
PITTSBURGH, PA. — Village Green is breaking ground for the development of Morrow Park City Apartments, an apartment community in Pittsburgh’s Bloomfield neighborhood. The $40 million community will feature 213 apartment units, a hotel-style lobby with a two-sided movie screen, Zen garden, courtyard, indoor/outdoor pool, 24-hour fitness center, business conference center, heated, underground parking and a club room with a bar, fireplace and gourmet kitchen.
NEW YORK CITY — Meridian Capital Group has arranged an $18 million mortgage for the refinancing of an office building in New York. The 12-story, 95,500-square-foot office property is located at 114 West 26th Street at the intersection of the NoMad, Flatiron and Chelsea neighborhoods. The property offers 88,000 square feet of office space and 7,500 square feet of retail space. The 7-year loan, which was provided by a regional balance sheet lender, features a 4.25 percent fixed rate and a flexible prepayment penalty. David Zlotnick of Meridian Capital Group negotiated the transaction.
ERIE, PA. — Hilton Worldwide has opened its 32nd Home2 Suites by Hilton. Located near interstates 90 and 79 in Erie, the four-story, 79-suite hotel features an Oasis lobby area, Home2 MKT, Spin2 Cycle and complimentary continental breakfast. Additionally, the hotel features an indoor pool and gas grills for guests’ use. Chase Hotel Group owns the property.
FAIRFIELD, N.J. —Bussel Realty Corp. (BRC) has brokered the sale of an industrial flex facility located at 25 Dwight Place in Fairfield. Smart-MNLS LLC purchased the 33,484-square-foot property for $2.6 million from Ented Associates. Situated on 2.2 acres of land, the property features 4,000 square feet of office space, 20-foot ceiling heights, a loading dock and drive-in, 1,600 amps of power and parking for 90 cars. James Hodgkins of BRC represented the buyer in the transaction.
READING, MASS. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.6 million in senior financing and joint venture equity capital for LCB Senior Living’s acquisition of a seniors housing property in Reading. M&T Bank provided $13.5 million in acquisition financing, and Virtus Real Estate Capital provided the joint venture equity. LCB plans to rebrand the newly acquired property as The Residence at Pearl Street. The 86-unit assisted living community is situated in a former school building that was converted into seniors housing in 1997 by the previous owner. LCB plans to convert the first-floor units into memory-care units and continue to rehabilitate the property. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield arranged the financing on behalf of LCB Senior Living.