POTTSTOWN, PA. — Marcus & Millichap Capital Corp. has arranged a $1.3 million loan for the Montgomery County Health building in Pottstown, about 32 miles northwest of Philadelphia. The 10-year loan includes an interest rate of 3.75 percent and a 25-year amortization schedule. The retail and office building is located at 364 King St.
Northeast
PARSIPPANY, N.J. — Emergency Medical Associates (EMA), a provider of hospital emergency room services, has expanded its headquarters to 70,000 square feet at 3 Century Drive in Parsippany. Jon Williams of Cushman & Wakefield arranged the transaction, which added 24,000 square feet to the organization’s space at the KRE Group property. EMA has been located at 3 Century Drive since 2011, when it initially leased two floors. The expansion added a third.
MOUNT ARLINGTON, N.J. —Marcus & Millichap has arranged the $18.6 million sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, located about 30 miles northwest of Newark. Ridge MacLaren, Andrew Townsend, Clarke Talone, Mark Thomson, Zachary Pierce and Steven Rutman, investment specialists in Marcus & Millichap’s Philadelphia office, represented the buyer and the seller, both limited liability companies. Built in 2003, Carriage Club is a 55-plus active adult community located at 1 Hillside Drive. Amenities at the property include a clubhouse, indoor heated pool, fitness center, billiard room, library and putting green.
NEW YORK CITY — RFR Holding LLC and Vanke, China’s largest residential real estate developer, have broken ground on a new luxury residential condominium on East 53rd Street in Manhattan. Designed by Foster + Partners, the white tower at 610 Lexington Ave. will rise 700 feet, totaling 61 stories. RFR and Hines will work together on construction of the building through a joint development management agreement. Completion of 610 Lexington Ave. is slated for winter 2017.
STAMFORD, CONN. — Monroe Turnpike Associates has sold its a one-story, 13,254-square-foot retail building in Stamford for $3.3 million or $247 per square foot. Al Mirin and Kate Schwartz of Cushman & Wakefield represented the seller, Monroe Turnpike Associates, in the sale to Parkway Plaza LLC. The property is situated on 2.3 acres at 447 Monroe Turnpike. Tenants at the property include Dunkin’ Donuts, a 25-year tenant, as well as Subway, KoKo FitClub, Monroe Cleaners, FM One Stop, C&J Cards and Linda’s Storytime.
CARLISLE, PA. — Cushman & Wakefield has arranged the sale of 1 and 2 Ames Drive in Carlisle, located about 22 miles southwest of Harrisburg, Pa. A partnership of Dermody Properties, operating partner, and PCCP, capital partner, purchased the industrial asset, located within the PA I-81/I-78 Corridor, from a partnership comprising USAA and Trammell Crow Development. The property includes a new, currently vacant, 700,000-square-foot building at 2 Ames Drive, as well as a land site approved for 602,000 square feet at 1 Ames Drive. Gerry Blinebury, Adam Campbell, Pat McBride and Leah Balerno of Cushman & Wakefield handled the sale transaction. Blinebury and Campbell are overseeing leasing for the property.
EDISON, N.J. — Sitar Realty Co. has arranged the $22.4 million sale of a 332,000-square-foot industrial building in Edison. NJND Brunswick Avenue LLC sold the property, located at 45 Brunswick Ave., to 45 Brunswick Ave LLC. Thomas Monte and William Sitar of Sitar Realty Co. represented the buyer in the transaction.
BEDFORD, MASS. — Cassidy Turley today has represented AspenTech in a transaction that will relocate the company’s global headquarters at the end of 2014. AspenTech will move to 20, 22, and 28 Crosby Drive in Bedford into 143,000 square feet, almost doubling in size from its current 75,000-square-foot headquarters in Burlington. After a renovation, the new headquarters will satisfy occupancy for more than 600 AspenTech employees. Michael O’Leary, John Boyle and Brian Hines of Cassidy Turley represented AspenTech in the transaction. Torin Taylor, Rich Ruggiero and Rory Walsh of Cushman & Wakefield represented the landlord. Crosby Corporate Center is a nine-building office park settled on 52 acres totaling 589,783 square feet.
PHILADELPHIA — Marcus & Millichap has arranged the $2.2 million sale of The Archview Apartments, a 20-unit multifamily property located in Philadelphia. Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a partnership. Talone, MacLaren and Townsend also procured the buyer, a local partnership. The Archview Apartments is located at 108-110 Levering St. and features 19 apartments and an office space.
NORTH QUINCY, MASS. — G-Force Shipping has signed a 17,500-square-foot lease at Heritage Landing in Quincy, a southern suburb of Boston. The third-party logistics company plans to move into the new space by May 1. Heritage Landing is a Class A office complex including two buildings totaling 358,000 square feet. Campanelli has now signed almost 40,000 square feet of new leases since purchasing Heritage Landing in June 2013. In collaboration with Peter Brown of Campanelli, the Cushman & Wakefield team of Mike Frisoli, Matt Morgan, Dave Martel and Jason Roth serve as the leasing agents for the property.