ALLENTOWN, PA. — NAI Summit has closed a five-year lease transaction for a 3,860-square-foot of office space in the Class A office building located at 1550 Pond Road in Allentown. Matt Dorman of NAI Summit represented the owner, Franklin Realty Development Corp., and Jay Haines, also of the firm, represented the tenant, Microphotonics Inc. Founded in 1992, Microphotonics Inc. is a source of advanced instrumentation for scientific and industrial research.
Northeast
JERSEY CITY, N.J. – Greystone has arranged $64.5 million in Fannie Mae Multifamily Affordable Housing (MAH) financing for Salem Lafayette Apartments, an affordable housing complex in Jersey City. The deal was structured utilizing a mix of public and private funding, including tax- exempt, short-term bond financing and 4 percent Low Income Housing Tax Credits to be used towards the acquisition and rehabilitation of the property. Salem Lafayette Apartments is a 412-unit, affordable-housing community built in 1977. The 15-story, 182-unit age-restricted tower targets tenants 62 years and older, while the 230-unit townhouse and garden-style property targets families.
NEWARK, DEL., AND PHILADELPHIA – Marcus & Millichap Capital Corp. (MMCC) has arranged $25 million of debt for two East Coast retail properties, for two sponsors. One property is located in Newark, Del., and the other is in Philadelphia. The owner of the 115,000-square-foot retail strip center in Newark received a $17.9 million, 12-year loan for the refinancing of the property. The non-recourse loan includes a seven-year fixed interest rate plus a five-year option to extend and amortizes over 30 years. The loan-to-value is 75 percent. The borrower’s goal of enhancing the cash flow of a 24,688-square-foot neighborhood retail center located in Philadelphia was accomplished through the refinancing of an existing mortgage. MMCC arranged a $7.1 million, 10-year loan that includes a fixed interest rate and amortizes over 30 years. The loan-to-value is 70 percent. James Conley in MMCC’s Philadelphia office arranged the loans.
NEW YORK CITY – Simon Baron Development (SBD) has signed a contract to purchase a Long Island City site that will be turned into a 44-story, 400-unit residential rental apartment building. A formal closing is expected in April so a price has not been disclosed yet. SBD is acquiring the 400,000-square-foot site at 29-26 Northern Blvd. near Queens Boulevard from the Rabsky Group, which had started to develop the site. Plans for the property include bike storage, parking, commercial space on the first floor, an exercise room, pool and lounge on the 43rd floor.
NEW YORK CITY – Berko & Associates has brokered the $24 million sale of 809 Broadway, the former Blatt Billiards loft building south of Union Square in New York City, to IDM Capital. The new owner plans to build a 15-story commercial/residential tower on the site. In May 2013, Blatt Billiards, represented by its principals Ronald Blatt and Bruce Roeder, inked a deal to sell the 23,152-square-foot building between 11th and 12th streets. The building also includes an additional 7,045 square feet of air rights. Joe Berko of Berko & Associates represented both the seller and the buyer in the transaction. IDM Capital has hired ODA Architecture to design the planned building. Blatt Billiards, a pool table manufacturer, had owned the 126-year-old building since 1972 and was a tenant at the location before then.
COTUIT, MASS. – Margulies Perruzzi Architects has provided retail design services for Eastern Bank’s newest branch location in Cotuit, a city located in southern Massachusetts. The 2,100-square-foot branch serves as a new model for interactive technology for Eastern Bank. The layout for the Cotuit location updates the traditional teller counter, opting instead for multiple kiosk type stations on the branch floor. The kiosks are staffed with employees who can assist customers with all their banking needs or direct them to a virtual expert in a private room for more information on a banking product or service. An interactive table with a touch-screen keyboard is available to customers who want to independently complete a transaction. A community wall with multiple touch screens offers alternate access points to information on banking products, tips for setting up banking apps, local news feeds, and video games like “Design a Dollar” for children accompanying their parents to the bank. The project team included general contractor Development Concepts Inc., exhibit designers Main Street Design Inc., multimedia designers Boston Productions Inc. and MEP consultants BLW Engineers.
NEW YORK CITY – Prince Realty Advisors has arranged the acquisition of a 49.5 percent, non-controlling interest in a 55,565-square-foot retail condominium at 510 Sixth Ave. in New York City, valued at just under $68 million, for Madison International Realty. David Ash of Prince Realty Advisors arranged the purchase for the buyer and worked with the seller, Ark Partners, in the transaction. Located on corridor between 13th and 14th streets, 510 Sixth Ave. is at the cusp of the West Village and Chelsea and close to the High Line and Union Square. Current tenants at the property include Urban Outfitters, Chipotle and LensCrafters.
KING OF PRUSSIA, PA. — On behalf of Equus Capital Partners, Jones Lang LaSalle’s (JLL) capital markets team has sold 1000 Continental, a Class A office building located in King of Prussia, a Philadelphia suburb. KBS Capital Advisors LLC purchased the property for $63 million, or $307 per square foot. The 205,424-square-foot office building was 99 percent occupied at the time of sale. It features floor-to-ceiling window lines, a two-story entrance lobby and is LEED Silver certified. Jim Vesey, Doug Rodio, Jim Galbally and John Plower led the JLL team in the transaction.
NEW YORK CITY – A $15 million capital improvement plan is underway for 211 East 43rd St., a 210,000-square-foot office property located in Manhattan’s Midtown East neighborhood. The plan includes updating the building’s common areas and strategically attracting new media and tech firms. Meadow Partners, a real estate investor and asset manager with offices in New York City and London, acquired 211 East 43rd St. in March 2013. The company plans to bring it to a standard that is comparable to other Class A buildings in the Midtown East neighborhood. In addition, William Cohen and David Emden of Newmark Grubb Knight Frank were retained as the leasing agents for the property. Starting in 2013, Cohen began executing a new leasing strategy for the property and secured seven transactions totaling nearly 60,000 square feet. New tenants include AWS Construction, Caliber Associates, the Costa Rican Mission to the United Nations, Reger Designs Inc., Rennert International, the Republic of Mauritius Mission to the United Nations and Set Physical Therapy.
EAST RUTHERFORD, N.J. – The Hampshire Cos. has sold a 135,498-square-foot industrial building located at 25 East Union Ave. in East Rutherford. Spanning nearly five acres, the industrial building features amenities such as 18-foot clear ceiling heights, four grade-level overhead doors, a mezzanine office area and three dock doors. The single-story industrial building is 98 percent leased to Mount Pleasant Ice Cream Co., Selco Associates and Steamaster Co. Inc. CBRE represented The Hampshire Cos. in the transaction.