BORDENTOWN, N.J. — Sterling Properties has begun construction on Rivergate, a transit-oriented, 159-unit rental community in Bordentown, located about six miles south of Trenton. Situated along the Delaware River waterfront, the four-building development will feature an array of amenities, including elevator access, private parking, an outdoor resort-style swimming pool and a clubhouse with a state-of-the-art fitness studio. Construction is slated to complete in 12 to 18 months.
STRATFORD, CONN. — Corporate Display Specialties (CDS) has relocated its offices, assembly and storage space to 60 Watson Blvd. in Stratford. The company, which is presently located in Stratford, will relocate to 8,074 square feet in the 81,000-square-foot building. Bruce Wettenstein, partner with Vidal/Wettenstein LLC, represented the owner, Blase Management, and CDS in the transaction. Since 1983, CDS has been a provider of trade show displays and exhibits.
PHILADELPHIA — PCCP LLC has provided $80 million in senior loans to a joint venture between Keystone Property Group and Mack-Cali Realty Corp. The loans were for a portfolio of four office properties located in the metro Philadelphia area. Mack-Cali Realty Corp. previously owned and managed the properties and is selling the portfolio to Keystone Property Group. Mack-Cali will retain an equity investment in each of the properties sold, and Keystone will manage future property operations. Properties in the portfolio include 4 & 5 Sentry Park, three buildings totaling 200,000 square feet in Blue Bell; 150 Monument Road, a 125,000-square-foot, Class A building in Bala Cynwyd; Rose Tree Corporate Center, two buildings totaling 260,000 square feet in Media; and 1000 Madison, a 100,000-square-foot office building in Lower Providence.
CRANSTON, R.I. — Johnson & Wales University, a career-focused college with four campuses, has opened Centennial House in Cranston. The university, which says this is the first co-op-style student housing, spent $2 million renovating the building that was built in 1899. Students who live here are selected based on their GPAs and social experiences and backgrounds. The 35 residents will determine house rules and participate in daily operations, including cooking, cleaning and general upkeep. The cost per student to live at Centennial House is $6,900 per academic year. A portion of the fee is set aside for students to manage a budget and pay for utilities, food for a weekly required community meal and to reimburse the university for removal of garbage and snow throughout the year. The university purchased the property in October 2012 for $459,000. The renovation team included contractor Stack Design Build and Ed Wojcik Architects.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.2 million loan to refinance a 22,500-square-foot apartment building in the Bronx. The 10-year loan includes a fixed interest rate of 3.9 percent for the first five years of the term and a 30-year amortization schedule. Anita Pins, associate director in the firm’s Manhattan office, arranged the refinancing. Built in 1910, the 21-unit apartment building is located at 444 E. 187th St. in the Fordham neighborhood.
CHERRY HILL, N.J. —Benefits Consultants Group Inc., has signed a 21,000-square-foot lease at a Class A office building in Cherry Hill. The 100,000-square-foot office building is located at 51 Haddonfield Road. A joint venture between Bergman Real Estate Group and Time Equities Inc. purchased the property in 2012. Since the acquisition, the joint venture has upgraded areas of the property, including the parking lot and lobby. Anne Klein, senior managing director, and Brian Sherlock, director at Newmark Grubb Knight Frank, represented ownership in the transaction. Ken Clyman of Ken Clyman Realty and Klein co-brokered the transaction on behalf of Benefits Consultants Group.
NEW YORK CITY — Boston Properties Inc. has entered into an agreement to sell its 45 percent ground-leasehold interest and related tax credits in Times Square Tower for $684 million in cash. An affiliate of Norges Bank will buy the interest. The property is unencumbered by debt. Boston Properties and an affiliate of Norges Bank will form a joint venture upon closing, and Boston Properties will retain property and leasing management for the venture. Times Square Tower is a 1.2 million-square-foot, Class A office tower located in the heart of Times Square in New York City. The 99 percent occupied property was developed by Boston Properties and completed in 2004. The property is subject to a ground lease with the City of New York with 76 years remaining, and it benefits from a Payment In Lieu of Taxes (PILOT) program through June 2024. The joint venture will hold the contractual right to purchase the fee interest in the property beginning in July 2024.
BOSTON — Value Place, an economy extended-stay hospitality brand, and Dinosaur Capital Partners, a Boston-based development and investment firm, plan to develop 12 new corporate hotels in the Boston area during the next two years. Boston is Wichita, Kan.-based Value Place’s latest focus in its continuing expansion across the country. Value Place has teamed with Dinosaur Capital Partners to identify, acquire and develop suitable locations, with construction of the company’s first Boston-area, 124-unit property slated to begin in the first quarter of 2014. Initially, Dinosaur and Value Place will focus on acquiring locations in and around Boston, but within Route 495. Jack DeBoer, creator of Residence Inn, Summerfield Suites and Candlewood Suites, founded Value Place.
CLAYMONT, DEL. — Marcus & Millichap has arranged $4.8 million sale of River Club, a 90-unit, age-restricted apartment property located in Claymont, a northern suburb of Wilmington. Ridge MacLaren, Andrew Townsend and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. River Club is located at 7807 Governor Printz Blvd. Built in 1989, the 55-plus community includes 83 one-bedroom, one-bath units and seven two-bedroom, two-bath units. The property features a sundeck overlooking the Delaware River, fitness center, cyber café and gaming room.
CEDAR KNOLLS, N.J. — Two companies have signed long-term leases at Cedar Knolls Corporate Center, a 118,000-square-foot, Class A office property in Cedar Knolls. P–Value Communications, a medical communications firm serving the healthcare industry, committed to 8,380 square feet at the office property. The firm is relocating from Parsippany. Chris Conklin and JC Giordano from Jones Lang LaSalle represented P-Value in the transaction. Additionally, OLI Systems, a privately owned simulation technology firm serving chemical manufacturing and engineering service companies, signed a 6,002-square-foot lease at the property. Kathi Sica and John Negri from Coldwell Banker Commercial NRT represented OLI Systems in its relocation from Morris Plains, N.J. Cushman & Wakefield Inc., the leasing agent for the property, represented the landlord, MB1 Capital Partners, in the transactions.