WASHINGTON TOWNSHIP, N.J. — Azarian Realty Co. has arranged five leases totaling 7,671 square feet at Washington Town Center. Dunkin’ Donuts, Original Pizza, Eye Level Learning Centers, BK Tae Kwon Do and Body Empathy Spa are the new tenants. The shopping center is located at 273 Pascack Road in Washington Township, about 19 miles south of Philadelphia.
In Providence, R.I., the the Class A office market has stabilized. GTECH Center has been successful in leasing up just about all of its available space to four or five tenants. Consequently, The GTECH Building sold for more than $50 million prior to the end of 2012. In addition, the new Blue Cross tower was successful in leasing 10,000 square feet of available space with plenty of continued interest for additional floors from prospects. Also, Bank of America’s move from its former headquarters at 111 Westminster into space located in 100 Westminster and One Financial Plaza has further helped push vacancy rates down for Class A office space. The current vacancy rate for this product is less than 9 percent in the Capital City. Consequently, this activity has pushed rental rates for Class A space back over the $30 per square foot mark on new deals. High Rock Development, which owns 111 Westminster (the former Bank of America building), is currently lobbying the state for tax credits to redevelop the building into apartments. It will be interesting to see, since the 38 Studios collapse, how far the state and city are willing to get involved — or if the building …
NEW YORK CITY — CenterSquare Investment Management Holdings Inc. and Ivy Realty have sold Crossroads Corporate Center and Crossroads Executive Center, two multi-building office parks in Long Island. Matrix Realty Corp. acquired the properties, adding 400,000 square feet of office space to its portfolio. Located in Hauppauge, Crossroads Corporate features 215,000 square feet in three single-story structures and one four-story building. Crossroads Executive includes nine single-story buildings accounting for an aggregate 185,000 square feet. Colliers International marketed the office portfolio on behalf of CenterSquare and Ivy.
NEW YORK CITY — Two adjacent mixed-use buildings located at 1160-1162 First Ave. in Manhattan’s Upper East Side neighborhood have sold for $13.2 million, or $770 per square foot. The five-story buildings span 16,850 square feet and include two retail stores occupied by 7-Eleven and Lunetta Pizza, and 16 residential units. Guthrie Garvin of Massey Knakal represented the buyer and the seller, both private investors, in the transaction.
NEW BRITAIN, CONN. — Chozick Realty Inc. has arranged the $4.7 million sale of Campus View Apartments, located at 1300-1412 East St. in New Britain, about nine miles southwest of Hartford. Campus View Apartments is a 63-unit student apartment complex located at the entrance to Central Connecticut State University. Steve Pappas of Chozick Realty marketed the property on behalf Campus View Apartments LLC and procured the buyer, Trinity Property Group LLC.
REHOBOTH BEACH, DEL. — Unfinished Business has opened its 2,190-square-foot community thrift shop at 18389 Olde Coach Drive in Rehoboth Beach, located about 18 miles east of Georgetown. The store provides used clothing, furniture and household items at discounted prices. Ann Bailey CCIM, lead broker in NAI Emory Hill’s Lewes office, represented the landlord, Colonial East LP, in the transaction.
NEW YORK CITY — Eastern Union Funding has arranged $25.9 million in financing for commercial real estate properties throughout New York City. An 82-unit multifamily property in the Crown Heights neighborhood of Brooklyn was refinanced for $11.5 million. Michael Muller and Moshe Lipschitz of Eastern Union negotiated the transaction. A 19,500-square-foot office property, located on South 2nd St in the Williamsburg neighborhood of Brooklyn, received a $5.5 million loan for the refinancing of the property. The five-year loan includes a 25-year amortization schedule. Jonathan Singer of Eastern Union negotiated the transaction. Michael Muller of Eastern Union arranged an $8.9 million loan for the acquisition of a 112-unit mixed-use property on Webster Avenue in the Bronx section. During the past month, Eastern Union has arranged $200 million in financing for commercial properties in New York City.
MIDDLETOWN, PA. — Woodmont Industrial Partners, in a joint venture with AEW Capital Management (AEW), has acquired Capital Business Center, a six-building, 1.5-million-square-foot industrial complex in Middletown. The center was acquired from an institutional owner in a transaction arranged by Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners. AEW acquired the property on behalf of AEW Partners VI. The venture plans to demolish two 1950-vintage, Class C buildings and construct the site with two LEED-certified, Class A warehouse facilities totaling 530,000 square feet. They also intend to make capital improvements to the other buildings in order to bring them up to current institutional standards. The center will also be renamed Capital Logistics Center. The CBRE team of Michael Hess, Patrick Lafferty and Bart Anderson will serve as leasing agents of the property.
NORTHBOROUGH, MASS. — McKesson Medical-Surgical has signed a 203,662-square-foot lease renewal expansion at 55 Lyman St. in Northborough, a western suburb of Boston. The lease includes a 48,918-square-foot expansion to McKesson’s current space, bringing the building to full occupancy. Completed in 2005, 55 Lyman Street is a single-story distribution facility featuring 260,760 square feet of space. John Lashar, partner, and senior vice president Paul Leone of Richards Barry Joyce & Partners LLC represented the landlord in the transaction. Robert Gibson of CBRE/England represented McKesson Medical-Surgical.
NEW YORK CITY — TerraCRG has closed the $15.5 million sale of a 23,900-square-foot mixed-use property located at 76-82 St. Marks Ave. The sale price translates to a 3.6 percent capitalization rate and $627 per square foot. The property is located at the intersection of Flatbush Avenue, 6th Avenue and St. Marks Avenue in the Park Slope neighborhood for Brooklyn. Adam Hess, Ofer Cohen and Geoff Bailey represented the buyer and seller in the transaction. The fully occupied property includes 15 apartments, three commercial spaces and 24,000 square feet of air rights.