EDGEWATER, N.J.— Capstone Realty Group has acquired the Edgewater Marketplace, an 80,000-square-foot retail center, for more than $20 million. The center is located at 715 and 725 River Road in Edgewater, minutes from the George Washington Bridge and Hoboken. The property includes tenants such as Trader Joe’s, JP Morgan Chase, Red Mango, Verizon Wireless and Harmon Drug. Capstone plans to upgrade the seating and dining areas that are situated along the Hudson River boardwalk.
PLAINSBORO, N.J.— River Drive Construction has been selected as the general contractor for Forrestal Professional Center, a 40,000-square-foot medical office building development in Plainsboro, about 15 miles north of Trenton. Beacon Princeton Forrestal MAB Associates, Beacon Medical Realty Investments II LP and Summit Associates Inc. is developing the property located at 10 Forrestal Road. The medical office building is 75 percent preleased and is slated for completion in the first quarter of 2014.
NEW YORK CITY— Manhattan-based Hudson Realty Capital LLC has funded a $4.7 million first-mortgage loan secured by a two-building industrial portfolio in Brooklyn. Proceeds from the loan will be used for the acquisition, redevelopment and repositioning of the 27,000-square-foot-property. The portfolio, located in Brooklyn’s Prospect Heights neighborhood, is in proximity to retail centers, public transportation, public and private schools and medical facilities.
NEW YORK CITY— The World Trade Centers Association (WTCA), has signed a 10-year, 11,911-square-foot lease on the 33rd floor at 120 Broadway in New York City. The asking rent was more than $42 per square foot. WTCA is a nonprofit international trade association that brings together corporations and government agencies in more than 100 countries. Shawn Harooni of Norman Bobrow & Co. represented WTCA in the transaction. Camille McGratty of Silverstein Properties represented the landlord in house.
BETHLEHEM, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have broken ground on a 677,088-square-foot, Class A speculative industrial building in Pennsylvania’s Lehigh Valley industrial market. The building is scheduled for completion in spring 2014. The project is located on a 40-acre site within Lehigh Valley Industrial Park VII, a master-planned business complex in Bethlehem, an eastern suburb of Allentown. The building will feature 32-foot clear ceiling heights, 190-foot deep truck courts and ample parking. Joseph McDermott and Vincent Ranalli of CBRE will serve as the leasing team for the project. The building is located at 2485 Commerce Center Blvd.
NEW YORK CITY — National Cooperative Bank (NCB) has secured a $30 million loan for Amalgamated Houses in the Bronx. The financing will enable the owners of the multifamily community to refinance $8.5 million of existing debt at a lower interest rate. The borrower will use $19.6 million to undertake a number of exterior renovations projects during the next 10 years. Founded in 1927, Amalgamated Houses provides housing for 1,500 moderate-income families. NCB worked with Fannie Mae in securing the transaction. Edward Howe III, managing director at NCB’s New York office, arranged the financing.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has secured three new leases totaling 70,262 square feet at 31 Penn Plaza in Manhattan. TPG Planning & Design, an architecture firm, has signed a 40,431-square-foot lease, spanning the entire fifth floor and portion of the fourth floor. Mark Ravesloot and Michael Monahan of CBRE represented TPG in the transaction. Regus, a workplace provider, has signed a lease for 23,009 square feet, spanning the entire 15th floor. Patrick Heeg and Jim Wenk of Jones Lang LaSalle represented Regus in the transaction. Real Estate Arts Inc., a digital marketing and branding agency specializing in real estate and architecture, has signed a 6,882-square-foot lease. The agency will be moving into a prebuilt space on the sixth floor. Benjamin Friedland and Michael Hirsch of CBRE represented Real Estate Arts in the transaction. Mitchell Konsker, Matthew Astrachan and Matthew Polhemus of Jones Lang LaSalle represented the landlord, Savanna, in all three transactions. 31 Penn Plaza is an 18-story, 444,000-square-foot office building located at 132 W.31st St.
NEW YORK CITY — Silvershore Properties has purchased two multifamily buildings in Queens in separate transactions totaling $2.6 million. The 17,000-square-foot, four-story building is located in Elmhurst at 43-05 Forley St. and includes 20 apartments. The second transaction includes a 5,500-square-foot, three-story building at 32-38 48th St. in Astoria. Built in 1928, the multifamily building features six units.
PHILADELPHIA — Mack-Cali Realty Corp. (NYSE: CLI) has entered into agreements to form various joint ventures with a fund sponsored by Keystone Property Group to sell 15 office properties and three parcels located in suburban Philadelphia. The portfolio will be sold for approximately $233 million — $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting and subordinated interests in the portfolio with capital accounts totaling $22 million. Mack-Cali will participate in management fees and 50 percent of value creation above certain hurdle rates. The portfolio of assets includes approximately 1.6 million square feet of existing office properties and land that can accommodate future development of approximately 162,000 square feet. Mack-Cali will also receive majority interest in a parcel in Bala Cynwyd, Penn., for multifamily residential development.
NORTH SMITHFIELD, R.I. — CBRE New England’s Capital Markets team has arranged the sale of Halstead at Slatersville Mill, a 224-unit apartment community located in North Smithfield, about 15 miles northwest of Providence. The purchase price was undisclosed. Simon Butler and Biria St. John, both of who hold the title of executive vice president and partner, at CBRE represented the seller, DSF Slatersville Mill LLC, and the buyer, Residences at Slatersville Mill LLC, an affiliate of Acumen Real Estate, in the transaction. The Halstead at Slatersville Mill includes one single-story leasing center and three original mill buildings that were converted to apartment buildings in 2007. Community amenities include a theater/media room, lounge areas, business center, 24-hour fitness center, indoor basketball court, community/billiards room, pool table and an outdoor swimming pool.
