NEW YORK CITY — Colliers International has arranged a 17,000-square-foot sublease on behalf of Orange Business Services, taking up the entire 11th floor of 10 East 40th Street. The sublandlord, Blackboard Collaborate Inc., will be vacating the space, and Orange Business Services will relocate from its current location at 2 World Financial Center/Brookfield Place. Ted Rotante with Colliers International represented the subtenant in the transaction. Ken Ruderman and Nick Zarnin of Studley represented the sublandlord in the transaction. Orange Business Services is a global IT and communications services provider.
From a macro perspective, the Northern New Jersey office market has remained stagnant and continues to tread water. In 2012, corporations with capital stayed on the sidelines. The overall availability rate hovered around 21 percent with an average asking rent of $24.29 per square foot at the close of the fourth quarter, and those numbers were not expected to change much in the first quarter of this year. The few recent significant leasing transactions were not enough to move the occupancy needle. The biggest deals were Biomet Bone & Spine Healing Technologies’ lease of 102,224 square feet at 399 Jefferson Road in Parsippany; EMC Corp.’s lease of 81,700 square feet at 184 Liberty Corner Road in Warren; and Tower Insurance Co.’s 76,892-square-foot lease at Harborside Financial Center II in the Jersey City Hudson Waterfront project. The Tower Insurance lease was a boost to the Hudson Waterfront market. For a long time, the waterfront was one of the few bright spots in the state with even a brief period of rent growth. However, in 2012 a large amount of shadow space came on the market and led to roughly 500,000 square feet of negative absorption. With the election year over, it …
BUZZARDS BAY, FALMOUTH AND NEW BEDFORD, MASS. — Love Funding has closed three loans totaling $22.7 million for a skilled-nursing portfolio throughout Massachusetts. The facilities include Royal Cape Cod Nursing and Rehabilitation Center in Buzzards Bay, Royal Falmouth Nursing and Rehabilitation Center in Falmouth, and Royal Taber Street Nursing and Rehabilitation Center in New Bedford. The centers offer a combined total of 270 beds and are operated by Royal Health Group. Leonard Lucas of Love Funding has secured the loans through the U.S. Department of Housing and Urban Development’s Section 232/223(f) LEAN loan program for long-term care facilities.
MANCHESTER, CONN. — Agree Realty Corp. has acquired two single-tenant properties leased to PetSmart and Starbucks for $5.4 million. Starbucks occupies 1,562 square feet in Manchester and PetSmart occupies 20,353 square feet on Disk Road in Rapid City, S.D
NEW YORK CITY — Colliers International has arranged a long-term, 16,506-square-foot lease for the American Institute of Chemical Engineers at 120 Wall St. in New York City. The nonprofit organization, which includes more than 45,000 members in more than 90 countries, is relocating from 3 Park Ave. The 34-story Class A office tower spans 615,000 square feet. The nonprofit will occupy the entire 23rd floor, later this year.
WOODMERE, N.Y. — Houlihan-Parnes Realtors LLC and Q10 New York Realty Advisors LLC have arranged a $45 million first mortgage on the Five Towns Shopping Center in Woodmere. The interest-only, 10-year loan includes a fixed rate of 3.4 percent. A national lender provided the nonrecourse financing. The 500,000-square-foot center is located at 253-01 Rockaway Blvd., about 15 miles east of Brooklyn. Tenants at the retail property include Lowe’s Home Center, K-Mart, T.J. Maxx, Conway, The Children’s Place, T-Mobile and Applebee’s, as well as a new Walmart Marketplace and Modell’s. Jim Houlihan, Mike O’Neill and Bryan Houlihan of Houlihan-Parnes placed the loan. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower in the transaction.
MALDEN, MASS. — In a partnership with Mayor Gary Christensen and the city of Malden, Metropolitan Properties of America Inc. (MPA) has plans to invest more than $20 million to remodel the Granada Highlands. Renovations to the 919-apartment community include an upgraded amenity center, which will feature a luxury theater, billiard room, fitness center and community space. Boston-based MPA, which purchased the property from a Hawaii-based company in 2007, also plans to remodel 30 apartments at a time. The apartment community is located at 211 Kennedy Drive, about 10 miles north of Boston.
NEW YORK CITY— Cohen Commercial Properties (CCP) has purchased 1800 Williamsbridge Road, a 12,212-square-foot, net leased retail property in the Bronx, for $11.4 million. The seller was Rock City MC LLC. The two-tenant property was fully occupied at the time of sale by a 4,669-square-foot Citibank and a 7,543-square-foot Walgreens. CCP was self-represented by Sam Catton and Paul Trupia in the transaction.
MOUNTVILLE, PA. — Majik Properties LLC has purchased a 42,612-square-foot industrial building located at 150 Donnerville Road in Mountville for $1.5 million. Randall Rhoads and Thomas McDermott of NAI Commercial Partners Inc. represented the seller, while Daniel Berger, also of NAI, represented the buyer. The property is located 35 miles southeast of Harrisburg.
MADISON, N.J. — The Hampshire Cos. has received $75 million in financing for 175 Park Ave., a 270,000-square-foot corporate headquarters for the Realogy Corp. in Madison. Cantor Commercial Real Estate Lending LP provided the 10-year, fixed-rate financing. The loan will be used to retire existing construction financing that HFF had secured on behalf of the borrower in late 2011. After completing an extensive rehabilitation of an existing structure, the property was completed in March and is built to LEED standards. Amenities include a fitness center, full-service cafe, and conference/team room facilities. Realogy Corp. is a global provider of real estate and relocation services. Jon Mikula and Michael Klein led the HFF team representing The Hampshire Cos.