EDISON, N.J. — Home City Inc., an Egyptian linens distributor, has signed a 80,000-square-foot, long-term lease at Heller Industrial Park in Edison. Home City will relocate from its current location in Linden. The facility, which is located at 180 Mill Road, features 32-foot clear ceilings, 10 loading docks and trailer parking. Jordan Metz, vice president of Bussel Realty Corp., arranged the lease.
RAHWAY, N.J. —A joint venture between three New Jersey residential developers — AST Development, Sterling Properties and Heartstone Development — have started construction on Metro Rahway, a 116-unit rental community in Rahway. The project will transform a former industrial site into a transit-oriented development, which is within walking distance to shopping, dining and the Rahway train station. Situated on 1.6 acres along Campbell Street, Metro Rahway will be a four-story building with a mix of one- and two-bedroom residences featuring nine-foot ceilings and ceramic-tiled kitchens. Rahway is slated for completion by late spring 2014. The rental rates have not yet been set.
NEW YORK CITY — Madison Realty Capital (MRC) has closed a $40.2 million loan to fund the payoff of a discounted existing $50 million acquisition loan on the Hudson Yards development in Manhattan. Additional proceeds of the loan will be used to fund predevelopment costs for a 265,000-square-foot hotel project on the site, which is located on the corner of 37th Street and 11th Avenue. When constructed, the 420-room hotel will feature several food and beverage outlets, as well as meeting space. The project is one of the many new developments at Hudson Yards. After the 2005 rezoning, the area now has capacity for approximately 26 million square feet of new office development, 20,000 units of housing (of which almost 5,000 units will be affordable), 2 million square feet of retail space and 3 million square feet of hotel space.
NEW YORK CITY — Real estate firm RKF has formed an affiliation with U.K.-based retail consulting firm CWM Retail Property Advisors to collaboratively expand its presence. As part of the agreement, RKF has acquired CWM’s New York City office, where its staff will join RKF. Additionally, CWM and New York City-based RKF have each committed to an exclusive relationship involving shared business referrals within the U.S. and the U.K. The financial terms of the transaction were not disclosed. RKF and CWM will continue to own and operate their respective offices in both the U.S. and the U.K. The alliance marks the first time that RKF has formalized ties with an overseas firm.
NEW YORK CITY —Tarte Cosmetics has signed a 15,439-square-foot lease, occupying a portion of the eighth floor at 1375 Broadway in Manhattan. Tarte specializes in glamour, makeup and beauty products that are eco-friendly and cruelty-free. Savanna, a New York-based real estate private equity firm, recently repositioned the property including a new lobby, entrance and upgrades to the building façade. Eric Meyer, Martin Meyer and Michael Thomas of Colliers International represented the landlord in the transaction. Robert Kaplan of Hidrock Realty represented the Tarte Cosmetics.
MORRISTOWN, N.J. — A joint venture between Onyx Equities LLC and Artemis Real Estate Partners has acquired Mount Kemble Corporate Center, a 229,500-square-foot, Class A office complex in Morristown. The purchase price was undisclosed. Built in 2001, the office complex is 64 percent occupied and home to tenants such as Couglin Duffy Kelly, The Willis Group, Liberty Mutual Taisho Pharmaceutical and Massey Quick. The new ownership plans to reposition the complex and reintroduce it to the marketplace as a high-quality, low-cost alternative to the other Class A properties in Morristown. The joint venture will upgrade the complex’s landscaping, concrete walkway, parking lot and bathrooms.
NEW YORK CITY — GLL Real Estate Partners (GLL) has closed on its purchase of Two River Terrace, a 369-space corporate parking facility at 300 Murray St. in lower Manhattan’s Battery Park City North neighborhood. Goldman Sachs fully leases the 66,928-square-foot parking garage. The facility was completed in 2008 as part of a condominium development and is located one block west of Goldman Sach’s new 2.1 million-square-foot global headquarters. Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham, executive managing directors for Jones Lang LaSalle, represented the seller in the transaction.
PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.5 million construction loan for a 17-unit multifamily development in Philadelphia. The five-year loan includes a fixed interest rate of 5.63 percent. The property is located at 1509-11 W. Girard Ave. in the Francisville neighborhood of Philadelphia.
NORWOOD, N.J. — RainMen USA Inc., a manufacturer and importer of high-quality umbrellas, has signed a long-term lease for more than 52,000 square feet at an industrial complex in Norwood. The manufacturer is relocating its headquarters from Northvale and is increasing its footprint by 15,000 square feet. Mitch Helfman of MRH Real Estate Services represented the property’s owner, Alfred Sanzari Enterprises, in the transaction. Hal Lichtenstein of Cassidy Turley represented the RainMen USA.
BRISTOL, CONN. — WinnDevelopment has completed the rehabilitation of Huntington Woods, a 280-unit, mixed-income apartment community in Bristol, located about 20 miles southwest of Hartford. The renovation included a major utility conversion, replacing outdated electric heating and hot water systems with high-efficiency natural gas systems. The project also includes replacing kitchen and bathrooms with Energy Star appliances, lighting and windows. WinnDevelopment also replaced the roofing, insulated the attic and updated the exterior stairs and balconies. Originally built in 1995, Huntington Woods includes 280 units within 17 buildings on 20 acres. The project’s design team included The Architectural Team and Keith Construction. Yankee Gas installed the new underground gas systems. WinnResidential will serve as the property manager for Huntington Woods.
