FEASTERVILLE, PA. — Coren-Indik Inc. has sold 915 Pennsylvania Blvd., a 50,000-square-foot industrial facility in Feasterville, located about 20 miles northeast of Philadelphia, for an undisclosed amount. The building, situated on 2.5 acres, was purchased by Oliver-Tolas Healthcare Packaging Inc. The new owner plans to renovate the building and use the facility to house its expanding operations. The location, near Street Road and U.S. Route 1, provides easy access for employees and trucks. Sidney Gable and Steven Gable of Sidney E. Gable Associates Inc. arranged the sale.
NEW YORK CITY — Risk Placement Services Inc., a national wholesale insurance brokerage, has signed a 4,366-square-foot lease at 100 Wall St., occupying a portion of the fifth floor for a seven-year term. Scott Cahaly and Mitchell Konsker of Jones Lang LaSalle represented the landlord, Savanna, in the transaction. Alex Jinishian of Colliers International represented the tenant.
OLD SAYBROOK, CONN. — O,R&L Commercial LLC has arranged the 5,000-square-foot lease of the former Pat’s Kountry Kitchen in Old Saybrook, about 40 miles south of Hartford. The building will be the second location for Terra Nostra Ristorante Italiano and Steak House. The property is located at the corner of Boston Post Road and Mill Rock Road East. Richard Gold and Tim McMahon of O,R&L Commercial represented the landlord, Pat Brink, in the transaction.
NEW YORK CITY — Vornado Realty Trust has entered into an agreement to sell Harlem Park, a parcel of land located at 1800 Park Ave. in New York City, for $65 million. Vornado says it may also receive Brownfields Tax credits for the property. Under the Brownfields Tax Incentive, environmental cleanup costs of a brownfield (an urban site that had previous development on it) are fully deductible in the year incurred, rather than capitalized and spread over time, according to the Environmental Protection Agency. The sale of the land will result in net proceeds of approximately $62 million and a net gain of approximately $22 million. The sale is expected to close this quarter.
NEW YORK CITY — Hudson Realty Capital LLC has funded a $5.5 million construction loan secured by a former school building in the Bedford-Stuyvesant section of Brooklyn. The borrower is using the loan proceeds to fund renovations at the property. A former Catholic school and rectory, the property includes two buildings, which total 57,720 square feet. The properties will be converted into a 46-unit multifamily complex with underground parking. The former school building will include a mix of studio, one- and two-bedroom units, a lounge and gym facility.
NEW YORK CITY — Central Medical Services of Westrock (CMSW) has signed a 10-year lease for 4,150 square feet of medical office space on the ninth floor of Forest HIlls Tower. The 350,000-square-foot building is located at 118-35 Queens Blvd. in Forest Hills, a neighborhood in the New York City borough of Queens. CMSW, a provider of healthcare services to people who are injured at work, will move into their new space in May. Nicholas Forelli of Muss Development represented the landlord in the transaction.
MOUNT VERNON, N.Y. — Pyramid America has signed a 23,000-square-foot lease at 80 Hartford Ave. in Mount Vernon. Stevee Kornspun of NAI Friedland represented the tenant and Ross Schneiderman of NAI Friedland represented the landlord, 80 Hartford LLC, in the transaction. Pyramid America is a manufacturing, distributing and publishing house.
NEW YORK CITY — Paramount Leasehold LP has received $130 million in new financing for The Paramount Building, a 788,000-square-foot building located at 1501 Broadway in Times Square. The financing will facilitate ownership’s plan to invest more than $50 million to execute an improvement program at the 33-story office building. Cantor Commercial Real Estate provided the 10-year, interest-only loan, which carries a fixed interest rate of 3.1 percent. Meridian Capital Group LLC originated and negotiated the loan. Avison Young serves as the building’s office leasing agent and is advising the building’s owner on a major strategic reinvestment program for the iconic commercial tower. Tobin | Parnes Design Enterprises is the architect for the project. First built in 1926 as the East Coast headquarters for Paramount Pictures, the property housed The Paramount Theater, which served as one of New York City’s premier entertainment venues for movies and live performances until it closed in 1964. Today, the building is home to a diverse mix of companies.
TRENTON, N.J. — New Jersey Schools Development Authority (NJSDA) has signed a 68,725-square-foot lease to fully occupy 32 East Front St., a Class A office building in downtown Trenton. NJSDA had previously occupied 21,666 square feet on two floors in the freestanding, five-story building. The new lease enables NJSDA to consolidate its operations into one location. Located between Broad and Warren streets, the building offers immediate access to Route 1, Route 29 and I-295. In 2005, Matrix Development Group was selected by the City of Trenton’s Economic Development Corp. to finish construction of 32 East Front St. as part of the city’s ongoing efforts to redevelop its downtown district.
HOLDEN, MASS. — Margulies Perruzzi Architects (MPA) has completed a new three-story, 36,000-square-foot medical office building in Holden, located about eight miles north of Worcester. MPA designed the new multi-tenant Holden Health Building for Oriol Health Care, a local family-owned and operated healthcare organization, and its primary tenant Reliant Medical Group, a multi-specialty medical group. The architectural group provided interior architecture and healthcare design services for Reliant’s 17,700-square-foot space. The new facility includes 25 exam rooms for family practice and OB/GYN, as well as laboratory, radiology and mammography services, a retail pharmacy, and an optometry center.