Northeast

FOUR NEW LEASES SIGNED AT PARKVIEW TOWER

by admin April 23, 2013

KING OF PRUSSIA, PA. — Keystone Property Group has signed four new leases totaling 23,000 square feet at Parkview Tower, its nine-story, Class A office building in King of Prussia, located about 20 miles northwest of Philadelphia. The new leases bring the property to 93 percent occupancy. The latest transactions include: Emerging Growth Equities Ltd. (EGE), which signed a 12,327-square-foot lease; The General Services Administration, which signed a 5,400-square-foot renewal; A/Z Corp., which renewed its 3,087-square-foot lease for a two more years; and Advanced Telecom Services Inc., which signed a 2,638-square-foot lease. Jeff Mack of Smith Mack represented EGE in the transaction. Steve Gersbach of CBRE represented A/Z Corp. Eric Wahlers of Gola Corporate Real Estate represented Advance Telecom Services. Jeff Barker and Kim Finnerty of Cushman & Wakefield represented Keystone.

April 23, 2013

MERIDIAN CAPITAL GROUP ARRANGES $86.2M IN LOANS

by admin April 22, 2013

ISELIN, N.J. — Meridian Capital Group LLC has arranged $86.2 million in financing for multifamily properties in New Jersey and Pennsylvania. The biggest loan, $27 million, was for the 410-unit Vairo Village property located in State College, Pa. The 10-year loan carries a 3.9 percent interest rate. Other financing transactions include: a 10-year, $25.5 million loan for a 1,053-unit multifamily portfolio located in the New Jersey communities of East Brunswick, Washington, Chatham and Bloomfield; a seven-year, $25 million loan for an 141-unit property located at Nine N. 9th St. in Philadelphia; a 10-year, $6.4 million loan for 66-unit multifamily building on Union Street in Hackensack, N.J.; and a 10-year $2.2 million loan for a 26-unit property on Raritan Avenue in Highland Park, N.J.Russ Drebin, Israel Schubert and David Fisher of Meridian originated the loans.

April 22, 2013

Civic Northeast

ECKMAN CONSTRUCTION COMPLETES POLICE STATION

by admin April 22, 2013

BROOKLINE, N.H. — Eckman Construction has built a 6,000-square-foot building, located on Route 13 in Brookline, for the Brookline New Hampshire Police Department. The building also includes 1,900 square feet of unfinished space on the second floor, which will be used for storage. A secure sally port will allow for the safe transfer of prisoners into and out of vehicles, and provides direct access to a booking area with two holding cells and evidence storage. The facility also includes offices, men’s and women’s locker rooms with showers, and an interview room. Eckman worked with the town and the Safety Complex Building Committee for two years prior to the voter approval, which funded the construction at a town meeting in March 2012. Manchester, N.H.-based Dennis Mires, PA The Architects designed the project.

April 22, 2013

Northeast Retail

FOREST CITY ACQUIRES PARTNER'S SHARE OF MALL AT ROBINSON

by admin April 22, 2013

PITTSBURGH — Forest City Enterprises Inc. has acquired 100 percent interest in the Mall at Robinson and sold its interest in the Plaza at Robinson Town Center. Prior to the transaction, Forest City had approximately 72 percent interest in the mall and 50 percent interest in the strip center. The Mall at Robinson is located at 100 Robinson Centre Drive, and Plaza at Robinson Town Center is located at 15205 Park Manor Blvd. in Pittsburgh. The transaction resulted in net cash proceeds to Forest City of $7.7 million. Forest City Enterprises worked with its partner, Zamagias Properties, on the transactions.

April 22, 2013

Northeast Office

RIDGEBURY TANKERS LEASES 2,695 SF IN WESTPORT

by admin April 22, 2013

WESTPORT, CONN. — Ridgebury Tankers LLC has signed a lease for 2,695 square feet of office space at 33 Riverside Ave. in Westport, an eastern suburb of Newport. Riverside Avenue will be the corporate headquarters for the newly founded Ridgebury Tankers, a deep-sea shipping company. Brett Sherman of Angel Commercial LLC represented the tenant in the lease transaction.

April 22, 2013

Multifamily Northeast

TOLL BROTHERS, AECOM TO DEVELOP 417-UNIT RENTAL TOWER

by admin April 19, 2013

JERSEY CITY, N.J. — Toll Brothers Apartment Living and AECOM Capital will develop Provost Square, a 417-unit rental apartment tower located in Jersey City. The project will break ground in the spring with leasing expected to begin in early 2015. The site, located at 160 Morgan St., is situated in Jersey City’s historic Powerhouse district. The development will include in-building parking facilities and approximately 16,000 square feet of ground-floor retail. Toll Brothers Apartment Living will oversee the building’s marketing, leasing and property management. Tishman Construction Corp., a wholly owned AECOM subsidiary, with Toll Brothers City Living, will oversee construction. The project is being financed through a $120 million construction facility from PNC Bank, National Association as administrative agent, Wells Fargo Bank, National Association and Comerica Bank. Provost Square is the first of a three-building, 925-unit residential complex planned for the area. When complete, the complex will include a 24,000-square-foot, 550-seat performing arts center, 45,000 square feet of ground-floor retail space, a 26,000-square-foot pedestrian plaza and 917 parking spaces. Toll Brothers currently owns the two remaining sites, which are planned for development as condominiums.

April 19, 2013

Multifamily Northeast

PRC GROUP BORROWS $37.9M FOR FIVE PROPERTIES

by admin April 19, 2013

FLORHAM PARK, N.J. — The PRC Group has borrowed $37.9 million for five garden-style multifamily properties totaling 727 units throughout New Jersey. HFF secured the loans in two separate transactions. The first $22.2 million loan was for three properties and was placed with The Provident Bank of Iselin, N.J. The other $15.7 million loan for the remaining two properties was placed with Columbia Bank. The portfolio is fully leased and includes: Grandville Towers, a 91-unit community located at in Red Bank; the 64-unit Clifton Arms located at 220-240 9th St. in Lakewood; the 176-unit Farmingdale Gardens, located at 1 W. Main St. in Farmingdale; the 120-unit Sunset Heights located at 1130 Sunset Road in Burlington; and the 276-unit Willow Pointe, located at 1701 Salem Road in Burlington. Jon Mikula and Jim Cadranell of HFF represented the borrower in the transaction.

April 19, 2013

Northeast Office

NORMANDY REAL ESTATE ACQUIRES OFFICE BUILDING FOR $5.5M

by admin April 19, 2013

FRAMINGHAM, MASS. — Normandy Real Estate Partners has purchased MetroWest Place, a five-story, Class A office building in Framingham, for $5.5 million. CRCP Pleasant Street LLC sold the 95,000-square-foot property, which is located at 15 Pleasant Street Connector, about 25 miles west of Boston. Genzyme , a developer of transformative therapies for patients affected by rare and debilitating diseases, has fully occupied the building since 2012. Chris Skeffington, John Lashar, Paul Leone and Roy Sandeman of Richards Barry Joyce & Partners represented CRCP Pleasant Street LLC in the transaction. The new ownership has retained Richards Barry Joyce & Partners as the exclusive leasing agent for the building.

April 19, 2013

Northeast

GLADSTONE COS. ACQUIRES DATA FACILITY FOR $5.6M

by admin April 19, 2013

EGG HARBOR TOWNSHIP, N.J. — Gladstone Cos. has acquired 29,257-square-foot data facility in Egg Harbor Township, for $5.6 million. The building is fully occupied by AtlantiCare Health System Inc., which has 11 years left on its lease. The property is located at 6725 Delilah Road, about 15 miles west of Atlantic City. Camille Renshaw and Tom Georges of Stan Johnson Co. represented the seller, a private developer, and the buyer, Gladstone Cos., in the transaction.

April 19, 2013

Northeast Office

CHINA CONSTRUCTION BUYS OFFICE BUILDING FOR $71M

by admin April 18, 2013

MORRIS TOWNSHIP, N.J. — China Construction America Inc. has purchased 445 S. St., a 320,274-square-foot, Class A office building in Morris Township, for $71 million, or more than $221 per square foot. The four-story building is located in Southgate Corporate Park, about 23 miles west of Newark. Lead tenants in the building include The Travelers Indemnity Co. (105,698 square feet) and Marsh USA (54,376 square feet). Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer of Cushman & Wakefield represented the seller in the transaction, while Geoff Schubert and Dorothy Chuang of CBRE represented China Construction America.

April 18, 2013

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