PHILADELPHIA — Beneficial Bank has signed a 15-year lease for 95,764 square feet on four floors at 1818 Market St. in Philadelphia. The 1 million-square-foot high-rise, owned by Sovereign Capital Management Group, will be renamed 1818 Beneficial Bank Place. Beneficial Bank, one of the biggest and oldest banks headquartered in Philadelphia, will relocate its headquarters from 530 Walnut St. to the new location in February 2014. David Binswanger, Joe Muldoon and Chris Lange of Binswanger represented Beneficial Bank in the transaction.
QUINCY, MASS. — Grossman Cos. Inc. has signed a five-year lease for 7,195 square feet at One Adams Place in Quincy. Constructed in 1986 and renovated in 2004, One Adams Place is a five-story, 124,777-square-foot Class A office building. Sean Teague and Kate McGovern of Cassidy Turley represented the landlord, CommonWealth REIT, in the transaction. Michael Olson of Grossman Cos. represented his company. Reit Management & Research LLC Real Estate Services manages One Adams Place. Grossman Cos. is a commercial real estate investment, management and brokerage company.
SOUTHBOROUGH, MASS. — Parsons Commercial Group Inc. has completed the sale of 179 Boston Road, a 6,000-square-foot industrial building in Southborough, for $775,000. The property is situated on three acres and is located about 28 miles west of Boston. Arlon Brown and Alex Berger of Parsons Commercial Group Inc. represented the seller, D’Auria Services LLC, in the transaction. TSL Realty LLC, a tree and landscaping company, purchased the property.
BOSTON — Boston Capital has closed on Boston Capital Tax Credit Fund XXXVII, a nationally diversified portfolio of 25 affordable apartment properties in 16 states with a fund size of $130 million in equity. The properties acquired by Corporate Fund XXXVII add an additional 1,350 apartment units to Boston Capital's holdings. The Fund includes nine developments for senior citizens and 16 properties for families across the United States. Fund XXXVII will result in the creation of nearly 1,400 local jobs and will generate nearly $104 million in local income.
PHILADELPHIA — Philadelphia-based D3 Real Estate Development, in a partnership with Baltimore-based Seawall Development Co., held a groundbreaking ceremony for the $35 million Oxford Mills – The Center for Educational Excellence today. Oxford Mills is a 160,000-square-foot, mixed-use redevelopment designed specifically to support Philadelphia’s education community. The project will convert a historically certified factory complex bordering both the Northern Liberties and Fishtown neighborhoods into a modern educational hub. Oxford Mills will include 114 one- and two-bedroom apartments, complimentary shared resource/copy centers, fitness center and free on-siteparking. The residences will be available for occupancy in summer 2014. Theproject also features 40,000 square feet of office space created to supporteducational nonprofits and is anchored by Teach for America’s regional headquarters. The commercial space will be available for occupancy beginning April 2014.
SOMERS POINT, UNION CITY AND TRENTON, N.J. — Eastern Union Funding has arranged approximately $21 million in financing for multifamily properties in New Jersey. A 171-unit multifamily property in Somers Point received $9.5 million in refinancing. The 10-year loan holds a 4 percent interest rate with a 30-year amortization schedule. A 45-unit multifamily property in Union City received $3.5 million in refinancing. The three-year loan holds a 3.5 interest rate with a 30-year amortization schedule. The last loan was for a 73-unit multifamily property in Trenton, which received $2.2 million in refinancing. The 10-year loan holds a 3.8 interest rate with a 30-year amortization schedule.
STRATFORD, CONN. — Seaboard Industries Inc. has signed a lease for 32,000 square feet for a pool and spa supply warehouse, located at 100A Benton St. in Stratford. Jon Angel of President Angel Commercial LLC represented the tenant in their search and in the lease negotiations. Rob Shawah of Baldwin Pearson represented the landlord, Ernest Trefz. The family-run business wholesales a variety of chemicals equipments and parts for the pool and spa industry.
PHILADELPHIA AND SAN JOSE, CALIF. — In two separate transactions, Vornado Realty Trust (NSYE: VNO) has completed the sale of two retail properties for a combined total of $263 million. A retail property in Philadelphia, that is part of the Gallery at Market East, sold for $60 million. The Plant, a shopping center in San Jose, Calif., sold for $203 million. The sales resulted in net proceeds of approximately $156 million, after repaying the mortgage on the San Jose property and closing costs. The Gallery at Market East is a mall located at 901 Market St. in downtown Philadelphia with more than 130 stores. The Plant is located at the intersection of Monterey Highway and Curtner Avenue and spans 643,325 square feet. Tenants at The Plant include Applebee’s Best Buy, Chase, Home Depot, OfficeMax, PetSmart and Target. A net gain of $69 million will be recognized in the second quarter.
TROY, N.Y. — NorthMarq Capital has arranged a $10 million first mortgage loan for the refinancing of a four-building portfolio in Troy, a northern suburb of Albany. The portfolio includes three office buildings: The Market Block, located at 282 River St.; and the Atrium and Frear buildings, located at Third and Fourth streets. The fourth property is the 985-car Uncle Sam Parking Garage, located at 35 4th St. Financing was based on a seven-year term and a 15-year amortization schedule. The borrowers include Bryce Properties LLC, Hudson River Place LLC and Uncle Sam Garages LLC. A local credit union provided the loan.
NORRISTOWN, PA. — Healthcare Solutions Inc., the parent company of Cypress Care, ScripNet and Procura Management, has signed a 57,055-square-foot lease to relocate the company’s regional headquarters to 2500 Monroe Blvd. in Norristown, a northwest suburb of Philadelphia. Mike Barker of CBRE Group Inc. represented Healthcare Solutions in the transaction. Healthcare Solutions provides an array of medical management services in the workers’ compensation and auto industry.