SAUGUS, MASS. — Marcus & Millichap has arranged the sale of a CVS/Pharmacy property in Saugus for $9.6 million. The building, which is located at 1075 Broadway, spans 12,900 square feet. Laurie Drinkwater and Seth Richard of Marcus & Millichap represented the buyer in the transaction. Dean Zang and Mark Taylor of Marcus & Millichap represented the seller.
NEW YORK CITY —Liberty Mutual Insurance has signed a 130,000-square-foot lease at 55 Water St. in New York City for 10 years. The 3.8 million-square-foot office building stands 54 stories tall and is the second largest privately owned office building in New York City. Liberty Mutual’s new lease doubles its space and spans two floors. Mary Ann Tighe, Brad Gerla, Howard Fiddle and Evan Haskel of CBRE represented the owner, New Water Street Corp., in the deal. Cresa represented Liberty Mutual.
BOSTON — Richards Barry Joyce & Partners has brokered several leases on behalf of Clarion Partners at Waltham Woods Corporate Center, located at 880 and 890 Winter St. in Boston. The leases total more than 55,000 square feet of space and were signed with Fieldwork Boston, Global Advanced Metals, NKT Therapeutics Inc., Windjammer Capital Investors and WinterWyman. Jon Varholak and Ron Friedman of Richards Barry Joyce & Partners represented Clarion Partners in the transactions.
ELMHURST, N.Y. — Pi Capital Partners has received $36 million for The Elm East, an 83-unit apartment complex in Elmhurst. The newly constructed mixed-use property includes 27,730 square feet of retail space and has a Starbucks and Subway. The Elm East is located at 86-55 Broadway. The five-year loan was provided by a regional bank and features a fixed-rate of 2.99 percent. Cary Pollack of Meridian Capital Group arranged the deal.
JOHNSON CITY, N.Y. — Johnson City Town Center, an 83,866-square-foot retail property, has sold for $10.8 million to a Canadian equity fund. The property is located at 420 Harry L Drive in Johnson City, about 70 miles south of Syracuse. The 34,627-square-foot Christmas Tree Shops anchors the retail center. Other tenants include Petco, Party City, Five Below and Lumber Liquidators. Steven Stoehrer and Preet Sabharwa of Marcus & Millichap represented the seller, a New York-based development fund, in the deal.
NORTH WALES, PA. — Geissele Automatics has purchased a 70,000-square-foot industrial property for $1.8 million in North Wales, located about 20 miles northwest of Philadelphia. The property is situated on 13 acres at 800 E. Walnut St. Geissele currently operates its production facility out of Norristown, a site which has housed the renowned defense contractor and rifle trigger manufacturing company for the past four years. The company is moving because it needs more space. Nick Adams of Jackson Cross Partners represented Geissele in the deal.
NEW YORK CITY — TGM Associates, an investment advisory firm focusing on multifamily properties, has renewed its 11,280-square-foot lease at 650 Fifth Ave. near Rockefeller Center for 10 more years. TGM will occupy the entire 28th floor of the 36-story office building in the Plaza District on 52nd Street. Built in 1979 and previously known as the Piaget Building, 650 Fifth Ave. is a 382,500-square-foot tower owned by 650 Fifth Avenue Co.
PITTSBURGH — AdVenture Development LLC has begun site grading and clearing for the 500,000-square-foot town center portion of the McCandless Crossing development in the North Hills submarket of Pittsburgh. McCandless Crossing is a 1.2 million-square-foot, multi-phased project that will feature retail, multifamily units, office space and two hotels. McCandless Town Center, which will be complete in 2014, is the fourth phase of the overall development. Tenants at the center will include a 12-screen Cinemark theater, specialty grocery store, Bonefish Grill, LongHorn Steakhouse and HomeGoods. The town center will also house 50 townhomes. The Dollar Bank of Pittsburgh is financing McCandless Town Center.
NEW YORK CITY — Brookfield Office Properties Inc. has secured leases with eight restaurants to operate casual concepts in the new waterfront-dining terrace the company is building at Brookfield Place in Lower Manhattan. The 600-seat terrace is part of Brookfield's $250 million redevelopment of the Brookfield Place complex, formerly known as the World Financial Center. The dining area is currently under construction and is scheduled to open in January 2014. Brookfield has partnered with AvroKO and BCV Architects to design the terrace, which will be located above a European-style marketplace.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three apartment buildings, located at 602 44th St. and 4405-4409 6th Ave. in Brooklyn, for $3.8 million. The buildings include a total of 28 apartment units. Peter Von Der Ahe, Matthew Fotis and Jeb Hollingsworth of Marcus & Millichap represented the seller, a private investor and the buyer, also a private investor, in the deal.
