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.
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.
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.
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.
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.
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.
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.
