NEW YORK CITY — TA Associates Realty has acquired the JFK Cargo portfolio, which includes 12 buildings adjacent to JFK International Airport's runway system in Queens, for $57.2 million. In addition to the 12 properties totaling 481,000 square feet, the deal includes eight land parcels. The buildings are 93 percent occupied, primarily by freight forwarders such as Aramex International, Gourmet Boutique and Aaron Rents Inc. The eight parcels are currently used as parking lots, but could provide additional on-site expansion. Andrew Merin, David Bernhaut, Gary Gabriel and Kyle Schmidt of Cushman & Wakefield represented the seller, Prologis Inc., in the transaction. They also procured the buyer.
WILMINGTON, MASS. — EagleBridge Capital has arranged a $4.7 million permanent mortgage loan for 255 and 261 Ballardvale Ave. in Wilmington. 255 Ballardvale Ave. is a 25,000-square-foot office building and 261 Ballardvale is a 60,000-square-foot research and development facility that was fully renovated in 2012. Both buildings are leased to Charles River Laboratories. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a financial institution.
HARRISBURG, PA. — Pinnacle Health, a 13,050-square-foot medical office property in Harrisburg, has sold for $4.2 million, or $326 per square foot. The property, located at 2310 Patton Road, was developed as a build-to-suit for Pinnacle Health Systems in 2006. The transaction marked a record-setting sale for suburban office properties in this region, surpassing $325 per square foot at a cap rate of just greater than 7 percent, according to Marcus & Millichap. Benjamin Appel, Jeffrey Algatt, Zachary Pierce and Mark Thomson of Marcus & Millichap represented the seller, a developer, in the transaction. They also secured the buyer, a private investor
DELRAN, N.J. — Party City has signed a 10,126-square-foot lease at Millside Plaza, located at Route 130 and Haines Mill Road in Delran. Party City joins tenants such as Rite Aid and Panera Bread at the 77,583-square-foot center. Rob Samtmann of Equity Retail brokers represented the tenant in the transaction. Kimco Realty is the property owner.
EDGEWATER, N.J. — One Main Street Edgewater LLC has secured a $41.5 million loan for a multifamily and retail property at 1 Main St. in Edgewater. The 12-month loan will be used to pay off an existing construction loan and will allow for partial recapture of the borrower's equity. The 132,000-square-foot property, the second phase of a development of 495 residences and 100,000 square feet of retail, consists of two buildings containing 110 apartments and approximately 16,000 square feet of retail space. Construction is set to be completed in February. John DiCrocco of Berkadia Commercial Mortgage LLC arranged the loan.
NEW YORK CITY — Gale International has acquired a development site at 19-25 W. 20th St., between Fifth and Sixth avenues, for $9.7 million. The Landmarks Preservation Commission has approved plans for a 15-story residential building and a three-story addition to the existing parking garage. The project will include 19 apartments. Bob Knakal and John Ciraulo of Massey Knakal represented both parties in the transaction.
MANSFIELD, MASS. — The Lacerta Group, a custom thermoformed packaging maker, has acquired a 75,000-square-foot industrial building at 240 Forbes Blvd. in Mansfield for $4.3 million. The building is located in the Cabot Business Park and is situated on six acres. Catherine Minnerly and Ovar Osvold of NAI Hunneman represented the seller, Yale Appliances, in the transaction. They also procured the buyer.
GREENWICH, CONN. — General Atlantic LLC, a private equity firm, has signed an 11-year lease for 29,412 square feet of office space at 600 Steamboat Road in Greenwich. The space is located within a 180,000-square-foot Class A building, located near I-95. Brian Higgins, Chris Kraus, George Walker and Ethan Rice of Jones Lang LaSalle represented the building owner, GRC Realty Corp. Robert Martin and Gil Ohls, also of Jones Lang LaSalle, represented the tenant.
New Jersey’s industrial market is showing signs of continued improvement, as evidenced by increased investment sales activity and the return of speculative development to the region. A number of significant development projects are already in progress, as well as a few proposed projects, including 2.8 million square feet of new construction at 2450 U.S. Highway 130 and 2.6 million square feet at Cranbury Half Acre Road, both located in Cranbury and within the Exit 8A submarket, which benefits from a central location that provides tremendous access to points both north and south. The Central New Jersey industrial market continues to have positive momentum with 583,653 square feet of positive net absorption in the third quarter, leading to a decline in the overall vacancy to 7.8 percent from 8.0 percent in the previous quarter. The vacancy rate is now below the 10-year historical average of 8.3 percent, an impressive recovery from a peak vacancy of 10.7 percent in the third quarter of 2009. Overall, market fundamentals remain strong and demand is expected to remain high for the remainder of 2012 and into 2013 based on a sizable number of tenants in the market and pending deals expected to close within the …
BOYLSTON, MASS. — CTA Construction has completed the new, 126,000-square-foot Tahanto Regional Middle/High School for the Berlin-Boylston Regional School District. The $33 million project replaces a 98,000-square-foot school building, which is in severe disrepair. The former school will be demolished by this June. The new building features two separate entrances for the middle and high school, along with a shared auditorium, dining commons and gymnasium. Site work for the project included new athletic fields and parking areas. The project team included the Tahanto Regional Middle/High School Building Committee; PMA Construction Services, the project manager; and HMFH Architects, the project architect.