PHILADELPHIA — Rosemont Realty LLC has acquired 2000 Market Street, a 665,659-square-foot office property in Philadelphia, from a fund controlled by CBRE Global Investors. The sales price was not disclosed, but the Philadelphia Business Journal reports that the building traded for an estimated $110 million. The 29-story building was built in 1972 and was renovated in 2012. The 2000 Market Street complex was 95 percent occupied at the time of sale. Tenants include Marshall Dennehey, Fox Rothschild LLP, The Board of Pensions of the Presbyterian Church, Zurich American Insurance, Weber Gallagher, Hamburg Sud Group, Francis Cauffman and Duff & Phelps. CBRE will continue to provide property management and leasing services for the building. Robert Fahey of CBRE brokered the transaction.
JERSEY CITY, N.J. — Premier Motor Lines has signed a 97,453-square-foot industrial lease at 2 Colony Road in Jersey City. The 262,000-square-foot warehouse facility was built in 1976. The building has 24-foot ceilings, 40 tractor-trailer parking spaces and an active rail. Matthew Corpuel of CBRE represented Premier Motor Lines in the transaction. Bill Waxman, Mindy Lissner and Nicholas Nitti of CBRE represented the landlord, RREEF Management LLC. Premier Motor Lines is a third-party warehousing and logistics company that provides food-grade warehousing, brokerage and private fleet service to New York, New Jersey, New England and Eastern Pennsylvania. The business is relocating from 397 E. 54th St. in Elmwood Park.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 6203 5th Ave., a 3,527-square-foot, mixed-use property in Brooklyn for $950,000. The property is located in Chinatown and was sold in an all-cash transaction. Jakub Nowak and Derek Bestreich of Marcus & Millichap represented the seller, a private investor, in the transaction. Nowak, Bestreich, Mark Lu and Erik Lundberg of Marcus & Millichap represented the buyer, a private investor.
WALTHAM, MASS. — Equus Capital Partners, formerly BPG Properties Ltd., has sold Totten Pond Office Park, a three-building office park, for $47 million. The 297,603-square-foot office park is located at 400 and 410 Totten Pond Road in Waltham, a western suburb of Boston. Tenants at Totten Pond Office Park include Lewtan Technologies Inc., Mass Electric Construction and Milestones Inc. At the time of the sale, the office park was 83 percent occupied. Rob Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented Equus in the transaction.
NEW YORK CITY — Stan Johnson Co. has completed the sale of a retail development property for $8.4 million. The property is fully leased to Bank of America and is located at the intersection of 18th Avenue and 66 Street in Brooklyn. Nearby tenants include Walgreens, CVS/pharmacy, TD Bank, Chase Bank, McDonald’s and Starbucks. Jason Maier of Stan Johnson Co. represented the seller, a private corporation, and the 1031 tax-deferred exchange buyer, an individual investor, in the transaction. The property is slated for completion by mid-year 2013.
BERNARDS TOWNSHIP, N.J. — Hitachi Power Systems America Ltd. has renewed its lease for 50,000 square feet at Liberty Corner Executive Center in Bernards Township, about 25 miles west of Newark. Liberty Corner Executive Center, a three-story, 86,000-square-foot Class A office building, is located at the intersection of Route 78 and Martinsville and Liberty Corner roads. Murray Construction recently completed a renovation, which included a new central chiller, new roof, facade work and upgrades to common areas. Merrill Roth of Newmark Grubb Knight Frank represented Hitachi, which has occupied the space since 2005, in the transaction.
GLOUCESTER, N.J. — Boston Capital has provided a $2.6 million mortgage financing for Revere Run at Park Place, an 80-unit multifamily development, in Gloucester, located about eight miles east of Philadelphia. The fixed-rate, two-year loan carries a 15-year term. Located on eight acres, Revere Run at Park Place will feature 15 one-bedroom, 41 two-bedroom and 24 three-bedroom units in six three-story buildings. Units will include central air conditioning, dishwashers and high-speed Internet.
NEW YORK CITY — Sher Tremonte LLP, a litigation firm, has signed an office lease at 80 Broad St. in New York City for 3,822 square feet. The firm will occupy the 13th floor of the office building for five years. Sher Tremonte specializes in commercial litigation as well as trust and estate litigation. Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Grubb Knight Frank represented the landlord, an affiliate of Savanna, while Seth Hecht of Colliers International represented the tenant in this transaction.
Blessed by a favorable location and high quality of life standards, the Danbury, Conn., retail market has grown in the recent 18 months and should continue to expand in 2013. Key among growth indicators are: * Whole Foods is opening its first store in the Danbury market in 2013. * Panera Bread and Petco recently opened second stores in this market. * Toll Brothers is under way with a new 1,200-home community in anticipation of regional population growth and changing demographics. * Danbury has the lowest unemployment rate in the state (7.1 percent seasonally unadjusted as of January 2013, according to the Bureau of Labor Statistics). Location and Demographics Danbury is located in northern Fairfield County on the border of New York State and is approximately 50 miles north of New York City. (The Metro train to NYC takes just over an hour.) The population is approximately 80,000. Danbury serves Fairfield and Litchfield County in Connecticut as well as Westchester, Putnam and Dutchess counties in New York. Stamford, Conn.; White Plains, N.Y.; and Hartford, Conn., are each about an hour away. The relatively short commutes to these larger urban hubs entice real estate occupiers for office space and retail tenants …
NEW YORK CITY — SL Green Realty Corp. has arranged $925 million bridge acquisition financing for the Sony Building at 550 Madison Ave. in New York City. The building, which is currently Sony's U.S. headquarters, was purchased for $1.1 billion by a group led by real estate developer Chetrit Group, according to Reuters. The financing matures contemporaneously with the expiration of Sony’s leaseback of the property and consists of a $600 million senior loan originated by Bank of China; a $175 million senior mezzanine debt, which SL Green sold to a private investment manager; and a $150 million junior mezzanine debt originated by SL Green. Philip Johnson and John Burgee designed the 37-story, 852,830-square-foot tower. The building was originally built for AT&T. Ironhound Management was the advisor to the borrower.