Northeast

WORK UNDER WAY ON MCCANDLESS TOWN CENTER IN PITTSBURGH

by admin March 4, 2013

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.

March 4, 2013

EIGHT NEW EATERIES SIGN ON TO BROOKFIELD PLACE DINING TERRACE

by admin March 4, 2013

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.

March 4, 2013

Multifamily Northeast

MARCUS & MILLICHAP ARRANGES SALE OF 28-UNIT APARTMENT BUILDING FOR $3.8M

by admin March 4, 2013

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.

March 4, 2013

Multifamily Northeast

RODE ARCHITECTS COMPLETES RENOVATION OF APARTMENT BUILDING IN ALLSTON

by admin March 4, 2013

ALLSTON, MASS. — RODE Architects has completed the renovation and new construction of a multifamily property in Allston, Mass., a Boston neighborhood. The development, called Allston Proper, is a 12,300-square-foot project at the corner of Glenville Avenue and Greylock Road. It includes three floors of new residential units and an extensive renovation of the existing two-family structures on the site. The new building, contemporary in form and texture, includes eight residential units with on-site parking and exterior landscaped surfaces. Boxford-based Fishbrook Builders was the general contractor, and Boston-based Studio 2112 provided landscape architecture services. The James Hardie Co. manufactured the cement fiber siding panels used in the project.

March 4, 2013

Northeast Office

FOX ROTHSCHILD EXPANDS, RENEWS 11-YEAR LEASE FOR 20,184 SF IN WILMINGTON

by admin March 4, 2013

WILMINGTON, DEL. — Law firm Fox Rothschild LLP has signed an 11-year lease for 20,184 square feet on the second and third floors at Citizens Bank Center, an 18-story office building, in Wilmington. The building, which is located at 919 N. Market St., is a Class A office property that spans 221,686 square feet. A tenant of the building for 15 years, Fox Rothschild had previously occupied approximately 17,000 square feet on two non-contiguous floors. With the new lease, the firm will have contiguous space on two floors with an interconnecting staircase, as well as a private lobby and elevator off the building’s main lobby on the first floor. Doug Simon of Newmark Grubb Knight Frank represented Fox Rothschild in the deal. Keystone Property Group is the owner of the building.

March 4, 2013

Multifamily Northeast

FAROS PROPERTIES ACQUIRES 350,000 SF WASHINGTON PLAZA APARTMENTS

by admin March 1, 2013

PITTSBURGH — Faros Properties has purchased the majority interest of Washington Plaza, a 24-story apartment building in Pittsburgh, and will manage the property. The multifamily property, which is located at 1420 Centre Ave., spans 350,000 square feet. Currently at 96 percent occupancy, the apartment building includes 390 studios and one- and two-bedroom units that range from 460 to 1,180 square feet. Faros Properties said that the building will undergo extensive interior and exterior renovations later this year. Washington Plaza is Faros Properties’ first residential project, as the company owns three office buildings in New York and Connecticut. A purchase price was not disclosed, however, the Pittsburgh Business Times, reported in February that it was $48 million.

March 1, 2013

Northeast Retail

NAPANOCH VALLEY MALL SELLS FOR $5M TO WALMART STORES INC.

by admin March 1, 2013

NAPANOCH, N.Y. — Napanoch Valley Mall, located at 7500 Route 209, has sold for $5 million to Walmart Stores Inc.. The mall, which sits on a 20-acre site, will be redevelop into a 130,000-square-foot Walmart and include an adjoining 7,600-square-foot retail plaza. The Napanoch Post Office and three retail tenants will occupy the new space. Crossroads Cos. represented the seller, Napanoch Valley Mall LLC, in the deal. Tree Line Real Estate represented Walmart Stores. Located in western Ulster County, Napanoch is situated at the junction of Routes 209 and 55. The nearest retail centers are 40 minutes away in Middletown or Kingston.

March 1, 2013

Northeast Office

HOULIHAN-PARNES, Q10 REALTY ARRANGE $2.3M FINANCING FOR 83 EAST AVE.

by admin March 1, 2013

NORWALK, CONN. — Houlihan-Parnes Realtors LLC and Q10 Realty Advisors LLC have arranged a $2.3 million mortgage on 83 East Ave., a 40,000-square-foot office and medical building in Norwalk. The property is undergoing capital improvements including a new lobby, bathrooms, elevators, landscaping, exterior lighting and painting. The office building is home to 18 tenants and is managed and leased by GHP Office Realty. The interest-only loan was placed with a local bank at an interest rate of 4.25 percent for a two-year term and an option to extend. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the loan. Ray Cohen of Chicago Title arranged the title. Robert Ocko of Harrington, Ocko & Monk LLP represented the borrower.

March 1, 2013

Multifamily Northeast

CBRE ARRANGES SALE OF THE BEACON HILL PORTFOLIO IN BOSTON

by admin March 1, 2013

BOSTON — CBRE has arranged the sale of The Beacon Hill Portfolio, a 16-unit apartment portfolio, which includes 24 Joy St. and 88 W. Cedar St., located in Boston’s historic Beacon Hill neighborhood. The portfolio consists of two four-story apartment buildings that were built in the late 1800s. Beacon Hill Apts. LLC, a private partnership led by Luzern Associates LLC, sold the portfolio to an affiliate of The Copley Group.

March 1, 2013

Hospitality Northeast

HPT SIGNS LETTER OF INTENT FOR $375M DEAL WITH NH HOTELES

by admin February 28, 2013

NEWTON, MASS. — Hospitality Properties Trust (HPT) has signed a letter of intent and entered into an exclusive negotiating period for hotel investments with Madrid-based NH Hoteles (NHH) on properties in Latin America, Europe and the United States totaling approximately $375 million. Under the agreement, HPT will purchase five hotels in Latin America from NHH for $70 million. HPT will also provide a €170 million (U.S. $223.4 million) loan to NHH on four hotels in Europe. NHH and a European partner currently own a 242-unit hotel in New York City. HPT and NHH will form a joint venture to acquire this hotel. HPT expects to provide up to $80 million to retire the ownership of NHH's current partner and fund a major refurbishment of this hotel.

February 28, 2013

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