EXTON, PA. — Pennsylvania Real Estate Investment Trust has plans to establish an ambulatory-care facility at one of its shopping malls through a partnership with Main Line Health. Bryn Mawr-based Main Line Health will operate the 32,000-square-foot facility at the Exton Square Mall in Exton, located about 30 miles west of Philadelphia. The facility will have a broad range of diagnostic and treatment services including physicians, obstetric and gynecology specialists, oncologists, pediatricians and other specialty physician practices. The facility is scheduled to open later this year.
NEW YORK CITY — Massey Knakal has sold a development site, located at 950 Summit Ave., to 950 Summit LLC for $875,000 in Brooklyn. The site, which equates to approximately 57,190 buildable square feet, has 175 feet of frontage on Summit Avenue and 95 feet on West 162nd Street. 950 Summit LLC has plans to build a workforce housing on the site.
WESTBURY, N.Y.— Kalmon Dolgin Affiliates Inc. has arranged a 68,000-square-foot, long-term lease for Mr. Wu, a manufacturer of tofu and bean sprouts, at 750 Summa Ave. in Westbury. Linda Wong of Kalmon Dolgin represented Mr. Wu, while David Sargoy of Brown Harris Stevens represented the owner, 750 Summa Avenue LLC, in the deal. Mr. Wu will occupy the entire one-story warehouse, which includes 1,000 square feet of office space.
NEW YORK CITY — A 19,721-square-foot industrial property, located at 133 Sutton St. in Brooklyn, has sold for $3.3 million. Jakub Nowak of Marcus & Millichap represented the seller, a private investor and the buyer, a limited liability company, in the deal.
BEDFORD, MASS. — State Electric Corp. has purchased an 18,000-square-foot flex building for $1.2 million in Bedford. The property, which is located near Route 3 and I-95, is a single-story industrial building with office space on a 2.6-acre site. The Stubblebine Co./CORFAC International represented State Electric Corp. and the seller, Bill Callahan, in the deal. State Electric Corp. is a full-service electrical construction company that provides electrical construction services throughout Eastern New England.
MORRISTOWN, N.J. — A three-story, mixed-use building has sold for $1.2 million in Morristown. The 5,000-square-foot property, which is located at 28 W. Park Place, includes two commercial units with office space on the top floor. A restaurant is leasing the ground-floor unit. The upper floors were vacant at the time of sale. New York City-based Massey Knakal arranged the sale.
ROBBINSVILLE, N.J.— Matrix Development Group, has plans to develop a 350,000-square-foot, build-to-suit facility for McKesson Corp, in Robbinsville. The facility will be located within Matrix Business Park, some 40 miles northwest of Philadelphia. The building will include 317,585 square feet of climate-controlled warehouse space, 32,445 square feet of office space, 25 loading docks and parking for 220 cars. The facility is slated for completion in April. McKesson is a national U.S. pharmaceutical distributor and healthcare information technology company.
MUHLENBERG TOWNSHIP, PA. — Pratt Corrugated Holdings Inc. has signed a 10-year lease for 115,000 square feet of industrial space in Muhlenberg Township, located about 60 miles northwest off Philadelphia. The industrial building is situated within the Route 61 Distribution Center owned by Brasler Properties. Pratt is a national recycled paper and packaging company.
We We ended 2012 with a “wait-and-see” New York City office market, a predicament common to other cities and commercial real estate sectors across the U.S. With elections, the fiscal cliff and 2012 behind us, we expect 2013 to be a bit of a transition year with moderate growth, but it will still be interesting to observe and be a part of one of the world’s most dynamic markets as Midtown, Midtown South and Downtown evolve and historic developments such as the World Trade Center continue to take shape. In terms of tenant activity, Midtown South is still the biggest story. Midtown South vacancy closed the year at 7.9 percent, with average asking rents of $49.69 per square foot, while the submarket’s Class A space was 5.2 percent vacant with average asking rates of $62.57 per square foot. With Google and its $2 billion New York City headquarters at 111 Eighth Ave., Midtown South’s Silicon Alley has emerged as the East Coast hot spot for tech and social media tenants that are drawn to the city’s media and financial agglomerations and talent pool. Though Midtown and Midtown South offer a different vibe and, generally, different types of office inventory, owners …
NEW YORK CITY — Vornado Realty Trust has completed a $390 million loan for its retail condominium, located at 666 Fifth Ave. in New York City. The 10-year, interest-only loan carries 3.6 percent. The net proceeds from the financing were approximately $387 million. Vornado acquired the property in December for $707 million