PHILADELPHIA, PITTSBURGH AND WEST CHESTER, PA. — Walker & Dunlop has arranged a $70.2 million Fannie Mae loan for the refinancing of a portfolio of historic properties that were converted to multifamily buildings. Reinhold Residential is the borrower. The portfolio consists of seven garden-style apartment buildings totaling 628 units in Philadelphia, Pittsburgh and West Chester. Each of the 10-year loans feature a 25- to 30-year amortization schedule. Reinhold Residential plans to use funds from the closing to upgrade the properties over the next five years.
NEW YORK CITY — Taconic Investment Partners and Square Mile Capital Management are set to begin construction at 837 Washington St. in the Meatpacking District, to transform a vacant structure into a 55,000-square-foot building with retail and office space. Morris Adjmi Architects will design the building, which is slated for occupancy in the fall of 2013. The project will break ground later this month. The office portion of the complex will feature 12-foot ceiling heights and private terrace spaces. The retail space will total 28,000 square feet.
SHARON, MASS. — IDI Distributors, a nationwide supplier of fiberglass and sprayfoam, has leased 32,995 square feet of industrial space at 1245 Providence Highway in Sharon. The company will relocate its Massachusetts distribution operation to the new space. CBRE Group represented the tenant in the transaction. Cathy Minnerly and Ovar Osvold of NAI Hunneman represented the landlord, John D. Murphy Co., in the transaction.
WALTHAM AND WAKEFIELD, MASS. — SDL, a global information management firm, has signed two office leases in the greater Boston market. SDL is relocating to 9,780 square feet at 410 Totten Pond Road in Waltham and 18,763 square feet at 201 Edgewater Drive in Wakefield. The company signed a five-year lease in Waltham and a seven-year lease in Wakefield. Michael O'Leary, John Boyle and Brian Hines of Cassidy Turley FHO represented the tenant in both transactions.
ROCKY HILL, CONN. — KS Partners has acquired a 620,327-square-foot office portfolio in Rocky Hill for $65 million. The eight-building portfolio consists of two office complexes: Corporate Ridge and I-91 Tech Center on Brook Street. Corporate Ridge includes 500 Enterprise, 55 Capital Boulevard and 175 Boulevard. The five remaining single-story buildings at I-91 Tech Center total 113,000 square feet of office and flex space. The portfolio was 87 percent leased at the time of sale and tenants include Nationwide Insurance, AT&T and United Healthcare. The seller was New Boston Fund.
PHILADELPHIA — Crews have broken ground on the $34 million Courtyard by Marriott at the Philadelphia Navy Yard. Ensemble Hotel Partners is developing the 172-room hotel, which is the first for the Navy Yard Business Park. The Navy Yard is home to more than 120 companies, including Urban Outfitters, Tasty Baking Co. and Flowers Foods. The new 90,000-square-foot hotel will feature 2,000 square feet of meeting space, an upscale restaurant and a fitness center. Erdy McHenry Architects is designing the property and INTECH Construction will serve as the design-build contractor. The property will be at the corner of Rouse Boulevard and Intrepid Avenue.
NEW YORK CITY — Through foreclosure proceedings, Madison Realty has taken ownership of 364 Bay St., a stalled 55,000-square-foot retail center near the St. George waterfront. The firm plans to finish and lease the two-story retail project, which is slated for completion by the end of 2013. Madison purchased the defaulted first mortgage note and second mortgage note with an unpaid principal balance of $2.9 million from a local bank. The previous owner had acquired the land for $4.5 million and had spent an additional $2.5 million on improvements when construction was halted during the downturn. When Madison completes the project, the property will feature more than 40,000 square feet of retail space.
NEW YORK CITY — Montefiore Medical Center has reached an agreement with owner and developer Simone Development to build out and occupy a new, 11-story tower in the Bronx. The 280,000-square-foot building will be part of Simone's Hutchison Metro Center, which is scheduled for completion in the third quarter of 2014. The new tower will include an ambulatory surgery center, an advanced imaging center, an onside laboratory and pharmacy and primary and specialty care practices. Montefiore will spend a reported $142 million on the new facilities. The company's lease is for 16 years, after which there is an option to extend the lease or purchase the tower.
HAUPPAUGE, N.Y. — KABR Real Estate Investment Partners and Capstone Realty Group have acquired 330 and 350 Motor Parkway, the gateway office buildings to the Hauppauge Industrial Park. The new owners plan to upgrade the properties, which total 144,000 square feet. The buildings are separated by Marcus Boulevard and are near Long Island Expressway Exits 53 and 55. The buildings are 85 percent occupied and tenants include New York Commercial Bank, First National Bank of Long Island and the Long Island Convention and Visitors Bureau. The Rochlin Organization will serve as the building's leasing agent.
The retail market in Greater Rochester has been active for the first three quarters of 2012, and we anticipate steady demand into 2013. The most active retailers in the market have been national restaurant chains, dollar stores, retail bank branches, medical (urgent care) and gas stations. Overall market vacancy is currently 7.47 percent with the southeast market at 4.77 percent, and the northwest market at 5.06 percent, showing the tightest vacancy levels. The southeast market includes both the 1.3 million-square-foot Eastview Mall corridor in Victor and the Monroe Avenue corridor in Pittsford. The Monroe Avenue corridor is centered at Pittsford Plaza and Wegmans’ flagship grocery store. The southeast market boasts the highest household income demographics in the region, which has attracted retailers like Trader Joe’s, which is opening in Pittsford Plaza in October; The North Face, currently under construction across from Eastview Mall; and Von Maur, which is currently under construction and replacing The Bon Ton at Eastview Mall. Benderson Development is completing construction of the small shop space at Victor Crossing, a power center anchored by a Walmart Supercenter and Kohl’s on Route 96 just south of Eastview Mall. New tenants include HomeGoods, PetSmart, Dollar Tree, and Famous Footwear. …