NEW YORK CITY — Meridian Capital Group has arranged a $72 million loan to refinance two office properties in the Garment District of New York City. David Hayum of Meridian negotiated the 10-year loan through Morgan Stanley. The two office properties, totaling 250,000 square feet, were recently repositioned and are home to many high-tech tenants and fashion showrooms.
NEW YORK CITY — Marcus & Millichap has arranged the $1.5 million sale of 277 W. 150th St., a 20-unit apartment building in New York City. The property totals 14,554 square feet. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller, a private investor, in the transaction. They also secured the buyer, a limited liability company.
WESTPORT, CONN. — JL319 LLC has purchased 319 Post Road in Westport for $1.1 million, which will open as a veterinarian clinic following a renovation. The property will be named Winslow Park Animal Hospital. David Fugitt of Vidal/Wettenstein Commercial Real Estate represented the seller, Westport County Playhouse, in the transaction. He also represented the buyer.
BRIDGEWATER, N.J. — Aon Hewitt, a risk management services provider, has signed a 10-year lease renewal for 50,000 square feet at Somerset Corporate Center I in Bridgewater. The 250,000-square-foot center is fully leased and also houses tenants such as Brother International and Merrill Lynch. John Nugent, Edward DaCosta and Christopher Adamo of CBRE Group represented the tenant in the transaction. The landlord, SPJ Properties, was self-represented.
NEW YORK CITY — Massey Knakal has negotiated the sale of an institutional building located at 199-12 112th Ave. in the St. Albans neighborhood of Queens for $6.8 million. The most recent tenant was the New Charter Academy school, although the seller was the Police Athletic League, which once occupied space there. The 52,300-square-foot property was vacant at the time of sale. Bob Knakal and Brian Sarath of Massey Knakal represented the buyer, New York City's School Construction Authority. The company plans to use the building for a school. Knakal and Sarath also represented the seller.
MILLERSVILLE, PA. — Work will begin in May 2013 on eight new residence halls for the Millersville University campus. The 600,000-square-foot, 2,000-bed project, located primarily on the university's south quad, will eventually replace each of the existing residence halls on campus. The project is expected to take approximately five years. In addition to the new residence halls, a new 350-space parking lot will be constructed across from South Quad. The first two buildings are scheduled for completion in August 2014. Student Services Inc. will own the buildings while the university will manage them. The $180 million public/private partnership will be paid for with private bonds. Ambling University Development Group is managing the project.
WALTHAM, MASS. — Citizen's Disability has signed a lease for 42,905 square feet at 1075 Main St. in Waltham. Citizen's Disability, a Social Security disability advocacy group, is relocating its headquarters from Marlboro, Mass. The building features a cafe, fitness center and covered parking. Stephen James and Dan Collins of NAI Hunneman represented the tenant in the transaction. Rob Walles of CBRE Group represented the landlord.
PHILADELPHIA — Ballard Spahr, a national law firm, has signed a 15-year lease renewal for 179,307 square feet at BNY Mellon Center in Philadelphia. Wayne Fisher and Craig Scheuerle of Newmark Grubb Knight Frank represented the landlord, CommonWealth REIT, in the transaction. CBRE represented the tenant. The property is managed by Reit Management & Research LLC, Real Estate Services. The BNY Mellon Center was built in 1990. Firms such as BNY Mellon, FMC Corp. and Sunoco are headquartered in the building, which has maintained occupancy rates above 90 percent since its construction.
BILLERICA, MASS. — Tokyo Electron U.S. Holdings, a supplier of semiconductor production equipment, has renewed and expanded its lease by 52,683 square feet at 900 Middlesex Turnpike, Building 6 in Billerica. The company now occupies 91,649 square feet at the property. Michael Dalton of Cassidy Turley represented the tenant in the transaction. The landlord, Gutierrez Co., was self-represented.
PITTSBURGH — Rue 21, the teen apparel retailer, has hired Sabre Real Estate Group as its exclusive broker for Long Island. The Pittsburgh-based company, which operates two stores in Nassau and Suffolk counties, announced plans to open more than 12 stores in the region. Officials of Rue 21, which has 800 stores in 46 states, is also opening 120 stores nationwide this year. The chain is seeking well-located spaces ranging from 4,000 to 5,000 square feet.