Along the Seacoast in New England, the industrial sector has been busy during the past 12 months with a number of sales and leases, reflecting the steady recovery of the economy. There is more activity and we are even seeing a new crop of startups in the market looking for space. Buyers have found opportunities to pick up industrial properties at attractive prices and while locking in low interest rates from commercial local banks offering SBA and conventional financing. The largest recent deal in the market is SigSauer’s lease of a 206,000-square-foot facility at The Pease International Tradeport. The Exeter, New Hampshire-based company is making a substantial investment in building upgrades and new equipment before moving in. Rochester, New Hampshire, was successful in attracting a new 343,000-square-foot project at The Granite State Business Park. The building is a joint project between Albany Engineered Composites and Safran, a French aerospace company. The building will be located on a 50-acre parcel and will employ approximately 400 workers. Westinghouse is expanding from its existing base in Newington to an 80,000-square-foot building at the nearby Pease International Tradeport. The company has signed a lease at this high-bay building and is completing renovations before moving …
NEW YORK CITY — Marcus & Millichap has arranged the $31.5 million sale of the Art & Design Building at 1059 Third Ave. in Manhattan. The price translates to $1,146 per square foot, setting a new record for East Midtown commercial real estate, according to a statement. The buyer plans to demolish the 22,250-square-foot office, showroom and retail building and develop the property into high-end condominiums. The property is located near Trump Plaza, Bloomingdale's and the Bloomberg Building. Tanya Siegel and Kailin Zhu of Marcus & Millichap represented the seller in the transaction. Massey Knakal represented the buyer.
ANDOVER, MASS. — Skanska is constructing Bancroft Elementary School, a public school for the town of Andover. The project includes a new 106,486-square-foot building adjacent to the existing Bancroft Elementary School, which first opened in 1969. The new building will accommodate 680 students and will include classrooms, administrative space, a library, gymnasium and cafeteria. Crews plan to demolish the exisiting 65,000-square-foot elementary school. The town of Andover is seeking LEED Silver certification for the school. The project will be built in three phases and is scheduled for completion in November 2014. Symmes Maini & McKee Associates is the architect and Dore & Whittier is the project manager.
NEW YORK CITY — GFI Realty Services has arranged the $8.3 million sale of 4112 4th Ave., a mixed-use building in Brooklyn. The 43,280-square-foot building contains 57 apartments and seven stores. The building is centrally located to the Gowanus Expressway as well as the D, N and R subway lines. Erik Yankelovich of GFI Realty Services represented the buyer, a local family, in the transaction. Joseph Landau of GFI represented the sellers, a partnership of local investors.
CHICOPEE, SPRINGFIELD AND WESTFIELD, MASS. — Love Funding has arranged four loans totaling $23.7 million for the refinancing of a skilled nursing facility portfolio in Massachusetts. The properties include Willimansett Center East and Willimansett Center West in Chicopee, Chapin Center in Springfield and Governor's Center in Westfield. The Northeast Health Group Inc., a not-for-profit organization, acquired each of the properties in 1995. The buildings are operated by Airamid Health Management. Joshua Hausfeld of Love Funding secured the fixed-rate, 30-year loans through the U.S. Department of Housing and Urban Development's 232/223(f) loan program.
CHELSEA, MASS. — Burlington Management has acquired 18 apartment units at 156-160 Park St. an 161-165 Pearl St. in Chelsea for $1.5 million. The apartments are housed in two, three-story rowhouse buildings. The Pearl Street building contains 10,296 square feet and the Park Street building includes 8,966 square feet. Both buildings have separate entrances and on-site washers and dryers. Carl Christie and Dan McGee of NAI Hunneman represented the seller in the transaction. They also procured the buyer.
SOUTH BRUNSWICK, EDISON, ELIZABETH AND BAYONNE, N.J. — An affiliate of Cohen Asset Management has purchased a nine-building industrial portfolio totaling 2.6 million square feet in northern New Jersey. The portfolio is primarily composed of warehouse and office space in port-centric locations in South Brunswick, Edison, Elizabeth and Bayonne. The buildings are 98 percent leased to a diverse base of tenants. Michael Nachamkin led the HFF team that represented the seller, Avidan Management LLC, in the transaction.
AUBURN, MASS. — The new 56,295-square-foot Lundgren Honda dealearship at 145-163 Washington St. in Auburn has opened. The facility features a showroom, service department with 22 bays, an automotic car wash and four quick-lube service bays. The building also includes a business center with free Wi-Fi, a cafe and children's play center. BKA Architects designed the project and Construction Management & Builders served as the general contractor.
LINDENWOLD, N.J. — Beech Street Capital has arranged a $26.3 million Freddie Mac loan for the acquisition of The Landings at Pine Lake, a 520-unit apartment complex in Lindenwold. The community is 95 percent occupied and consists of 46, three-story apartment building and a leasing center. The complex is approximately 15 miles southeast of the Philadelphia CBD. Abe Hirsch and Moshe Majeski of Meridian Capital Group originated the fixed-rate, 10-year loan. Azure Partners is the borrower.
CRANSTON, R.I. — LA Fitness has chosen Garden City Center as its first Rhode Island location. The sports club will be next to OfficeMax in a two-story, 38,000-square-foot facility that will be designed to resemble a hotel inside. The LA Fitness outlet will replace a closed Borders bookstore at the center, which will be demolished. Construction will begin in January 2013 and the club is expected to open in December 2013 or early 2014. The LA Fitness location will be the second phase of a multimillion dollar expansion and renovation of the shopping center, which Wilder Cos. launched in the spring. Phase I includes a new 20,000-square-foot building linking the center's two sections.