FAIRFIELD, N.J. — A joint venture between Time Equities and Bergman Real Estate Group has acquired 155 Passaic Ave., a four-story office building in in Fairfield, for $5.6 million. Originally acquired by Bergman Real Estate in 2001, the 88,000-square-foot building will be refinanced as part of a strategic plan to reposition the property with the financial backing of Time Equities. Prior to closing, 155 Passaic Ave. was 57 percent occupied, but due to pre-leasing efforts during negotiations, occupancy has risen to 82 percent. New tenants in the building include Daniella Koren, a healthcare marketing firm and Mortgage Master, a mortgage company.
NEW YORK CITY — Howard Hughes Corp. has revealed a new plan to redevelop Pier 17 at its South Street Seaport property in Manhattan. The plan calls for replacing the current mall with a modern glass-enclosed, three-story structure complete with stores and restaurants. The center will include an open rooftop space to be used for concerts and other events. The redevelopment is part of an agreement under its ground lease with the New York City Economic Development Corp. The Pier 17 project is expected to be completed in 2015.
BOSTON — Fantini & Gorga has arranged a $13 million loan for the refinancing of 200 Portland St., a 97,000-square-foot office and retail building in Boston. Commerce Bank provided the loan to the borrower, Deajan Holdings PLC, a London-based real estate company. The property is located in the Bulfinch Triangle area of Boston, across the street from the Tip O'Neill Federal Building and TD Garden.
BOSTON — Seattle-based Nordstrom Inc. has opened a new Nordstrom Rack at The Newbry in Boston's Bay Back neighborhood. The 38,000-square-foot store is scheduled to open next spring in the former Filene's Basement space. Nordstrom Rack is the upscale fashion retailer's off-price chain that sells merchandise from Nordstrom stores and Nordstrom.com for 50 to 60 percent off original prices. The new location expands the company's presence to four full-line stores and four Nordstrom Racks in the Boston market. TIAA-CREF owns the Newbry, which is located at 800 Boylston St.
LEWISBURG, PA. — Marcus & Millichap has arranged the $3 million sale of Plaza 15, a 117,086-square-foot retail property at 7495 W. Branch Highway in Lewisburg. The complex is anchored by Save-A-Lot and Big Lots. Joseph French and Schuyler Boylan of Marcus & Millichap represented the seller, a financial institution that is liquidating all of its assets. French also represented the buyer, a developer specializing in value-added properties.
ENGLEWOOD, N.J. — CPEX Real Estate has arranged the $1.6 million sale of the former Mama Mexico restaurant building at 464 Sylvan Ave. in Englewood. The two-story, 13,815-square-foot building underwent a $2 million renovation in 2006. CPEX represented both parties in the transaction.
NEW YORK CITY — SL Green has entered into a joint venture to build a 30-story student housing tower for Pace University at 33 Beekman St. in downtown Manhattan. SL Green has teamed up with Harel Insurance and Finance and Naftali Group on the project. The group acquired the fee interest in the development site. Once construction is complete, Pace will receive a long-term ground lease condominium interest in the building for the dorms and retail space. The project is reportedly slated for completion in 2015. Gene Kaufman Architect was selected to design the project.
PHILADELPHIA — ULTA Beauty has signed a 13,467-square-foot lease for a three-story flagship store on Rittenhouse Row in Philadelphia. This is ULTA's first store in Center City and only the second urban store in its portfolio. Built in 1937, 1619 Walnut St. was once occupied by Westinghouse Broadcasting and later CBS affiliate KYW-TV. Vesper Property Group acquired the property in 2007 and began a multimillion dollar renovation. Fameco Real Estate represented the tenant in the transaction.
VINELAND, N.J. — Townsend Farms has purchased a 215,508-square-foot manufacturing and cross-dock warehouse building at 3501 South East Blvd. in Vineland for $2.1 million. Townsend Farms plans to use the facility for processing and freezing berries from local growers. General Mills leases a portion of the building and will remain as a tenant. Marc Policarpo of Binswanger represented the seller, Vineland Development Corp., in the transaction.
WOODBRIDGE, N.J. — Hatch Mott McDonald has inked an 81,351-square-foot office lease at MetroTop Plaza I and II in Woodridge. The engineering and design firm plans to use the space for its new headquarters. The company will occupy 71,351 square feet on the third and fifth floors, as well as part of the fourth floor of the 255,000-square-foot MetroTop Plaza II. The company will also occupy 10,000 square feet on the first floor of MetroTop Plaza I. Paul Giannone, Kevin Carton and Eric Sobel of Cushman & Wakefield represented the owner, Atlantic Realty & Development Corp. Jim Schroeder of Studley represented the tenant.