NEW YORK CITY — NYC Department of Hospital Employees Local #420 has purchased a 7,766-square-foot office condominium at 70 West 36th St. in New York City for $4.1 million. The NYC Department of Hospital Employees is the largest public employee union in New York City, and the new office space will serve as the organization's headquarters. Brandon Medeiros of Time Equities represented the seller in the transaction. Jonathan Cohen of JTK Cohen and Co. represented the buyer.
EXTON, PA. — Morphotek has opened an $80 million manufacturing plant in Exton, which will begin production operations later this year. The 60,000-square-foot facility will enable the company to make proprietary biologic therapeutic products for use in early-stage clinical trials. Its new product pipeline includes antibodies to treat cancer and autoimmune diseases.
BOLTON, MASS. — Paragon Holdings has acquired a 72-acre property in Bolton for $8 million. The company plans to consolidate its operations at Ashland and Southborough into one global headquarters. The Paragon companies, including Paragon Communications Inc., NTSDirect and Paragon R3, plan to occupy the new headquarters in January 2013. The campus includes a 301,647-square-foot building with a fitness center, cafeteria and basketball court. Paragon purchased the property, formerly the Future Electronics site, from RGM Holdings.
BURLINGTON, MASS. — Construction has started on a five-story, 120,000-square-foot office building at 78 Blanchard Road in Burlington. The building will be part of Blanchard Woods, a 200,000-square-foot office park developed by Duffy Properties. The park includes two existing buildings at 76 and 80 Blanchard Road, which total 80,000 square feet. Steve Murphy and Alex Plaisted of CBRE Group will manage the leasing for the property. 78 Blanchard Road is the first speculative office building under construction along Route 128 this year.
KING OF PRUSSIA, PA. — A fund comprised of Miller Investment Management and Hayden Real Estate Investments has purchased Walnut Hill Plaza, a 155,073-square-foot office building in King of Prussia. The fund, named MIM-Hayden Real Estate Funds, reportedly paid $11 million for the property, which is located at 150 South Warner Road. The companies plan to renovate the building's lobby, common area and restrooms. The MIM-Hayden fund has acquired 24 properties and is now 60 percent invested.
NEW YORK CITY — Crews have broken ground on the new Beacon High School at 521 W. 43rd St. in the Hell's Kitchen neighborhood of Manhattan. Skanska recently signed an $88 million contract to convert an existing six-story New York Public Library book storage facility into a modern high school. The project will include extensive demolition and the construction of a gymnasium and auditorium for the school's 2,900 students. The high school is scheduled for completion in May 2015.
WILBRAHAM, MASS. — M. Dunitz Business Holdings Group, a Delaware-based limited partnership, has acquired the Big Y Plaza in Wilbraham for $18.1 million. The 63,850-square-foot Big Y supermarket opened at 2031 Boston Road in 2008. Shortly thereafter, a Red Robin restaurant opened on the site's outparcel. Matt Halprin of New England Properties represented the seller, Merchant Wilbraham LLC, in the transaction. Dan Barnes of Lee & Associates represented the buyer.
NEW YORK CITY — TerraCRG has arranged $5.5 million in first mortgage financing for the acquisition of a six-building apartment portfolio in Brooklyn. IWC Capital Management purchased the portfolio, which totals 37,950 square feet, for $7.3 million. The buildings include 645 Putnam Ave.; 319 Malcolm X Blvd.; 419 Marcus Garvey Blvd.; 421 Marcus Garvey Blvd.; 804 Macon St.; and 814 Macon St.
TEANECK, N.J. — Grant & Joy Lee Family LLC has acquired a 184,000-square-foot industrial property in Teaneck from curtain and bedspread importer Beacon Looms for $6.1 million. Michael Schaible of Lee & Associates New Jersey represented the seller, the Sadinoff family, who founded the textile company in 1941 in New York City. Beacon will close its doors as the third-generation owner of the company retires. Bowen Pak of Eastern International Realty represented the buyer. The property will serve as a company headquarters and primary distribution center for Grant Electrical Distributors.
MONTVALE, N.J. — Life Time Fitness has closed on its purchase of One BMW Plaza, the 129,346-square-foot former BMW facility in Montvale. The Minnesota-based health and lifestyle club has recently obtained approvals to level the existing structure and construct a state-of-the-art fitness center on the site. Construction is slated to begin either later this month or early September. Robert Kossar, David Knee, Joel Lubin, Blake Chroman and Christopher Hile of Jones Lang LaSalle represented the seller, a group of charitable trusts, in the transaction. Kenneth Lundberg of NAI Hanson represented Life Time Fitness.