WATERTOWN, MASS. — Pathfinder International, a nonprofit that provides health services globally, has signed a lease for 30,167 square feet at 9 Galen St. in Watertown. In the deal, Pathfinder renewed its lease of 23,329 square feet and secured an additional 6,838 square feet of space. John Boyle and Ryan Romano of Cassidy Turley FHO represented the tenant in the transaction. James Elcock of Colliers International represented the landlord.
NORWALK, CONN. — Cervalis has signed a long-term lease for a 167,691-square-foot data and disaster recovery center to be built at 10 Norden Place in Norwalk. Landlord Fortis Property Group will construct the Class A office building. However, a timeline of the project was not provided. Brokers in the deal state that the data center is the largest build-to-suit project in Fairfield County in 12 years. Howard Greenberg of Howard Properties and John Stoddard of Jones Lang LaSalle represented the tenant in the transaction. Jodie Dostal of Cushman & Wakefield represented the landlord. Cervalis, an IT services vendor, currently occupies more than 300,000 square feet of data storage facilities in New York, New Jersey and Connecticut.
EAST BRUNSWICK, N.J. — NorthMarq Capital has arranged a $7.4 million loan for the refinancing of Loehmanns Plaza, a 212,134-square-foot shopping center in East Brunswick. Loehmanns is the major tenant at the center. Gary Cohen and Greg Nalbandian of NorthMarq negotiated the 5-year loan through a life insurance company. The loan contains a 25-year amortization schedule.
NEW YORK CITY — A 5,940-square-foot mixed-use building at 149th 4th Ave. in Park Slope has sold for $2.12 million. Sheep Station, an Austrian pub, occupies the ground floor space. Adam Hess and Jacob Colleran represented both parties in the transaction.
RIDLEY PARK, PA. — Friedman Realty Group has purchased the Brian Court Apartments in Ridley Park for $2 million from The Brian Court Limited Partnership. The property is located at 17 West Chester Pike. Donald Eill of Keystone Partners Group, represented both parties in the transaction.
NEW YORK CITY — SL Green Realty Corp. has formed a joint venture with Stonehenge Partners to redevelop a property at 1080 Amsterdam Ave. in New York City into a 96-unit apartment building. The two firms will enter a 99-year ground lease for the property, located just south of Columbia University's main campus, and will invest $13 million in a renovation. The 82,250-square-foot building was previously used to house hospital staff of St. Luke's Hospital Center. The project will include upgrades to the common corridor, window improvements and changes to the electrical, heating and elevator systems. The work is expected to be completed within two years of its start time.
PATERSON, N.J. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for Congdon Mill Apartments, a 67-unit affordable housing property in Paterson. Paul Aanonsen and Jack Bauer of Grandbridge negotiated the 15-year loan through Freddie Mac. The property, originally constructed as a manufacturing mill in 1907, is located on the Passaic River. The loan contains a 35-year amortization schedule.
NORTH BERGEN, N.J. — North Bergen opened a 13,000-square-foot municipal court and parking authority at 4225 Bergen Turnpike. The new building is located at the site of a former TD Bank branch. The township acquired the property in 2009 and paid $4 million to renovate and expand the building. DMR Architects worked with township leaders to redesign the space.
BRANFORD, CONN. — Premier Holdings has purchased a 12,313-square-foot automotive retail facility located at 205 North Main St. in Branford, for $1.5 million. Developed in 1993 for Branford Dodge, the property has been home to Lenders & Fleet Services since 2005. Premier Holdings plans to use the facility for its franchise, which includes Premier Subaru and Premier Kia. Tim McMahon and Frank Hird of O,R&L Commercial represented the seller, 155 North Main Street LLC, in the transaction. Peter Brown of H. Pearce Co. represented the buyer.
The landscape of the supermarket business in Philadelphia is changing at a dramatic rate. Larger store formats, such as Wegmans, Target and Walmart are having serious impact on smaller supermarket chains. Two other very tough competitors, Giant of Carlisle, Pennsylvania, and ShopRite, are also reshaping the market share of food dollars spent in the Philadelphia area. Recently Safeway purchased the Genuardi’s chain and sold off almost all the stores. Super Fresh and Pathmark closed many formerly high-producing stores with this new wave of competition. ACME Market, the former market share leader, has seen comp sales decrease dramatically. The newest entry to the market, Bottom Dollar, a discount grocer, hit Philadelphia with an onslaught of 20 new stores and is still growing. Divaris Development’s Village at Valley Forge, in Valley Forge, Pennsylvania, is one of the newer developments that has been on the boards for a while. The Wegmans there is getting ready to open, although additional retail has not been built at this time. Not far away, in Malvern, Uptown Worthington Center by O’Neill Properties is on track leasing a new lifestyle center, going after quality tenants to take advantage of the strong demographics of the Main Line and Chester …
