COLLEGEVILLE, PA. — The Dow Chemical Co. has agreed to move its Northeast USA Technology Center from Spring House, Pa. to Collegeville. The company plans to open a 750,000-square-foot research and development facility, located within the Pfizer Pharmaceutical campus on Acrola Road. Dow plans to relocate 800 employees, who will begin moving to the site as early as the first quarter of 2013.
NEW YORK CITY — Fairway Market has signed a lease for 42,000 square feet at Kips Bay Plaza, located at 542-580 Second Ave. in Manhattan. The grocery chain will occupy 2,000 square feet on the ground floor and 40,000 square feet in the basement. Fariway is replacing Office Depot and Crunch Gym within the plaza. Robert Futterman and Gary Alterman of RKF represented the tenant in the transaction. David Green of Cushman & Wakefield represented the landlord, DFD Development.
SECAUCUS, N.J. — ZT Systems has inked a lease for 23,451 square feet of office space in Secaucus, which will serve as the company's new headquarters. The building is located at 333 Meadowlands Parkway and the tech firm will occupy the entire second floor. Frank Lopriore of Colliers International represented the tenant in the transaction. Josh Osborne of Bergman Real Estate Group represented the building owner. Built in 1981, 333 Meadowlands is part of the Harmon Cove office complex. Other tenants in the park include MSNBC and Panasonic.
WAYNE, PA. — The Davis Cos. and MIM-Hayden Real Estate Funds plan to invest $16 million in building renovations to redesign two existing buildings at 530 and 580 E. Swedesford Road in Wayne. The owners plan to transform the property into 272,000 square feet of trophy-class office space known as CrossPoint at Valley Forge. CrossPoint will feature a conference center, 4,000-square-foot fitness center and a full-service cafe. Construction will begin this fall.
PLAINVIEW, N.J. — NorthMarq Capital has arranged $6 million for the first mortgage refinancing of Morton Village Plaza, a shopping center located at 998-1064 Old Country Road Plainview. Tenants at the 115,976-square-foot center include Shop Rite, CVS/pharmacy and Chase Bank. Melissa Quinn and Robert Rothaug of NorthMarq arranged the 10-year loan through a life insurance company.
JERSEY CITY, N. J. — The Boys & Girls Club of Hudson County will be getting new facilities attached to a new, 422-unit luxury rental building in Jersey City. Developers recently broke ground on the 30,000-square-foot facility, which will include classroom space, room for arts and music programs, a gymnasium and more. The new building will replace the organization's current facility, which was built in 1912 as a storage facility and retrofitted for the Boys & Girls Club in 1984. The club will be attached but operated independently from 18 Park, a 550,000-square-foot rental building. Ironstate Development Co. and Kushner Real Estate Group have partnered to develop the project, which is expected to be complete in the fall of 2014.
ROCHESTER, N.Y. — NorthMarq Capital has arranged a $12.3 million loan for the acquisition and renovation of the former Strathallan Hotel, located at 546 E. Ave. in Rochester. The Strathallan contains 155 guest rooms and is located a few minutes from downtown Rochester. When the renovation is complete, the hotel will be rebranded as a Strathallan DoubleTree. Sam Berns of NorthMarq's Rochester office arranged the 10-year loan through a regional credit unit. The loan includes a 25-year amortization schedule.
EDGEWATER, N.J. — HomeGoods has inked a 24,000-square-foot lease to anchor the 100,000-square-foot retail component of Edgewater Harbor on River Road in Edgewater. The mixed-use development sits on 21 acres near the Hudson River. Already, CVS/pharmacy, Moe's Southwest Grill and AT&T have opened in existing buildings on the site. At build-out, Edgewater Harbor will also include 480 loft and townhouse residences. Development is nearly complete on the property's first two residential buildings, which will feature ground-level retail space along Main Street. HomeGoods was the first tenant committed to that portion of the project. Jerry Welkis of Welco Realty represented HomeGoods in the transaction. Jake Frantzman of Levine Management represented National RE/sources.
PHILADELPHIA — Beech Street has arranged $13.5 million in Fannie Mae loans for the acquisition of a two-property apartment portfolio in Philadelphia. The properties include the 120-unit Red Lion Manor and the 111-unit Cheswick Square. Common amenities include on-site parking and laundry facilities. The borrower plans to spend more than $1.8 million in renovations for both properties. Israel Shubert of Meridian Capital Group originated the 10-year, fixed-rate loans.
NEW YORK CITY — Stack Exchange Inc. has signed an 11-year lease for 30,200 square feet at 110 Williams St. in New York City. Stack Exchange is a network of question-and-answer websites that focus on specific categories such as cooking and photography. The company will occupy the 27th and 28th floors of the building. Jonathan Dean of Swig Equities and Bill Stempel of McDermott Will & Emery LLP represented the landlord in the transaction.