NEW YORK CITY — Rothschild North America, a financial services firm, has renewed its 70,000-square-foot lease at 1251 Avenue of Americas in New York City. Rothschild has been a tenant of the building since 1993 and will remain in the property through 2028. Michael Goldman of Studley represented the tenant. David Falk, Peter Shimkin and Nick Berger of Newmark Grubb Knight Frank represented the landlord, Mitsui Fudosan America Inc.
MOUNT OLIVE, N.J. — Colliers International has arranged the $11.2 million real estate owned (REO) sale of ITC Crossing, a 179,775-square-foot shopping center in Mount Olive. Colliers represented the undisclosed seller and the buyer, Lamar Cos. The center is anchored by a 132,023-square-foot Sam's Club. Additional tenants include Staples and Subway. The property is located approximately 35 miles from Newark, N.J.
DEWEY BEACH, DEL. — Dewey Beach Enterprises (DBE) has resumed construction on phase one of its Ruddertowne redevelopment project, following years of legal battles. According to local reports, several property owners took issue with the height of some of the proposed buildings and the approval process Dewey Beach undertook in granting permits for the project. A Chancery Court ruled in favor of the developer in August. DBE is constructing a Hyatt Place Hotel and luxury condominiums, known as The Residences of Ruddertowne. The first phase of the project is expected to be complete prior to the 2013 summer season.
BARRINGTON, R.I. — New England Construction has started renovation on the Bayside YMCA in Barrington, as well as the addition of a new 24,430-square-foot Aquatics Center. New England will renovate 36,000 square feet of existing space for the Greater Providence YMCA. The Aquatics Center will feature a six-lane, in-ground pool, as well as a shallow swimming pool for families. The project will also include a new front desk area, locker rooms and upgrades to the gym. Vision 3 Architects designed the project.
In Providence, 100 Westminster and One Financial Plaza still have ample true Class A space available, but GTECH Center has arguably produced the best return on its tenant investment, essentially leasing up all of its available space to four or five tenants. Consequently, the GTECH Building just sold for more than $50 million. In addition, the new Blue Cross tower was successful in leasing half of its 20,000 square feet of available space. This activity has pushed rental rates for Class A space back over the $30 per square foot mark on new deals. The vacancy rate will dip just below 17 percent as Hasbro officially announced that it has leased approximately 135,900 square feet in the capital city. Finally, it looks like Ameriprise Financial will be moving from Cranston into One Citizens Plaza, which will help the Class A absorption. However, the recent failure of game developer 38 Studios will negatively impact occupancy rates; the company occupied space at One Empire Plaza, a 104,000-square-foot office building in Providence. Looking forward, Bank of America announced that it will vacate its headquarters located at 111 Westminster in April 2013. It is expected that 100 Westminster will absorb employees leaving this 340,000-square-foot …
FLORENCE, N.J. — NFI Real Estate has broken ground on a 526,050-square-foot distribution and training center for Subaru of America in Florence. The project is under construction at NFI Park at Florence Crossing, located at 2020 Route 130 North. It is less than a mile from the New Jersey Turnpike and Pennsylvania Turnpike extension. The building is expected to be completed by June 1, 2013.
HOBOKEN, N.J. — Argo Real Estate has secured a $16 million loan from Sovereign Bank to finance a ground-up apartment development in Hoboken. Argo has entered a joint venture with Alpine Development to construct 59 loft-style apartments at 1400 Clinton St. Amenities will include private roof decks, a children's playroom, fitness center and on-site parking for all tenants.
NAUGATUCK, CONN. — Trowbridge LLC has acquired Trowbridge House Apartments at 38 Highland Ave. in Naugatuck for $1.8 million. The 33-unit complex was constructed in 1970 and apartments range in size from 650 to 950 square feet. Steve Pappas and Tom Boyle of Chozick Realty represented the seller, Limerick Properties, in the transaction. They also procured the buyer.
WILMINGTON, DEL. — Centerline Capital Group has arranged a $6.8 million loan for the acquisition of Haverford Place Apartments in Wilmington. The borrower is Haverford LLC. The 132-unit property was built in 1963 and consists of six, three-story buildings. The complex is 93 percent occupied. The 10-year loan carries a 3.9 percent interest rate.
BETHEL, PA. — Dollar General has purchased 110 acres of indusrial land at Berks Park in Bethel. The land will be developed for a distribution center. Jack Shepley of NAI CIR and Joe Howell of NAI Global Corporate Solutions represented Dollar General in the transaction. Jeff Williams of Cushman & Wakefield represented the seller, Berks County Industrial Development Authority.