Northeast

STATH REALTY BUYS BROOKLYN DEVELOPMENT SITE

by admin June 8, 2012

NEW YORK CITY — Stath Realty Corp. has purchased a development site at 1412-1425 Fulton St. in Brooklyn for $3.3 million. The site contains an existing medical health facility, located directly across from Restoration Plaza. The 10,247-square-foot lot can be built to a maximum of 57,391 square feet. The lease term for the lone tenant in the property will expire in October 2013. The new owner plans to hold the asset until the lease expiration and then reposition it for retail or mixed-use development. Brian Leary, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek of CPEX represented the seller, Shiloh Realty Corp. They also procured the buyer.

June 8, 2012

GLOBAL BANK EXPANDS LEASE AT HARBORSIDE FINANCIAL PLAZA

by admin June 8, 2012

JERSEY CITY, N.J. — The Bank of Tokyo-Mitsubishi has signed a 17-year, 100,274-square-foot lease expansion at Harborside Financial Center in Jersey City, bringing the bank's total leased space to 261,957 square feet. The lease is pertains to space at the 725,600-square-foot Harborside Plaza 3. Fred Smith and Curtis Foster of Cushman & Wakefield represented the tenant in the transaction. The landlord is Mack-Cali Realty Corp.

June 8, 2012

Industrial Northeast

Z&Z SUPPLY RENEWS LEASE FOR HVAC EQUIPMENT BUSINESS

by admin June 8, 2012

WHIPPANY, N.J. — Z&Z Supply has signed a lease renewal for 13,200 square feet at 1 Apollo Dr. in Whippany. The company will continue to use the site for the wholesale distribution of HVAC equipment. Howard Weinberg of Cassidy Turley represented the landlord, Keystone NJP III LLC in the transaction. Steven Leitner of NAI Hanson represented the tenant.

June 8, 2012

Market Reports Northeast Market Reports Pennsylvania

Sustainable recovery is taking hold.

by admin June 8, 2012

The recent performance of the Philadelphia apartment market offers evidence that a sustainable recovery is taking hold. Vacancy returned to a normal level, while property owners continue to realize greater success in raising rents. Newly employed residents and recent graduates of local colleges and universities will further stoke tenant demand in the quarters ahead. As would be expected following several quarters of solid performance, the recovery is initiating a new construction cycle, as heralded by the start of construction in the first quarter on a 319-unit rental in Center City. The pipeline of planned projects has also increased, but the potential impact on property operations will likely be modest as these projects represent 3 percent of existing stock. In addition, developers appear to be focused on adding rentals in areas where tenant demand is the greatest, placing a large concentration of their projects in Center City and Main Line submarkets, including Bala Cynwyd. Minimal additions to market-rate stock have moderated vacancies. During the 12 months ending in the first quarter, only the 97-unit 600 on Broad in Center City came online. Developers are becoming more confident, as 6,500 market-rate units are planned, an increase from 4,100 rentals 6 months ago. …

June 8, 2012

Mixed-Use Northeast

CAMPANELLI BREAKS GROUND ON CAPE COD LUMBER PROJECT

by admin June 7, 2012

ABINGTON, MASS. — Campanelli Construction has broken ground on Cape Cod Lumber's new retail, warehouse and office building in Abington. The 136,000-square-foot building will serve as the lumber company's headquarters and operations center and the site will include a drive-through lumber yard for building professionals. The property is located at 225 Groveland St. and is slated for completion in January 2013.

June 7, 2012

Civic Northeast

MARCUS & MILLICHAP SELLS DAYCARE CENTER FOR $3.1M

by admin June 7, 2012

DANVERS, MASS. — Onibella Associates Danvers LLC has purchased The Learning Experience, an 11,000-square-foot property at 308 Andover St. in Danvers, for $3.1 million. The building was constructed in 2009 and is located along Route 114. The daycare center has 13 years remaining on its lease. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the seller, Omni Ventures 308 Andover LLC. They also secured the buyer, Onibella Associates Danvers LLC.

June 7, 2012

Industrial Northeast

NAI COMMERCIAL PARTNERS SELLS WAREHOUSE IN DENVER, PA

by admin June 7, 2012

DENVER, PA. — 412 Oak St. LP has acquired an 80,280-square-foot warehouse, located at 412 Oak St., for $1.8 million. John Thury of NAI Commercial Partners represented the seller, Park Place PA LLC. Robert Ramsay, also of NAI Commercial, represented the buyer.

June 7, 2012

Civic Northeast

ECKMAN BEGINS EXPANSION OF PINKERTON ACADEMY

by admin June 7, 2012

DERRY, N.H. — Eckman Construction has broken ground on two new buildings at Pinkerton Academy in Derry. Eckman will expand the school’s Center for Career and Technical Education. The project will include a two-story brick building that will house the technical curriculums, as well as laboratories and a greenhouse. A second building will accommodate both animal science and cosmetology curriculums. Marinance Architects of New Hampton designed the project.

June 7, 2012

Multifamily Northeast

PRESERVATION DEVELOPMENT COMPLETES UPGRADES ON TRINITY APARTMENTS

by admin June 7, 2012

NEW YORK CITY — Preservation Development Partners has completed a $2.5 million renovation of Trinity Apartments, a 75-unit apartment complex at 2105 Daly Ave. in the Bronx. The project included the installation of new boilers, flooring, electrical wiring and upgrades to the kitchen, bathroom and stairwell. The project was financed by Mayor Michael Bloomberg's New Housing Marketplace Plan, an initiative to fund affordable housing in New York. Preservation Development — a joint venture between developers Donald Capoccia, Joseph Ferrara, Brandon Baron, Francine Kellman and Brian Raddock — purchased the building last year.

June 7, 2012

Multifamily Northeast

FREY BUYS FLUSHING APARTMENT BUILDING FOR $14.3M

by admin June 6, 2012

NEW YORK CITY — Frey Management has purchased 36-20 Bowne St., a 1940s-era apartment building in the Flushing section of Queens, for $14.3 million. The six-story apartment building contains 87 units and approximately 78,000 square feet. Shlomo Antebi of GFI Realty Services represented the seller, 36-20 Bowne LLC, in the transaction. He also represented the buyer.

June 6, 2012

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