TAUNTON, MASS. — Allergy & Asthma Care PC has purchased a 5,500-square-foot medical office condominium at 101 Industrial Park Road in Taunton for $1.5 million. The practice is relocating from Northwoods Medical Center in Taunton. Catherine Minnerly and Ovar Osvold of NAI Hunneman represented the seller, Myles Standish Medical Center, in the transaction. They also procured the buyer.
ANDOVER, MASS. — Rockstar Games has signed a lease for 21,503 square feet of office space at 3 Dundee Park in Andover. Rockstar, one of the world's largest video game companies, is relocating from 300 Ballardvale St. in Andover and expanding its space in the 145,000-square-foot office park. The company's move-in date is targeted for August. Mitchell Jacoby of Cresa Boston represented the tenant in the transaction. The landlord, Ozzy Properties, was represented in-house by Orit Goldstein and Ellen Keller.
CRANBERRY TOWNSHIP, PA. — Development Capital Investors has secured a $1.9 million loan from the Commonwealth Financing Authority to develop a 90,000-square-foot office building in Cranberry Township. The three-story facility will be constructed on a six-acre parcel of land owned by The Elmhurst Group. The site is located within 20 minutes of downtown Pittsburgh and will include 363 parking spaces. The project is expected to create at least 300 construction jobs.
BOSTON — L&B Realty Advisors has purchased 625 Massachusetts Ave., a mixed-use property in the Cambridge submarket of Boston, for $40.1 million. Built in 1929, the office and retail building underwent a complete renovation in 2000. The 122,104-square-foot property is located across the street from the Massachusetts Bay Transportation Authority's red line. The building is fully leased to tenants such as TD Bank and Walgreens. Scott Jamieson, John Osten and Peter Bekarian represented the seller, Samuels Property Group, in the transaction.
BESTHEDA, MD. — Bethesda-based Beech Street Capital has arranged $68 million in Fannie Mae loans to refinance four apartment properties in Pennsylvania and Delaware. Brian Sykes of Beech Street Capital originated the fixed-rate, 10-year loans on behalf of the borrower, the Galman Group. The portfolio consists of 1,106 units located in the Philadelphia-Camden-Willington MSA. The 101-unit North Lane is located in Conshohocken, Pa.; Sedgwick Station, with 93 units, is in Philadelphia; Buckingham Place, with 278 units, is in Newark, Del.; and the 624-unit Castlebrook is in New Castle, Del.
NEW YORK CITY — An 11,700-square-foot retail property at 2207 Adam Clayton Power Jr. Blvd. in Manhattan has sold for $3.1 million. The property includes one commercial unit, which was previously occupied by the nightclub Zipcode. Prior to that, the building was the site of Jimmy's Uptown restaurant. Currently vacant, the building has sold to a religious not-for-profit group that plans to hold services and community events in the space. Brian Leary, Duke McCabe and Tim Conan of CPEX represented the sellers in the transaction. Jennifer Polovetsky represented the buyers.
BUFFALO, N.Y. — HOK has been selected to design the $375 million School of Medicine and Biomedical Sciences at the University of Buffalo (UB). Construction is slated to begin in 2013 and wrap up in 2016. UB has wanted to relocate its medical school from the South campus to the Buffalo Niagra campus for years as part of its long-range UB 2020 growth plan. The new facility will be situated in downtown Buffalo and is expected to bring 1,200 students, faculty and staff to campus. The project is partially funded by NYSUNY 2020 legislation.
CHESTNUT HILL, MASS. — Chestnut Hill Shopping Center has landed five retail tenants for a new 115,000-square-foot building where a recently demolished Macy's once stood. National Amusements will lease 40,000 square feet for a six-screen Cinema de Lux movie theater, which is slated to open in 2013. The Sports Club/LA will open a 33,000-square-foot fitness club in January 2013. Additional tenants will include Shake Shack, Pinkberry Frozen Yogurt and Bernard's. The new building is part of a larger redevelopment at Chestnut Hill, which will expand by 406,000 square feet. The Torrey Co. is constructing the redevelopment on behalf of WS Development.
NEW YORK CITY — Madison Realty Capital has purchased the note and deed of 385 Union Ave., a 53,000-square-foot apartment property in Williamsburg, Brooklyn for $21.5 million.The property is 97 percent occupied and includes 47 apartments, 24 parking spaces and a gym. The seller of the loan was a bank, which had taken over the original failed lender on the project through an FDIC loss-share deal. The original owner had defaulted on it construction financing in 2009 and the property was placed in receivership after the original lender filed a foreclosure auction. Madison plans to stabilize the property and enhance its value.
BOSTON — 162 Prince LLC has purchased a 4-unit apartment building in Boston's North End neighborhood for $1.5 million. The property is located at 162 Prince St. and was recently renovated. Gina Barroso and Robert Tito Jr. of NAI Hunneman represented the seller, Prince Street Realty Trust. They also secured the buyer.
