Northeast

FORMER DISTRIBUTION CENTER TO BE CONVERTED INTO SPORTS COMPLEX

by admin May 30, 2012

LANCASTER, PA. — Sports Complex LP, an entity headed by former Auntie Anne's pretzels owner Sam Beiler, has purchased 2913 Spooky Nook Rd. in Lancaster. The 549,000-square-foot industrial facility was previously occupied by Armstrong Industries, which used the space as a distribution center for flooring products. The new owner plans to convert the property into a regional, youth-oriented sports complex. Gerard Blinebury, Leah Balerno, Pat McBride and Adam Cambell of Cushman & Wakefield represented the seller in the transaction. Tim Shreiner of Prudential H.S.G. Real Estate represented the buyer.

May 30, 2012

TRYKO BUYS GALILEE VILLAGE APARTMENTS IN PA.

by admin May 30, 2012

LEVITTOWN, PA. — Brick, N.J.-based Tryko Partners has acquired Galilee Village, a 170-unit apartment community at 17 Penn Valley Rd. in Levittown, which is within the Philadelphia metro area. The property is 98 percent occupied and provides HUD-subsidized apartment living for independent seniors. Congregation Beth El, which built the property, sold Galilee Village in an off-market transaction. Tryko plans to renovate kitchens and replace windows in each of the units and will upgrade sidewalks and parking lots.

May 30, 2012

Hospitality Northeast

NEW EXTENDED-STAY HOTEL TO OPEN IN ANDOVER

by admin May 30, 2012

ANDOVER, MASS. — A new extended-stay hotel brand will operate at 4 Tech Dr. in Andover. The hotel currently known as Staybridge Suites Boston-Andover will come under Sonesta International Hotels Corp. management July 25. The 133-room property will be renamed Sonesta ES Suites Andover. The hotel is located at the junction of Interstates 93 and 495, north of Boston. The property features a heated outdoor swimming pool, an exercise room and sports court.

May 30, 2012

Civic Northeast

TWO CHARTER SCHOOLS SET TO OPEN AT 570 BROAD STREET IN NEWARK

by admin May 30, 2012

NEWARK, N.J. — Two new charter schools, Newark Prep and Spirit Prep, are slated to open in September at 570 Broad St., a newly renovated landmark in downtown Newark. The schools will occupy four floors, totaling 60,000 square feet, in the 15-story building. Each school will combine rigorous college-prep and career readiness programs with online curriculum to serve the needs of Newark area students. The Berger Organization owns and manages the property.

May 30, 2012

Multifamily Northeast

BRONX APARTMENT BUILDING CHANGES HANDS FOR $1.5M

by admin May 29, 2012

NEW YORK CITY — Marcus & Millichap has arranged the $1.5 million sale of 2475 Hughes Ave., a 20-unit apartment property in the Bronx. Marco Lala, Jack Lala and David Raciti of Marcus & Millichap's Manhattan office represented the seller, a private investor. They also represented the buyer.

May 29, 2012

Industrial Northeast

EXETER BUYS 290,000 SF INDUSTRIAL BUILDING IN PA

by admin May 29, 2012

ELIZABETHTOWN, PA. — Exeter Property Group has purchased 1499 Zeager Rd., a 290,000-square-foot industrial building in Elizabethtown. Prior to the sale, the former single-user facility had been converted to multi-tenant use. The building is approximately 50 percent occupied by companies in the pet pharmaceutical industry, such as Butler Schein Animal Health. Gerard Blinebury, Leah Balerno and Pat McBride of Cushman & Wakefield represented the seller in the transaction. Exeter was represented in-house.

May 29, 2012

Northeast Office

NEW MENTAL HEALTH CLINIC TO OPEN IN CENTRAL BROOKLYN

by admin May 29, 2012

NEW YORK CITY — The Family Center has signed a lease for 10,500 square feet of office space at 1295 Fulton St. in Brooklyn. The site will house a new Central Brooklyn mental health clinic, scheduled to open in September. Timothy King, David Muessel and Nicholas Hector of CPEX represented the landlord, Ash Unlimited, in the transaction. Carri Lyon of Cushman & Wakefield represented the tenant.

May 29, 2012

Northeast Office

DESIGN AGENCY TAKES 13,000 SF IN BOSTON'S INNOVATION DISTRICT

by admin May 29, 2012

BOSTON — Neoscape, a creative design agency, has signed a 13,000-square-foot lease at 21-25 Drydock Ave. in Boston. Tim Howe and Tim Lyne of CBRE – N.E. Partners LP represented the landlord, Millennium Partners, in the transaction. Bill Barrack and Ben Heller of Jones Lang LaSalle represented the tenant.

May 29, 2012

Industrial Northeast

HAMPSHIRE COS. SELLS 299,625 SF INDUSTRIAL BUILDING

by admin May 25, 2012

CARTERET, N.J. — The Hampshire Cos. has sold a 299,625-square-foot industrial building at 2-8 Germak Dr. in Carteret to A.J. Richard & Sons. The building is situated on more than 15 acres in one of New Jersey's prime distribution markets, offering access to the Port of New York/New Jersey and Newark Liberty International Airport. The Hampshire Cos. acquired the property in 2008, fully leasing it to A.J. Richard & Sons, a family-owned appliance and electronics company. Cassidy Turley represented The Hampshire Cos. in the transaction. Studley represented the buyer.

May 25, 2012

Mixed-Use Northeast

HUDSON REALTY FUNDS $5.7M FIRST MORTGAGE LOAN

by admin May 25, 2012

NEW YORK CITY — Hudson Realty Capital has funded a $5.2 million first mortgage loan, secured by a 13,707-square-foot, mixed-use building in Manhattan's Nolita neighborhood. The 15-unit building is fully occupied. The sponsor used the funds to recapitalize the property's maturing debt and establish operating reserves.

May 25, 2012

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