Northeast

HOK TO DESIGN UNIVERSITY OF BUFFALO MEDICAL SCHOOL

by admin May 21, 2012

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.

May 21, 2012

FIVE NEW TENANTS JOIN CHESTNUT HILL SHOPPING CENTER

by admin May 21, 2012

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.

May 21, 2012

Multifamily Northeast

MADISON COMPLETES $21.5M NOTE AND DEED PURCHASE

by admin May 18, 2012

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.

May 18, 2012

Multifamily Northeast

APARTMENT BUILDING IN BOSTON'S NORTH END SELLS FOR $1.5M

by admin May 18, 2012

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.

May 18, 2012

Northeast Retail

CONSTRUCTION WRAPS UP ON SEA GIRT SQUARE

by admin May 18, 2012

WALL TOWNSHIP, N.J. — Construction is complete on the 44,000-square-foot Sea Girt Square retail center at 2100 Route 35 in Wall Township. River Drive Construction rebuilt the structure, raised the ceilings heights and re-clad the store fronts. Gottesman Real Estate Partners is leasing the site to retail businesses and current tenants include Wings Fitness, Massage Envy and Village Coffee. The Dietz Partnership served as architect for the project.

May 18, 2012

Mixed-Use Northeast

INTERNATIONAL RESTAURANT GROUP PLANS OPENING IN TIMES SQUARE

by admin May 18, 2012

NEW YORK CITY — The Global Food International Corp. has signed a lease for 25,000 square feet at 11 Times Square, a 1.1 million-square-foot office and retail tower in Manhattan. The company will occupy a ground-floor and mezzanine-level space, and plans to open a two-level restaurant featuring cuisines from around the world. The restaurant is scheduled to open in 2013. James Emden, Robert Koslow and Dmitry Levkov represented Global Food in the transaction. Robert Futterman and Joshua Stauss of RKF represented the landlord, SJP Properties.

May 18, 2012

Healthcare Northeast

RIVER DRIVE COMPLETES NEW JERSEY MEDICAL FACILITY

by admin May 17, 2012

LAKEWOOD, N.J. — River Drive Construction has completed a $3.6 million project for the Ocean Health Initiatives (OHI) Lakewood Health Center in Lakewood, a health facility providing care for people who are uninsured or underinsured. The company constructed a two-story, 16,000-square-foot facility at 101 Second St., which was built on top of the existing 9,000-square-foot OHI building. The new facility houses the obstetrics/gynecology and pediatrics wings that include 20 examination rooms and an administrative area.

May 17, 2012

Northeast Office

ALLERGEN OPENS NEW OFFICE IN BRIDGEWATER

by admin May 17, 2012

BRIDGEWATER, N.J. — Health care company Allergen Inc. has inked a 93,000-square-foot lease at Somerset Corporate Center II in Bridgewater. The 250,000-square-foot building is in close proximity to Newark International Airport and New York City. Additional tenants include Juniper Networks and Aon Consulting. Kurt Burdack, Carolyn Sica and Chip Wright of CBRE represented Allergen in the transaction. SPJ was represented in-house.

May 17, 2012

Multifamily Northeast

MARCUS & MILLICHAP ARRANGES $7.3M REFINANCING LOAN FOR AFFORDABLE HOUSING

by admin May 17, 2012

NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $7.3 million loan to refinance a 52-unit affordable housing project in Brooklyn. The mid-rise apartment building was built in 1998. Anita Pins and Gerald Kray of the firm's Manhattan office arranged the 10-year loan, which has a 30-year amortization schedule. The 5-year fixed-rate loan carries a 3.3 percent interest rate.

May 17, 2012

Northeast Office

COLUMBIA GAS MOVES OFFICES IN WESTBOROUGH

by admin May 17, 2012

WESTBOROUGH, MASS. — Columbia Gas, an energy services company serving nearly 300,000 natural gas customers in Massachusetts, has signed a lease for 25,837-square-foot lease at 4 Technology Dr. in Westborough. The company will relocate from 300 Fridberg Pky. this July. John Carroll III, William Lynch, Timothy O'Brien and Wayne Spiegel of Colliers International represented the landlord, 4 & 8 Technology Drive, in the transaction. CBRE Group represented Columbia Gas.

May 17, 2012

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