NEW CASTLE, DEL. — Mishimoto Auto Performance has signed a 17,353-square-foot lease for industrial and office space at 18 Boulden Circle in New Castle. Mishimoto manufactures cooling components for race cars, motorcycles and other vehicles, and will occupy the new facility in July. Rich Dudek of Patterson-Woods/CORFAC International represented the tenant in the transaction. Dave Cook of The Flynn Co. represented the property owner, RREEF.
NEW YORK CITY — Marcus & Millichap has arranged the $1.9 million sale of 143 N. 8th St., a 10-unit apartment building in Brooklyn. Shaun Riney of Marcus & Millichap's Brooklyn office represented the buyer, a private investor, in the transaction.
SOUTH PLAINFIELD, N.J. — Public Service Electric & Gas Co. (PSE&G) has signed a 55,775-square-foot lease at 287 Executive Plaza in South Plainfield. The company plans to relocate its operations from Maplewood and use the space for training facilities and as a testing lab. PSE&G is New Jersey's largest electric and gas utility. Colliers International New Jersey represented the tenant in the transaction. Warren Searles of Cassidy Turley represented the landlord, Normandy Real Estate Partners.
BOSTON — A foreign investor has purchased One Faneuil Hall, an eight-story office and retail building in Boston, for $40 million. The 44,287-square-foot building is fully leased to three tenants: Abercrombie & Fitch, Boston Language Center and Cue Ball Group. Made from granite, travertine and marble, One Faneuil Hall was designed by award-winning architect Graham Gund and completed in 1989. It is located in the city's downtown Financial District, adjacent to 60 State St. and the Faneuil Hall Marketplace. The capital markets division of Jones Lang LaSalle represented the seller, Faneuil Hall Square LLC, in the transaction.
DOVER, DEL. — Marcus & Millichap has arranged the $3.3 million sale of a double net-leased Walgreens Pharmacy, located at 1205 S. State St. in Dover. Walgreens has 11 years remaining on its lease at the 12,000-square-foot property. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller in the transaction. Derrick Dougherty, also of Marcus & Millichap, represented the buyer.
CAMBRIDGE, MASS. — AVEO Pharmaceuticals Inc. has signed a new, 12-year lease for 126,000 square feet of laboratory and office space at 650 Kendall St. in Cambridge. AVEO, a cancer therapeutics company, plans to use the six-story facility for its headquarters. A joint venture between BioMed Realty and Prudential Real Estate Investors owns 650 E. Kendall St., which is comprised of a 280,000-square-foot research facility.
HATBORO, PA. — Binswanger has acquired a 122,432-square-foot former Sam's Club at 1001 S. York Rd. in Hatboro, north of Philadelphia. The buyer, Benjamin Foods, has been leasing the facility since 2010 and the company exercised its option to purchase the facility from Upper Moreland Holdings LP. Benjamin Foods, a full-service food distributor, uses the facility for its warehouse and distribution space, as well as a retail cash and carry location. The facility includes six loading docks and parking for 917 vehicles. Chris Pennington of Binswanger represented the buyer in the transaction.
Recovery was the name of the game in 2011 for many major retail corridors in Manhattan. SoHo and the Flatiron District were among the most significant rebounding areas. SoHo has benefited from international retailers’ expansion into New York and the city’s record-breaking tourism. New York City welcomed more than 50 million tourists in 2011, including 10.1 million international visitors — more than any other year in its history. The city generated $32 billion in visitor spending and $48 billion in economic impact, according to Mayor Michael Bloomberg and NYC & Company. And SoHo is a major stop on any tourist’s path. Broadway, Spring and Prince streets have long been the market’s primary retail corridors, and rents on these streets are nearly back to 2008 peaks, with very limited vacancy. In 2011, more tenants, especially European retailers, saw value and opportunity on the interior streets — Mercer, Greene and Wooster — which are one-third to half the rent of Broadway, Prince and Spring streets. The interior streets had suffered from higher-than-normal vacancy levels during the recession; now, they are flush with some of the biggest names in retail and are commanding higher rents than ever before. The Mercer Hotel and early …
NEW YORK CITY — Naftali Group has purchased a development site at 93 3rd Ave. in Brooklyn for $6.7 million. The 15,000-square-foot site contains three contiguous, vacant lots at the corner of 3rd Avenue and Bergen Street. The new owner plans to construct an 85-unit rental building on the site. Brian Leary, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek represented the seller, Goldport Properties, in the transaction. They also procured the buyer.
KUTZTOWN, PA. — Village Square, a 39,612-square-foot retail strip center in Kutztown, has sold to a Pennsylvania-based partnership for $4 million. Village Square is located at 45 Constitution Blvd. Tenants include CVS/pharmacy and Dollar Tree. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, a New Jersey-based shopping center operator. He also represented the buyer.