CRANBERRY, PA. — Developers of Cranberry Crossroads will break ground on the mixed-use project on May 23. Plans call for the construction a 90,000-square-foot office building on Route 228 in Cranberry, which will include 360 parking spaces. The building is expected to be completed later this year. The developer, Elmhurst Group, also plans to build a new Dick's Sporting Goods, a GetGo Ga Station and space for additional retailers adjacent to the property. Elmhurst Group has contracted with CBRE to represent the company in the leasing of Cranberry Crossroads.
FRAMINGHAM, MASS. — Jumbo Capital Management has acquired an office building at 125 Newbury St. in Framingham for $6.4 million. The 33,700-square-foot property is located off Route 30. Doug Jacoby, Scott Dragos, Sean Ryan and Mitchell Levey represented the seller, Colony Realty Partners, in the transaction. They also procured the buyer.
NEW YORK CITY — Penrod Ricard USA has signed a lease for 82,300 square feet of office space at 250 Park Ave. in New York City. Penrod, a producer and importer of spirits and wines, will use the space for its U.S. headquarters. The company plans to relocate all employees from its Manhattan office and some employees from its Purchase, N.Y. office to the new building. David Hoffman, Robert Billingsley and Wendy Miller of Cassidy Turley represented the building owner, AEW Capital Management, in the transaction. Snezana Anderson, Michael Geoghegan and Christopher Corrinet of CBRE represented the tenant.
BOSTON — Linear Retail Properties has purchased a 4,497-square-foot retail condominium at 727-731 Boylston St. in Boston for $4.9 million. The condominium unit is located on the ground level of a six-story retail and office building.The space is currently occupied by Uno Chicago Grill, which has operated at the location since 1979. Nick Herz of Colliers International represented Linear Retail in the transaction. Spencer Family LLC was the seller.
SECAUCUS, N.J. — The Children's Place (TCP), an apparel retailer, has completed a $2 million renovation of its national headquarters at 500 Plaza Dr. in Secaucus. The 28,000-square-foot project included expanding the design department to the second floor. The space will be used to create retail products for TCP and house private offices. River Drive Construction served as the general contractor for the project, which took approximately 8 weeks to complete. The building owner is Secaucus-based Hartz Mountain Industries.
PROSPECT PARK, PA. — NorthMarq Capital has arranged a $1.5 million loan for the first mortgage refinancing of 800 Chester Pike, a 3,560-square-foot retail property in Prospect Park. Tenants include BP Gas Station and McDonald's. Matthew Kohlhoss of NorthMarq's Washington, D.C. office arranged the 15-year loan through a correspondent life insurance company. The borrower was 800 Chester Pike Realty LLC.
ELMWOOD PARK, N.J. — Freeman Products Worldwide has signed a 44,000-square-foot lease at 71 Walsh Dr. in Elmwood Park. The trophy manufacturer plans to use the space for its headquarters and regional warehouse. Bonni Heller of Cushman & Wakefield represented the tenant in the transaction. Howard Weinberg and Andrew Houston of Cassidy Turley represented the owner, Walsh Drive Associates. Freeman Products will relocate to the new facility this spring.
PITTSBURGH — Total Hockey, a sports equipment retailer, will open two new locations in the Cranberry and Parkway West submarkets of Pittsburgh. The company signed a 10-year lease for an 8,025-square-foot retail space at Cranberry Square, next to Pier One Imports. Art DiDonato of Oxford Realty Co. represented the landlord in the transaction. The second location will be at the Plaza @ The Pointe in North Fayette, where Total Hockey will occupy 8,910 square feet. The landlord, Costa Land Co., was represented in-house by Sarah Piccione in the 10-year lease deal. Jared Imperatore of Cushman & Wakefield/Grant Street Associates Inc. represented the tenant in both transactions.
SOUTH BRUNSWICK, N.J. — TricorBraun Inc. has signed an 83,200-square-foot lease at 11 Interstate Blvd. in South Brunswick. TircorBraun, a bottle, jar and packaging manufacturer, plans to consolidate two separate warehouse operations within the space. Tom Semler, James Scancarella and Douglas Bock of Cresa represented the tenant in the transaction. Jason Goldman of Cushman & Wakefield represented the landlord, Allianz Life Insurance Co. of America.
BRAINTREE, MASS. — A 204-room Hyatt Place hotel will open its doors in Braintree on May 15. The Hyatt Place Boston/Braintree is located 12 miles outside of Boston at the intersection of Routes 95 and 128. The project will also include a 32,000-square-foot building for retail and restaurants, and another 6,000-square-foot retail building. The building is slated to roll out later this summer. The new hotel includes a fitness center and five meeting spaces. Carpenter & Co. developed the property, while Cambridge Seven Associates provided the architectural services. Interstate Hotels & Resorts Worldwide will manage the hotel.