NEW YORK CITY — A 630,000-square-foot enclosed fashion mall will break ground in the Bronx this spring, with the opening slated for late 2013 or early 2014. Prestige Properties plans to develop a three-level, $270 million mall located on an empty parcel at the Bay Plaza Shopping Center. The development will be anchored by Macy's, which is slated to occupy 160,000 square feet. The mall will also be physically connected to an existing JC Penney store at the Bay Plaza Shopping Center.
ALLENTOWN, PA. — Access Services, a non-profit organization that provides support services to individuals with special needs, has purchased 3975 Township Line Rd. in Allentown for $1.2 million. The building includes 15,912 square feet of office space. NAI Summit represented the seller, Lafayette Ambassador Bank. NAI also represented the buyer.
NEW YORK CITY — The Albanese Development Corp. has purchased 510 W. 22nd St. in West Chelsea for $54.5 million. ADC plans to redevelop the site from a vacant, five-story garage into a 175,000-square-foot, Class A office building. The site was purchased from Highland Capital, a Texas-based investment fund, which acquired it from the previous owner, an investment group that included Shawn Carter, the rapper known as Jay-Z. Cook + Fox Architects is designing the structure.
SALEM, N.H. — Clarion Partners has sold the Village Shoppes of Salem shopping center in Salem for $39.9 million. The 170,270-square-foot shopping center is fully occupied with tenants such as Best Buy, Sports Authority and PetSmart. Chris Angelone, Jim Koury, Bill Moylan, Nat Heald and Josh Klimkiewicz of CBRE represented the seller in the transaction. They also procured the buyer, Route 28 Salem LP.
FAIRFIELD, CONN. — Allonge Holding LLC has acquired 1657 Post Rd. in Fairfield for $1.9 million. The company plans to lease the 6,800-square-foot-property to Flash Pointe Dance, a dance studio, and Glitter & Grime, a sportswear company. Bruce Wettenstein of Vidal/Wettenstein represented the buyer in the transaction. Jack Lipson of Westport Real Estate represented the seller, 1657 Post Road LLC.
AYER, MASS. — Hood Industries Inc., a hardwood distributor, has signed a 10-year lease for 74,240 square feet at 91 Fitchburg Rd. in Ayer. The warehouse and distribution facility is situated on nine acres. Alan Ringuette of The Stubblebine Co. represented Hood Industries in the transaction. He also represented the landlord, GFI Partners.
NEW BRUNSWICK, N.J. — The Vue, a 23-story mix of condominiums and luxury rental residences, has opened in New Brunswick. The first eight stories consist of 57,000 square feet of retail space, including a Barnes & Noble and a Brother Jimmy's BBQ restaurant. The 14-story residential tower includes 150 rental residences and 42 penthouse condominiums. Occupancy for the residential homes is expected in February. Designed by Manhattan-based Meltzer/Mandl Architects PC, the building's exterior features a multi-toned red brick and white facade. The Vue was developed by New Brunswick Development Corp. and Pennrose Properties.
CHARLSETOWN, MASS. — Construction manager Wise Corp. has completed work on a new 20,000-square-foot addition at the MGH Institute of Health Professions in Charlestown. The project included new and expanded physical therapy laboratories, a 104-seat classroom, a cafeteria and floor-to-ceiling windows overlooking Boston Harbor. MGH is an interprofessional graduate school for healthcare specialists.
WYOMISSING, PA. — Lakewood, N.J.-based Paramount Realty Services has purchased Berkshire Square, a 112,119-square-foot shopping center in Wyomissing, for $16.6 million. The property, which was 97 percent occupied at the time of sale, is anchored by Redner's Warehouse Markets and a 23,114-square-foot staples. Mark Tyler and Dean Zang of Marcus & Millichap represented the seller, WP Realty of Bryn Mawr, Pa. They also represented the buyer.
Proving its historic resilience once again, a hale and hearty multifamily investment market continues to outpace other commercial real estate sectors in the wake of the latest economic dip. Thanks to an ailing housing market that doesn’t seem to have a tangible cure in the foreseeable future, the “new normal” in residential living is apartment rentals. Strong leasing fundamentals; 1950s-era, bank-friendly interest rates; and the lack of other risk-averse investment options have contributed toward a dramatic increase in sales velocity along the highly sought-after South/Central/Northern New Jersey corridor. Demand is unrelenting. Just 18 to 24 months ago, many investors were sitting on the sidelines waiting for multifamily properties to follow in the footsteps of other hard-hit commercial real estate assets, including office, non- grocery-anchored retail and industrial, where vacancies skyrocketed and lending came to a virtual standstill. These fears had little-to-no impact on multifamily properties, which possess certain inherent “recession-proof” characteristics. Rental living provides a viable, affordable alternative to people who are concerned about their long-term employment outlook, cannot qualify for a single-family residential home loan or are displaced due to rising foreclosures or natural disaster, such as flooding in the aftermath of Hurricane Irene. As the economic recovery continues …