WHIPPANY, N.J. — Z&Z Supply has signed a lease renewal for 13,200 square feet at 1 Apollo Dr. in Whippany. The company will continue to use the site for the wholesale distribution of HVAC equipment. Howard Weinberg of Cassidy Turley represented the landlord, Keystone NJP III LLC in the transaction. Steven Leitner of NAI Hanson represented the tenant.
The recent performance of the Philadelphia apartment market offers evidence that a sustainable recovery is taking hold. Vacancy returned to a normal level, while property owners continue to realize greater success in raising rents. Newly employed residents and recent graduates of local colleges and universities will further stoke tenant demand in the quarters ahead. As would be expected following several quarters of solid performance, the recovery is initiating a new construction cycle, as heralded by the start of construction in the first quarter on a 319-unit rental in Center City. The pipeline of planned projects has also increased, but the potential impact on property operations will likely be modest as these projects represent 3 percent of existing stock. In addition, developers appear to be focused on adding rentals in areas where tenant demand is the greatest, placing a large concentration of their projects in Center City and Main Line submarkets, including Bala Cynwyd. Minimal additions to market-rate stock have moderated vacancies. During the 12 months ending in the first quarter, only the 97-unit 600 on Broad in Center City came online. Developers are becoming more confident, as 6,500 market-rate units are planned, an increase from 4,100 rentals 6 months ago. …
ABINGTON, MASS. — Campanelli Construction has broken ground on Cape Cod Lumber's new retail, warehouse and office building in Abington. The 136,000-square-foot building will serve as the lumber company's headquarters and operations center and the site will include a drive-through lumber yard for building professionals. The property is located at 225 Groveland St. and is slated for completion in January 2013.
DANVERS, MASS. — Onibella Associates Danvers LLC has purchased The Learning Experience, an 11,000-square-foot property at 308 Andover St. in Danvers, for $3.1 million. The building was constructed in 2009 and is located along Route 114. The daycare center has 13 years remaining on its lease. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the seller, Omni Ventures 308 Andover LLC. They also secured the buyer, Onibella Associates Danvers LLC.
DENVER, PA. — 412 Oak St. LP has acquired an 80,280-square-foot warehouse, located at 412 Oak St., for $1.8 million. John Thury of NAI Commercial Partners represented the seller, Park Place PA LLC. Robert Ramsay, also of NAI Commercial, represented the buyer.
DERRY, N.H. — Eckman Construction has broken ground on two new buildings at Pinkerton Academy in Derry. Eckman will expand the school’s Center for Career and Technical Education. The project will include a two-story brick building that will house the technical curriculums, as well as laboratories and a greenhouse. A second building will accommodate both animal science and cosmetology curriculums. Marinance Architects of New Hampton designed the project.
NEW YORK CITY — Preservation Development Partners has completed a $2.5 million renovation of Trinity Apartments, a 75-unit apartment complex at 2105 Daly Ave. in the Bronx. The project included the installation of new boilers, flooring, electrical wiring and upgrades to the kitchen, bathroom and stairwell. The project was financed by Mayor Michael Bloomberg's New Housing Marketplace Plan, an initiative to fund affordable housing in New York. Preservation Development — a joint venture between developers Donald Capoccia, Joseph Ferrara, Brandon Baron, Francine Kellman and Brian Raddock — purchased the building last year.
NEW YORK CITY — Frey Management has purchased 36-20 Bowne St., a 1940s-era apartment building in the Flushing section of Queens, for $14.3 million. The six-story apartment building contains 87 units and approximately 78,000 square feet. Shlomo Antebi of GFI Realty Services represented the seller, 36-20 Bowne LLC, in the transaction. He also represented the buyer.
MERIDAN, CONN. — Sleeping Giant Research Parkway LLC has sold two office properties in Meriden for $6.32 million. The buildings are located at 355 Research Parkway and 367 Research Parkway. John J. Cafasso and Nicholas R. Morizo of Colliers International represented both parties in the sale. Both buildings are fully leased to long-term tenants. BL Cos., which provides architecture, engineering, surveying and environmental services, occupies 355 Research Parkway. Tucker Mechanical, a subsidiary of EMCOR Group Inc., occupies 367 Research Parkway.
SYRACUSE, N.Y. — NorthMarq Capital has arranged an $8.8 million loan for the first mortgage refinancing of 550 Harrison Center, a 97,076-square-foot medical office building in Syracuse. Michael James of NorthMarq’s Rochester, N.Y. office arranged the 10-year loan through a life insurance company. The loan includes a 25-year amortization schedule.