CARLSTADT, N.J. — The Donna Karan Co. has signed a new, long-term lease for 197,445 square feet at 400 Commercial Blvd. in Carlstadt. The facility, which will include 23,615 square feet of renovated office space, will serve as the company's regional distribution hub for its signature apparel and accessories. Thomas Carragher of Studley Inc. represented Donna Karan Co. in the transaction. The landlord, Russo Development, was represented in-house by Michael Pembroke and Adam Pasternack.
MILFORD, CONN. —Washington Trust's Commercial Real Estate Group has provided an $8 mortgage loan to an affiliate of MCRS Milford Development LLC, for the financing of the Hilton Garden Inn in Milford. The 120-room hotel is located at 291 Old Gate Lane. Cate Fusco of Washington Turst served as the lead lender for the project.
CARLISLE, PA. — Giant Food Stores has agreed to buy 16 Genuardi's Family Markets stores in the greater Philadelphia area from Safeway Inc. for $106 million. The outlets will be converted into Giant Food Stores after the transaction is completed. The sale is expected to close in the first half of 2012. Carlisle-based Giant Food Stores has more than 180 outlets and operates in states including Pennsylvania, Maryland and Virginia.
NEW YORK CITY — Vornado Realty Trust has completed a $330 million refinancing of Eleven Penn Plaza, a 1.1 million-square-foot office building in Manhattan. The company realized net proceeds of about $126 million after repaying the existing loan on the property and closing costs. The loan bears an interest rate of LIBOR (which today is 2.64 percent), plus 2.35 percent. The seven-year loan has a 30-year amortization schedule that begins in the fourth year.
MIDDLETOWN, CONN. — Baker Middletown LLC has purchased Town Place Apartments, a 166-unit complex in the West Lake district of Middletown, for $18.6 million. The community consists of of seven two-, three- and four-story buildings. Steve Witten and Victor Nolletti of the New Haven office of Institutional Property Advisors (IPA) represented the seller, CAPREIT Town Place LP. IPA also represented the buyer.
NEW YORK CITY — Meridian Capital Group has arranged $28 million in financing for a 12-story office building in Queens, on behalf of Pi Capital Partners LLC. An undisclosed local bank provided the five-year loan, which carries a 3.75 percent rate. Cary Pollack of Meridian's New York office negotiated the transaction. The 60,000-square-foot building includes 8,600 square feet of ground-floor retail space.
JERSEY CITY, N.J. — Time Equities Inc. has purchased a 9,134-square-foot retail condominium, located at 389 Washington St. in Jersey City, for $2.8 million. The property is on the ground floor of the Luxury A Condominiums, a 33-story residential building. Jeff Fishman, Barry Fishbach, Brian Segall and Jonathan Butwin of RFK's New York office represented the project's developer, GTIS Partners. Time Equities was represented in-house by Chris Pulling and Hy Schermer.
In 2011, the Boston commercial real estate market has shown some signs of life, with most movement attributed to small and medium-sized companies. 2012 appears to promise much of the same, with the greatest demand coming from the 5,000- to 25,000-square-foot users who are growing. Meanwhile, larger tenants are still active in the market but taking less space, effectively offsetting what smaller companies are growing into. The largest users in the Financial District are law offices and financial services firms, and the downsizing in these industries has resulted in increased vacancies. In addition, major businesses have become more efficient users of office space (fewer administrative employees per attorney, more “hoteling,” equal sized offices for all, etc.) and more conservative in growth projections, resulting in less space demand for companies when they do grow. Over the last 12 to 18 months, Boston’s top commercial real estate markets have shifted. The Back Bay area has started to run away from the Financial District as the preferred submarket in Boston. Its appeal is shared between employers and employees alike, with a “24/7” neighborhood feel, new retail shops and restaurants and easy access from the Pike for commuters. These qualities have helped the Back …
STAMFORD, CONN. — The former General Reinsurance Corp. headquarters in Stamford, Conn. sold for $30 million in a year-end closing. Stamford-based developer Building and Land Technology purchased the 560,000-square-foot office building, located at 695 E. Main St., from Lehman Brothers Holdings Inc. David Benhaut, Gary Gabriel and Grace Braverman of Cushman & Wakefield's East Rutherford, N.J. office and Tom O' Leary of the firm's Stamford office represented the seller in the transaction.
TETERBORO, N.J. — Chicago-based Sitex Realty Group has acquired 125 and 200 Central Ave., a 210,009-square-foot industrial complex in Teterboro. The facility at 125 Central Ave. includes 104,213-square-foot of space and 200 Central Ave. is a 105,796-square-foot facility. Gary Sauerborn, Jeffrey DeMagistris and Thomas Vetter of NAI Hanson represented the seller, John Landers of the Marschall Warehouse Co. in the transaction. Sitex plans to lease and renovate the space, including a new office build-out.