NEW YORK CITY — A private equity group has agreed to buy 511 W. 25th St. in Chelsea, a 195,000-square-foot property, for $93 million from Pembrook Capital Management. The three-building, mixed-use property includes an art gallery and office complex. The sale is expected to close in the first quarter of 2012. Darcy Stacom of CBRE represented Pembrook in the transaction.
HARRISON, N.J. — The first phase of the $750 million Harrison Station mixed-use development in Harrison, N.J. is complete. The new building, located at 300 Somerset St., includes 275 apartments with 12,814 square feet of street-level retail space. More than 130 apartments have been leased and a total of 5,500 square feet of retail space has been leased to Five Guys Burgers & Fries and Pronto Gourmet. Construction of the second phase, a 136-room Element Hotel, will begin in early 2012. Once complete, Harrison Station will include 2,600 residences and 80,000 square feet of retail space. The project developers are Ironstate Development Co. and the Pegasus Group.
BLOOMFIELD, N.J. — CBRE's Capital Markets' Debt & Equity Finance group has secured $47.5 million in construction financing on behalf of Prism Capital Partners LLC for The Parkway Lofts at Watsessing Station, a 361-unit redevelopment in Bloomfield. U.S. Bank provided the loan, which is for a three-year term with a single one-year extension. Prism plans to convert a 365,000-square-foot warehouse building into loft-style apartments. Phase II of the build-out will include a high-density residential village with 150 townhomes.
PHILADELPHIA — Charming Charlie, a fashion accessory boutique, will open a new, 12,000-square-foot store at the Plymouth Meeting Mall in suburban Philadelphia. The store will be located in the outdoor retail wing that also includes Orvis and Coldwater Creek. Pennsylvania Real Estate Investment Trust is the landlord.
JESSUP, PA. — TMG Health has signed a build-to-suit lease for a 150,000 square foot office building with the option to add an additional 60,000 square feet, at Valley View Business Park in Jessup. Represented by CBRE's Dan Dagit and Bill Wolf, TMG will consolidate two local offices, one in Scranton and the other in Dunmore, into the new building. After selecting the site, Lexington Realty Trust acquired 39 acres of the park from The Scranton-Lackawanna Industrial Building Co. and entered an agreement with Verus Partners, a Chicago-based developer, to develop TMG's building. The building is slated to deliver in the third quarter of 2012.
NEW YORK CITY — Mortgage Equicap has arranged $4 million in permanent mortgage financing for a mixed-used building in West Village. The four-unit apartment building includes ground-floor retail. The non-recourse loan was financed by a commercial bank and includes a five-year fixed rate.
NEW YORK CITY — Queens Borough Public Library has purchased seven street-level commercial spaces at Sunrise Terrace condominiums, located at 31-32 Union St. in Queens, for $3.5 million. The seven units will provide more than 10,000 square feet for the public library, which has 62 locations. Delshah LLC, purchased the senior mortgage for the building in 2009.
NEW YORK CITY — HFP Capital Markets, a full-service investment bank, has signed a 15-year lease for 13,100 square feet of office space at 386 Park Ave. South in Manhattan. The company is relocating its corporate offices from 685 Fifth Ave. John Moran III, Hope Brodsky and Neil Goldmacher of Newmark Knight Frank represented HFP in the transaction. Jordan Berger of Monday Properties represented the ownership, Monday Properties and Savanna.
PHILADELPHIA — Forest City Enterprises has secured a $28.2 million loan for the refinancing of Drake Tower, a 284-unit, 30-story apartment building, located at 1512 Spruce St. in Philadelphia. Red Mortgage Capital, the mortgage banking arm of Red Capital Group, provided the Fannie Mae loan. The 10-year loan has a 30-year amortization schedule.
NEW KINGSTOWN, PA. — Fry Communications, a multi-media printing and production company, has signed a 146,500-square-foot lease at 32 E. Main St., a one-story industrial facility in New Kingstown. CBRE represented the company in the transaction. Gerry Blinebury, Pat McBride and Leah Balerno of the Phildelphia office of Cushman & Wakefield represented the landlord, Seagis Property Group.