PLATTSBURGH, N.Y. — The State University of New York at Plattsburgh has broken ground on a new 43,400-square-foot business, economics and computer science building, designed by Gwathmey Siegel Kaufman + Associates Architects. The building, which will include computer labs, classrooms and conferencing facilities, is slated for completion in 2013.
NEW YORK CITY — Multi-Employer Property Trust (MEPT) will develop a 35-story, 165-unit apartment building at 309 Fifth Ave. in Manhattan. The project will total 122,000 square feet, including 10,400 square feet of retail space on the ground level. MEPT has committed more than $100 million in equity to build the project. The project team includes developer Urban Development Partners, general contractor Lend Lease and project architect SLCE Architects. Bentall Kennedy is serving as MEPT's real estate advisor.
MIDDLEBOROUGH, MASS. —Marcus & Millichap Real Estate Investment Services has closed on the $55 million sale of Oak Point, a senior manufactured housing community in Middleborough. The community includes 870 occupied homes and permitted land for 280 additional homes. Dan Mulkey of Marcus & Millichap's Tampa office, along with Jonathan Harrison and Briana Barbier of the firm's San Diego office represented the seller in the transaction. Robert Horvarth and Todd Tremblay of the firm's Boston office provided local representation. Mulkey and Harrison also represented the buyer, a privately held Chicago-based firm that owns and operates manufactured housing communities. The seller is a partnership between a Connecticut-based real estate investment fund and a real estate developer from Boston.
CAMBRIDGE — New Boston Fund, a commercial real estate investment and management firm, has sold a two-story office property at 70 Fawcett St. in Cambridge for a reported $13.6 million. New Boston Fund and Cabot, Cabot & Forbes negotiated the sale on behalf of the buyer, O'Connor Capital Properties. O'Connor plans to convert the property into a 429-unit residential community. The property currently houses a 141,000-square-foot office building.
EAST HEMPFIELD, PA. — NAI Commercial Partners Inc. has arranged the sale of a 25,000 square foot industrial building, located at 1886 Commerce Park E. in East Hempfield. Daniel Berger of NAI Commercial's Lancaster office represented the sellers. Kim Lutz of Prudential Homesale Service Group represented the buyer, JEL Property.
DEERFIELD, MASS. —Burlington, Mass.-based Erland Construction has broken ground on a 30-bedroom student dormitory at Deerfield Academy in Deerfield. The 22,000-square-foot dormitory will also include student study rooms and a laundry room. ARC/Architectural Resources Cambridge designed the building, which is slated for completion in August 2012.
FAIRFIELD, N.J. — PPI Time Zone Inc., an electronic manufacturing services company, has signed a long-term, 30,000-square-foot office lease at 11 Madison Ave. in Fairfield. James Scancarella and Edward English of CresaPartners' New Jersey office represented PPI Time Zone in the transaction. Greg Sabato and Tom Consiglio of Resource Realty represented the landlord, The Richards and Robbins Group. PPI Time Zone plans to relocate its headquarters from its current location in Paterson, N.J.
BROOKLYN — CPEX New York has arranged the $3.65 million sale of 116 3rd Place, a 9,106-square-foot condominium in Brooklyn. Brian Leary and Ira Krivit represented the seller, TD Bank N.A., in the transaction. They also procured the buyer, a local investor.
PHILADELPHIA — Thomas Properties Group has signed Ernst & Young, an assurance, tax and advisory services firm, to a 74,240-square-foot lease at the One Commerce Square building in Philadelphia. A tenant in the adjoining twin Two Commerce building since 1992, Ernst & Young is relocating more than 800 professionals from its current space. Joe McManus and Morgan Murray of Thomas Group Properties represented Ernst & Young in the transaction.
ARDSLEY, N.Y. — Rand Commercial Services has closed the $3.9 million sale of an 80,000-square-foot warehouse in Ardsley, N.Y. Paul Adler and Ann Silver of Rand Commercial's White Plains, N.Y. office represented both parties in the transaction. The buyer was Elm Street Sport Group LLC.