BROOKLYN, N.Y. — Marcus & Millichap Real Estate Investment Services has completed the sale of 567 Vanderbilt Ave. in Brooklyn, N.Y. for $1.3 million. The mixed-use building includes 4,864 square feet. Bruce Thomsen, Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor. The buyer, a limited liability company, was secured and represented by Riney and Bestreich.
SWEDESBORO, N.J. —Binswanger has completed the sale of a one-story, 65,804-square-foot facility, located at 400 Eagle Ct. in Swedesboro, N.J. The buyer, Cocoa Services LP, is a chocolate manufacturer and plans to use the facility for cocoa processing. Marc Policarpo and Bob Corr of Binswanger's New Jersey office represented the seller, Barry Callebaut USA LLC, in the transaction. David Ricci of Flynn Co. represented the buyer.
OAKLAND, N.J. —Construction is complete for the new $4.9 million Reed Academy in Oakland, N.J. The 25,000-square-foot private school includes classrooms, an exercise area and a nursing bay. Elmwood Park, N.J.-based River Drive Construction Co. was the construction manager for the project. The development team also included New York-based Weisz and Yoes Architecture, Michael Murray P.A. and Oakland, N.J.-based McNally Engineering LLC.
EASTON, PA. — Parcel Point Inc., a third-party logistics company, has leased 90,000 square feet of warehouse space at 900 Conroy Place in Easton, Pa. Michael Adams of NAI Summit represented Parcel Point in the transaction. Hawley Realty represented the owner, LIG Business Holdings.
CAMBRIDGE, MASS. —Alexandria Real Estate Equities Inc. has broken ground on the first phase of a $500 million science and technology complex in Cambridge, Mass. Alexandria Center at Kendall Square will ultimately include 1.7 million square feet of office, laboratory and residential space. Biogen Idec, a global biotechnology firm, will occupy the first six-story, 307,000-square-foot building at 225 Binney St. when it delivers in 2013. The building is designed by architectural firm Spagnolo Gisness & Associates Inc.
MIDDLETOWN, N.Y. — Hobby Lobby, an arts and crafts retailer, opened a 56,491-square-foot store at Wallkill Plaza, located on the southeast corner of Route 211 East and Carpenter Avenue in Middletown, N.Y. David Sternschuss of Welco Realty Inc.'s New Rochelle, N.Y. office represented Hobby Lobby. Brixmor Property Group, the owner of Wallkill Plaza, was represented by Laura Parke-Carson of Bixmor.
WEEHAWKEN, N.J. —Developers Lennar Urban and Roseland Property Co. have broken ground on a new phase of condominiums at Henley on Hudson at Port Imperial in Weehawken, N.J. The 36 new condo units, ranging in size from 912 to 1,722 square feet, will be completed by May 2013. When fully completed in 2015, the Henley on Hudson development will include 222 units.
MANHATTAN — Luxury retailer Coach Inc. will become the first tenant in a 51-story office tower that New York-based developers Related Cos. and Oxford Properties plan to build on Manhattan's west side. Coach will occupy more than 600,000 square feet, or more than one-third of the initial tower of the Eastern Rail Yards, part of the 26-acre, mixed-use Hudson Yards site. New York-based Kohn Pederson Fox Associates designed the tower and Coach is relocating its world headquarters to the tower from 516 W. 34th St. Construction of the 1.7 million-square-foot tower is expected to start in mid-2012.
SECAUCUS, N.J. — Discount retailer Syms Corp. and its subsidiary Filene's Basement have filed for Chapter 11 bankruptcy protection in Delaware. The retailer plans to liquidate the two chains by the end of the year, citing increased competition in the off-price retail industry. The Secaucus, N.J.-based company operates 46 stores under its Syms and Filene's Basement banners, which are located mostly in the eastern U.S. Syms and Filene's basement are seeking court approval for Cushman & Wakefield to assist in the sale of company-owned real estate. The liquidation is expected to run through January.
PORT CHESTER, N.Y.—NorthMarq has arranged $3.4 million in financing for the 48,100-square-foot Byram Self-Storage, located at 2 Highland St. in Port Chester, N.Y. Dale Stewart and Chris Williams of NorthMarq's Denver office arranged the financing based on a 10-year loan and 25-year amortization schedule through a correspondent relationship with one of NorthMarq's life insurance companies.
