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.
WATERTOWN, N.Y. — Marcus & Millichap Real Estate Investment Services has completed the $3.2 million sale of Kinney Drugs, an 11,236-square-foot property located at 1304 Washington St. in Watertown, N.Y. Steven Stoehrer and Preet Sabharwal represented the seller, a developer, in the transaction. They also represented the buyer, a private fund manager.
CHESTER, PENN. — TreeTop Development, a New Jersey-based real estate company, has purchased Benjamin Banneker Plaza, a 70-unit apartment complex in Chester, Penn. for an undisclosed amount. The seller was Apartment Investment and Management Co., a real estate investment trust. Andrew Daitch of Marcus & Millichap's Detroit office represented both parties in the transaction.
GLASSBORO, N.J. —Construction is complete on the first two phases of Whitney Crescent, an 80-unit apartment community on Higgins Avenue in Glassboro, N.J. The developer, Community Investment Strategies, demolished nine buildings to redevelop the 9.5-acre site, and relocated tenants before building the community. The $22 million project includes four new three-story buildings. Another 20 units are slated for completion this fall.
HARRIMAN, N.Y. — Colliers International has arranged the sale of Arden House, a 100,000-square-foot historic mansion and conference center in Harriman N.Y. to the Research Center on Natural Conservation, Inc. for $6.5 million. Robert Freedman, Richard Warshauer and David Libertson of Colliers International represented the seller, Open Space Conservancy Inc. Charlotte Cheung of The Ariel Group Realty represented the buyer in the transaction.
WARWICK, R.I. — Webster Bank recently provided $10 million in construction financing for the new $13.6 million Ambulatory Surgery and Medical Office Center at Kent Hospital in Warwick, R.I. Construction of the 62,454-square-foot medical office building began in May, and the facility is slated to open in summer 2012. The Washington D.C. office of Trammell Crow Co. is developing the building for Seavest Inc. The architect is Boston-based Steffian Bradley Architects, and Providence, R.I.-based Dimeo Construction Co. is the general contractor.
