Northeast

MRA, ANGELO GORDON SELL MIXED-USE PROPERTY FOR $39.25M

by admin August 1, 2011

NEW YORK CITY — Jericho, N.Y.-based Metropolitan Realty Associates (MRA) and its equity partner Angelo Gordon & Co. have sold a 188,500-square-foot mixed-use property for $39.25 million, or about $208 per square foot. The buyers are real estate investor David Werner and Carlton Associates Inc., both of New York City. The two building complex sits at 1000 Stewart Ave. and 500 Endo Blvd. in Garden City on Long Island. The sale is the result of an auction conducted by Eastdil Secured’s Michelle Mahl, Josh King, Adam Spies and Adam Etra. The buyers represented themselves in the transaction. MRA and Angelo Gordon acquired the building in 2005 from Bristol Myers Squibb.

August 1, 2011

GEBROE-HAMMER FACILITATES SALE OF MULTIFAMILY PORTFOLIOS

by admin August 1, 2011

PHILADELPHIA — Livingston, N.J.-based Gebroe-Hammer Associates has orchestrated the $2 million sale of a Philadelphia 13-building multifamily portfolio. Gebroe-Hammer’s Eli Rosen represented the buyer and seller in the transaction. The portfolio includes Grand Leiper Apartments, a 52-unit, garden-style complex at 4712 Leiper St. in northeast Philadelphia. A five-unit building comprised of 28 units near Grand Leiper was also included in the transaction. Rosen also finalized the $750,000 sale of 24 units in southwest Philadelphia on Dickens Avenue.

August 1, 2011

Mixed-Use Northeast

MASSEY KNAKAL, ADAMS & CO. ARRANGE $1.8M MIXED-USE SALE

by admin August 1, 2011

NEW YORK CITY — Massey Knakal and Adams & Co. have arranged the sale of a $1.8 million mixed-use property at 180 E. 94th St. in Manhattan. The four-story property is 3,147 square feet and is comprised of one retail unit, currently leased by a nail salon, and two fair market residential units, which includes a duplex with a roof deck. James P. Nelson and Tom Gammino Jr. of Massey Knakal represented the seller and Adams & Co.’s Jeff Buslik and Staci Goodman represented the buyer. The sale works out to be about $645.86 per square foot.

August 1, 2011

Northeast Retail

RETAILERS JOIN CHEESECAKE FACTORY TO OCCUPY 190,000 SF AT WILLOW GROVE PARK

by admin August 1, 2011

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has announced that JC Penney, Nordstrom Rack, Bravo Cucina Italiana and Forever 21 will join The Cheesecake Factory to occupy 190,000 square feet of space formerly occupied by Strawbridge’s at Willow Grove Park in Philadelphia. The JC Penney will occupy 114,000 square feet on the first and second levels and is set to open in fall 2012; Nordstrom Rack will occupy 41,000 square feet on the third level and is expected to open in spring 2012; Bravo Cucina Italiana will occupy 7,500 square feet on the third floor and is slated for a fall 2011 opening; and the two-story Forever 21 will occupy 17,000 square feet at its new location. Willow Grove is comprised of 1.2 million square feet and its tenants include Bloomingdale’s, Coach, J. Crew, Jos. A. Bank and Sonoma.

August 1, 2011

Multifamily Northeast

MASSEY KNAKAL BROKERS $4.8M SALE OF MULTIFAMILY BUILDING

by admin July 29, 2011

NEW YORK CITY — Massey Knakal has facilitated the sale of a 10,000-square-foot multifamily building on Manhattan’s upper east side. The building is located at 339 East 90th St. and contains 23 units, of which nine are free market and the other 14 are rent-stabilized. The sales price equates to approximately $410 per square foot. Thomas D. Gammino Jr. of Massey Knakal had the exclusive listing of the transaction.

July 29, 2011

Multifamily Northeast

HANSSEM AMERICA PURCHASES 145,000 SF WAREHOUSE IN EDISON

by admin July 29, 2011

EDISON, N.J. — South Plainfield, N.J.-based Hanssem America, Inc. has purchased a 145,000-square-foot warehouse in Edison from One Step Up, Inc. The industrial building is located at 20 Kilmer Rd. in Edison. Joe Nitti of Colliers International New Jersey represented Hanssem and Greg Shalom of Team Resource, Inc. represented One Step Up.

July 29, 2011

Northeast Retail

CHERRY HILL RETAIL CENTER SELLS AT AUCTION FOR $1.68M

by admin July 29, 2011

CHERRY HILL, N.J. — Max Span Real Estate & Auction Co. has sold a 54,000-square-foot retail center in Cherry Hill for $1.68 million at auction. The property is located at the Routes 70 and 154 intersection and includes a former Pathmark supermarket and has 1,109 feet of frontage, 290 parking spaces and six entrances.

July 29, 2011

Industrial Northeast

CBRE BROKERS 20,120 SF INDUSTRIAL LEASE AT WHITELAND BUSINESS PARK

by admin July 29, 2011

EXTON, PA. — CB Richard Ellis, Inc. (CBRE) has brokered Ecospan’s lease of 20,120 square feet of industrial/flex space from 753 Springdale Drive Associates at Whiteland Business Park in Exton. Ecospan will use the space to research and develop eco-friendly products. Tom Bailey and Steven Italiano of CBRE represented 753 Springdale Drive Associates in the transaction.

July 29, 2011

Northeast Retail

RIOCAN HOLDINGS PURCHASES LONG ISLAND SHOPPING CENTER FOR $40.2M

by admin July 28, 2011

HUNTINGTON, N.Y. — Toronto-based RioCan Holdings has purchased a Class A, 116,221-square-foot shopping center for $40.2 million in Huntington on Long Island. The property is 100 percent occupied anchored by Stop & Shop and Best Buy. Kris Cooper, Margaret Caldwell, Dave Wojciechowski and Dan Zatloukal of Jones Lang LaSalle brokered the transaction.

July 28, 2011

Northeast Office

TIME EQUITIES ARRANGES $4.3M OFFICE SALE TO DPA

by admin July 28, 2011

NEW YORK CITY — Time Equities Inc. has completed a $4.3 million sale for 8,200 square feet of office space at 131 W. 33rd St. in New York City for the Drug Policy Alliance (DPA), a not-for-profit organization. DPA will occupy the entire 15th floor and will join tenants Progressive Credit Union, Bijoux (Bodhi Bags) and Gammon Ragonesi Associates. Brandon Medeiros of Time Equities represented the seller and Carri Lyon of Cushman & Wakefield represented DPA.

July 28, 2011

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