PARSIPPANY, N.J. — CBRE arranged $10 million in financing for Jeffroad Green, a partnership between Prism Capital Partners and Greenfield Partners, for the acquisition and renovation of a 178,346-square-foot office building, located at 399 Jefferson Rd. in Parsippany. James Gunning and Donna Falzarano of CBRE's Saddle Brook, N.J., office arranged the financing with a 3-year term through a local commercial bank. The property is currently 46 percent leased to tenants such as Pinnacle Foods, which recently expanded its lease agreement by 11,000 square feet.
NEW YORK CITY — Manhattan-based Hudson Realty Capital has funded $8 million in note acquisition financing secured by the debt on four industrial buildings in Brooklyn. The properties total 64,875 square feet, and the loan has a 36-month term.
WEST CHESTER, PA. — West Chester-based Swope Lees has brokered the sale of a 40,000-square-foot flex building, located at 917 Old Fern Hill Rd. in West Chester. Jim Lees and Chuck Swope of Swope Lees represented the seller, Fern Hill Associates, in the transaction. The buyer, Fernhill Business Center, is planning on leasing the property to Wiggins Shredding. The property is currently 75 percent leased.
NEW YORK CITY — A joint venture between Savanna and the Feil Organization, both based in New York City, has acquired the 375,000-square-foot 21 Penn Plaza, a 17-story office building located at the southeast corner of West 31st Street and Ninth Avenue in New York City. The joint venture has retained Brian Feil and David Turino of Jeffrey Management Corp., an affiliate of the Feil Organization, as the property manager and leasing agent. The property is currently 95 percent leased to tenants such as Saks & Co., Central Parking, Langan Engineering and Joseph Loring & Associates. The seller was a joint venture led by GHG Realty.
EWING, N.J. — The Opus Group has broken ground on a new 250,000-square-foot corporate campus for Church & Dwight Co.'s headquarters. The Opus Group is designing and building the campus, and SunTrust Bank is funding the development. An investment group led by Founders Properties will own the property under a long-term lease with Church & Dwight Co. The corporate campus consists of two 125,000-square-foot buildings, which will be connected. Construction is slated for a late 2012 completion.
NEWARK, N.J. — TreeTop Development has purchased the 115-unit Aspen Stratford, a HUD subsidized rental community located at 19 and 29 Stratford Place in Newark. Andrew Daitch of Marcus & Millichap's Detroit office represented both parties in the transaction. TreeTop is planning to spend $1 million on renovating the building systems, common areas and unit interiors.
NEW YORK CITY — White Plains, N.Y.-based Houlihan-Parnes Realtors has provided $2.5 million in first mortgage financing for a 10,000-square-foot retail center, located at 172-178 Dyckman St. in Manhattan. The property features six stores. The loan has a 5-year term.
HILLSBOROUGH, N.J. — Five tenants have signed leases with the landlord, Larken Associates, for space in The Shoppes and Offices at Wood's Tavern, located at the intersection of Route 206 and Amwell Road in Hillsborough. Pizza Hut signed a 1,525-square-foot lease; Tchorz, Granite & Marble signed a 511-square-foot lease; Earthfruits Frozen Yogurt signed a 1,700-square-foot lease; Northeast Wealth Planners signed a 509-square-foot lease; and IT Media signed a 408-square-foot lease. Robert Marek of Raider Realty represented the landlord in the Pizza Hut transaction, Victor Kelly of Raider Realty represented the landlord in the Tchorz, Granite & Marble and Earthfruits Frozen Yogurt transactions and Stephanie Williams of Raider Realty represented the landlord in the Northeast Wealth Planners and IT Media transactions.
CAMBRIDGE, MASS. — Skanska USA Commercial Development has commenced construction on a $70 million laboratory and office building, located in Kendall Square at 150 Second St. in Cambridge. The property has been pre-certified for LEED Gold certification. Boston-based Elkus Manfredi designed the property, and Jones Lang LaSalle will be the leasing agent.
NEW YORK CITY — Izaki Group Investments USA has purchased a 165,000-square-foot office building, located at 93 Worth St. in New York City's Tribeca neighborhood, for $49.7 million from World Wide Holdings. Vincent Carregam Yoav Oelsner, Charles Kingsley and Jason Meister of Grubb & Ellis' New York City office represented the seller. Izaki is planning on repositioning the property to be a high-end residential condominium building with a fitness center, children's playroom and lounge.