VOORHEES, N.J. — The Township of Voorhees has signed an agreement with Pennsylvania Real Estate Investment Trust (PREIT) that will relocate the Voorhees Town Hall to PREIT's Voorhees Town Center project. The township will own the 24,300-square-foot space, which will open next spring on the second level of the mall. PREIT is in the middle of an $83 million redevelopment of Voorhees Towen Center that is repositioning it as a mixed-use destination center. In addition to the mall, the project contains an office building and 425 luxury apartments and condominiums.
ROBINSON, PA. — Arbor Commercial Funding has arranged a $13.76 million Fannie Mae DUS loan for Westpointe Apartments, a 291-unit multifamily community located in Robinson. The loan carries a 10-year term and a 30-year amortization schedule. Ronen Abergel of Arbor's New York City office originated the financing on behalf of the undisclosed borrower.
NEW YORK CITY — Beech Street Capital has arranged $9.5 million in Fannie Mae DUS funds for the refinancing of a multifamily property in Brooklyn. The building, which is located at 713 Classon Ave., was formerly part of the original Jewish Hospital but was converted into a 76-unit apartment building in 2002. Meridian Capital Group originated the loan. The borrower's name was not disclosed.
NEW YORK CITY — Sesame Workshop, the educational nonprofit responsible for Sesame Street, has renewed its lease at One Lincoln Plaza in Manhattan. The tenant occupies 140,000 square feet, consisting of the second, third, fourth and eighth floors of the building. As part of the lease renewal, the landlord, locally based Ogden CAP Properties, will complete infrastructure upgrades including new windows and mechanical systems. The Newmark Knight Frank team of Barry Gosin, Moshe Sukenik and Robin Fisher represented Sesame Workshop in lease negotiations. Ogden CAP Properties provided in-house representation.
STAMFORD, CONN. — Jonathan Rose Cos. and Malkin Properties have broken ground for the next phase of the Metro Green transit-oriented community. Metro Green Residences will consist of 50 mixed-income residences and ground-floor commercial space. Forty of the units will be reserved for reduced-income households. The project, which was designed by Perkins Eastman Architects, will be seeking LEED-Gold certification. Completion for the $27 million project is expected in 2011. At full build-out, Metro Green will contain 238 residences, a 350,000-square-foot office tower and ground-floor commercial space, all within walking distance of the Stamford Metro North Train Station. The project is seeking the Gold level of LEED for Neighborhood Development certification.
WAYNE, N.J. — UPS has signed a lease for 120,000 square feet of Class A office space in Wayne. The company will occupy almost all of the four-story, 163,000-square-foot building located at 1655 Valley Road. It is relocating from offices in Morris Township, N.J. Tom Consiglio of Resource Realty represented UPS in lease negotiations. The landlord is Prism Capital Partners.
NEW YORK CITY — Massey Knakal Realty Services has negotiated the sale of a 12,960-square-foot office building located in Manhattan's Flatiron neighborhood for $6.5 million. The six-story property was constructed in 1893 and includes an additional 11,700 square feet of development rights. Massey Knakal's John Ciraulo and Michael Azarian brokered the deal.
PRINCETON, N.J. — Marcus & Millichap has completed the sale of a 28-unit multifamily and retail portfolio in Princeton for $3.97 million. The properties are located at 114 Witherspoon St. and consist of 25 apartments and three retail spaces. Occupancy was 100 percent at the time of closing. Charlie Classen and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, a private partnership, and the buyer, a private investor. Assistance was provided by Marcus & Millchap's Michael Fasano.
BOSTON — Northeastern University has reached an agreement with Phoenix Property Co. and the YMCA of Greater Boston for the development of a new on-campus residence hall. Under the terms of the agreement, the YMCA will sell two of the three wings of a building it owns at the intersection of Huntington Avenue and St. Botolph's Street to Phoenix for $21.5 million. The developer will then invest $75 million for the construction of a 16-story, 720-bed dorm that will serve undergraduates of the school. The unit mix will consist of 590 dorm-style beds and 130 apartment-style beds. The anticipated opening would be in 2013. Northeastern will have the option to purchase the residence hall from Phoenix as well as the “right of first offer” to purchase the remaining sections of the building should they be sold in the future.
NEW YORK AND NEW JERSEY — On the heels of its recent announcement that a new store will open next fall in Manhattan, outdoor retailer REI has announced plans to open three new stores next spring in the Tri-State area. The stores will be located in Yonkers and Carle Place, N.Y., and Paramus, N.J. Each will measure approximately 25,000 square feet and will feature a bike shop in addition to the store's usual offerings. The retailer currently operates 114 stores nationwide.