Northeast

MOORESTOWN OFFICE/FLEX PROPERTY SELLS

by admin September 15, 2011

MOORESTOWN, N.J. — A 78,475-square-foot office/flex facility at 1601 Schlumberger Dr. in Moorestown has been sold. The one-story facility features 13,500 square feet of office space, 22-foot high ceiling and an open floorplan. The buyer, 1601 Schlumberger LLC, plans to lease the office space and use the warehouse for storage. Binswanger's Marc Policarpo and Bob Corr represented the seller, First Industrial Realty Trust, Inc., while Marc Isdaner of Colliers International represented 1601 Schlumberger.

September 15, 2011

MEDICAL OFFICE BUILDING IN QUEENS SELLS

by admin September 15, 2011

NEW YORK CITY — Gramercy Surgery Center Inc. has purchased a 23,000-square-foot medical office property at 59-25 Kissena Blvd. in Flushing, Queens in New York City. The two-story property features 140 feet of street frontage along Kissena Boulevard. Colliers International's Brian Given, Steven Jaray and Sheena Gohil partnered with Brooklyn-based M.C. O'Brien's William O'Brien and Karen Cohen to represent the seller, EmblemHealth, in the transaction.

September 15, 2011

Northeast

PEPPERIDGE FARMS BREAKS GROUND ON $30M RESEARCH CENTER

by admin September 14, 2011

NORWALK, CONN. — Pepperidge Farm, a subsidiary of Campbell Soup Co., has broken ground on a $30 million, 34,000-square-foot innovation center at Pepperidge Farms headquarters at 595 Westport Ave. in Norwalk. The facility will house a pilot plant with product development and testing lines, kitchens, laboratories and meeting rooms. The new center will focus on the baking snack sector of its inventory. The facility is slated to be delivered in fall 2012. The center will be designed to reach LEED certification by Springfield, Mass.-based The Dennis Group and Stamford, Conn.-based Perkins Eastman.

September 14, 2011

Mixed-Use Northeast

MIXED-USE PROPERTY IN MEATPACKING DISTRICT SELLS FOR $23.25M

by admin September 14, 2011

NEW YORK CITY — First Atlantic Real Estate has purchased an approximately 22,000-square-foot mixed-use property in Manhattan's Meatpacking District at 344-346 W. 14th St. in New York City for $23.25 million. Grubb & Ellis' Vincent Carrega, Neil Helman, Jason Meister and Charles Kingsley represented the seller, Real Estate Equities Corp., in the transaction, while First Atlantic was self represented. The property features 20 residential units and two retail spaces featuring selling basements. The six-story property sold with a cap rate at 5.45 percent.

September 14, 2011

Northeast Retail

CHRISTMAS TREE SHOPS, INC. SIGNS $8M LEASE RENEWAL

by admin September 14, 2011

MANCHESTER, CONN. — Christmas Tree Shops, Inc. has signed a $8 million, 12-year lease renewal to remain the anchor tenant at Hale Road Plaza at 120 Hale Rd. in Manchester. The store occupies 58,000 square feet in the 112,000-square-foot center. The center is 91 percent leased to other tenants including Guitar Center, The Dog House and Namco.

September 14, 2011

Mixed-Use Northeast

HUDSON REALTY CAPITAL FUNDS $11.6M LOAN FOR BROOKLYN CONDO CONSTRUCTION

by admin September 14, 2011

NEW YORK CITY — Hudson Realty Capital has funded an $11.6 million construction loan for the conversion of a vacant mixed-use building in Brooklyn's Park Slope in New York City. The three-story property features 20,757 square feet of residential space and 6,175 square feet of sub-street level medical office space. The condominium conversion will include making just 15 residential units that feature three bedrooms and outdoor balconies or decks.

September 14, 2011

Industrial Northeast

TOY DISTRIBUTION COMPANY ACQUIRES 500,000 SF FACILITY IN FALL RIVER

by admin September 13, 2011

FALL RIVER, MASS. — Rhode Island Novelty, a Cumberland, R.I.-based toy importer and distributor, has purchased a 500,000-square-foot warehouse/distribution center at 350 Commerce Dr. in Fall River. The property sits on 27.5 acres and features concrete slab floors, insulated metal panel walls, rubber membrane over insulation and a steel deck roof, 32 to 47 feet high ceilings, 83 dock doors, one drive-in door, four compactor doors, 510 parking spaces and approximately 20,500 square feet of office space. Binswanger represented the seller, TJX Cos., in the transaction.

September 13, 2011

Northeast Retail

KATZ PROPERTIES ACQUIRES KENHORST PLAZA FOR $16.15M

by admin September 13, 2011

SHILLINGTON, PA. — New York City-based Katz Properties has acquired Kenhorst Plaza, a 162,000-square-foot shopping center at 1895 New Holland Rd. in Shillington, for $16.15 million. The shopping center is anchored by Redner's Warehouse Markets grocery store, and is currently 89 percent leased to tenants like Dollar Tree, Fashion Bug, General Nutrition Center, Dairy Queen, Susquehanna Bank, H&R Block, Sears and a U.S. Postal Service location. Paul Rumley of Metro Commercial represented Katz Properties and the selling partnership, and mortgage financing was arranged by Tim Breda of Goedeck & Co. through AIG. Winslow Property Management, an affiliate of Katz Properties, will provide leasing and property management services.

September 13, 2011

Northeast Retail

THE HAMPSHIRE COMPANIES SELLS RETAIL BUILDING IN MAINE

by admin September 13, 2011

PORTLAND, MAINE — The Hampshire Companies has sold its 32,000-square-foot retail building, which it currently fully leased to Trader Joe's, at 87 Marginal Way in Portland. The buyer, American Realty Capital II, purchased the property, which previously housed Wild Oats Co. before its merger with Whole Food Corp. CB Richard Ellis' Chris Bosworth and Dan Greenstein represented The Hampshire Companies in the transaction.

September 13, 2011

Multifamily Northeast

COPPER HILL APARTMENTS IN MANCHESTER SELLS FOR $4.1M

by admin September 13, 2011

MANCHESTER, CONN. — KWK LLC has purchased Copper Hill Apartments from Copper Hill Apartments Associates for $4.1 million. Copper Hill Apartments is a 70-unit, five-story multifamily property at 1 and 2 Goslee Dr. in Manchester. The property consists of 58 apartments and 12 townhouse/duplex apartments. Steve Witten and Victor Nolletti of Marcus & Millichap were the sole brokers in the transaction.

September 13, 2011

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