ALLENTOWN AND BETHLEHEM, PA. — 1st Service Solutions has arranged the assumption of a $6.7 million CMBS loan to assist in the purchase of a self-storage portfolio in Pennsylvania. The buyer, a regional self-storage provider, will assume a $3 million and $3.7 million conduit loan for the acquisition of properties in Allentown and Bethlehem, respectively. Sperry Van Ness' Nicholas Malagisi, along with Costas Hrousis and Shawn Donahue of Veraxia Commercial Real Estate Solutions (formerly of Sperry Van Ness), brokered the acquisition.
EXETER TOWNSHIP, PA. — A joint venture between Toronto-based RioCan Real Estate Investment Trust and Port Washington, N.Y.-based Cedar Shopping Centers has closed on the $53 million acquisition of Exeter Commons shopping center in Exeter Township. The 361,000-square-foot center was completed in 2009. Its anchors include a 171,000-square-foot Lowe's Home Improvement Warehouse and an 82,000-square-foot Giant Food Stores, both of which are under 20-year leases. Other tenants include Staples, Petco, Famous Footwear, Five Below, Sleepy's, Five Guys Burgers & Fries, Hallmark, Red Robin, Affinity Bank and Sonic. Occupancy was 98 percent at the time of closing. The purchase was funded, in part, by a $30 million loan provided by New York Life Insurance Co. The loan carries a 10-year term, a 30-year amortization schedule and a 5.3 percent interest rate. Brad Nathanson of Marcus & Millichap's National Retail Group represented the undisclosed seller in the deal and procured the buyer.
HIGHLAND PARK, N.J. — Gebroe-Hammer Associates (GHA) has completed the sale of a 46-unit multifamily community in Highland Park for $4.92 million. The two-story complex is located at 481 S. 2nd Ave. It features 26 one-bedroom units and 20 two-bedroom units. A majority of the units have been recently renovated. Occupancy was 95 percent at the time of the sale. The undisclosed buyer plans to complete renovations to the remaining units to bring rents up to market levels. Joseph Brecher of GHA represented the buyer as well as the seller, Lighthouse Highland Park LLC.
WHITE PLAINS, N.Y. — GHP Office Realty, an affiliate of Houlihan-Parnes Realtors, has sold a White Plains office building to Baker Cos. for an undisclosed amount. Baker plans to relocate its corporate offices from Pleasantville, N.Y., to the new building, which is located at 1 W. Red Oak Lane. The Class A property contains 21,000 square feet of space and was 92 percent leased at the time of closing. It features a fitness center and a café.
HAMILTON TOWNSHIP, N.J. — Construction has commenced for the expansion and renovation of Hamilton Plaza, a 184,272-square-foot shopping center located at the intersection of Route 33 and White Horse-Hamilton Square Road in Hamilton Township. The $10 million project will include the expansion of the World Class ShopRite superstore, the addition of a 10,000-square-foot endcap, two new pad sites, and an updating to the center's signage, landscaping and façade. Levin Management Corp. is heading the Hamilton Plaza renovation as the center's exclusive leasing and managing agent.
WALTHAM, MASS. — Dassault Systèmes has signed a lease for 320,000 square feet of office space in Waltham for its new American corporate headquarters. The company will initially move into the 211,741-square-foot building at 175 Wyman St. and will later expand into its remaining leased space at 185 Wyman St. The move-in will occur in mid-2011. The company currently leases facilities in Concord and Lowell, Mass., which will be consolidated. Brendan Callahan and Alex Dauria of Jones Lang LaSalle represented Dassault in lease negotiations. The firm will also serve as project manager for the tenant build-out. Charles Batchelder of Wyman Street Advisors represented the landlord, Hobbs Brook Management.
STORRS, CONN. — Tuxedo, N.Y.-based LeylandAlliance has entered into a definitive agreement with Education Realty Trust (NYSE: EDR) to develop the first two phases of the Storrs Center mixed-use project. Located adjacent to the University of Connecticut in Storrs, the first two phases will contain 290 luxury apartments over 70,000 square feet of ground-floor retail and restaurant space. EDR will develop, own and manage the apartments, and LeylandAlliance will own and manage the retail component. At full build-out, Storrs Center will contain $220 million of residential, retail, restaurant and office space in a town center setting. Other features will include a network of pedestrian walkways, green spaces and consveration areas. The first two phases will be delivered in 2012 and 2013, respectively.
MONMOUTH JUNCTION, N.J. — Coca Cola Enterprises has signed a build-to-suit agreement for 225,000 square feet of distribution space in Monmouth Junction. The soft drink maker will be consolidating several of its locations into the new facility, which is located at 60 Dean's Rhode Hall Road. The distribution center will feature 20,000 square feet of office space and will be applying for LEED certification. Completion is expected in July 2011. Studley's Daniel Foley and Tom Carragher represented Coca Cola in negotiations. The developer and landlord for the project is Forsgate Industrial Partners.
WALTHAM, MASS. — HEI Hotels & Resorts has launched a $14 million renovation and repositioning project for the DoubleTree Guest Suites Boston/Waltham. Renovations to the eight-story, 275-room hotel will include the remodeling of all guestrooms, a redesign of the hotel's restaurant and lounge, enhancements to its 8,000 square feet of meeting space and a redesign of the entrance. In addition, HEI will switch flags within the Hilton family of hotels from DoubleTree to Embassy Suites. The construction timetable was not released.
LANCASTER, PA. — Kohl's is set to open its newest located at the end of the month at Mill Creek Square in Lancaster. The apparel retailer will anchor Phase I of the $40 million project. Additional Phase I retailers, which will open through October and November, will include Bed Bath & Beyond, Christmas Tree Shops, Ross Dress for Less, Shoe Carnival, Sally Beauty Supply and Hair Cuttery. Phase I is currently 90 percent leased. In addition, construction has commenced for Phase II of the project, with an anticipated completion of next summer. At full-build-out, Mill Creek Square will contain 288,132 square feet of retail space on 35 acres. Its developer is locally based High Real Estate Group. The project architect is Greenfield Architects, and the general contractor is High Construction Co., both of which are affiliates of High Real Estate.