EAST RUTHERFORD, N.J. — The lenders controlling the troubled Xanadu project have reached an agreement with Triple Five Group to restart construction of the Meadowlands retail complex. Renamed American Dream Meadowlands, the project will feature an enclosed amusement park, an indoor water park, an ice rink, a cinema, an aquarium, a comedy club and a performing arts theater in addition to millions of square feet of retail space. The project's much-maligned exterior façade will also be changed. The complex will open in late 2013. Triple Five is also the owner of the Mall of America in Minnesota and the West Edmonton Mall in Alberta, Canada.
NEW YORK CITY — Micropower USA has purchased a 29,700-square-foot office condo in New York City for $10 million. The condo consists of floors five through nine of 137-139 West 25th Street, which is located in Manhattan's Chelsea neighborhood. Micropower plans to renovate the space and occupy it. Robert Burton and Brock Emmetsberger of Massey Knakal Realty Services represented the seller, an undisclosed, publicly traded Fortune 500 company.
NARRAGANSETT, R.I. — Marcus & Millichap has completed the sale of a 10,822-square-foot, freestanding Rite Aid in Narragansett for $2.44 million. The property was constructed in 1998 and is located at 1192 Boston Neck Road. Rite Aid is in year three of a 20-year, triple-net lease. Margaret Huelskamp and Brad Nathanson of Marcus & Millichap represented the seller, a New York-based limited liability company. Nathanson also represented the buyer, a New Jersey limited liability company.
MIDDLEBURY, VT. — New England Quality Service has purchased a 100,000-square-foot industrial and office property in Middlebury from National Bank of Middlebury for $600,000. The property, formerly occupied by Specialty Filaments, is situated on 60 acres at 3046 Case St. The buyer plans to use the building for automobile disassembly and recycling. Duncan Harris of Redstone Commercial Group represented the seller.
NEW YORK CITY — A joint venture between SL Green Realty Corp. and Jeff Sutton has acquired a commercial property located at 1552 Broadway in Times Square. TGI Friday's currently leases the property through the summer of 2012. The seller was The Riese Organization. The deal will close in the third quarter.
NEW YORK CITY — Oppenheimer & Co. has renewed its lease for 90,000 square feet within the MetLife Building, located at 200 Park Ave. in Manhattan. The firm's Wealth Management groups will continue to occupy the 24th and 25th floors of the 58-story, Class A tower on a long-term basis. The Cushman & Wakefield team of Matthew Astrachan, Steven Bauer and Mitchell Konsker represented the tenant in lease negotiations. The landlord, Tishman Speyer, was represented in-house by Megan Sheehan.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a four-story, eight-unit apartment building located at 397 1st St. in Brooklyn's Park Slope neighborhood for $2.58 million. Ken Freeman and Megan Flanagan of the brokerage firm represented the two undisclosed parties in the deal.
NEW YORK CITY AND MONTCLAIR, N.J. — Arbor Commercial Funding has secured a total of $12.6 million in Fannie Mae DUS financing for two Tri-State multifamily communities. An $8.85 million loan was provided for Reve Apartments, a 34-unit community located in Brooklyn. A $3.75 million loan was provided for Gordonhurst Apartments, a 65-unit community located in Montclair. Both loans carry 10-year terms and 30-year amortization schedules. Stephen York of Arbor's New York City office arranged the loans.
PLAINFIELD, N.J. — Cronheim Mortgage has arranged a $6.7 million permanent loan for a multifamily portfolio located in Plainfield. The portfolio includes a 62-unit community located at 735 Park Ave., a 52-unit community located at 606 Crescent Ave. and a 27-unit community located at 315 W. 8th Street. The loan carries a 4.35 percent interest rate, 7-year term and a 30-year amortization schedule.
SOMERVILLE, MASS. — The renovation of a commercial building located at 130 Broadway is under way. The gut renovation of the building will be complete this fall. PSG Framing, an archival framing company, will occupy the back portion of the building. Outside of the building a $7 million streetscape improvement is being completed. MassDevelopment provided a $3.5 million loan to acquire and renovate the building. The project team includes Boston-based Harborlight Advisors and LONdesign.