ALLAMUCHY, N.J. — Construction is complete for part of the adaptive reuse of the Villa Madonna Mansion in Allamuchy. The mansion's infirmary was converted into a pre-school for the Allamuchy School District. The space contains 12 classrooms and four administrative areas. An 8,000-square-foot addition was also constructed. This space contains a gymnasium, a cafeteria and a multi-purpose room. The project was designed to meet LEED certification, with sustainable features that include a solar photovoltaic array, daylight harvesting, energy-efficient lighting and insulated windows. Somerville, N.J.-based SSP Architectural Group was the project architect. Plans are also under way to convert the remainder of the 18,000-square-foot mansion into a catering facility.
PHILADELPHIA — Marcus & Millichap has brokered the sale of a Philadelphia residential condominium tower for $10.7 million. American Lofts totals 10 stories and is located at 212-20 Brown St. in the city's Northern Liberties submarket. It contains 18 one-bedroom units, 16 two-bedroom units, two three-bedroom units, two three-bedroom penthouses and two three-bedroom townhouses. It was constructed in 2009. The new owner plans to convert the condos to rental apartments. Frederick Paisley and Kenneth Wellar of Marcus & Millichap's Philadelphia office represented the undisclosed seller. Abington Bank provided acquisition financing for the undisclosed buyer.
FAIRLESS HILLS, PA. — CSC Sugar has signed a lease for a 161,000-square-foot industrial facility located within Fairless Hill's Keystone Industrial Port Complex. The company plans to use the facility, located on the former site of a U.S. Steel plant, as a sugar refinery. Rick Leighton of NAI Global joined with Jeff Licht, Adam Lashner and Fred Myers of local affiliate NAI Mertz to represent the landlord. The tenant signed for a 5-year term.
MASSACHUSETTS — Casual Italian restaurant Buca di Beppo has announced plans to open four new locations in the Boston metropolitan area by this fall. The new restaurants will be in Dedham, Lexington, Seekonk and Shrewbury. It is expected that the four restaurants will add more than 275 jobs to the state. Buca di Beppo is owned by Planet Hollywood International.
BOSTON — Suffolk Construction Co. has been selected as the general contractor for a $250 million project at Boston's Logan International Airport. The Consolidated Rental Car Facility and Southwest Service Area will consist of a four-level, 1.2 million-square-foot parking garage as well as a 112,000-square-foot Customer Service Center building. The project is being designed to achieve LEED-Silver certification. Construction will begin in August and is expected to be complete in the fourth quarter of 2013.
YONKERS, N.Y. — Construction has commenced for two new multifamily communities in Yonkers. Grant Park at Croton Heights is a $45.5 million project that will provide 100 affordable apartment units. Park Terrace at Croton Heights is a $19.1 million project that will provide 49 rental units of senior housing. Both projects are being constructed on the former site of the Mulford Gardens Public Housing Complex and are part of Phase II of the Croton Heights project. Completion for both is scheduled for spring 2011. The developers are The Yonkers Municipal Housing Authority, The Richman Group and Landex Development. Rental housing Management Partnership will manage both projects upon completion.
ANDOVER, MASS. — Cushman & Wakefield has brokered the sale of two office/R&D buildings located on the campus of Woodland Park in Andover for $8.9 million. The first property is located at 600 Federal St. It consists of a two-story, 115,000-square-foot building that was 65 percent occupied at the time of closing. The second property is located at 800 Federal St. It consists of a three-story, 155,000-square-foot building that was vacant at the time of closing. The buyer was a partnership between Leggat McCall and an institutional fund managed by Fidelity Real Estate Group. The Cushman & Wakefield team of Robert Griffin, Jr., David Pergola, Christopher Griffin and Brian Doherty arranged the deal. Woodland Park is a 700,000-square-foot office park situated near the interchange of Interstate 93 and River Road.
NORTH CONWAY, N.H. — Marcus & Millichap has completed the sale of an Applebee's in North Conway for $2.18 million. The restaurant has more than 18 years remaining on its current lease with four 5-year options. It is located at 24 Settlers Green Dr. Robert Horvath and Todd Tremblay of Marcus & Millichap's Boston office procured the buyer, Salinger LLC. The seller was New York City-based DBAPPLEF LLC.
PLAINSBORO, N.J. — Trammell Crow Co. has been selected to develop a new medical office building on the campus of the $442 million University Medical Center of Princeton at Plainsboro, a new hospital located in Plainsboro. Medical Arts Pavilion will be a five-story, 146,971-square-foot building that will directly connect to the new hospital, which is also currently under construction. Princeton HealthCare System, which will occupy the new hospital, will be the primary tenant for the new office building as well. The healthcare provider will house an ambulatory surgery center, diagnostic radiology services, a sleep center and other medical services in the building. The remainder of the space will be leased as physician's offices. Groundbreaking for the project will take place in October, with completion expected in May 2012. The project's owner is Partners Health Trust, a joint venture between Trammell Crow and a public pension fund advised by Kennedy Associates.
SOMERSET, N.J. — Private equity fund manager NextBridge Group has acquired a 164,000-square-foot office property in Somerset. The four-story building is located on 10.1 acres at 220 Davidson Ave. Constructed in 1984, the property features a cafeteria, fitness centers and 648 parking spaces. Tenants include McKesson Information Solutions,, American Arbitration Association, Kyocera, Prudential, National Resources Conservation Services and SVM E-Business Solutions. The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Thomas Walsh represented the seller, an institutional lender, and procured NextBridge.