Northeast

CORNERSTONE ACQUIRES GENZYME FACILITY FOR $17.5 MILLION

by admin May 28, 2010

NORTHBOROUGH, MASS. — Hartford, Conn.-based Cornerstone Real Estate Advisors has acquired the Genzyme | Northborough facility for $17.5 million. Built in 1988, the property is situated on 18 acres at 11 Forbes Road in Northborough. It contains 211,600 square feet of office, R&D, and pharmaceutical production and distribution space. Genzyme is the sole tenant. The property is in the midst of an approximately $60 million renovation that will expand the facility by 40,300 square feet. It will also be seeking LEED-Gold certification. Robert Griffin, Jr.; Edward Maher, Jr.; David Pergola and Christopher Griffin represented the seller, a joint venture bwtween ING Clarion Partners and Leggat McCall Properties, and procured the buyer.

May 28, 2010

CLAREMONT REALTY TRUST PURCHASES $1.92 MILLION MASS. OFFICE BUILDING

by admin May 28, 2010

FRAMINGHAM, MASS. — Claremont Realty Trust has purchased a 12,600-square-foot, multi-tenant office building located at 550 Worcester Road in Framingham for $1.92 million. Dean Blackey and Craig Johnston of R.W. Holmes Realty represented the seller, K&N Commercial. The pair also procured the buyer.

May 28, 2010

Industrial Northeast

PENNSYLVANIA INDUSTRIAL PROPERTY SELLS FOR $800,000

by admin May 28, 2010

BENSALEM, PA. — Roddy Inc. has brokered the sale of a single-story, 15,150-square-foot industrial facility in Bensalem for $800,000. The building contains 16-foot ceiling heights, two tailgate docks, one drive-in door and 2,665 square feet of office space. It is situated within Woodhaven Industrial Park at 1642 Woodhaven Drive. Roddy represented the seller, French Palm LLC. The buyer is a carpentry/drywall subcontractor.

May 28, 2010

Northeast Retail

COLLIERS MEREDITH & GREW HANDLES REFINANCING OF POST ROAD PLAZA

by admin May 27, 2010

MARLBOROUGH, MASS. — The Capital Markets group of Colliers Meredith & Grew has arranged a $9 million loan for the refinancing of Post Road Plaza in Marlborough. The 209,657-square-foot shopping center is located at 246 E. Main St. It is 98 percent leased to a tenant roster that includes Marshalls, CVS/pharmacy, Price Chopper and Ocean State Job Lot. John Broderick of Colliers represented the borrower, Karnak Realty. The loan carries a 20-year term and a fixed interest rate. The lender is Aviva Investors, a subsidiary of Aviva plc.

May 27, 2010

Northeast Seniors Housing

NORTHMARQ SECURES $4 MILLION FOR N.Y. SENIOR HOUSING DEVELOPMENT SITE

by admin May 27, 2010

PORT JEFFERSON, N.Y. — NorthMarq Capital has secured a $4 million first mortgage for 18.5 acres of land located in Port Jefferson. The undisclosed borrower plans to develop 43 age-restricted townhomes on the site. The loan carries a 1-year term with a 1-year renewal option. Charles Cotsalas of NorthMarq's Long Island office arranged the deal through a regional financial institution.

May 27, 2010

Northeast Retail

F&G ARRANGES $3.36 MILLION LOAN FOR N.H. WALGREEN'S

by admin May 27, 2010

LEE, N.H. — Fantini & Gorga has arranged $3.36 million in permanent financing for a Walgreen's pharmacy located at 91 Calef Highway in Lee. The lender in the deal was aMassachusetts banking institution. The borrower was Calef Highway Lee LLC.

May 27, 2010

Multifamily Northeast

ARBOR ARRANGES TWO FANNIE MAE DUS LOANS

by admin May 27, 2010

BOSTON AND EAST STROUDSBURG, PA. — Arbor Commercial Funding has arranged a total of $2.37 million in Fannie Mae DUS financing for two multifamily communities. In the first transaction, Arbor's John Kelly originated a $1.87 million loan for a 16-unit property located at 1322 Commonwealth Ave. in Boston. The non-recourse loan carries a 10-year term, a 30-year amortization schedule, a 5.98 percent interest rate and an 80 percent loan-to-value ratio. In the second transaction, Arbor's Ronen Abergel originated a $1.5 million loan for Lakeside Manor Apartments, a 44-unit community located in East Stroudsburg. The loan carries a 10-year term, a 30-year amortization schedule and a 5.68 percent interest rate.

May 27, 2010

Northeast Office

MONDAY PROPERTIES RECAPITALIZES 386 PARK AVE. SOUTH IN NYC

by admin May 27, 2010

NEW YORK CITY — Monday Properties has partnered with an affiliate of Savanna Investment Management to recapitalize 386 Park Avenue South, a 20-story, 260,000-square-foot office building located in Midtown Manhattan. The joint venture plans to pursue a repositioning program for the property that will include significant capital improvements. Monday Properties will continue to manage and lease the building.

May 27, 2010

Industrial Northeast

WOODSTREAM CORP. RENEWS 203,892-SQUARE-FOOT INDUSTRIAL LEASE

by admin May 26, 2010

MECHANICSBURG, PA. — Woodstream Corp., a distributor of garden and pest products, has renewed its lease for 203,892 square feet at a 333,075-square-foot warehouse building located in Mechanicsburg. David Paster of Heller Industrial Parks provided in-house representation on behalf of the owner. Pat Lafferty of CB Richard Ellis represented the tenant.

May 26, 2010

Industrial Northeast

STELLAR INTERNATIONAL SUBLEASES LONG ISLAND FLEX SPACE FROM NY TIMES

by admin May 26, 2010

LAKE SUCCESS, N.Y. — Stellae International has subleased 111,000 square feet in Lake Success from The New York Times Co. The space is located at 1111 Marcus Ave., within a 1.4 million square-foot office and industrial building. The New York Times had previously used the space, which features 17-foot clear ceilings, as a distribution center. Stellae will take occupancy of the space in the second quarter. Richard Cohen represented The New York Times in lease negotiations. Schacker Realty Corp. represented Stellae. The asking rent for the space was $7 per square foot.

May 26, 2010

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