BRISTOL, PA. — Lexington Realty Trust has signed a 15-year lease with an undisclosed tenant for 241,977 square feet of industrial flex space at 250 Rittenhouse Circle in Bristol. The tenant will use the property, located within Keystone Park, for light assembly, warehouse/distribution and office space. The Binswanger team of Frank Cullen and Chris Pennington represented Lexington in lease negotiations. The CB Richard Ellis team of Michael Mullen and Pat Green represented the tenant.
HOBOKEN, N.J. — New Jersey developer Advance Realty will commence development this month for a new apartment tower in Hokoken. Willow14 will be located at the intersection of 14th Street and Willow Avenue. The seven-story building will contain 140 luxury apartments over 22,000 square feet of street-level retail space and 387 below-grade parking spaces. Community amenities will include a swimming pool, terraces, green roofs and a community center. The project will be seeking LEED certification. Environmental remediation of the 1-acre site will begin this month. Vertical construction will begin later this year, with completion anticipated by the end of 2013.
EDISON, N.J. — Boston-based TA Associates Realty has purchased Metroview Corporate Center, a 196,000-square-foot, Class A office building located in Edison, for $42.1 million in an all-cash deal. The 11-story building is situated on 11.5 acres at 333 Thornall Street. Occupancy was 93 percent leased at the time of closing, and less than 13 percent of the existing leases will come to term over the next three years. The building was constructed in 1984. Amenities include a renovated lobby, a 170-seat cafeteria with outdoor seating, and a two-story parking deck. The building is LEED-Silver certified. The Cushman & Wakefield team of Andrew Merin, Gary Gabriel and David Bernhaut represented the seller and procured the buyer.
NEW YORK CITY — Meridian Capital Group has arranged a $6.55 million loan for the refinancing of a New York City retail condominium. The 10,800-square-foot condo makes up the street and atrium levels of Chatham 44, a residential condo building located at the corner of Tenth Avenue and 44th Street. Tenants include Pio Pio 8, Grace Wine & Spirits, Dunkin' Donuts and Omni Dry Cleaners. The permanent loan, which was provided by Citigroup Global Markets, contains a 5-year term and a fixed interest rate. The borrower, Chatham 44 Commercial Associates LLC, will use the proceeds to retire existing debt. The Meridian team of Jonathan Stern and Ronnie Levine arranged the deal.
NEW YORK CITY — BRT Realty Trust has provided $14 million in acquisition and construction financing for a loft office building located next to Madison Square Park in Midtown Manhattan. The undisclosed borrower is using the proceeds to purchase the building and convert it into high-end residential condominium units. In addition, the ground floor will be leased to a restaurant. Terms of the loan and details about the property were not disclosed.
GREAT NECK, N.Y. — CPEX has negotiated the sale of a 13,752-square-foot office building located at 300 Northern Blvd. in Great Neck for $1.65 million. The all-cash buyer will also occupy space within the building. The property traded at a 9.2 percent cap rate. Andrew Lester and Wyatt Uhlein of CPEX represented the undisclosed seller. CB Richard Ellis assisted in brokering the deal.
LANCASTER, PA. — MBJA Partners has purchased a 136,542-square-foot industrial property located at 180 Greenfield Road in Lancaster from Union National Community Bank for $3.7 million. Thomas McDermott of NAI Commercial Partners represented the seller, and James Wentz of High Associates represented the buyer. In addition, Groff Page LP has acquired the former Faulkner Suzuki dealership in Lancaster from Judith S. Faulkner for $1.08 million. The 31,282-square-foot property is located on 1.6 acres at 1208 Harrisburg Pike. McDermott represented the buyer, and William Boben III of High Associates represented the seller.
MIFFLINBURG, PA., AND NEW YORK CITY — Marcus & Millichap has arranged the sale of Buffalo Valley Shopping Center, a 73,542-square-foot retail center located in Mifflinburg for $2.83 million. The property was 88 percent leased at the time of closing and most of the tenants had recently renewed their leases. The property traded at a 10.25 percent cap rate. The Marcus & Millichap team of Derrick Dougherty, Mark Taylor and Dean Zang represented the seller and procured the buyer, both undisclosed parties. In addition, Marcus & Millichap's New York City office brokered the sale of a 5,408-square-foot mixed-use property located at 1373 First Ave. in New York City for $2.38 million. The brokerage team included Peter Von Der Ahe, Joseph Koicim and David Lloyd. The buyer and seller were not disclosed.
BINGHAMTON AND SYRACUSE, N.Y. — CB Richard Ellis (CBRE) / Syracuse has completed two leases in Upstate N.Y. In the first deal, L-3 Communications Corp. renewed its lease for 428,000 square feet of commercial space at 265 Industrial Park Drive in Binghamton. Bill Anninos of CBRE/Syracuse partnered with Mark Sprague of CBRE's Los Angeles office to represent the tenant. The landlord is Broome County Industrial Development Agency. In the second deal, G&C Food Distributors signed a lease for 273,225 square feet of industrial space at 3407 Walters Road in Syracuse. CBRE's Peter Finn and Mark Rupprecht represented the landlord, National Industrial Portfolio.
NEW YORK CITY — Massey Knakal has completed two New York City sales for a total of $7.02 million. First, a South American investor acquired a 2,433-square-foot medical condominium located at 915-919 Second Ave. in Midtown Manhattan for $3.85 million. The condo, which comprises the ground level and basement of The Alexander Condominium, was formerly leased to Medrite Care. Massey Knakal's James Nelson and Clint Olsen brokered the deal. In Brooklyn, Massey Knakal's Jeffrey Shalom arranged the sale of a vacant 16,032-square-foot nursing home located at 8629 Bay Parkway. The buyer, a local developer, purchased the property for $3.17 million.