NEW YORK CITY — A Manhattan artist has acquired an industrial building in Brooklyn's Gowanus neighborhood and plans to redevelop it into an art studio. The single-story, 4,500-square-foot building is located at 45-49 4th St. Melissa DiBella and Ofer Cohen of Brooklyn-based TerraCRG represented the undisclosed seller in the deal. Chad Castle of Excelsior Realty represented the buyer. The acquisition price was not disclosed.
NEWTON, MASS. — J. Calnan & Associates has completed an interior build-out project on behalf of Trip Advisor in Newton. The firm demolished 50,000 square feet of office and warehouse space within Newton Business Park and reconfigured it to feature office space, high-tech conference rooms and collaboration areas. The new space also features new energy-efficient windows as well as new mechanical and HVAC systems. This marks Calnan's second project for Trip Advisor.
WALTHAM, MASS. — Verizon has signed a lease renewal at Waltham's Reservoir Woods East Campus office park that will also significantly expand its presence. The lease, which carries a 10-year term, included a renewal for the 140,000 square feet Verizon currently occupies as well as a build-to-suit agreement for an additional 60,000 square feet of Class A office and lab space. Construction will soon begin for the expansion, which will be known as the Verizon Technology Innovation Center. The project will be seeking LEED-Silver certification. David Wright and Amy Perlman of CB Richard Ellis represented Verizon in lease negotiations. Andrew Majewski, also of CB Richard Ellis represented the landlords, a group of institutional investors advised by Prudential Real Estate Investors and a joint venture between Marcus Partners and The Davis Companies.
NEW YORK CITY — Jones Lang LaSalle (JLL) has brokered the sale of a commercial loft property in New York City's TriBeCa neighborhood for $23 million. The property which is located at 60-66 White St., consists of three contiguous five-story buildings that contain retail and residential loft space. The seller, Blumberg Excelsior, will lease back a portion of the building from the buyer, Michelangelo Real Estate, and will hold a $14 million loan for the property for a 3-year period. JLL's Peter DeCheser and Rick DeRuyter negotiated the sale. The property traded at a 4.78 percent cap rate.
WALTHAM, MASS. — Education Development Center (EDC) has announced plans to relocate its corporate headquarters to 120,000 square feet at 43 Foundry Ave. in Waltham, within the CenterPoint park. The nonprofit will occupy the space for a 10-year term beginning in November 2011. Its current headquarters is located approximately one mile away at 55-57 Chapel St. in neighboring Newton, Mass. Mark Roth of Cushman & Wakefield represented the landlord, a joint venture between Trammell Crow Company Acquisition Funds and Saracen Properties, in lease negotiations. Robert Richards, Jonathan Varholak and Ron Friedman of Richards Barry Joyce & Partners represented EDC. This most recent lease brings occupancy at the 23-acre, 500,000-square-foot office/R&D park to approximately 70 percent.
CHELMSFORD, MASS. — Jones Lang LaSalle (JLL) has brokered the sale of a Chelmsford office property for $3.3 million. The property consists of a 105,000-square-foot office building located at 2 Elizabeth Drive. The building contains two 50,000-square-foot wings connected by a three-story atrium lobby. JLL's Peter Richardson and Flory McCarthy, formerly of JLL, brokered the deal between the seller, Sovereign Bank, and the buyer, Hittite Microwave Corp. The buyer plans to occupy the building, which is situated less than a mile from its world headquarters.
WINSTON-SALEM, N.C. — Winston-Salem-based Krispy Kreme Doughnut Corp. has announced plans to expand its presence in the greater Philadelphia market. Under an agreement signed with Dough Nut LLC, 21 new Krispy Kreme locations will open over the next 7 years in southeastern Pennsylvania, southern New Jersey and northern Delaware. The first store is expected to open later this year. Dough Nut LLC is owned and operated by Keith Morgan, the former CEO of AAMCO Transmissions. Brian Zaslow, who most recently served as vice president of marketing for a division of ARAMARK Corp., will serve as managing director.
MANALAPAN, N.J. — ARC Property Trust, through a joint venture with one of its affiliates, is developing a new Walgreens in Manalapan. The pharmacy will be located at the intersection of Route 33 and Woodward Road and is slated for a fall completion. The joint venture is part of a plan ARC has to invest $100 million in net-lease properties over the next 12 months.
NEW YORK CITY — Beech Street Capital has arranged a $4.29 million Fannie Mae DUS loan for the refinancing of two New York City apartment properties. Ten Eyck and Maujer Street Apartments are located in Brooklyn's East Williamsburg neighborhood. They consist of eight four-story buildings with 38 units. The loan carries a 5-year term with a 30-year amortization schedule, 4.5 years of yield maintenance and a fixed interest rate. Meridian Capital Group originated the loan, which was financed by Beech Street as part of its correspondent relationship with Meridian.
DANBURY, CONN. — Goodfellow Ashmore | CORFAC Internattional has brokered the sale of a commercial property located at 66 Wooster Heights in Danbury for $1.8 million. The 5.02-acre property contains a former house and barn that were converted into office and warehouse space, respectively. The two buildings total 6,752 square feet. The seller was Bartlett Realty, which had previously leased the property to Bartlett Tree Service, one of its affiliates. Ernie Badillo of Goodfellow Ashmore represented Bartlett Realty as well as the buyer, locally based JAR Associates.