PITTSBURGH — Healthcare Trust of America (HTA) has signed an agreement to acquire a Pittsburgh medical office building for $40.65 million. The Federal North Medical Office Building is located two blocks from Allegheny General Hospital. It contains approximately 191,612 square feet of Class A space over four stories. Occupancy was 99.2 percent at the time of closing, with Allegheny General Hospital occupying or guaranteeing 85 percent of the tenancy. The weighted average term remaining on tenant leases for the building is more than 10 years. The seller's name was undisclosed.
PHILADELPHIA — Metro Development Co. (MDC) has unveiled plans for the redevelopment of the former Tasty Baking Co. site in Philadelphia's Hunting Park West neighborhood. Plans for the 20-acre site, which housed Tasty Baking's corporate headquarters and production facility, call for a 145,000- to 170,000-square-foot shopping center. The $30 million first phase would include a grocery-anchored strip center with pad sites. The second phase would include a bog-box retail anchor and small-space shops. MDC is currently developing a site plan and drafting preliminary land development documents, but construction could begin as early as this fall, with Phase I completion coming as early as the fourth quarter of 2011. US Realty Associates is handling leasing for the project.
SOMERSET, N.J. — Marcus & Millichap has brokered the sale of Nora Shopping Center in Somerset for $3.7 million. The strip center was fully occupied at the time of closing. Michael Lombardi of Marcus & Millichap's New Jersey office represented the undisclosed seller. Seth Pollack, also of the broker's New Jersey office, represented the buyer, a local investor.
NEW YORK CITY — The official opening and ribbon-cutting ceremony has taken place for Trump SoHo New York, a new hotel condominium tower located at 246 Spring St. in Manhattan's SoHo neighborhood. The 46-story tower contains 391 guestrooms in a mix of one-bedrooms, deluxe guestrooms that can be combined to create two-bedroom suites, spa suites and penthouse suites. Amenities at Trump SoHo include The Library lounge, a new location for famed Miami restaurant Quattro Gastronomia Italiana and cocktail lounge Kastel. The seventh floor of the building features a 6,000-square-foot pool deck with a swimming pool as well as Bar d'Eau. Located on the seventh and eighth floors is the 12,000-square-foot Spa at Trump. The building also contains more than 12,000 square feet of meeting space, occupying the entire third floor as well as 1,800 square feet of the top floor. Trump SoHo was developed as a joint venture between an affiliate of the Trump Organization, The Sapir Organization and Bayrock Group. Handel Architects served as project architect, with Rockwell Group and DiGiuseppe Architect providing interior design services.
NORWALK, CONN. — Online travel service provider Priceline.com has signed a long-term lease for its new headquarters. The company will occupy 69,882-square-foot of office space within River Park, a 412,000-square-foot trophy property located at 800 Connecticut Ave. in Norwalk. David Block and Michael Siegel of CB Richard Ellis' Stamford, Conn., office represented the landlord, Carter & Associates A/A/F River Park Property Ownership LLC, in lease negotiations. Paul Kauffman of Cushman & Wakefield represented Priceline.
BOSTON — Boston Capital has closed one of its investment funds. Boston Capital Tax Credit Fund XXXII totals $224.5 million and consists of 36 affordable apartment properties in 16 states. The properties, which were purchased by Corporate Fund XXXII, will add a total of 3,581 apartment units to Boston Capital's holdings, bringing it to 162,677 units. In addition, Boston Capital recently launched Fund XXXIII, a $275 million investment platform it expects to close in mid-2010.
EMERSON, N.J. — The Goldstein Group has brokered the sale of a former PNC Bank branch located at 55 Emerson Plaza East in Emerson for more than $740,000. The buyer, Grand Investments, plans to redevelop the site as a multi-use project featuring 18 units of residential housing over 3,000 square feet of retail space. C.J. Huter and Neil Goldstein of The Goldstein Group represented PNC Bank in the sale. Construction for the new project has already commenced. The Goldstein Group will be providing leasing services for the new project's retail component.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a 5,687-square-foot residential building located in the Manhattan's Chelsea neighborhood for $2.6 million. The building, which is located at 333 W. 18th St., contains four residential units, consisting of an owner duplex, two free-market units and one rent-controlled unit. Brock Emmetsberger arranged the deal between the two undisclosed parties.
DERRY, N.H. — Marcus & Millichap has brokered the sale of a freestanding Applebee's Neighborhood Grill & Bar located in at 14 Manchester Road in Derry for $1.85 million. The restaurant currently has more than 18 years remaining on its lease, with four 5-year extension options. Robert Horvath, Todd Tremblay and Ethan Cole of Marcus & Millichap's Boston office procured the buyer, M Cohen Enterprises. The seller was New York City-based DBAPPLEF LLC.
NEW YORK CITY — PineBridge Investments will lease 111,728 square feet of office space at the 399 Park Avenue trophy tower for its New York headquarters. The lease comprises all of the building's fourth floor and a portion of the sixth floor. PineBridge, which was formerly known as AIG Investments, will sublease 72,647 square feet from Legg Mason through September 2017, and the lease will convert to a direct lease with landlord Boston Properties after that. The remaining 39,081 square feet will be directly leased through Boston Properties for a 15-year term. PineBridge will consolidate is operations at 70 Pine St. and 277 Park Ave. to the new location and will take occupancy this summer. Mitchell Steir, Matthew Barlow and David Goldstein of Studley represented the tenant in lease negotiations. John Powers, Peter Turchin and Gregg Rothkin of CB Richard Ellis represented Boston Properties, with Ken Rapp and Christopher Mansfield, also of CB Richard Ellis, representing Legg Mason.