ELIZABETH, N.J. — Atlanta-based IDI has signed third-party logistics provider Exel Inc. to a 130,205-square-foot lease at its NorthPoint Distribution Center, located at 699 Kapkowski Road in Elizabeth. The tenant will take occupancy in the summer and will share the building with Shipco, which will occupy 212,500 square feet beginning this month. Frank Petkunas provided in-house representation for IDI, with assistance from Paul Torosian and Nate Demetsky of Cushman & Wakefield. Frank Caccavo, also of Cushman & Wakefield, represented Exel.
DEWITT, N.Y. — Phase I construction is complete for the redevelopment of the former Erie Boulevard Hechinger Plaza in Dewitt. Now known as Paradise Plaza, the market-style retail center has three new tenants. Master tenant Paradise Companies 2 has opened Paradise Market, a 70,000-square-foot indoor market that features more than 200 vendors. A 30,000-square-foot antique mall is also set to take the place of the former Price Chopper. Finally, Empire Buffet, a Chinese restaurant, will soon open in a 10,000-square-foot space. Existing tenant Factory Card Outlet is renewing its lease at the center as well. Konover Development Corp. is the project's developer.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a 23,743-square-foot development site located at 74-21 Queens Blvd. in the Elmhurst neighborhood of Queens, New York City. The site presently contains a vacant, single-story auto repair shop and is zoned for commercial or hotel development. The property traded for $3.57 million. Massey Knakal's Thomas Donovan was the sole broker in the deal between two undisclosed parties.
DANVERS, MASS. — Fantini & Gorga has arranged $3.1 million in permanent financing for an auto dealership property located in Danvers. The property consists of 7.45 acres with a 33,200-square-foot dealership building. It is leased to Herb Chambers Chevrolet, Buick, Pontiac & Hummer. The borrower, Barron Chevrolet, will use the loan proceeds to replace maturing debt. The lender was a Massachusetts institutional bank.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a Walgreens pharmacy located on New York City's Staten Island for $9.5 million. The recently built, 7,264-square-foot property is located at 2191 Richmond Ave. Walgreens occupies the building under a 75-year lease with the option to terminate after year 25. Steven Siegel and Scott Plasky of Marcus & Millichap's Manhattan office represented the seller, a Walgreens preferred developer. The property traded at a 7.25 percent cap rate. In addition, Plasky procured the buyer, a New York-based limited liability company, in the acquisition of another newly constructed Walgreens, which is also located in Staten Island at 570 Tompkins Ave. The property traded for $8.85 million at a 7.43 percent cap rate. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, New Jersey-based EDEN Hylan Tompkins LLC.
NEW YORK CITY — The grand opening has been held for 34 Berry Street, a 142-unit apartment building located at the corner of North 12th and Berry streets in the Williamsburg neighborhood of Manhattan, New York City. The community contains a mix of studio, one-bedroom and two-bedroom units. Amenities include a top-floor lounge with a rooftop terrace, a lobby lounge, a fitness center, a landscaped courtyard and a 71-space parking garage. LCOR Inc. is the developer of 34 Berry Street.
FRANKLIN, MASS. — Healthcare supplies company Owens & Minor has expanded the lease at its Franklin distribution facility. The company previously occupied 47,459 square feet within the high-bay warehouse building but renewed and expanded its lease to occupy the entire 147,578-square-foot building. John Lashar, Paul Leone and Samantha Hallowell of Richards Barry Joyce & Partners represented the landlord, TA Associations Realty, in lease negotiations. Jackson & Cooksey represented the tenant.
WAYNE, N.J. — United Parcel Service (UPS) has signed a lease for 118,000 square feet of office space in Wayne. The company will occupy space within a four-story, 140,000-square-foot building located at 1655 Valley Road. Amenities in the building include a full-service cafeteria with indoor and outdoor seating, heavy duty electrical service and a raised-floor computer room. David Simson of Newmark Knight Frank represented the landlord, a joint venture between New Boston Fund and Prism Capital Partners. Tom Consiglio of Resource Realty represented UPS.
SOUTHINGTON, CONN. — Wakefern Food Corp. plans to open a new Shop Rite in Southington. The new grocery store will occupy 60,000 square feet within Southington Plaza Shopping Center, which is located at 750 Queen St. The previous tenant was a SuperValu grocery store, which closed 2 years ago. The new Shop Rite will open as soon as renovations to the space are complete.
EAST RUTHERFORD, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged a $38 million loan for a 421,050-square-foot, Class A office building in East Rutherford. Metropolitan Center is a 14-story tower located at 1 Meadowlands Plaza and overlooking the new Meadowlands Sports Complex. The borrower, Strategic Partners U.S. Value V, acquired it in 2008 and recently completed a $15 million capital improvements program. Occupancy was 85 percent at the time of closing. The loan carries a 5-year term and a 25-year amortization schedule. Jim Gunning and Donna Falzarano of CBRE Capital Markets' New Jersey office and John Clifford and Keith Huizinga of the firm's Chicago office secured the loan on behalf of Strategic Partners through lender Northwestern Mutual Life.