Northeast

LIBERTY, SYNTERRA TO DEVELOP 205,000-SQUARE-FOOT BUILD-TO-SUIT

by admin February 10, 2011

PHILADELPHIA — Liberty Property Trust and Synterra Properties have announced plans to develop an $81 million build-to-suit office building at the Philadelphia Navy Yard for GlaxoSmithKline (GSK). Located at Five Crescent Drive within Navy Yard Corporate Center, the building will contain 205,000 square feet over four stories. It will be seeking LEED-Platinum certification. Vertical construction will begin this summer, with completion expected at the end of 2012 or beginning of 2013. GSK will relocate its offices at One and Three Franklin Plaza in Philadelphia's Center City district to the new building once it is finished. Robert A.M. Stern Architects is designing the project.

February 10, 2011

SUNNY D SELLS MASS. MANUFACTURING PLANT IN $15 MILLION SALE-LEASEBACK

by admin February 10, 2011

LITTLETON, MASS. — Sunny Delight Beverages has sold its Littleton manufacturing facility in a $15 million sale-leaseback deal. The drink maker will lease back the entire 290,000-square-foot plant, which is located at 20 Harvard Road, for a 15-year term. The buyer was a private equity firm. Robert Cronin of Colliers International represented both parties.

February 10, 2011

Northeast

TRANSWESTERN OPENS NEW YORK CITY OFFICE

by admin February 10, 2011

NEW YORK CITY — Commercial real estate firm Transwestern has established a Northeast region with the opening of its New York City office. The new office will provide a full range of services including property management, agency leasing, tenant advisory and investment services. Patrick Robinson, formerly of Centric Real Estate Advisors, will head the new division. Lindsay Ornstein, also formerly of Centric, will join him.

February 10, 2011

Healthcare Northeast

RADER PROPERTIES BROKERS $7.46 MILLION MOB SALE IN MASS.

by admin February 10, 2011

BRAINTREE, MASS. — Rader Properties has brokered the sale of a 48,000-square-foot medical office building in Braintree for $7.46 million. Blue Hills Medical Center is located at 340 Wood Road. It was built in 1982 and is leased by tenants such as South Shore Hospital, Milton Pediatrics, Boston Brace and Blue Hill Medical Associates. David Mitchell of Rader Properties represented the undisclosed seller and procured the buyer, IG Blue Hills LLC.

February 10, 2011

Industrial Northeast

VERNA PROPERTIES PURCHASES TWO INDUSTRIAL BUILDINGS IN CONN. FOR $2.6M

by admin February 10, 2011

ROCKY HILL, CONN. — Wallingford, Conn.-based Verna Properties has purchased two multi-tenant flex/industrial buildings in Rock Hill for a total of $2.6 million. The properties are located at 97 and 99 Hammer Mill Road. The former property is fully leased and the latter contains an 11,000-square-foot vacancy. Sentry Commercial and New Haven Group represented the seller, DeMeo Family LLC, in the deal.

February 10, 2011

Northeast Seniors Housing

MASSEY KNAKAL COMPLETES $33.25 MILLION SENIOR HOUSING SALE

by admin February 9, 2011

NEW YORK CITY — Massey Knakal Realty Services has completed the sale of an assisted living facility in Manhattan's Greenwich Village neighborhood for $33.25 million. The seven-story property is located at 607-09 Hudson St. and was converted from a hotel into a nursing home in 1958. the seller was VillageCare, which relocated to a new building at 510 W. Houston St. The buyer, FLAnk, plans to redevelop the building into for-sale condominiums. Massey Knakal's James Nelson and Paul Massey arranged the deal on behalf of the seller.

February 9, 2011

Northeast Retail

CEDAR BUYS SHOPPING CENTER FOR $23.5M, SELLS ONE FOR $10.84M

by admin February 9, 2011

TAUNTON, MASS., AND NEW MILFORD, CONN. — Cedar Shopping Center has entered into a definitive agreement to acquire Northwoods Crossing in Taunton for $23.5 million. The purchase will be made on behalf of a joint venture between Cedar and Toronto-based RioCan Real Estate Investment Trust, in which Cedar owns a minority interest. Northwoods Crossing totals 160,000 square feet and is anchored by a 115,000-square-foot BJ's Wholesale Club. It was fully occupied at the time of closing. The property is subject to an existing $14.5 million, non-recourse loan that matures in 2016. In addition, Cedar disposed of Fairfield Plaza, a 72,000-square-foot retail center in new Milford, for $10.84 million. The buyer was Urstadt Biddle Properties. The deal includes the assumption of a $5 million loan held by KeyBank National Association.

February 9, 2011

Hospitality Northeast

HOSTELLING INTL SELLS BOSTON HOSTEL IN $4.75M SALE-LEASEBACK

by admin February 9, 2011

BOSTON — Hostelling International (HI) has sold a 22,000-square-foot hostel located at 12 Hemenway St. in Boston for $4.75 million. The new owner, Hemenway Realty Ventures, will lease the building back to HI for an 18-month term. The hostel will continue operation while HI redevelops the nearby Dill Building into a new hostel. The new facility will open spring 2012. Leigh Freudenheim of Colliers International represented both parties in the deal.

February 9, 2011

Northeast Retail

MARCUS & MILLICHAP BROKERS FIVE PAD SALES AT DELAWARE SHOPPING CENTER

by admin February 9, 2011

DOVER, DEL. — Marcus & Millichap has represented developer Camden Town Center LLC in the sale of five ground-leased pad sites at the Camden Town Center shopping center in Dover. Texas Roadhouse sold for $1.53 million.Applebee's Neighborhood Bar & Grill sold for $1.25 million. Chick-fil-A sold for $1.24 million. WSFS Bank sold for $1.07 million. Finally, Dunkin' Donuts sold for $930,000. The properties traded at an average cap rate of 6.73 percent. The buyers were not released.

February 9, 2011

Industrial Northeast

GRUBB & ELLIS ARRANGES 179,200-SQUARE-FOOT WAREHOUSE SALE

by admin February 8, 2011

NEW KINGSTON, PA. — Grubb & Ellis has arranged the sale of a 179,200-square-foot warehouse/distribution facility located at 34 E. Main St. in New Kingston. The food-grade facility features 10 rail doors and a ballasted EPDM roof. Lexmain Realty Ventures purchased the property from Lexington Realty Trust for an undisclosed amount. The Grubb & Ellis team of Stephen Bonge, Timothy Brogan, Patrick McBride and Carl Neilson brokered the deal.

February 8, 2011

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