Northeast

MARCUS & MILLICHAP COMPLETES TWO RETAIL SALES TOTALING $4.84 MILLION

by admin March 2, 2010

NORTH ANDOVER, MASS., AND COATESVILLE, PA. — The Boston and Philadelphia offices of Marcus & Millichap have completed two retail sales for a total of $4.84 million. In the first transaction, a 15,134-square-foot Rite Aid pharmacy located at 525 Turnpike St. in North Andover traded for $3.4 million. The tenant currently has 18 years remaining on its lease with eight 5-year extension options. Robert Horvath and Todd Tremblay of Marcus & Millichap's Boston office procured the foreign buyer, REEB LLC. The seller was San Francisco-based Skyline Pacific Properties. In the second transaction, Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia office represented Pennsylvania-based BR Branches LP in the acquisition of a retail bank branch located in Coatesville. The property, which is situated at the intersection of routes 30 and 82, is occupied by Harleysville National Bank on a 20-year bonded absolute-net lease with rent increases every 5 years. Daniel Seltzer of Richard J. Seltzer Inc. Realtors procured the buyer, Lucia Spaventa.

March 2, 2010

MERIDIAN ARRANGES $3 MILLION NEW JERSEY RETAIL LOAN

by admin March 2, 2010

UNION, N.J. — Meridian Capital Group has arranged $3 million in non-recourse funds for the refinancing of The Flagship, a 40,000-square-foot retail property in Union. Located along Route 22, the single-tenant property is occupied by P.C. Richard & Son. Terms of the loan include a 10-year term, a 30-year amortization schedule and a 6 percent fixed rate. Jay Bidnick of Meridian's New Jersey office negotiated the loan on behalf of the borrower, Flagship Associates LLC. The lender was not disclosed.

March 2, 2010

Industrial Northeast

CAPACITY EXPANDS PRESENCE BY 130,000 SQUARE FEET AT N.J. INDUSTRIAL PARK

by admin March 2, 2010

NORTH BRUNSWICK, N.J. — Capacity LLC has expanded its presence at Sudler Corporate Park in North Brunswick. First, the tenant renewed its lease for a 125,000-square-foot building located at 1112 Corporate Road. It also signed a new lease for a 130,000-square-foot warehouse building located at 1101 Corporate Road. The new building is situated on 11 acres and features 40-foot by 40-foot column spacing, one drive-in dock and 10 external docks. Capacity has been a tenant at the park, which is owned by The Sudler Companies, since 1998. Steven Spinweber provided in-house representation for the landlord in lease negotiations. John Maloney, Jr., of CB Richard Ellis represented the tenant.

March 2, 2010

Healthcare Northeast

MANHATTAN MEDICAL OFFICE BUILDING SELLS FOR $24.35 MILLION

by admin March 1, 2010

NEW YORK CITY — An affiliate of the Hospital for Special Surgery has acquired a 30,000-square-foot medical office building in New York City for $24.35 million. The building is located at 429 E. 75th St. within the Hospital Corridor of Manhattan's Upper East Side. Paul Wexler of Corcoran Wexler represented the seller, a partnership between Taconic Investment Partners and ABR Partners. The two companies purchased the property, formerly a parking garage, in 2006 and converted it into medical office condominiums.

March 1, 2010

Northeast Retail

NAI HUNNEMAN BROKERS $3.2 MILLION SHOPPING CENTER SALE IN R.I.

by admin March 1, 2010

CRANSTON, R.I. — Boston-based NAI Hunneman has brokered the sale of a 113,000-square-foot shopping center in Cranston for $3.2 million. The building is situated on 9.6 acres at 1441 Elmwood Ave. The anchor tenant is a 35,800-square-foot PriceRite supermarket. The remaining space is vacant following the closing of National Wholesale Liquidators, which recently filed for bankruptcy. Robert Tito of NAI Hunneman and Jonathan Aron, formerly of NAI Hunneman, represented the seller, Cardinal Properties, and procured the buyer, OSJ of Cranston LLC.

March 1, 2010

Multifamily Northeast

ARBOR ORIGINATES $4.62 MILLION FANNIE MAE LOAN IN PHILADELPHIA

by admin March 1, 2010

PHILADELPHIA — Arbor Commercial Funding has secured $4.62 million in Fannie Mae DUS financing for Cloverly Park Apartments, a 52-unit multifamily community located in Philadelphia. John Kelly of Arbor's Boston office originated the loan, which carries a 10-year term, a 30-year amortization schedule and a 6.14 percent interest rate. The borrower was not disclosed.

March 1, 2010

Multifamily Northeast

STASSE & CO. SELLS OUT RESIDENCES AT THE HELDRICH IN N.J.

by admin March 1, 2010

NEW BRUNSWICK, N.J. — The final condominiums at The Residences at The Heldrich have been sold. The 48-unit project is located at the intersection of George Street and Livingston Avenue in downtown New Brunswick, adjacent to the Heldrich Hotel. Residents have access to the hotel's amenities, which include concierge service, room service, private dining rooms, catering, a fitness center with an indoor pool, valet parking and housekeeping services. The Heldrich also includes two restaurants and a lounge. The residential component of the project includes private underground parking and a residents-only lobby with private elevators. The marketing agent for The Residences at The Heldrich was Stasse & Co.

March 1, 2010

Northeast Office

BEHRINGER HARVARD ACQUIRES FIRST MORTGAGE FOR 1650 ARCH STREET

by admin February 26, 2010

PHILADELPHIA — Behringer Harvard has acquired the first mortgage secured by 1650 Arch Street, a 27-story, 553,349-square-foot office tower located in Philadelphia's Center City submarket. The company plans to make significant capital improvements to the property in the near-term and lease its vacant space. Drew McGowan, Tom Weitzel and Ron Cariola of Jones Lang LaSalle's Philadelphia office will handle leasing for the property.

February 26, 2010

Northeast Office

OFFICE CONDO SOLD AT 131 WEST 33RD IN NEW YORK CITY

by admin February 26, 2010

NEW YORK CITY — Brand design and packaging firm Gammon Ragonesi Associates (GRA) has purchased a 6,333-square-foot office condo in New York City for $3 million. The firm will occupy the entire top floor of 131 West 133rd Street, a 16-story, 208,805-square-foot office building. Brett Maslin and Joseph Friedman of Adams & Co. represented GRA. Michael Rudder and Mike Heller of Time Equities represented the undisclosed seller. Time recently completed a multi-million capital improvements program at the property that converted its space into office condos.

February 26, 2010

Industrial Northeast

DAYTON SUPERIOR RENEWS ALLENTOWN LEASE

by admin February 26, 2010

ALLENTOWN, PA. — Dayton Superior Co. has renewed the lease for its Allentown distribution facility. The company occupies 114,049 square feet at 7130 Ambassador Drive. John Crampsie of locally based NAI Summit represented the tenant, with assistance being provided by Dallas-based NAI Robert Lynn, which is the national leasing representative for Dayton Superior. The landlord and the terms of the lease were not disclosed.

February 26, 2010

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