UNION, N.J. — A group led by principals of The Mainardi Management Company has acquired the former Union Hospital building located in Union. The approximately 200,000-square-foot building is situated at 1000 Galloping Hill Ave. It was operated as Union Hospital from 1962 to 2007 but has been closed since then. The buyer is a joint venture between members of the Mainardi family, some of their business associates and a company controlled by Andrew Piscatelli III. The group is repositioning the property as Union Medical Park and already has leased some of the space to medical tenants. Overlook Hospital, a division of Atlantic Health Services, will operate an emergency room at the facility and is leasing additional space for outpatient programs. A 20,000-square-foot space within the facility will be leased as a surgery center, and several local physicians have leased office space for their practices. Finally, the local YMCA is leasing 19,000 square feet for an adult activities center. The acquisition price was not disclosed.
LONDONBERRY, N.H. — CB Richard Ellis (CBRE) has brokered the sale of a 37,140-square-foot industrial property in Londonberry for $1.52 million. The building is located on 2.74 acres at 6 George Ave. Built in 1970, it contains office, manufacturing and high-bay warehouse space. The seller, an affiliate of Northern Electronics Automation, is using the transaction to free up capital and downsize its operations to a smaller, leased facility. Roger Dieker of CBRE's Manchester, N.H., office represented the seller and procured the buyer, Vulcan Electric Co.
NEW YORK CITY — GFI Realty Services has arranged the sale of a New York City multi-use property for $3 million. Located at 100 Eighth Ave. in Manhattan, the property includes a two-story building and a three-story building that contain two commercial units and three apartment units. The undisclosed buyer plans to complete capital improvements to the property and keep it as a long-term investment. Yosef Katz and Roni Aboudi of GFI represented the undisclosed seller, and Shawn Sadaghati of GFI represented the buyer.
GARDEN CITY, N.Y. — Construction is complete for the new performing arts and recreation complex at Adelphi University in Garden City. The project included the renovation of Olmstead Theatre and Woodruff Hall as well as the addition of the Center for Recreation and Sports. Woodruff Hall renovations included a new glass lobby that serves as the primary entrance to the Center for Recreation and Sports, which features features a three-court, below-grade gymnasium. A 310-space, underground parking garage was constructed with varsity athletic fields on top of it. The western part of the complex consists of the renovated 350-seat Olmstead Theatre and the addition of 60,000 square feet of performing arts space. The project is also applying for LEED-Silver certification. Cannon Design was the project architect.
FAIRFIELD, CONN. — Construction is under way for Kings Crossing, an 86,000-square-foot retail center located in Fairfield. Developed by Summit Development, the retail center is situated at the interchange of Kings Highway and Interstate 95. Tenants already signed on include a 45,000-square-foot Whole Foods Market and a 14,000-square-foot CVS/pharmacy. Completion is expected in spring 2011. Patrick Smith and Christa Minogue of SRS Real Estate Partners are handling leasing for the project.
ROYERSFORD, PA. — Marcus & Millichap has completed the sale of Lakeview Shopping Centre in Royersford for $23.5 million. The 194,451-square-foot retail property is situted on more than 30 acres at 947 S. Township Line Road. Tenants include Kohl's, Marshalls, KFC, TD Bank and Wawa. A majority of the center's tenants occupy their spaces on ground leases. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, Reitnour Investment Properties, and the buyer, OLP Lakeview LP. The sales price equates to a 7.7 percent cap rate.
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.
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.
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.
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.