LOGAN, N.J. — Dermody Properties/DP Partners has acquired a vacant distribution facility located within Logisitcenter at Logan in the township of Logan. The 259,910-square-foot property is situated on 14.4 acres at 1109 Commerce Blvd. Constructed in 1998, the building features 10,000 square feet of office space, with the remainder consisting of air-conditioned manufacturing/warehouse space. Dermody plans to immediately reposition and lease up the property. The seller was Lexington Lion NEBC LP. Great Point Investors is Dermody's joint venture partner in the property.
DEPTFORD, N.J. — Arrow Retail has procured a $34.02 million loan for the refinancing of a power center located in Deptford. Deptford Landing is a 490,910-square-foot property located at 2000 Clements Bridge Road. Completed in 2007, the center is anchored by Walmart, Sam's Wholesale Club, PetSmart, hhgregg and Michaels. Occupancy was 97 percent at the time of the closing. The financing carries a 10-year term and a fixed interest rate. Bank of America Merrill Lynch was the lender. Trey Morsbach of the Dallas office of Holliday Fenoglio Fowler arranged the loan.
PITTSBURGH — Duquesne University will begin construction in March for a new residence hall. Des Places Residence Hall will be a 13-story building containing 400 beds in a suite configuration. The residence hall will cater to upperclassmen. Completion is expected by August 2012. Locally based WTW Architects is designing the project. Local firm PJ Dick will be the general contractor, and York, Pa.-based Kinsley Manufacturing will be providing the girder-slab system that will be the basis for the building's construction.
ERIE, PA. — Marcus & Millichap has brokered the sale of the Sheetz building, a 4,500-square-foot, net-leased retail building located in Erie. Situated at 4816 Buffalo Road, the property traded for $1.81 million. The team of Thomas Gorman, Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a limited liability company. The team of Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap's Cleveland office represented the buyer, an undisclosed partnership.
HARTFORD, CONN. — Chozick Realty has arranged the sale of 51 Imlay Street, a 30-unit, garden-style apartment community located in Hartford, for $1.17 million. The community was fully leased at the time of closing. Ryan Perkoski of Chozick represented the buyer, Imlay Hartford LLC. Paul Sciarra and Dick Buckley of Prudential Connecticut Realty represented the seller, Lord Commons Apartments LLC.
BOSTON — Nonprofit group Hostelling International has broken ground for the construction of a new hostel in Boston. Known as The Hub of Boston, the hostel will be constructed within the historic Dill Building at 25 Stuart St. The 55,000-square-foot project will be applying for LEED certification. Completion is expected in spring 2012. Suffolk Construction is serving as construction manager. The project architects are local firms Bergmeyer Associates and Stegman + Associates.
NEW YORK CITY — Pace University has entered into an agreement for the development of new student housing at 180 Broadway near the school's main Manhattan campus. The school is partnering with a joint venture between SL Green Realty Corp., Jeff Sutton and Harel Insurance & Finance to develop a 24-story building. Upon completion in 2013, Pace University will acquire a long-term ground lease condominium interest for 20 floors of the building, which will contain 600 beds of student housing. The joint venture will control the lower four floors, which will contain retail space. The new student housing will replace leased dormitory facilities Pace operates in Brooklyn Heights. Law firm Stroock & Stroock & Lavan represented Pace University in the transaction.
EMMAUS, PA. — Marcus & Millichap has brokered the sale of a CVS/pharmacy located at the corner of Chestnut and South Seventh streets in Emmaus. The tenant is in its second year of a 25-year, double-net lease, which contains five 5-year options with 8 percent rent increases each term. The property traded for $5.22 million at a 7.25 percent capitalization rate. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, GVH (Emmaus), LP. Christopher Hake of Thompson Thrift procured the buyer, Faroq Moonda LLC.
BURLINGTON, VT. — Jones Lang LaSalle (JLL) has completed the sale of a 24,192-square-foot office property in Burlington for $4.56 million. The three-story building is situated on 3.45 acres at 302 Mountain View Drive. It is part of the 12-building The Office Park at Water Tower Hill. Occupancy at 302 Mountain View is 100 percent. Tenants include Verizon Wireless, AT&T, New England Life Insurance and Keller Williams. JLL's Michael Smioth, Scott Jamieson and Brandon Dickason arranged the deal between the seller, Stonewater Partners, and the buyer, Legacy Mountain View LLC. Steve Donahue of Donahue & Associates assisted in the deal.
WEST POTTSGROVE, PA. — Carmike Cinemas has signed a lease to open a new multi-screen movie theater in Pennsylvania. The 46,000-square-foot theater will be located within Upland Square Shopping Center, which is situated along Route 100 in West Pottsgrove. Construction will begin in March, with the grand opening expected in the fall. Adam Kohler of Fameco Real Estate represented the landlord, a joint venture between Cedar Shopping Centers and Tristate Ventures.