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.
Northeast
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.
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.
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.
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.
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.
PATERSON, N.J. — CB Richard Ellis (CBRE) has completed the sale of a multifamily building located at 315 Park Ave. in Paterson. The property contains 19 units and was fully occupied at the time of closing. CBRE's Charles Berger, Dean Marchi and Gehane Triarsi represented the undisclosed seller in the transaction. The buyer, whose name was also not released, plans to hold the property as a long-term investment.
NEWARK, N.J. — Marcus & Millichap has brokered the sale of an 11-unit multifamily building in Newark for $250,000. Built in 1960, the property contains 10 apartments and one ground-floor commercial space. The unit mix is one studio, seven one-bedrooms, one two-bedroom and one three-bedroom. Steve Sussman of Marcus & Millichap's Miami office and Christopher Rizzolo of the firm's New Jersey office represented the seller, an Ohio financial institution, and procured the buyer, a New York investor.
PHILADELPHIA, PA. — Discount retailer Roses has signed a lease for 50,000 square feet of space at Rising Sun Plaza, a shopping center located at the intersection of Rising Sun and Adams avenues in Philadelphia. Jed Masloff and Jim Creed of Fameco Real Estate represented the retailer in lease negotiations. The store will hold its grand opening this week. The landlord's name as well as the terms of the lease were not disclosed.
CHELMSFORD, MASS. — Integrated Builders has completed a 13,000-square-foot interior office build-out at 300 Apollo Drive in Chelmsford. The space is being leased to semiconductor manufacturer Intersil Corp. Boston-based Spagnolo Gisness & Associates served as general contractor. Integrated has completed several projects at 300 Apollo, most notably a 133,500-square-foot office build-out for Aspect Software's corporate headquarters.