EAST NORRITON, PA. — Jenkintown, Pa.-based Scully Co. is nearing completion for the newest phase of Dekalb, an apartment community located at 2609 Dekalb Pike in East Norriton. The new phase of the community comprises 72 units in two elevator-served buildings. The residences consist of a mix of one-, two- and three-bedroom units and range from 860 to 1,400 square feet in size. Rents range from $1,275 to $1,695 per month. The first phase of Dekalb was built more than 40 years ago.
SARATOGA SPRINGS, N.Y. — Albany, N.Y.-based Omni Housing Development has completed the first phase of the $18 million renovation of Embury Apartments, a 192-unit senior housing community located in Saratoga Springs. Phase I saw the completion of renovations to the East Tower, one of the community's two 14-story residential towers. Construction included asbestos removal, replacement of all windows and insulation, the conversion of several units for handicapped residents and the addition of ADA-compliant bathrooms. Energy Star appliances were also installed, as was a Wi-Fi hub. The tower will be available for resident occupancy in February. The completion date for the entire project is next summer. CK Dennis Architects is serving as the project architect and MLB Construction is the general contractor. Omni is co-developing the project with Embury Apartments Inc., the property's non-profit owner.
BREINIGSVILLE AND LOWER NAZARETH, PA. — Griffin Land & Nurseries has entered into agreements to acquire two industrial properties located in Pennsylvania for approximately $8.2 million. The first property is a 120,000-square-foot building located in Breinigsville. The second property is a 51-acre land parcel zoned for industrial development that is located in Lower Nazareth. The industrial building was built in 2007 and is fully leased to a single tenant for the next 6.5 years. The land parcel is expected to support the development of two industrial buildings totaling approximately 530,000 square feet. Griffin submitted separate winning bids for the properties at a bankruptcy auction, but the transactions are subject to necessary approvals.
CALDWELL AND SPRINGFIELD, N.J. — Woodbridge, N.J.-based The Kislak Company has completed two mixed-use sales in New Jersey for a total of $2.31 million. In Caldwell, Kislak's Jonathan Greenberg and Don Baxter represented both undisclosed parties in the sale of a 12,250-square-foot building located at 319-325 Bloomfield Ave. The building contains eight apartments and four retail spaces. It traded for $1.8 million. In Springfield, Kislak's Jeffrey Squires represented both parties in the sale of a 5,200-square-foot building located at 19 Morris Ave. The building, which traded for $510,000, contains four apartments and one retail space. The buyers plan to make capital improvements to both buildings' apartment units.
BETHPAGE, N.Y. — Two lease renewals totaling 210,628 square feet have been signed at 1055 Stewart Avenue, an office building located in Bethpage. Briarcliffe College renewed its lease for 116,500 square feet and Northrop Grumman Systems Corp. renewed its lease for 94,128 square feet. Briarcliffe College has occupied the building for 15 years and Northrop Grumman has occupied it for 10 years. The landlord, Tilles & Zuckerbrot, was represented by Sholom & Zuckerbrot Realty. Philip Heilpern of CB Richard Ellis represented the tenant in both transactions. Approximately 20,000 square feet remains for lease at the building.
BOSTON — DPI Mid Atlantic has signed a lease for 102,000 square feet of warehouse space at 135 Will Drive in Boston's South submarket. The property features rail access, up to 30-foot clear ceiling heights and can accommodate tenants from 100,000 to 406,000 square feet. Robert Gibson and Edward Jarosz of CB Richard Ellis represented DPI in lease negotiations. The landlord, JF&S Realty, was represented by J.P. Plunkett, J.R. McDonald and Ned Havern of Cushman & Wakefield of Massachusetts.
WEST ORANGE, N.J. — CB Richard Ellis Capital Markets (CBRE) has arranged a $3 million bridge loan for a medical office building located in West Orange. The property totals 39,131 square feet and is located at 475 Prospect Ave. At the time of closing, it was 50 percent leased to Omni Eye Specialists, PA for a 15-year term. The loan includes a 2-year term with interest-only payments and a note rate of 300 basis points over LIBOR. CBRE's James Gunning and Donna Falzarano secured the loan on behalf of the borrower, Prism Green Associates III. The lender was Peoples United Bank.
METHUEN, MASS. — Lincoln, Mass.-based TRB & Associates has brokered the sale of Ranger Plaza in Methuen for $2.97 million. The center consists of four freestanding retail buildings and is 100 percent occupied by McDonald's, TD Bank, Outback Steakhouse and Dunkin' Donuts. Thomas Blakely of TRB & Associates represented the seller and procured the buyer in the transaction.
PLYMOUTH MEETING, PA. — Construction is complete for the expansion of Plymouth Meeting Mall, which is located at 500 W. Germantown Pike in Plymouth Meeting. The 100,000-square-foot, open-air addition brings the mall's total size to 914,000 square feet. New tenants at the expanded space include Whole Foods Market, Coldwater Creek, Loft, Olly, Jos A. Bank and Chico's. The addition was built atop a 350-space parking garage. Three restaurant pavilions plaza are still under construction and will be occupied by PF Chang's China Bistro, Redstone Grill, Bertucci's, California Pizza Kitchen and Benihana. The general contractor for the project was Malvern, Pa.-based IMC Construction, and the project architect was New York City-based CREATE Architecture Planning & Design. The owner of Plymouth Meeting Mall is Pennsylvania Real Estate Investment Trust.
BURLINGTON, MASS. — Global media production company Avid has signed a lease for 203,000 square feet of Class A office and R&D space at Northwest Park in Burlington. Avid will occupy three of the park's buildings for a 10-year term; it will lease all of 75 Network Drive and 10 North Avenue as well as the first and second floors of 65 Network Drive. The company is relocating from Tewksbury, Mass., and will make the Burlington location its new corporate headquarters. Occupancy is expected by June 2010. Brian Hines and Michael Dalton of FHO Partners represented Avid in lease negotiations. The landlord, Nordblom Co., was represented by Tamie Thompson, Dan Cordeau and Dan Kollar of Jones Lang LaSalle.
