Northeast

CONSTRUCTION ADVANCING FOR LIBERTY WHARF

by admin February 12, 2010

BOSTON — Construction is advancing for Liberty Wharf, a $43 million mixed-use project located on the South Boston Waterfront. The project consists of three buildings totaling approximately 74,000 square feet of space. Tenants already signed on to occupy the restaurant component of the project include Legal Sea Foods and a steakhouse operated by Tavistock Group. The project will also include a 570-foot extension of the HarborWalk and will be LEED certifiable. The project is nearing shell completion, and restaurant build-out will commence in the second quarter. Bill Motley and Katherine Small of Jones Lang LaSalle will be leasing the project on behalf of Cresset Development. Elkus Manfredi Architects is designing it and John Moriarty & Associates is building it.

February 12, 2010

BURNS & SCALO ACQUIRES FORMER GOODWILL HQ FOR REDEVELOPMENT

by admin February 12, 2010

PITTSBURGH — Burns & Scalo Real Estate Service has acquired Goodwill's Southwestern Pennsylvania headquarters building for approximately $6.5 million. The purchase includes a seven-story, 150,000-square-foot building located at 2600 E. Carson St. as well as several surrounding lots owned by Goodwill. Burns & Scalo plans to convert the structure into a 90-unit apartment building with 12,000 square feet of ground-floor retail space. In addition, Burns & Scalo will serve as Goodwill's construction representative in the interior build-out of its new headquarters building on 51st Street in nearby Lawrenceville, Pa. The apartment conversion will begin after Goodwill's new facility is complete, which should take 7 to 8 months. Completion of the apartment project is expected in late 2011. Goodwill's store at 2700 E. Carson St. will remain open.

February 12, 2010

Northeast Office

MKDA DESIGNS HARVEST PARTNERS BUILD-OUT IN NEW YORK CITY

by admin February 12, 2010

NEW YORK CITY — Interior design firm MKDA, acting as interior designer, has completed the interior build-out for private equity investment firm Harvest Partners' new offices. The space is located on the 25th floor of 280 Park Avenue in New York City. MKDA created four partner offices with floor-to-ceiling windows as well as a boardroom that features a 20-person table. Work areas were also opened up, and glass and metal wall systems increase the amount of natural light entering the office. The elevator lobby was also upgraded with luxury finishes. MKDA also helped Harvest Partners curate the office's art collection.

February 12, 2010

Northeast Office

BUSINESS AND RESEARCH CENTER AT GARDEN CITY REFINANCED

by admin February 11, 2010

GARDEN CITY, N.Y. — A joint venture between Metropolitan Realty Associates and Angelo Gordon & Co. has procured a $23.5 million loan for the refinancing of Business and Research Center at Garden City on Long Island. The property consists of two buildings totaling 188,500 square feet. It is located at 1000 Stewart Ave. and 500 Endo Blvd. in Garden City. At the time of closing, the property was fully occupied by a tenant roster that includes Lifetime Brands, Angion Biomedica Corp., Home Medical Equipment and Nassau Community College. The lender was M&T Bank and the terms of the loan were not disclosed.

February 11, 2010

Northeast Retail

WALGREENS OPENS NEW PHARMACY IN THE BRONX

by admin February 11, 2010

NEW YORK CITY — Walgreens has signed a lease to open a new location in the Bronx, New York City. The pharmacy will occupy 7,543 square feet of space at 1800 Williamsbridge Road for a 20-year term. The pharmacy plans to expand the building by approximately 3,600 square feet, expand the parking lot and enhance the landscaping. A Citibank branch will continue to occupy the other half of the building. Robin Herko, Steve Lorenzo, Kathy Zamechansky and David Scotto, all of Yonkers, N.Y.-based NAI Friedland Realty, represented Walgreens in lease negotiations. Craig Evans of Colliers ABR, soon to be known as Cassidy Turley, represented the undisclosed landlord.

February 11, 2010

Northeast

GEENTY GROUP BROKERS 20,000-SQUARE-FOOT SALE IN CONN.

by admin February 11, 2010

BRANFORD, CONN. — Geenty Group Realtors has brokered the sale of a 20,000-square-foot commercial property located at 2 Tipping Drive in Branford. The buyer, Avian Dream LLC, plans to keep the property as a long-term investment but will also lease it to a company in which it is also a principal. Kevin Geenty and Justin Frechette of Geenty Group represented the seller, Marcus Hall Trustee. Thomas Badik of Buyers Resource Real Estate Co. represented the buyer. The sale price was $830,000.

February 11, 2010

Northeast

REDSTONE COMPLETES PURCHASE OF VERMONT COMMERCIAL BUILDING

by admin February 10, 2010

SOUTH BURLINGTON, VT. — Burlington-based Redstone has completed the purchase of a South Burlington commercial building for $855,000. The 14,000-square-foot property is located at 35 Green Mountain Drive. Doug Nedde of Redstone represented the buyer, Bob Berman. Tony Blake and Bill Kiendl of V/T Commercial represented the seller, General Electric.

February 10, 2010

Multifamily Northeast

ARBOR ARRANGES $1.26 MILLION LOAN FOR CONN. APARTMENT PROPERTY

by admin February 10, 2010

NEW HAVEN, CONN. — Arbor Commercial Funding has arranged $1.26 million in Fannie Mae DUS financing for Carriage Hills Apartments, a 22-unit multifamily property located in New Haven. The loan carries a 6.02 percent interest rate, a 10-year term and a 30-year amortization schedule. John Edwards of Arbor's Boston office originated the financing on behalf of the undisclosed borrower.

February 10, 2010

Northeast Office

SPECTRUM MICROWAVE EXPANDS AND RELOCATES IN MASSACHUSETTS

by admin February 10, 2010

MARLBOROUGH, MASS. — Spectrum Microwave is expanding and relocating its Marlborough office. The company has signed a lease for 42,832 square feet at 400 Nickerson Road within Marlborough Technology Park, and it will take occupancy in May. Spectrum Microwave was previously located at 165 Cedar Hill St., also in Marlborough. Jim Elcock, Bill Lynch and Tom O'Brien of Colliers Meredith & Grew represented the tenant in lease negotiations. Paul Leone of Richard Barry Joyce & Partners represented the landlord, Normandy Real Estate Partners. Marlborough Technology Park is a seven-building, 573,576-square-foot office campus located on Nickerson Road.

February 10, 2010

Industrial Northeast

PARSONS COMMERCIAL ARRANGES $12.5 MILLION INDUSTRIAL SALE

by admin February 9, 2010

ATTLEBORO, MASS. — Framingham, Mass.-based Parsons Commercial Group has arranged the sale of a 202,683-square-foot industrial building located in Attleboro for $12.5 million. The property was built in 1979 and is located at 505 Collins St. It has undergone a recent expansion and contains 18 loading docks, two drive-in doors and 18-foot clear ceiling heights. Victor Galvani of Parsons represented the buyer, a private investor satisfying a 1033 exchange. Peter Joseph of Eastdil Secured represented the seller, AMB Property Corp.

February 9, 2010

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