Tuesday, April 29, 2025
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Northeast

MultifamilyNortheast

REMEDIATION UNDER WAY FOR RESIDENTIAL PROJECT

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HACKENSACK, N.J. — Hillside, N.J.-based P&F Managment Co. is completing the environmental remediation of the former Eval Oil Terminal in Hackensack in preparation for the construction of a new residential community. The 3.75-acre land site is located at South River Street and Shafer Place. P&F purchased it from the city of Hackensack in 2007 and will be partnering with the city for the redevelopment. The environmental remediation of the former oil storage site is expected to cost $3 million. P&F plans to begin construction in 2010 for a multi-story 144-unit residential project.

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HospitalityNortheast

CAMPBELL COMMERCIAL BROKERS LAND SALE FOR FUTURE HOTEL

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CAMP HILL, PA. — Camp Hill-based Campbell Commercial Real Estate has brokered the sale of 2.11 acres of land on Arthur Avenue in the Lower Allen Township of Camp Hill. The buyer, Little Rock, Ark.-based Motel Sleepers, plans to construct a 70-room hotel and restaurant on the site. The hotel will be for private industry use only but the restaurant, a 24-hour diner, will be open to the public. Construction will begin immediately and is expected to take 6 months. The seller in the land transaction was United Methodist Home for Children.

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NortheastOffice

KSS COMPLETES LAW OFFICE BUILD-OUT

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PRINCETON, N.J. — Acting as project architect, KSS Architects has completed the interior build-out for the new Princeton office of international law firm Dechert LLP. The firm relocated from its former office at Princeton Pike Corporate Center to a 30,000-square-foot space at 902 Carnegie Center. The interior contains marble tile floors as well as wood and glass workstations. Other features of the new office include conference rooms with audio-visual systems, a lunch room designed as a cafe, and security features throughout the space.

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NortheastRetail

MARCUS & MILLICHAP COMPLETES $3.5 MILLION TRACTOR SUPPLY SALE

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NAZARETH, PA. — Marcus & Millichap has competed the sale of a Tractor Supply Co. located in Nazareth for $3.5 million. The 19,097-square-foot store is situated on 3.69 acres on Jandy Boulevard. It is subject to a new 15-year, double-net lease with a 10 percent rent increase every 5 years. The seller is a North Carolina-based limited liability company. The buyer is a Pennsylvania-based limited partnership. The property was purchased as part of a 1031 exchange and will be managed as a passive investment. Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer.

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IndustrialNortheast

COLLIERS L&A BROKERS 58,992-SQUARE-FOOT INDUSTRIAL LEASE

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BURLINGTON, N.J. — Colliers Lanard & Axilbund (L&A) has brokered a lease for 58,992 square feet of industrial space in Burlington. AAA Transportation & Warehousing will occupy space within Crossroads Business Center at 122 Kissel Rd., a previously vacant, 160,000-square-foot building. The landlord, Exeter Property Group, plans to expand the building to 250,000 square feet in the future. Marc Isdaner and Ian Richman of Colliers L&A represented the tenant. Terms of the lease were not disclosed.

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NortheastOffice

JLL ARRANGES 37,260-SQUARE-FOOT OFFICE LEASE RENEWAL AND EXPANSION

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TEWKSBURY, MASS. — Jones Lang LaSalle (JLL) has arranged a 37,260-square-foot lease renewal and expansion for Starent Networks at Ames Pond Corporate Center in Tewksbury. The transaction includes a renewal of the company's 16,000-square-foot lease at 200 Ames Pond and a 21,260-square-foot expansion. JLL's Tamie Thompson, Flory McCarthy and Dan Kollar represented the landlord, a joint venture between Leggat McCall Properties and Dead River Properties. John Wilson of Richard Barry Joyce & Partners represented the tenant.

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MultifamilyNortheast

CBRE/NEW ENGLAND BROKERS SALE OF SPRING HILL COMMONS

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ACTON, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Spring Hill Commons, a 105-unit apartment community located in Acton. The community comprises four buildings situated at 421 Great Rd. It contains a mix of one- and two-bedroom units and was approximately 94 percent occupied at the time of the sale. CBRE's Paul Donahue, Travis D'Amato and Bill Moylan represented the seller, Chicago-based Equity Residential, and procured the buyer, Needham, Mass.-based Universal Realty. The acquisition price was not disclosed.

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MultifamilyNortheast

MASSEY KNAKAL COMPLETES $3.16 MILLION SALE OF TWO WALK-UP BUILDINGS

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NEW YORK CITY — Massey Knakal Realty Service has completed the sale of 1001 Avenue H, a 38-unit, walk-up apartment building located in the Flatbush neighborhood of Brooklyn, New York City, for $3.16 million. The building traded at a 6.4 percent capitalization rate. Eric Greenfield of Massey Knakal negotiated the transaction between the two undisclosed parties.

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MultifamilyNortheast

HOULIHAN-PARNES ARRANGES $1 MILLION MULTIFAMILY LOAN

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MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged $1 million in first-mortgage financing for two apartment buildings located in Mount Vernon. The two five-story buildings are located at 239-253 W. First St. The properties contain a total of 44 apartments and eight retail spaces. Jeremiah Houlihan of Houlihan-Parnes secured the loan, which contains a 10-year term at a market interest rate. The lender is a Long Island-based savings bank.

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