Northeast

CBRE BROKERS $8 MILLION SALE OF PARKWOOD APARTMENTS

by admin September 25, 2009

EAST HAVEN, CONN. — CB Richard Ellis (CBRE) has brokered the sale of Parkwood Apartments located in East Haven for $8 million. Situated at 38 High St., Parkwood is a garden-style property containing 102 units. Jeffrey Dunne, Christopher Leonard and Matthew Innes of CBRE's New York Institutional Group, along with Michael Stone of the firm's Hartford, Conn., office, represented the seller, GPT-East Haven LLC, an entity controlled by Equity Residential. Steve Witten of Marcus & Millichap represented the buyer, a local private investor.

September 25, 2009

LINCOLN SQUARE SYNAGOGUE TOPS OUT

by admin September 25, 2009

NEW YORK CITY — Construction has topped out for the new Lincoln Square Synagogue located at the intersection of Amsterdam Avenue and 69th Street in Manhattan, New York City. The new synagogue will be a three-story, 50,000-square-foot structure. It will feature a 450-person sanctuary space, educational facilities, administrative offices, a large ballroom for evens and outdoor activity areas. Completion is scheduled for late 2010. McGowan Builders is serving as general contractor, with CetraRuddy providing architecture services. Winston Consultants is serving as owner's representative.

September 25, 2009

Industrial Northeast

RBJ BROKERS 342,900-SQUARE-FOOT INDUSTRIAL LEASE

by admin September 24, 2009

NORTHBOROUGH, MASS. — Richard Barry Joyce & Partners (RBJ) has brokered a 342,900-square-foot industrial lease in Northborough. FedEx Corp. has renewed its lease for 180,200 square feet at One Beeman Rd. and expanded into the remainder of the building with the leasing of an additional 162,700 square feet. The company uses the building as a warehouse and distribution facility for FedEx SmartPost. RBJ's John Lasher and Paul Leone represented the landlord, MM Industrial Beeman Road LLC. Terms of the lease were not disclosed.

September 24, 2009

Northeast Retail

MARCUS & MILLICHAP COMPLETED $9.7 MILLION SHOPPING CENTER SALE

by admin September 24, 2009

COVENTRY, R.I. — Marcus & Millichap has completed the $9.7 million sale of the Coventry Crossing, shopping center in Coventry. Situated at the intersection of Arnold Road and New London Turnpike, Coventry Crossing totals 20,752 square feet in three separate buildings. Tenants at the center include CVS/pharmacy, Dunkin' Donuts, Radio Shack and Webster Bank. Bob Horvath and Todd Tremblay of Marcus & Millichap's Boston office, along with Al Taf of the firm's Atlanta office, represented the seller, Hecht Development. Tremblay and Horvath also represented the buyer, a regional investor.

September 24, 2009

Northeast Retail

WALMART OPENS AT RARITAN TOWN SQUARE

by admin September 24, 2009

RARITAN, N.J. — A new 143,371-square-foot Walmart has opened at Raritan Town Square, Garden Commercial Properties' 500,000-square-foot retail and office project located in Raritan. The retailer will serve as co-anchor of the center with Lowe's Home Improvement Warehouse. In addition, a 5,000-square-foot IHOP restaurant has broken ground at the center, with completion slated for spring 2010.

September 24, 2009

Northeast Retail

FORMER GM DEALERSHIP SELLS FOR $1.85 MILLION

by admin September 24, 2009

AMHERST, N.Y. — CarStar Automotive has purchased a former General Motors auto dealership located in Amherst for $1.85 million. The property comprises a 20,000-square-foot building situated on approximately 5 acres at 2915 Niagara Falls Blvd. CarStar plans to relocate its current facility to the property. Richard Schechter and Ben Borruso of Pyramid Brokerage Co., along with Jones Lang LaSalle, represented the seller, General Motors. Pyramid has also been retained to sell the Gillogly Chevrolet dealership located in West Seneca, N.Y.

September 24, 2009

Multifamily Northeast

BEHRINGER HARVARD ACQUIRES 308-UNIT MULTIFAMILY COMMUNITY

by admin September 23, 2009

CHERRY HILL, N.J. — Behringer Harvard has acquired Burrough's Mill Apartment Homes, a 308-unit multifamily community located in Cherry Hill. Situated on 25.7 acres, the property contains 32 two-story buildings. The units comprise a mix of one, two and three bedrooms. They range in size from 835 to 1,450 square feet and more than half contain private garages. Community amenities include a clubhouse with a fitness center, a sauna and a business center. Other amenities include a resort-style swimming pool, a tennis court, a scenic pond, a walking trail and gated access. Behringer Harvard acquired the property through a joint venture between its Behringer Harvard Multifamily REIT I affiliate and PGGM Private Real Estate Fund, which assists large Dutch pension funds with real estate investments. The acquisition price was not disclosed.

September 23, 2009

Civic Northeast

MASSEY KNAKAL BROKERS SALE OF FORMER CHURCH SITE FOR $9.75 MILLION

by admin September 23, 2009

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of the former site of Bay Ridge United Methodist Church in Brooklyn, New York City, for $9.75 million. The property totals approximately 1 acre of land and is located at 362-364 Ovington Ave. The church building was demolished last October. The buyer, the School Construction Authority, plans to construct a new 680-student elementary school on the site as well as a new building for Bay Ridge Church. Stephen Palmese of Massey Knakal handled the transaction.

September 23, 2009

Multifamily Northeast

MERIDIAN ARRANGES $2.53 MILLION MULTIFAMILY LOAN

by admin September 23, 2009

PHILADELPHIA — Meridian Capital Group has arranged $2.53 million in non-recourse financing for the refinancing of three Philadelphia multifamily properties. The President, The Bel Air and Chelten Arms Apartments are located at 425, 427 and 500 W. Chelten Ave., and contain a total of 93 units. Josh Gorsky of Meridian's New Jersey office arranged the financing, which carries a 10-year term with a 30-year amortization schedule and fixed interest rates of 5.72 and 5.75 percent. The borrower and lender were undisclosed.

September 23, 2009

Multifamily Northeast

COMPLETION NEARING FOR STAFFORD PARK APARTMENTS

by admin September 22, 2009

MANAHAWKIN, N.J. — The Walters Group is nearing completion for Stafford Park Apartments, an affordable housing project located on Stafford Park Boulevard. Next month will see the completion of two of the five planned buildings at the project, which will bring 46 units online. At full build-out, Stafford Park Apartments will contain a mix of one-, two- and three-bedroom units with rents ranging from $468 to $1,207 per month. Amenities will include a clubhouse with a fitness center and a playground. The project is applying for LEED-Silver and Energy Star certification. Stafford Park Apartments is part of the larger Stafford Park redevelopment project. The retail portion of the project includes Target, Costco, Best Buy, Dick's Sporting Goods and PetSmart. A 565-unit, age-restricted housing community is also being planned.

September 22, 2009

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