Northeast

MASSEY KNAKAL BROKERS MIXED-USE SALE

by admin November 23, 2009

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a five-story mixed-use building located in the Tribeca neighborhood of Manhattan, New York City. The 2,700-square-foot building is located at 175 W. Broadway. It features two retail stores and three residential units. Nick Petkoff of Massey Knakal negotiated the transaction between the two undisclosed parties. The building traded for $1.67 million, or $775 per square foot. Massey Knakal is also marketing the building next door at 171-173 W. Broadway.

November 23, 2009

INDUSTRIAL BUILDING SOLD FOR $1.15 MILLION IN AVON

by admin November 23, 2009

AVON, MASS. — The Stubbledine Company/CORFAC International has negotiated the sale of a 22,000-square-foot industrial building located in Avon for $1.15 million. The building is situated on 1.45 acres at 244 Bodwell St. It was constructed in 1976 and features on-grade loading. Micah Stubbledine and Donald Humpton of The Stubbledine Company represented the seller, Titan Realty Trust, and procured the buyer, 244 Bodwell LLC.

November 23, 2009

Healthcare Northeast

NORTHMARQ ARRANGES $9.2 MILLION HEALTHCARE LOAN IN DARTMOUTH

by admin November 23, 2009

DARTMOUTH, MASS. — NorthMarq Capital has arranged $9.2 million in first-mortgage financing for HMA Oncology Center, a 94,300-square-foot medical office building located in Dartmouth. Tenants at the building include St. Anne's Hospital and Hawthorne Medical Associates. The loan, which was arranged by Jeff Cherner and Rup Patel of NorthMarq's Chicago office, carries a 10-year term and a 20-year amortization schedule. The borrower is undisclosed and the lender is a regional bank.

November 23, 2009

Civic Northeast

COLLIERS MEREDITH & GREW COMPLETES SALE OF MASSACHUSETTS SCHOOL

by admin November 20, 2009

WALTHAM, MASS. — Colliers Meredith & Grew has completed the sale of the former Bartlett School campus located on Trapelo Road in Waltham. The 5.8-acre property contains two buildings: a single-story, 50,156-square-foot brick school building and a 7,830-square-foot gymnasium. Colliers' James Elcock and Katharine Barry represented the seller, Bartlett School, as well as the buyer, Carroll School. The buyer, a primary school for children with learning disabilities, plans to use the property as an expansion of its main campus in Lincoln, Mass.

November 20, 2009

Northeast Retail

CALN PLAZA SOLD FOR $4.25 MILLION IN PENNSYLVANIA

by admin November 20, 2009

CALN, PA. — An investor group led by Scott Homel and Pintzuk Brown Holdings LLC has acquired Caln Plaza shopping center in Caln for $4.25 million. The 56,000-square-foot retail property is located on approximately 9 acres at the intersection of Business Route 30 and North Caln Road. Caln Plaza was fully occupied at the time of closing. Its anchor tenants include Amelia's Grocery, Family Dollar and Rent-A-Center. Daniel Henderson, R. Christopher Datz and Anthony Sembello of Jenkintown, Pa.-based Pintzuk Brown Realty Group provided in-house representation for the buyer in the transaction. The seller, Metric Realty, was represented by Thomas Gorman and Matthew Gorman with the Philadelphia office of Marcus & Millichap. Acquisition financing was provided by Team Capital Bank. The property traded at a 10 percent capitalization rate.

November 20, 2009

Industrial Northeast

RAM ACQUIRES 84,000-SQUARE-FOOT MASSACHUSETTS INDUSTRIAL BUILDING

by admin November 20, 2009

CHELMSFORD, MASS. — The RAM Companies has acquired 10 Industrial Drive, an 84,000-square-foot industrial property located in Chelmsford. The facility is leased on a long-term basis to the U.S. Department of Veterans Affairs. The building was first constructed in 2004 for the current tenant. RAM acquired the property from New Boston Fund for an undisclosed amount.

November 20, 2009

Mixed-Use Northeast

400 FIFTH AVENUE TOPS OUT IN NYC

by admin November 20, 2009

NEW YORK CITY — Last month, the topping out ceremony was held for the construction of 400 Fifth Avenue, a 60-story hotel and residential tower located in Midtown Manhattan, New York City. The approximately 570,000-square-foot building will feature a five-star hotel with 214 rooms, comprising 157 guestrooms and 57 hotel/suite apartments. Amenities will include a restaurant, a bar, a spa and a health club. The upper floors of the tower will feature 190 residential condominiums. Completion of 400 Fifth Avenue is slated for fall 2010. The project is being developed by Bizzi & Partners Development. The project architect is Gwathmey Siegel & Associates Architects.

November 20, 2009

Industrial Northeast

COLLIERS L&A BROKERS 63,000-SQUARE-FOOT WAREHOUSE SALE

by admin November 19, 2009

PHILADELPHIA — Colliers Lanard & Axilbund has brokered the sale of a 63,000-square-foot warehouse/distribution facility located in Philadelphia for $3.71 million. The building is situated on 3.04 acres at 913-29 Wallace St. The single-story building features a partial mezzanine area with 8,000 square feet of office/showroom space as well as parking for 75 cars. Michael Barmash of Colliers represented the sellers, Dorothy Jane Staples and Michael Staples. The buyer, 913 Wallace Street Associates LP, is renovating the property, formerly a store fixture business, for warehousing purposes.

November 19, 2009

Northeast Retail

LA FITNESS TO ANCHOR COOPERTOWNE CENTER IN NEW JERSEY

by admin November 19, 2009

SOMERDALE, N.J. — LA Fitness has joined the tenant roster at CooperTowne Center, a 385,000-square-foot retail development located at 711 Evesham Ave. in Somerdale. The fitness center chain will open a 45,000-square-foot anchor location in December. The remainder of the tenants, including co-anchor tenant Walmart Supercenter, will open in June 2010. CooperTowne Center is being developed by Purchase, N.Y.-based National Realty & Development.

November 19, 2009

Multifamily Northeast

NORTHMARQ ARRANGES $8 MILLION MULTIFAMILY LOAN ON LONG ISLAND

by admin November 19, 2009

MEDFORD, N.Y. — NorthMarq Capital's Long Island, New York, office has arranged $8 million in first-mortgage financing for Villas at Medford, a 66-unit multifamily community located in Medford. The loan carries a 10-year term with a 30-year amortization schedule and a 5.57 percent fixed interest rate. Charles Cotsalas and Ernest DesRochers of NorthMarq arranged the loan on behalf of the undisclosed borrower through Freddie Mac.

November 19, 2009

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