KING OF PRUSSIA, PA. — Rochester, N.Y.-based Wegmans Food Markets, Inc., has broken ground on a new 123,070-square-foot store in the 125-acre, mixed-use development The Village at Valley Forge in King of Prussia. Additionally, the company signed a 12,000-square-foot lease on an adjacent parcel for Next Door Bar & Grill, a restaurant concept owned by Wegman's. Gerald Divaris and Erica Meekins of Divaris Real Estate's Virginia Beach, Va., office represented the landlord, Realen Valley Forge Greenes Associates, in the lease transaction. DRE is the leasing agent for The Village at Valley Forge.
Northeast
STAMFORD, CT. — CB Richard Ellis' New York Institutional Group has brokered the $17 million REO sale of a 103,367-square-foot office building, located at 750 East Main St. in Stamford. Jeffrey Dunne, Steven Bardsley and David Gavin of the firm's Stamford office represented the seller, 750 Acquisition Co., and procured the buyer, East Main Street Equity Partners, an entity controlled by Aegean Capital.
HUDSON, N.Y. — Kaz, Inc., has sold a 195,000-square-foot manufacturing building in Hudson to NEFG, who will lease the property to Washington, N.C.-based Flanders Corp. Jim Panczykowski of Philadelphia-based Binswanger represented the seller in the transaction.
VOORHEES, N.J. — Ross Dress for Less has signed a 25,000-square-foot lease to become an anchor tenant at the 227,314-square-foot Eagle Plaza in Voorhees. The store will open in the spring of 2012. David Dunkelman of Colliers International's Philadelphia office represented the landlord, Eagle Plaza Associates, an affiliate of Pettinaro.
NEW YORK CITY – Hersha Hospitality Trust has signed an agreement to acquire the 175-room Hyatt Union Square Hotel in New York City for $104.1 million after the seller completes construction. The four-star hotel is expected to open in 2012 and will feature a destination lobby bar, rooftop lounge, private terraces, a fitness facility and a pool. Consideration to the seller included the assumption of two mortgage loans totaling $55 million that were secured by the buyer. Hersha will manage the hotel upon completion of the acquisition.
NORTH HAVEN, CONN. – New York-based ClearRock Properties has purchased a 374,000-square-foot warehouse, located at 297 State St. in North Haven for $3.5 million. The sellers have plans for $3.5 million in redevelopments, which will include replacing the electric and heating systems, as well as repairing the roof, loading docks and parking areas. Sean Duffey and Damon Bower of Cushman & Wakefield represented the seller, World Color Northeast Graphics Corp., and CBRE acted as the broker for ClearRock and the leasing agent.
UNION CITY, N.J. – Procida Funding has purchased a $5.8 million loan for an incomplete 26,000-square-foot property, located at 115-117 42nd St. and 4115-4117 Park Ave. in Union City. The first-mortgage financing was restructured into a performing loan in cooperation with the borrower, while additional funds are being provided to complete construction. The 28 residential units and one retail unit that the property offers are scheduled to be available in the fall.
HARTSDALE, N.Y. — H Mart Supermarket has closed on a 37,000-square-foot lease for the former Pathmark Supermarket space in Hartsdale. Fern Wagner of Goldschmidt & Associates' Scarsdale, N.Y. office represented H Mart in the transaction and Nick Andreadis represented the landlord, Centro Properties Group.
NEWARK, N.J. — CB Richard Ellis has brokered the $2.03 million sale of a 60-unit multifamily property located at 2 Osborne Terrace in Newark to a private individual. The mixed-use property includes 51 residential units, consisting of 42 one-bedroom and nine two-bedroom apartments, along with nine retail units. Charles Berger of CBRE's New Jersey Private Capital Group resented the seller and procured the buyer.
NEW YORK CITY — ProMed Properties has purchased a fee interest in a medical office condominium, located at 345 E. 37th St. in New York City, for $31 million. The 81,000-square-foot condominium comprises three floors of the 57-story Corinthian apartment building, which contains more than 860 residential condo units. ProMed financed the acquisition with a new 7-year, $20 million loan at a 4.59 percent interest rate and cash on hand.