CLIFTON, N.J. — Dollar General Corp. has signed a lease to open a new retail location in Clifton. The company will lease an 11,556-square-foot, freestanding building located at 449 Lakeview Ave. that was formerly occupied by Drug Fair. Barry Greenberg of Levin Management Corp. represented the landlord, a third-generation family owner. Tim Kelley of Julius Feinblum Realty represented Dollar General. The new Clifton location marks the second Dollar General in northern New Jersey and the 22nd store in the state; the company plans to expand aggressively in the New Jersey market in the near future.
Northeast
While many cities in the Boston area rely on their proximity to the city to ensure economic development, outlying towns have proven equally resilient. Despite the current economic downturn, Westfield, Massachusetts, continues to secure new business due to a combination of financial incentives and its desirable location. The city has utilized these local and statewide incentives to encourage investment, including the Economic Development Incentive Program, a tax incentive program designed to stimulate business and create jobs in Massachusetts. This month, construction began on an estimated $25 million, 657,000-square-foot rapid deployment distribution center for The Home Depot. A tax incentive helped finalize plans for the new center. Westfield’s City Council and Mayor Michael R. Boulanger devised an incentive for the company that calls for a 50 percent cut in property taxes for the first 10 years of operation. The new distribution center is expected to create as many as 150 jobs. The city has also shown a willingness to go beyond tax incentives to attract business. In March, Target Corporation purchased land for the construction of a 1 million-square-foot distribution center at an estimated cost of $100 million. Before the purchase was complete, the city council passed a $10 million bond …
WEST DEPTFORD, N.J. — Jackson Cross Partners / ONCOR International (JCP) has completed the acquisition of a 107,200-square-foot industrial property located at 1230 Forest Ave. in West Deptford. The buyer, Englewood Tire Distributors, plans to renovate the facility before using it as a distribution center for the Southern New Jersey, Eastern Pennsylvania and Delaware markets. JCP's Harry McKenna, Jim Young and Lou Battagliese represented Englewood Tire Distributors in the transaction. The seller was Goya Foods.
NEW YORK CITY — Yonkers, N.Y.-based NAI Friedland Realty has arranged the sale of the Farrand Building in the Bronx, New York City, for $5.19 million. Located at 4401 Bronx Blvd., the building had previously been used as a substance abuse rehabilitation center, as well as for medical research, by the seller, Our Lady of Mercy Medical. The buyer, Montefiore Medical Center, plans to continue that use for the building. Rick Stassa of NAI Friedland represented both parties in the transaction.
BARTONSVILLE, PA. — Stroudsburg, Pa.-based Coldwell Banker Commercial (CBC) Pennco Real Estate negotiated the sale of a 9,600-square-foot auto repair shop in Bartonsville for $2 million. Situated at 93 Route 611, the property was purchased by Somerset Tire Service, which has opened a new STS Tire & Auto at the location. The seller was Pocono Tire Co. Terri Mickens of CBC Pennco handled the transaction.
BETHLEHEM, PA. — Marcus & MIllichap has brokered the sale of 42-55 Union Boulevard, a 21-unit apartment property located in Bethlehem. Constructed in 1920, the property comprises 14 three-bedroom units and seven one-bedroom units; occupancy was 95 percent at the time of closing. Matthew Wolf and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, an undisclosed partnership. The property traded for $987,500.
NEW YORK CITY — Vertical construction will begin shortly for The International Gem Tower in New York City. Located at 50 W. 47th St., the project consists of a Class A office tower totaling 34 stories and approximately 748,000 square feet. The first phase of the project, which is expected to be complete by the end of the year, will include three below-grade levels housing retail space, a vault, secure valet parking facilities and underground loading docks. The tower is expected to open in fall 2011. Space within the building is being sold as office condos ranging in size from 1,000 to 22,000 square feet. The developer, Extell Development Co., plans to position the property as an industry building for tenants in the jewelry sector.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 15,120-square-foot medical office property located in Brooklyn, New York City, for $4 million. The vacant three-story property is situated at 794 Union St. It was originally built in 1920 and renovated in 1990. Naomi Shu of Marcus & Millichap’s Manhattan office represented both private parties in the transaction.
TAUNTON AND WOOSTER, MASS. — Salt Lake City-based SilverLeaf Financial has purchased two commercial loans with a value of $3 million. The first loan totals $2.3 million and is secured by a 452,000-square-foot office and industrial flex building situated on approximately 40 acres in Taunton. The second loan totals $700,000 and is secured by an approximately 40,000-square-foot flex property located in Wooster. Details of the transactions were not disclosed.
NEW YORK CITY — Massey Knakal Realty Services has completed the $2.8 million sale of a multifamily property located in the Ditmas Park neighborhood of Brooklyn, New York City. The four-story building contains 21 one-bedroom units and 10 two-bedroom units. Massey Knakal’s Eric Greenfield negotiated the deal on behalf of both undisclosed parties.