NEW PROVIDENCE, N.J. — Sweetwater Construction Corp. is serving as the general contractor for the new headquarters for the NJ Sharing Network, an organ procurement organization. The 47,000-square-foot tenant build-out will include a 7,000-square-foot fully accredited transplant testing laboratory, reception and waiting areas, interview rooms, locker rooms and showers, lunchroom, offices, mailroom and call center. The new facility, which is located at 691 Central Ave. in New Providence, is due to be completed in October. The construction manager for the project is The Walsh Company LLC of Morristown, N.J., and the architect is Posen Architects of West Orange, N.J., which specializes in medical and healthcare facilities.
NEW BEDFORD, MASS. — Grocery chain DeMoulas/Market Basket has announced plans to construct a new $20 million store within the Riverside Landing mixed-use development, located in New Bedford. The 95,000-square-foot supermarket will anchor Phase I of the project. Construction is estimated to cost $20 million. Site work has begun and construction is expected to begin this fall, with the grand opening to be held in 2010. Phase II of Riverside Landing, which is being developed jointly by Dickinson Development Corp. and D.W. White Construction Co. will include a 40,000-square-foot office and retail building to be located along the project’s riverfront. Additional construction will include a restaurant and retail building at the project’s main entrance, a riverwalk and park, and a new boathouse.
NEW YORK CITY — GFI Realty Services has brokered the sale of two multifamily buildings located in the Bronx, New York City, for $16.7 million. The properties are located at 2197-2199 Cruger Ave. and 2198 Cruger Ave. Both buildings total six stories and are elevator-served. They contain a total of 149 apartments and three professional office suites. Matthew Sparks and Shlomo Antebi of GFI represented both parties in the transaction. The properties traded at a 5 percent capitalization rate.
JERSEY CITY, N.J. — Strategic Storage Trust (SST) has acquired a U Store It self-storage property located in Jersey City for $11.62 million. Constructed in 1985, the property is situated on 2.2 acres at 69 Mallory Ave. It contains approximately 1,090 units and approximately 91,500 rentable square feet. The seller was not disclosed.
CHALFONT, PA. — BPG Properties, Ltd. has sold a 5.52-acre pad site located within the company’s New Britain Corporate Center in Chalfont to OrthopaediCare. The healthcare practice, which acquired the site for $3.2 million, plans to construct a 30,000-square-foot facility that will offer orthopedic care, as well as physical and occupational therapy, and x-ray facilities. Construction is slated to begin in October, with completion in May 2010. New Britain Corporate Center is a 62-acre, master-planned office campus located near the intersection of County Line Road and Route 202. It already contains a 70,000-square-foot, build-to-suit office building that was developed for Chrysler Financial Services; a 50,000-square-foot, multi-tenant office building; a medical building for Children’s Hospital of Philadelphia; a life care center; and a day care center. The project is approved for up to 465,000 square feet of construction.
HICKSVILLE, N.Y. — Keith Braddish, Jason Gaccione and Rayna Karaivanov of CBRE Capital Markets in New York City along with Bruce Nelson of the CBRE Private Client Group in Woodbury have completed a $7.3 million fixed-rate first mortgage to refinance the existing senior debt on Woodbury Shopping Center. The retail center is located at 404-442 South Oyster Bay Rd. in Hicksville. The 69,174-square-foot neighborhood shopping center is anchored by credit-rated Staples, T.J. Maxx and Walgreens. Other in-line tenants include Bagel Boss of Hicksville, Sneaker Circle, Nu American Cleaners and Woodbury Kosher Meats. The center will also be the future home of Bank of Smithtown. The non-recourse loan, funded by a regional bank, was structured with a 7-year term on a 30-year amortization schedule at a fixed interest rate of 6.5 percent.
PENNSAUKEN, N.J. — The Flynn Company has negotiated a 6-year, 33,500-square-foot lease at 9265 Commerce Highway in Pennsauken. The industrial space is being leased by The L.L. Clean Company, which does business as Towels By Doctor Joe. The space is owned and managed by The Bloom Organization. Dan Close of The Flynn Company was the sole broker in the transaction. The Landlord was represented in house.
MIDDLETOWN, R.I. — Fantini & Gorga has arranged for a $7.2 million first mortgage for the East Bay Village Apartments, a 240-unit complex located in Middletown. The apartment community is located at 969 W. Main Road (Route 114), approximately 2 miles north of Downtown Newport. The property includes a total of 10 three-story buildings with 240 studio, one- and two-bedroom units. The units include all electric kitchens, intercom entry systems, walk-in closets, air conditioning, ceiling fans, breakfast bars, garbage disposals and cable TV/high-speed Internet hook-ups. Some complex amenities include on-site management, a pool, laundry facilities in each building, free storage areas, a tennis court, a volleyball court and extensively landscaped grounds. The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corporation.
PISCATAWAY, N.J. — Denholtz Associates has recently completed a 2-year, 20,300-square-foot lease renewal with Advance Telecom Resources at 141 Ethel Road West in Piscataway. Located in Piscataway Corporate Center, 141 Ethel Road West is a multi-tenant flex building designed for offices, hi-tech, and distribution, Conveniently situated between Route 1 and I-287, the property is close to Rutgers University, the Edison Train Station and is easily accessible to the area's restaurants, malls, banks, golf courses, and hotels. The building features flex units with high ceilings, tailboard doors, wide bays, and ample parking. David Zimmel, of Zimmel Associates, represented both the tenant and landlord in this transaction.
HARTFORD, CONN. — Arbor Commercial Funding has secured a $905,500 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Mansfield Apartments, a 60-unit complex in Hartford. The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Edwards of Arbor’s full-service Boston lending office.