Northeast

CBRE BROKERS 50,408-SQUARE-FOOT OFFICE SALE IN ORANGEBURG

by admin December 17, 2009

ORANGEBURG, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of a three-story, 50,408-square-foot office building located at 100 Dutch Hill Road in Orangeburg. The Class A facility is situated on approximately 3.75 acres. It was occupied by the seller, KeyBank, which used the building as its Hudson Valley/Metro New York district headquarters. The bank plans to relocate its offices but will temporarily lease 15,000 square feet of space at the building. The only other tenant currently is a law firm that occupies 5,000 square feet. The buyer, Dutchill Partners LLC, plans to launch a leasing campaign for the remainder of the building. The CBRE team that represented the seller included Kevin Langtry and William Cuddy of the firm's Stamford, Conn., office; Al Mirin of the firm's Private Client Group; and James Tully of the firm's Saddle Brook, N.J., office.

December 17, 2009

SPEC FLEX PROJECT BREAKS GROUND IN PITTSBURGH

by admin December 17, 2009

PITTSBURGH — Groundbreaking has occurred for a 25,120-square-foot speculative flex project located in Pittsburgh. The project will be situated at 6104 Grand Ave. on Neville Island. It will feature 15,700 square feet of warehouse space with 14-foot clear ceiling heights and drive-in doors, as well as 9,420 square feet of office space. Completion is slated for next summer. Chuck Snyder of JLS Land Co. is the owner. Burns & Scalo Real Estate Services is serving as owner's construction representative and is handling leasing.

December 17, 2009

Multifamily Northeast

INVESCO ACQUIRES 280-UNIT MULTIFAMILY COMMUNITY

by admin December 16, 2009

WESTBOROUGH, MASS. — Invesco Real Estate has purchased a 280-unit multifamily community located at 1 Homestead Blvd. in Westborough on behalf of one of its pension fund clients. The garden-style community contains a mix of one- to three-bedroom units averaging 1,070 square feet in size. Amenities include a clubhouse, a fitness center, an indoor basketball court, a swimming pool and a playground. Occupancy was 97 percent at the time of closing. Simon Butler and Biria St. John of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not disclosed.

December 16, 2009

Northeast Office

ONYX EQUITIES COMPLETES SALE AND LEASE DEALS AT EDISON SQUARE

by admin December 16, 2009

EDISON, N.J. — Onyx Equities has completed five transactions totaling 109,107 square feet at Edison Square Office Park, the company's three-building, 230,969-square-foot office property located in Edison. Most significantly, The Conti Group purchased the 67,000-square-foot 2045 Lincoln Highway building for use as its new headquarters. Paul Giannone, Kevin Carton, Paul Hindes, Dan DePalma and Todd Elfand of Jones Lang LaSalle represented both parties in the transaction. In addition, Onyx completed four leases at the same building. L&T Infotech renewed and expanded its existing lease to 31,303 square feet in a deal that was arranged by Carton and Elfand. Birlasoft Inc. renewed its lease for 5,854 square feet in a deal brokered by Sean Brady of Cushman & Wakefield. Janney Montgomery Scott LLC renewed its lease for 4,170 square feet. Finally, Kale USA signed a new lease for 870 square feet. Elfand brokered the deal.

December 16, 2009

Industrial Northeast

SST PURCHASES TWO PITTSBURGH SELF-STORAGE PROPERTIES

by admin December 16, 2009

PITTSBURGH — Strategic Storage Trust (SST) has purchased two Pittsburgh self-storage facilities for a total of $5.7 million. The first property contains 470 units and is located on Landings Drive near the interchange of Interstate 76 and State Route 28. The second property contains 820 units and is located on Lebanon Road near Allegheny County Airport. The seller, Sovran Acquisition LP, was represented by Locke Acquisition Group. Since SST's launch in 2008, the non-traded REIT has acquired 26 self-storage properties in 14 states.

December 16, 2009

Northeast Office

SAMSUNG LEASES 193,000 SQUARE FEET FOR NEW HQ

by admin December 15, 2009

RIDGEFIELD PARK, N.J. — Samsung Electronics America has signed a lease for 193,000 square feet of office space at 85 Challenger Road, a 235,000-square-foot, Class A office building located in Ridgefield Park. The company plans to relocate its U.S. headquarters to the building from a nearby location. The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel, Jose Cruz, Marc Trevisan and David DeMatteis represented the landlord, KABR Real Estate Investment Partners. CB Richard Ellis' John Oh and Paul March represented Samsung. The same Cushman & Wakefield team also orchestrated KABR's purchase of the property in June. The then-vacant property was sold by AIG, which had foreclosed on it. The property is currently undergoing capital improvements, including the addition of a full-service cafeteria, an update to the common areas and elevators, and a lobby remodeling.

December 15, 2009

Mixed-Use Northeast

MARCUS & MILLICHAP COMPLETES $4.24 MILLION MIXED-USE SALE IN PA

by admin December 15, 2009

THORNDALE, PA. — Marcus & Millichap has completed the sale of Caln Plaza, a 57,400-square-foot mixed-use property located in Thorndale, for $4.24 million. The property contains a shopping center, a residential apartment building and a self-service car wash. Matthew Gorman, Tom Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a private investor. Both Gormans, along with Derrick Dougherty, Mark Taylor and Dean Zang, all with the firm's Philadelphia office, represented the buyer, an investor group led by Scott Homel and Pintzuk Brown Holdings.

December 15, 2009

Multifamily Northeast

SALMON & MARSHALL BROKERS $5.3 MILLION NYC MULTIFAMILY SALE

by admin December 15, 2009

NEW YORK CITY — Salmon & Marshall has brokered the sale of an apartment building located in the West Village of Manhattan, New York City, for $5.3 million. The building is situated at 120 MacDougal St.; it contains 26 residential units and two commercial units. Kevin Salmon and Matthew Marshall of Salmon & Marshall represented the undisclosed seller and procured the buyers, Jordan Vogel and Aaron Feldman of Manhattan-based Benchmark Real Estate Group.

December 15, 2009

Northeast Retail

LIMELIGHT MARKETPLACE NEARING COMPLETION IN NYC

by admin December 14, 2009

NEW YORK CITY — Construction is nearing completion for Limelight Marketplace, a retail redevelopment project located at 656 Avenue of the Americas in the Flatiron District of Manhattan, New York City. The three-story, 163-year old building is being renovated into boutique retail space that will be occupied by more than 60 retail, restaurant and services tenants. The turnkey space will supply tenants with POS systems, store build-out and maintenance support, branded materials, merchandising, and marketing and PR services. Completion is slated for March.

December 14, 2009

Multifamily Northeast

ROSE HILL APARTMENTS RENOVATION COMPLETE

by admin December 14, 2009

NEW YORK CITY — New York City (NYC) Development Corp. has completed the $20.1 million renovation of Rose Hill Apartments, an affordable senior apartment community located at 2855 Southern Blvd. in the Fordham Bedford Park section of the Bronx, New York City. The nine-story building contains 119 studio and one-bedroom units, a meeting room and 22 outdoor parking spaces. Construction included the replacement of the heating plant and roof, façade and window repairs, and upgrades to units, common areas and the lobby. The project was designed by Daughtry Carstarphen Edelman Sultan Knox & Wood Architects. The general contractor was Notias Construction. Funding was provided by the NYC Development Corp. through its Low-Income Affordable Marketplace Program and the Section 202 Preservation program.

December 14, 2009

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