Northeast

GALE CONSTRUCTION COMPLETES WYNDHAM HQ

by admin August 18, 2009

PARSIPPANY, N.J. — The Gale Construction Company, a subsidiary of Mack-Cali Realty Corp., has completed construction management services for the new build-to-suit headquarters of Wyndham Worlwide Corp., located in Parsippany. The three-story, 250,000-square-foot, Class A office building is situated at 22 Sylvan Way within the Mack-Cali Business Campus. The building contains executive and administrative offices, a credit union, a 1,600-square-foot data center, a boardroom, training rooms, a conference center, a company store, a cafeteria with outdoor seating and a fitness center. The project is expected to achieve LEED – Commercial Interiors certification.

August 18, 2009

NORTHMARQ ARRANGES $77.42 MILLION MULTIFAMILY LOAN

by admin August 18, 2009

LONG ISLAND, N.Y. — The Long Island office of NorthMarq Capital has arranged $77.42 million in first-mortgage financing for a portfolio of Fairhaven Apartments properties located throughout Nassau and Suffolk counties on Long Island. The portfolio totals 1,188 units and includes five apartment communities located in Carle Place, Mineola, Nesconset, Woodbury and Hicksville. The loan carries a 7-year term with a 30-year amortization schedule. The adjustable interest rate has a floor of 4 percent and a lifetime cap of 7.25 percent. NorthMarq’s Charles Cotsalas and Ernest DesRochers arranged the loan on behalf of the undisclosed borrower through Freddie Mac.

August 18, 2009

Industrial Northeast

STORAGEOP ACQUIRES TWO SELF-STORAGE FACILITIES

by admin August 18, 2009

FALMOUTH AND FAIRHAVEN, MASS. — Storage Opportunity Partners (StorageOp) has acquired two self-storage facilities in Massachusetts. The first property is located on State Route 28 in Falmouth. It contains five two-story buildings with 79,495 rentable square feet, 30,000 of which are climate controlled. The second facility is located on State Route 240 in Fairhaven. It contains 41,500 rentable square feet in six single-story buildings. StorageOp plans to update the Fairhaven facility, including the renovation of one of the buildings to climate-controlled space and the addition of a Budget Truck Rental. The properties will be re-branded Storage Pros Self Storage and will be operated by Storage Pros Management LLC, a wholly owned subsidiary of StorageOp. Terms of the deal were not disclosed.

August 18, 2009

Industrial Northeast

GVA BROKERS $2.28 MILLION WAREHOUSE SALE

by admin August 18, 2009

ROWLEY, MASS. — GVA Thompson Hennessey & Partners has brokered the sale of 19 Turcotte Memorial Drive in Rowley for $2.28 million. The property is a 30,600-square-foot, Class A warehouse property that is fully leased to Robert N. Karpp Co. and Black Cow Restaurants. Lowell Peabody, James Bartholomew and Connor Barnes of GVA represented the seller, Joseph Leone of Business Park Realty Trust. Ralph Leonard of Ralph Leonard Associates represented the undisclosed buyer.

August 18, 2009

Northeast Office

OSI PHARMACEUTICALS PURCHASES ARDSLEY PARK TECH CENTER

by admin August 17, 2009

ARDSLEY, N.Y. — Biotech firm OSI Pharmaceuticals has acquired Ardsley Park Science & Technology Center, located at 410-460 Saw Mill Rd. in Ardsley, for $27 million. The 43-acre campus contains six buildings with 400,000 square feet of office, laboratory and manufacturing space, as well as specialty pharmaceutical installations. It was constructed in 1956 and was most recently occupied by Purdue Pharma, which vacated the property in 2005. OSI plans to use the campus as its new corporate headquarters and will consolidate its operations in Melville and Farmingdale, N.Y.; Cedar Knolls, N.J.; and Boulder, Colo., into the new campus. Tom Giannone, Chris, Kinum, Ron Ganter and John Cahill of Cushman & Wakefield’s Global Life Science Practice Group, along with Andrew Mervin, David Bernhaut, Gary Gabriel and Jose Cruz of the firm’s Metropolitan Area Capital Markets Group, represented the seller, Purdue Pharma.

August 17, 2009

Northeast Retail

TILDEN RIDGE SHOPPING CENTER BREAKS GROUND

by admin August 17, 2009

TILDEN TOWNSHIP, PA. — Groundbreaking has occurred for Tilden Ridge Shopping Center, located at the intersection of routes 61 and 78 in Tilden Township. Wal-Mart Supercenter and Lowe’s Home Improvement Warehouse will anchor the center, which will contain an additional 100,000 square feet of retail space. Project completion is slated for fall 2010 or spring 2011. The shopping center is situated adjacent to an already-opened Cabela’s. West Conshohocken, Pa.-based Ironwood Property Group is the developer of Tilden Ridge and Metro Commercial Real Estate is its leasing agent.

August 17, 2009

Mixed-Use Northeast

ECHO PLAZA RENOVATION BEGINS

by admin August 17, 2009

SPRINGFIELD, N.J. — Hillsborough, N.J.-based Larken Associates has commenced the renovation of Echo Executive Plaza and Echo Plaza Shopping Center, a 107,448-square-foot office and retail development located at 899 and 901 Mountain Ave. in Springfield. Renovations to Echo Executive Office Building, a three-story, 40,880-square-foot professional office building, include a new lobby, and new common bathrooms and corridors. Renovations to Echo Plaza, the 66,000-square-foot retail component, will include a new façade and roof, new tenant and marquee signage, and new landscaping. The center will be anchored by health club No Body Denied, which recently signed a lease at the center. Other current tenants include Outback Steakhouse, Sherwin Williams, Echoqua Italian Bistro and Chen’s 22 Chinese Restaurant. The construction timetable was not released.

August 17, 2009

Hospitality Northeast

OPENING NEARS FOR CANDLEWOOD SUITES

by admin August 17, 2009

EVANS MILLS, N.Y. — A new Candlewood Suites extended-stay hotel is set to open in Evans Mills on August 24. The four-story, 112-suite hotel is located at 26513 Herrick Dr., less than 1 mile from Fort Drum. It features studio and one-bedroom suites with full kitchens. Amenities include high-speed Internet access, LCD televisions in guestrooms, laundry facilities, a fitness center, a business center, a convenience store and an outdoor grilling area. The new Candlewood Suites is owned by Savera Hospitality and is managed by Hemisphere Management under a license agreement with InterContinental Hotels Group.

August 17, 2009

Northeast Office

BUCHANAN STREET PARTNERS PROVIDES $10 MILLION OFFICE MEZZANINE LOAN

by admin August 17, 2009

HARTFORD, CONN. — Buchanan Street Partners has provided a $10 million, non-recourse mezzanine loan for City Place I, a Class A office building located in Hartford. The tower rises 38 stories and contains 885,000 square feet of space. United Healthcare recently signed a new lease at the building and several existing tenants renewed or expanded their leases, which will bring occupancy up to 93 percent. The mezzanine loan was taken out by the borrower to help fund tenant improvements, leasing commissions and operating expenses while occupancy stabilizes. Terms of the loan were not released.

August 17, 2009

Northeast Retail

BAYSHORE PLAZA SELLS FOR $8.2 MILLION

by admin August 14, 2009

MILLSBORO, DEL. — Marcus & Millichap has brokered the $8.2 million sale of Bayshore Plaza in Millsboro. The 38,744-square-foot center, which is located on Route 24 (John J. Williams Highway), consists of two separate buildings with in-line space. Bayshore Plaza is shadow anchored by a new Super G and includes other tenants such as Sleepy’s, Verizon, Regis Corporation, Dunkin Donuts, Wings-to-Go and Four Seasons Restaurant. The sale also included a car wash pad site and a WSFS Bank pad. The sales price of $8.2 million or $208.84 per square foot represents a 9.1 percent capitalization rate on current income. The purchaser also secured an option to purchase two neighboring undeveloped pad sites at anytime during the next 2 years at specific prices. Dean Zang and Mark Taylor of the Philadelphia office of Marcus & Millichap, represented the seller, Bayshore Plaza IV, LLC, a Sussex County based development group. The buyer, a Wilmington, Delaware based 1031 exchange buyer, Skyliner Enterprises, LLC, was represented by Jordan Muchnick and Brad Nathanson, who are also based in the Philadelphia office of Marcus & Millichap.

August 14, 2009

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