PITTSBURGH — Healthcare Trust of America has acquired a Class A medical office building in Pittsburgh for $39 million. The property contains 229,000 square feet over six stories and is located less than a mile from Allegheny General Hospital. It was constructed in 2003. As of January 1, 2011, it will be fully leased for the following 15 years. The seller's name was not released.
CARLISLE, PA. — Reno, Nev.-based Equiterra Properties has commenced development for a new mixed-use project in Carlisle. The project will be built on 55 acres at the interchange of Interstate 81 and Allen Road. Right now, construction for $43 million in infrastructure improvements to the interchange is under way. The project's first phase will include two hotels, seven commercial pad sites and 37,000 square feet of retail space. Groundbreaking will occur in the spring. Additional phase of the project are being planned. Danie Alderman of NAI CIR is marketing the property.
EASTON, PA. — ProLogis has signed a 645,000-square-foot industrial lease with Walgreens at ProLogis Park 33 in Easton. Walgreens will move into 510,000 square feet of space within Building One at the industrial park this quarter. In addition, ProLogis will develop a 135,000-square-foot expansion, which Walgreens will move into upon its completion next spring.
NEW YORK CITY — A fund controlled by CB Richard Ellis (CBRE) Investors has sold a minority interest in 1540 Broadway, a 907,427-square-foot office building located in the heart of Manhattan. The property was acquired as a distressed asset in 2009 by CBRE Strategic Partners Value 5 Fund. The buyer then embarked on a repositioning and leasing campaign, and completed the sale of the minority interest as a way to realize a return on its investment. The buyer was a joint venture between HSBC Alternative Investments and Edge Fund Advisors, which were acting on behalf of a syndicate of HSBC Private Banking Clients. CBRE Investors will maintain a majority stake in the building and will continue to manage the property.
HAUPPAUGE, N.J. — Teachers Federal Credit Union (TFCU) has selected JRS Architect to design the interior build-out for its new corporate headquarters. TFCU recently acquired the six-story, 200,000-square-foot building and will be occupying more than half of its space. The project is scheduled for completion in the second quarter of 2011.
NEW YORK CITY — Thor Equities has acquired a 12,000-square-foot retail condo located in Manhattan's Meatpacking District. The condo comprises the first and basement levels of 411-417 W. 13th St. Thor subsequently leased the space to clothing retailer All Saints Spitalfields. The retailer also leases space from Thor for stores in Manhattan's SoHo District and in South Beach, Miami.
HARRINGTON, DEL. — The Philadelphia office of Marcus & Millichap has completed the sale of a 14,820-square-foot Walgreens located at the intersection of U.S. Route 13 and Clark Street in Harrington. The property traded for $5.49 million at a 7.5 percent cap rate. The buyer was a New Jersey-based partnership completing a 1031 exchange, and the seller was a limited liability company. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller. Brad Nathanson, also of Marcus & Millichap, represented the buyer.
NEW YORK CITY — Time Equities has sold an 11,294-square-foot office condo in New York City to KGK Group for $5.1 million. The international diamond trading company will occupy the entire sixth floor of 70 West 36th Street as its New York headquarters. Harold and Diane Siegel of Norman Bobrow & Co. represented the buyer in the deal.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a four-story apartment building located at 306 W. 22nd St. in Manhattan's Chelsea neighborhood for $3.45 million. The building contains seven studio units and five one-bedroom units. It was formerly conjoined with the adjacent Hotel Allerton but was renovated to be a separate building. Massey Knakal's James Nelson and Brock Emmetsberger arranged the deal between the two undisclosed parties.
NEW YORK CITY — Madison International Realty has acquired a larger stake in New York City's Chrysler East Building for $10 million. The firm now controls 48.9 percent of the partnership owning the property, up from 38.5 percent. Madison now has $55 million invested in the 745,410-square-foot office building, which is located at 666 Third Ave. in Manhattan.