Northeast

CBRE NEGOTIATES THREE LEASES AT METROPOLITAN CENTER

by admin July 29, 2009

SADDLE BROOK, N.J. — CB Richard Ellis' (CBRE) Patrick Murphy, Donald Sperling, Greg Barkan and Scott Larson have negotiated three lease transactions at Metropolitan Center in Saddle Brook. Corporate Synergies Group, a global provider of software and consulting solutions to IT infrastructure, signed a 13,545-square-foot lease. The firm relocated its operations from Paramus. The tenant was represented by Curtis Foster from Cushman & Wakefield and John Gillespie from Newport Commercial Real Estate Advisors. Cambrex Corp., a leading supplier of products and services for the life sciences industry, signed a 10-year, 10,486-square-foot lease renewal agreement. Cambrex was represented by Jay Garibaldi, Matt Kirby and Michael Witko of The Garibaldi Group. Children's Place, a national clothing retailer, completed a 31,000-square-foot lease renewal and short-term extension within this Class A property. The tenant was represented by Thomas Consiglio of Resource Realty. Murphy, Sperling, Barkan and Larson of CBRE represented the landlord, CBRE Investors, in all three of these transactions. Situated at Exit 16W off the New Jersey Turnpike at the junction of routes 3 and 120, the 422,000-square-foot Metropolitan Center is conveniently located just 15 minutes from the Lincoln Tunnel. Both Newark Liberty International Airport and Teterboro Airport are within 10 miles, and …

July 29, 2009

TARGET OPENS FIVE NEW LOCATIONS

by admin July 28, 2009

PHILADELPHIA — Target has opened five new stores in the Philadelphia area totaling more than 650,000 square feet of retail space. The stores are located Cheltenham Square in Cheltenham; Upland Shopping Center in Pottstown; Exeter Commons in Exeter; Lower Nazareth in Easton; and Airport Plaza in Allentown. Each of the new stores will feature expanded grocery sections, a Starbucks Coffee and a Target Pharmacy. Steve Niggeman, Tom Londres and Mark Gerlach of Metro Commercial Real Estate negotiated the leases for all five locations.

July 28, 2009

Northeast Office

DENHOLTZ ASSOCIATES PURCHASES 56,000-SQUARE-FOOT OFFICE BUILDING

by admin July 28, 2009

BERNARDSVILLE, N.J. — New Jersey-based Denholtz Associates has purchased a 56,000-square-foot office building located in Bernardsville. The building, a Class A property situated at 150 Morristown Rd., was acquired by Denholtz in a joint venture with Roseland, N.J.-based Becker Brothers. The sellers, RAIT Financial Trust and NPV Direct, recently completed substantial renovations to the property. Terms of the transaction were not released.

July 28, 2009

Northeast Retail

L.L. BEAN OPENS AT LEGACY PLACE

by admin July 28, 2009

DEDHAM, MASS. — The grand opening has been held for a new L.L. Bean retail location at Legacy Place in Dedham. The two-level store totals 30,000 square feet and has received LEED-Gold certification. Legacy Place is a 675,000-square-foot shopping center that officially opens at the end of August. Additional tenants at the center include Whole Foods Market, Showcase Cinema de Lux, Borders, and more. The project is being developed by Chestnut Hill, Mass.-based WS Development.

July 28, 2009

Northeast Office

CAMPBELL COMMERCIAL BROKERS 39,600-SQUARE-FOOT OFFICE SALE

by admin July 28, 2009

HERSHEY, PA. — Camp Hill, Pa.-based CAMPBELL Commercial Real Estate has brokered the sale of a 39,600-square-foot office building, located at 1135 E. Chocolate Ave. in Hershey. The building was acquired by American Dental Care, which plans to renovate and occupy the first floor of the building. Art Campbell and Derek Bicksler of CAMPBELL represented the seller, Verizon North. The buyer was represented by Joe Gallo of the Hershey office of ReMax. The acquisition price was not disclosed.

July 28, 2009

Northeast Office

JLL ARRANGES 54,000-SQUARE-FOOT MANHATTAN SUBLEASE

by admin July 28, 2009

NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a 54,000-square-foot sublease at Grand Central Square, a 921,370-square-foot, Class A office building located at 485 Lexington Ave. in New York City. The subtenant, EdisonLearning, will be leasing the space, which is located on the building’s second floor, from Advance Magazine Publishing. Daoud Awad, Derek Trulson and William peters of JLL’s New York office represented EdisonLearning in lease negotiations. David Hollander, Ken Meyerson and Gregory Tosko of CB Richard Ellis represented the sublessor.

July 28, 2009

Northeast Office

STUDLEY NEGOTIATES LONG-TERM LEASE IN FARMINGDALE

by admin July 27, 2009

FARMINGDALE, N.J. — Palisades Safety and Insurance Management Corp. has signed a long-term lease for the entire 26,683-square-foot office building located at 5006 Belmar Blvd. in Farmingdale. The auto insurance provider is moving approximately 100 employees from its commercial auto underwriting and Southern New Jersey claims operations currently located at Four Paragon Way in Freehold to the new location. The building is located on the highly visible northwest intersection of Highway 34 and Belmar Boulevard, within the 28-acre Allaire Corporate Campus that is owned by Bollerman Development Corp. Robert Bull and Philip Lipper of Studley represented the new tenant in the transaction, and Bollerman was represented in-house.

July 27, 2009

Multifamily Northeast

ARBOR COMMERCIAL FUNDS $4 MILLION LOAN

by admin July 27, 2009

QUINCY, MASS. — Arbor Commercial Funding recently funded a $4 million loan under the Fannie Mae DUS® Small Loan product line for Green Realty Apartments, a 54-unit complex in Quincy. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Kelly in Arbor’s Boston lending office.

July 27, 2009

Multifamily Northeast

FANTINI & GORGA ARRANGES PERMANENT FINANCING FOR MULTIFAMILY PROPERTY

by admin July 27, 2009

CAMBRIDGE, MASS. — Fantini & Gorga has arranged $3 million in permanent financing for 881-885 Massachusetts Ave. in Cambridge on behalf of a Boston-based realty trust. The property, located between Central and Harvard Squares, consists of two adjoining, seven-story brick buildings at the corner of Lee Street. Each structure contains 28 apartments, primarily two bedrooms, and with several one-bedroom types. Half of the building underwent a complete renovation, and the other side is slated for renovation shortly. The lender was a major Massachusetts-based financial institution.

July 27, 2009

Civic Northeast

KSS ARCHITECTS COMPLETES FIRST PHASE OF EXPANSION AT PRINCETON

by admin July 24, 2009

PRINCETON, N.J. — KSS Architects has completed one aspect of continuing expansion at the Research and Collections Preservation Consortium (ReCAP) at Princeton University. Prior to the expansion, the facility consisted of four 15,000-square-foot refrigerated modules that held 7.5 million library items. The expansion has added a fifth module that increased the total area to 85,000 square feet and total capacity to 10 million items. The expansion included adding 5,000 solar panels to the roofs of both the new and existing modules to control the temperature in the buildings. The ReCAP partners expect the facility to eventually comprise of 11 modules, and KSS is currently designing the next phase of ReCAP, which is known as Module 8.

July 24, 2009

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