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.
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.
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.
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.
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.
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.
YORK CO., HALLAM, AND RED LION, PA. — ROCK Commercial Real Estate has arranged a lease transaction and the purchase of two properties. Wherley Generation, Inc. has leased a 5,540-square-foot industrial space located at 3001 W. Market St. in West Manchester Township in York County. ROCK represented both the landlord and the tenant in this transaction. Additionally, Susquehanna Micro Inc. has purchased a 17,299-square-foot industrial property located at 198 W. Beaver St. in Hallam. ROCK represented the seller in the transaction. Lastly, New Life Presbyterian Church has purchased a 10,400-square-foot commercial property located at 970 Cape Horn Rd. in Red Lion. ROCK represented the seller in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a single-story retail building, located at 76-07/23 Jamaica Ave. in New York City, for $1.1 million. The property, which is located in the Woodhaven neighborhood of Queens, totals approximately 4,298 square feet and contains three tenant spaces. The building was fully occupied at the time of closing. Massey Knakal’s Stephen Preuss and Brian Sarath negotiated the transaction. Both parties were undisclosed, but the buyer was participating in a 1031 exchange.
PRINCETON, N.J. — RXR Realty has completed a 67,531-square-foot, long-term lease with Otsuka America Pharmaceutical at University Square in Princeton. The lease is for a newly completed 313,000-square-foot Class A office building. Otsuka will occupy the entire top floor, which will consolidate and expand its East Coast operations from two separate existing facilities into one corporate headquarters. The building features a two-story atrium lobby, a health club, teleconferencing and training facilities and a full-service cafeteria. Otsuka was represented by Jane Monie and Lori Gaffney of Triad Realty, and David Simson represented RXR in-house in the transaction. University Square currently has approximately 245,469 square feet of available Class A office space.
POTTSTOWN, PA. — Cedar Shopping Centers has held the grand opening of Upland Square in Pottstown. The $106.4 million, 686,000-square-foot shopping center is being developed by a partnership of Cedar Shopping Centers and Tristate Ventures, an affiliate of Fameco Real Estate. Tenants at in the center include Target, Giant Food Stores, Best Buy, Bed Bath & Beyond, TJ Maxx, Staples, Petco, Sleepy’s, Five Below, Books 4 Less, Famous Footwear and others. Most of the stores are scheduled to open in the next month. Cedar contributed approximately $22 million to the project and owns a 60 percent interest. Fameco will lease and manage the project. Currently, the center has 85 percent committed leases and has 485,000 square feet completed. Upland Square is just one of two centers that Cedar and Fameco are working on. The other is The Shoppes at Crossroads in Stroudsburg. The 131,000-square-foot center will be anchored by a 76,400-square-foot Giant supermarket, AT&T Wireless and a Red Lobster. The center is scheduled for completion in October. Cedar is also developing two other supermarket-anchored properties located in Pennsylvania that are scheduled for completion in the next quarter. Blue Mountain Commons in Harrisburg will be anchored by a Giant supermarket, and …
