BRAINTREE, MASS. — A joint venture between Braintree, Mass.-based Campanelli Cos. and Dallas-based TriGate Capital has acquired an eight-property distressed real estate portfolio located in eastern Massachusetts and southern New Hampshire. The properties include a 137,000-square-foot office building located at 9 Townsend Drive West in Nashua, N.H.; a 60,068-square-foot flex property and a 25,000-square-foot office property located in Wilmington, Mass., at 261 and 255 Ballardvale St., respectively; a 49,500-square-foot flex property located at 5 Cornell Place in Wilmington, Mass., and a 39,727-square-foot flex property located at 10 Cornell Place; and 44,804- and 42,291-square-foot office buildings located in Billerica, Mass., at 700 and 900 Technology Park Drive, respectively. The Eastdil Secured team of James McCaffrey, Peter Joseph, Christopher Phaneuf and Brian Barnett represented the receiver in the sale. In addition, the joint venture acquired a ninth property, a 101,060-square-foot flex building located in Westwood, Mass., from Analog Devices. In this deal, Taryn Wilson of Grubb & Ellis represented the joint venture, and Adam Subber of CresaPartners represented Analog.
NEW YORK CITY — Seward & Kissel has renewed and expanded its lease at One Battery Park Plaza in Lower Manhattan. The law firm renewed its lease for five floors for an additional 20 years while adding a sixth floor, which brings its total leased space to 150,000 square feet. The firm now occupied floors 19 through 24 of the 35-story, 800,000-square-foot tower. The CB Richard Ellis team of Brian Gill, Lewis Miller, Richard Levine and Andrew Sussman represent the tenant in lease negotiations. Tom Keating of Rudin Management Co. represented the landlord, a joint venture between the Rudin Family and Rose Associates.
NEW YORK CITY — Arbor Commercial Funding has originated two Fannie Mae DUS loans for two New York City multifamily properties. In the first deal, a $3 million loan was provided for the 83-unit property located at 95-101 St. Marks Place. In the second deal, $1.2 million was provided for a 20-unit property located at 539 W. 49th St. Both loans carry 5-year terms and 30-year amortization schedules. Edward Petti of Arbor's New York City office was the originator.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a five-story townhome located in Manhattan's Chelsea neighborhood for $2.1 million. The property, which was constructed in 1854, contains nine units, including one vacant owner's duplex, four vacant apartments and four rent-stabilized apartments. Most of the vacant units will require renovations. Massey Knakal's Brock Emmetsberger arranged the deal on behalf of the undisclosed parties.
LINDEN AND HILLSIDE, N.J. — The Kislak Company has brokered the sales of two New Jersey properties for a total of $1.46 million. The first transaction involved the $1 million sale of a garden-style apartment community located in Linden. The second transaction involved the $460,000 sale of a foreclosed mixed-use property located in downtown Hillside. The latter property contains six retail spaces and four apartments, and was 50 percent occupied at the time of closing. Jeffrey Squires of Kislak represented the buyers and sellers in both deals.
MONTVILLE, CONN., AND PHILADELPHIA — Arbor Commercial Funding has arranged two Fannie Mae DUS loans for apartment communities in Connecticut and Pennsylvania. The first loan totals $1.35 million and is secured by Lakeside Manor Apartments, a 24-unit property located in Montville. The second loan totals $1.08 million and is secured by the 48-unit Vernon House Cooperative in Philadelphia. Both loans carry 10-year terms and 30-year amortization schedules. John Edwards of Arbor's Boston office originated the former loan, and Edward Petti of Arbor's New York City office originated the latter.
TOTOWA, N.J. — Terreno Realty Corp. has acquired a 208,000-square-foot industrial building in Totowa from High Street Equity Advisors for $16.5 million. Located at 200 Maltese Drive, the property contains light manufacturing, warehouse and distribution, and office space. It is fully leased to Precision Custom Coatings, which uses the facility for its production and distribution operations as well as its headquarters. The Cushman & Wakefield team of Gary Gabriel, Paul Torosian, Andrew Merin and David Bernhaut arranged the deal.
NEW YORK CITY — Stalco Construction has begun construction for the new Battery Park City Community Center. The 60,000-square-foot project will comprise two cellar levels, a street level and a mezzanine. It will feature a curving, 550-foot long glass arcade wall that will face West Street immediate north of Ground Zero. The wall will sit opposite of two swimming pools and a gymnasium inside the building, and two ball fields and a soccer field outside the building. The community center will also feature a fitness center, a theater/auditorium, dance studios, locker rooms, classrooms, offices, a cafeteria and a kitchen. The project architect is Hanrahan Meyers Architects, and the construction manager is The LiRo Group. The owner, the Hugh L. Carey Battery Park City Authority, anticipates the project receiving LEED-Platinum certification.
GENEVA, N.Y. — Hair care manufacturer Zotos International has broken ground for a $7 million wind energy project at its Geneva manufacturing plant. At full operation, the facility's two turbines are expected to generate 3.3 megaWatts of energy. Approximately 30 percent of the project cost was funded by the American Recovery and Reinvestment Act. Zotos plans to power its 670,000-square-foot facility completely with renewable energy by 2011. The wind energy project will be complete by the end of the year.
WHITE PLAINS, N.Y. — Chatham Lodging Trust has closed on the acquisition of the Residence Inn by Marriott White Plains/Westchester County, a 133-suite hotel located at 5 Barker Ave. in White Plains. Hotel amenities include a business center, a restaurant and a fitness center. It will be managed by Island Hospitality Management. The hotel is the last to close out of a four-property portfolio Chatham has had under contract. The purchase price of the portfolio was $61 million, which includes the assumption of $12.5 million of debt. Since its IPO in April, Chatham has acquired 11 hotels and has two more under contract.