PALMYRA, N.J. — Gebroe-Hammer Associates has arranged the sale of River Villas, a 44-unit apartment community located in Palmyra, for $3 million. The fully leased community is situated at 5019 Harbour Dr.; it comprises four buildings with all two-bedroom units. Amenities include a clubhouse, a swimming pool and tennis courts. Joseph Brecher and Joel Schwartz of Gebroe-Hammer represented the seller, Harbour View, and procured the undisclosed buyer.
READING, PA. — The grand opening has been held for Exeter Commons in Reading. The 490,000-square-foot shopping center is located at the intersection of Highway 422 and 47th Street. Anchors at the center include Target and Giant Foods. Other tenants include Affinity Bank, America's Best Contacts & Eyeglasses, Chick Fil-A, Famous Footwear, Five Below, Five Guys Burgers & Fries, GameStop, PETCO, Red Robin, Sleepy's, Sonic, Supercuts and T-Mobile. Three tenants will open soon, including Lowe's Home Improvement Warehouse, Staples and Wachovia. The $75 million project was developed by a joint venture between Blue Bell, Pa.-based The Goldenberg Group and Conshohocken, Pa.-based Ironwood Property Group. The center is currently 96 percent leased.
ALLENTOWN, PA. — A joint venture between Franklin Realty Development Corp. and Arcadia Properties has completed construction of Saucon Valley Plaza in Allentown. The Class A office building totals three stories and 87,000 square feet, and it is located at 3477 Corporate Pkwy. within Stabler Corporate Center. CB Richard Ellis is handling leasing for the project.
BREINIGSVILLE , PA. — St. Augustine, Fla.-based Tree of Life has signed a lease for 311,928 square feet of distribution space in Breinigsville. The natural and organic foods distributor will occupy space within a 604,000-square-foot facility that is located at 860 Nestle Way within Lehigh Valley West Industrial Park. The building is cross docked and features 32-foot clear ceiling heights and trailer storage space. Kim Meincke, Brian Knowles and John Van Buskirk of Jones Lang LaSalle represented Tree of Life in lease negotiations. The landlord, Liberty Property Trust, was represented by Colliers Lanard & Axilbund. Terms of the lease were not disclosed.
PARSIPPANY, N.J. — Law firm Day Pitney has signed a long-term lease for a 100,000-square-foot, Class A office building located in Parsippany. The firm is relocating to the building, which is located at 1 Jefferson Rd. within The Center of Morris County business park, from its previous offices at 200 Campus Dr. in Floram Park, N.J. The landlord, a joint venture between J.P. Morgan Asset Management, The Hampshire Generation Fund and Mack-Cali Realty Corp., was represented by James Nugent of Mack-Cali in lease negotiations. Mack-Cali also handles leasing and management of the building. Thomas Welsh of Welsh Chester Galiney Matone Inc. represented the tenant.
TRENTON, N.J. — Brandywine Realty Trust has disposed of two office buildings in Trenton for $85 million. The buildings, which are located at 33 W. State St. and 50 E. State St., total approximately 474,000 square feet and were 96.5 percent occupied at the time of closing. The buyer is a private investment group. Of the sale price, $22.5 million has been deferred by Brandywine as a 7-year, 6 percent cash pay/7.64 percent accrual second mortgage provided to the buyer. The loan is subordinate to the $45.5 million first mortgage the buyer arranged for the purchase. Brandywine will realize an approximately $27.8 million gain upon repayment of the second mortgage.
RADNOR, PA. — Keystone Property Group has leased Keystone Executive Center in Radnor to Main Line Health. The tenant plans to consolidate most of its corporate offices and its Home Care Network into the two-story, 100,462-square-foot office building, which is located at the intersection of Route 30 and Interstate 476. The new lease is valued at $22.8 million. Mark Gola of Gola Corporate Real Estate represented Main Line Health. Keystone was represented by Jeff Mack of GVA Smith Mack. Financing was provided by Sovereign Bank.
PLAINSBORO, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed an approximately 77,000-square-foot renovation of Siemens' Plainsboro office and research building, which is located at 755 College Rd. Improvements included the addition of two conference rooms, two multi-purpose rooms, two glass-enclosed “huddle rooms” and new finishes throughout the building. Approximately 350 Siemens employees work at the office, which is one of two the company occupies in Plainsboro.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 16-unit apartment building located in the Bronx, New York City, for $1.28 million. The property is a five-story, walk-up building that features a mix of studio, one-, two- and three-bedroom units. Almost all of the units have been recently renovated. The undisclosed buyer purchased the property free and clear of debt and used the proceeds to refinance a neighboring property. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, which was also undisclosed, as well as the buyer.
EDISON, N.J. — The Morris Companies has purchased Edison Towne Corporate Centre, a three-building office and industrial property located in Edison. Situated on 62 acres, the complex includes a 245,446-square-foot office building located at 2147 Route 27; a 99,260-square-foot research and development building located at 2121 Route 27; and a 140,000-square-foot warehouse located at 55 Talmadge Rd. Morris plans to redevelop a vacant land parcel located behind the warehouse building in the short-term. The seller was Starwood Heller. Jose Cruz, Andrew Merin, David Bernhaut and Gary Gabriel, all of Cushman & Wakefield, negotiated the deal. The acquisition price was not disclosed.
