Northeast

THE KISLAK COMPANY COMPLETES THREE SALES

by admin July 31, 2009

WESTWOOD, N.J. — The Kislak Company has completed the sale of three apartment buildings comprising 42 residential units and one commercial space in Westwood. The sale included Hampton West Apartments, an 18-unit property with a medical office located 153 – 161 Third Ave.; Sutton Place Apartments, a 17-unit property located at 57 Crest St.; and Hampton East Apartments, a 7-unit property located at 19 Crest St. Hampton West Apartments sold for $2.85 million and Sutton Place Apartments and Hampton East Apartments sold together for $3.12 million. Each property consists of a three-story brick building with pitched mansard roofs, spacious one-bedroom apartments, on-site parking and laundry facilities. Matt Weilheimer of Kislak represented the seller in each transaction and also represented the purchaser, a private investor, of Hampton West Apartments. Joseph Keenan, also of Kislak, represented the purchaser, also a private investor, of Sutton Place Apartments and Hampton East Apartments.

July 31, 2009

SARKU JAPAN’S PLANS TO EXPAND IN NORTHERN AND CENTRAL NEW JERSEY

by admin July 31, 2009

NEW JERSEY — Summit Realty has been appointed the exclusive New Jersey broker for Sarku Japan’s new street development program. The national Japanese QSR chain is looking for 1,600- to 2,000-square-foot locations in Northern and Central New Jersey’s top trade areas. Demographic requirements include 35,000 people within 2 miles, and at least 10,000 daytime workers. The restaurant currently serves more than 20 million customers annually at over 200 restaurants nationwide, offering made to order teriyaki and sushi.

July 31, 2009

Northeast Office

CRESAPARTNERS NEGOTIATES 32,408-SQUARE-FOOT LEASE

by admin July 31, 2009

EDISON, N.J. — CresaPartners has completed a 32,408-square-foot lease expansion on behalf of Camp, Dresser & McKee, a consulting, engineering, construction, and operations firm. The tenant will be taking an expanded space on the sixth floor of Raritan Plaza I in Edison. Conveniently situated in Edison, New Jersey, near the Garden State Parkway, the New Jersey Turnpike, I-287 and Routes 1, 9, 35, and 440, Raritan Plaza I is a 262,500-square-foot Class A office building, which is located within Raritan Center. Raritan Center features the New Jersey Convention and Exposition Center, several hotels, three banks, a travel agency, a day care center, News 12 New Jersey, and a U.S. Post Office, as well the regional operations for both United Parcel Service and Federal Express. Dennis Gralla, James Scancarella, and Christopher Crooks of CresaPartners represented Camp, Dresser and McKee in the transaction, and Summit Associates was represented by Vincent Visceglia.

July 31, 2009

Northeast Office

FIRSTSERVICE WILLIAMS REPRESENTS GDS PUBLISHING IN LONG-TERM LEASE

by admin July 31, 2009

NEW YORK CITY — FirstService Williams has represented GDS Publishing in a 20,240-square-foot, long-term lease on the fifth floor at 40 Wall Street in Manhattan, New York City. GDS is relocating to the Trump owned and managed property from 12,000 square feet in its current U.S. headquarters at 33 Whitehall St. Jared Freede and Greg Wang of FirstService Williams orchestrated the deal. GDS is set to occupy the space later this year. FirstService Williams will be marketing the space at 33 Whitehall Street that GDS is leaving behind.

July 31, 2009

Multifamily Northeast

SKANSKA COMPLETES REHAB OF HARBOR TOWERS

by admin July 31, 2009

BOSTON — Skanska USA Building has completed a $74 million rehabilitation project at Harbor Towers, a 40-story luxury condominium complex comprising two towers located on Boston’s waterfront. Skanska served as program manager and oversaw the repair and replacement work for the rehabilitation. The project involved replacing more than 19,000 linear feet of corroded HVAC riser pipe and 1,872 fan coil units throughout the two buildings. The firm used 4D modeling to ensure accuracy and efficiency for each phase of the project. The two towers that make up Harbor Towers were designed by architect I.M. Pei and completed in 1971.

July 31, 2009

Industrial Northeast

COLLIERS DOW & CONDON BROKERS LEASE AT ARGO CENTER

by admin July 30, 2009

BERLIN, CONN. — Colliers Dow & Condon has brokered a lease transaction for Phase I of ARGO Center, located at 550 Wilbur Cross Pkwy. in Berlin. ABC Supply has signed a long-term, approximately 65,000-square-foot lease for its wholesale distribution operations. Nicholas Morizio of Colliers Dow & Condon facilitated the transaction. Leasing has also begun for future phase of the development. Phase II consists of three retail/industrial pad sites, and Phase III will consist of an 84,000-square-foot retail building.

July 30, 2009

Northeast Office

RBJ BROKERS FOUR LEASES TOTALING 87,800 SQUARE FEET

by admin July 30, 2009

MARLBOROUGH, MASS. — Richards Barry Joyce & Partners (RBJ) has brokered four lease transactions that total 87,700 square feet at Marlborough Technology Park in Marlborough. John Lashar and Paul Leone of RBJ represented the landlord, Normandy Real Estate Partners in the four transactions. Bistream, Inc. will occupy 26,801 square feet of the 82,423-square-foot building, located at 245 First St. Cushman & Wakefield represented Bistream in the transaction. Mentor Graphics signed a lease renewal for 16,376 square feet of the 80,724-square-foot building, located at 300 Nickelson Rd. Mentor was represented by CresaPartners. MetroWest Medical Center signed an 18,872-square-foot lease of the 74,735-square-foot building, located at 100 Nickelson Rd. Cushman & Wakefield represented MetroWest in the transaction. Finally, New Energy Alliance signed a 25,671-square-foot lease at 300 Nickelson Rd. and was represented by CB Richard Ellis. The 100 and 300 Nickelson Rd. properties are now at full occupancy.

July 30, 2009

Multifamily Northeast

MULTIFAMILY PROPERTY TRADES FOR $850,000

by admin July 30, 2009

NEW YORK CITY — A 25-unit, single-room occupancy property has been traded for $850,000. The five-story building, which is located at 566 W. 182nd St., was vacant at the time of the trade. The new owner will continue to operate the building as a residential property. Neil Gronowetter of Eastern Consolidated represented the seller, West 182nd Realty, and procured the buyer, GSC Washington Heights LLC, in the transaction.

July 30, 2009

Northeast Retail

NO BODY DENIED HEALTH CLUB TO ANCHOR ECHO PLAZA

by admin July 30, 2009

SPRINGFIELD, N.J. — No Body Denied Health Club has signed a 21,500-square-foot lease to anchor the 66,000-square-foot Echo Plaza shopping center, located at the intersection of Mountain Avenue and U.S. Route 22. Adding No Body Denied is part of a renovation that the owner, Larken Associates, is completing. Ethan Goldsmith of Levin Management Corp. facilitated the transaction for the owner. Joseph D’Agostino of Lance Bram Commercial Brokerage represented No Body Denied.

July 30, 2009

Multifamily Northeast

BOSTON CAPITAL INVESTS IN AFFORDABLE HOUSING PROJECT

by admin July 30, 2009

NEW YORK CITY — Boston Capital has invested in Harriet Tubman House Apartments, an affordable housing project under development in Harlem, Hew York City. The project, which is being developed by locally based West Harlem Group Assistance, will consist of the rehabilitation of a former homeless shelter. Two buildings will be renovated and a third building will be constructed. The new community will contain 53 units in a mix of two studios, 13 one-bedrooms, 26 two-bedrooms and 12 three-bedrooms. Sixteen of the units will be set aside for formerly homeless residents. Amenities will include 1,500 square feet of community space with a community room and laundry facilities; a sixth floor common roof deck; and a meeting space with a kitchen, a pantry and a resident recreation area. The construction timetable was not released.

July 30, 2009

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