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.
WEST HARTFORD, CONN. — CB Richard Ellis (CBRE) has brokered the $19.1 million sale of Westgate Apartments in West Hartford. The garden-style community is located on Farmington Avenue and totals 174 units. Jeffrey Dunne, Christopher Leonard and Matthew Innes of CBRE's New York office, along with Michael Stone of the firm's Hartford office, represented the seller, 1248 Westgate Associates LP, which is controlled by Capital Properties. The team also secured the buyer, Westgate Apartments LLC, which is controlled by Solomon Organization.
NEW YORK CITY — The Best Western President Hotel in New York City's Times Square has reopened following a $15 million renovation. The remodeling, which was undertaken by architectural firm Stonehill & Taylor, features a prominent presidential theme. The hotel's primary color scheme is purple to signify the combination of Democratic blue and Republican red. The lobby contains décor from the Lincoln and Jeffersonian eras, and each guest room contains artwork depicting past presidents and first ladies. Owned by Hampshire Hotels, the 15-story Best Western President Hotel contains 334 rooms and 44 suites. It features two on-site restaurants, a lobby cocktail lounge, a 24-hour fitness center, a business center and conference facilities.
NEW YORK CITY — NAI Global has brokered the sale of a five-story garage building in New York City for $29.5 million. The 40,000-square-foot building is located at 318 E. 48th St. It was purchased by the Government of the Republic of Singapore, which plans to convert the building into an office building that will house its Mission to the United Nations and Consulate offices. The government is currently located at 231 W. 51st St. Gil Robinov of NAI's New York City office represented the buyer. David Noonan of Newmark Knight Frank represented the seller, Chapman Consulting Group.
QUINCY, MASS. — CB Richard Ellis (CBRE) Investors has acquired Avalon at Faxon Park, a 171-unit garden apartment community located in Quincy. The property, which was built in 1997, is situated at 500 Falls Blvd. It features one-, two- and three-bedroom units averaging 1,027 square feet. Amenties include a clubhouse, a swimming pool and a playground. The property was fully occupied at the time of closing. CBRE Investors plans to complete capital improvements to the community, including upgrades to the fitness center, clubhouse and other commons areas. CBRE Investors made the purchase on behalf of its CBRE Strategic Partners U.S. Value 5 Fund, with Stephen Gullo and Steve Zaleski providing in-house representation. Simon Butler of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not released.
QUINCY, MASS — Fantini & Gorga (F&G) has arranged $13 million in financing for a ground lease in Quincy. The borrower plans to construct a 102,000-square-foot Lowe's Home Improvement Warehouse on 13 acres at Burgin Parkway, across from the Quincy Adams MBTA Station. The land parcel is part of a 16-acre assemblage; the remaining 3.5 acres include a relocated city park and a land swap with an existing owner. F&G's Tim O'Donnell, Mark Whelan and Andrew Kern negotiated the transaction. The lender is a regional bank.