BROCKTON, MASS. — NorthEast Electrical Distributors (NEED) has completed its relocation to a new 190,000-square-foot facility at Brockton. The new property, which is located on Oak Street, contains more than 160,000 square feet of warehouse space, a training center and a cafeteria. The company relocated its headquarters and distribution center to the new building from Canton, Mass. The project manager was Newton, Mass.-based Diversified Project Management. The general contractor was Dacon Corp., and the project architect was Maugel Architects.
NEW YORK CITY — Off-price retailer Syms has signed a lease for 34,000 square feet of retail space in Manhattan for its new flagship location. The space is located at 530 Fifth Ave. It will be a joint store with Filene's Basement, which the company acquired in 2009. The store will consist of 6,500 square feet on the ground floor, 9,500 square feet on the lower level and 18,000 square feet on the second floor. Darrell Rubens and Lori Shabtai of Winick Realty Group represented the landlord, The Moinian Group, in lease negotiations.
SOMERSET, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a 162,756-square-foot office building in Somerset. The building is situated on 8.97 acres at 580 Howard Ave. The buyer, Oticon Inc., plans to consolidate two of its facilities into the property to create its new U.S. headquarters. The CBRE's Geoffrey Schubert and Sean Morley represented the buyer. The CBRE team of Jeffrey Dunne, Kevin Welsh and Brian Schulz represented the undisclosed seller. The acquisition price was not released.
NEW YORK CITY — HFZ Capital Group has acquired a distressed development site located at 14-20 W. 40th St. in New York City for $52 million. The buyer acquired the deed in lieu of foreclosure from Petra Capital, which foreclosed on the site after the previously owner defaulted on its $44 million loan. Raymond Cecora of Platinum Properties was the sole broker in the deal. HFZ plans to develop a hotel/condominium project on the site, which is currently used as a parking lot.
CONCORD, N.H. — Construction is complete for Parmenter Place, a workforce housing project located in Concord. The community consists of six buildings containing a total of 25 two- and three-bedroom units. The project has been certified by the Energy Star program. The project's owner is the Concord Housing & Redevelopment Authority. The general contractor was locally based North Branch Construction, and the project architect was Manchester, N.H.-based Burnell-Johnson.
ALDAN, PA. — Walker & Dunlop has arranged a $13.9 million loan for the acquisition of a multifamily portfolio in Aldan. Landsdowne and Gladstone Towers are three Class B communities containing a total of 350 units. The loan carries a 10-year term and a 30-year amortization schedule. John Street of Allied Mortgage & Realty Corp. originated the loan,. Charlie Mentzer led the Walker & Dunlop team that arranged the financing on behalf of the undisclosed borrower.
CLIFTON, N.J. — A joint venture between KABR Real Estate Investment Partners and Capstone Realty Group has acquired the $15.2 million note secured by the former headquarters of Linens 'n Things. The three-building, 155,000-square-foot office campus is located at 2-6 Brighton Road in Clifton. The all-cash purchase was made for 40 cents on the dollar. Concurrent with the closing, the joint venture sold the 55,000-square-foot building located at 6 Brighton Road to NJ Physicians LLC, which plans to convert it into medical office space. KABR and Capstone have rebranded the campus as Allwood Atrium Office Center and are launching a leasing campaign. Newmark Knight Frank negotiated the sale through the property's special servicer, LNR Partners.
WALLINGFORD, CONN. — Servpro has acquired an 11,780-square-foot industrial building located at 1254 Broad St. in Wallingford for an undisclosed amount. The company will relocate to the new facility from a property in nearby Meriden. Peter Shiue of the New Haven, Conn., office of Colliers Dow & Condon was the sole broker in the deal. The seller's name was not released.
NEW CANAAN, CONN. — NorthMarq has arranged the acquisition of an office building located at 65 Locust Ave. in New Canaan for $4.5 million. The property was 80 percent leased at the time of closing. Following the closing, the undisclosed buyer secured new leases for the property that will bring it to 95 percent occupancy by year-end. Deanna Polizzo and Ernest DesRochers of NorthMarq's New York Metro office arranged the deal as well as secured $3.5 million in acquisition financing with the help of NorthMarq Capital.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of two Manhattan multifamily buildings for a total of $12.7 million. The first property, which is located at 237 E. 53rd St., contains three retail spaces on the street level and 18 apartments. The second property, which is located at 239 E. 53rd St., contains three retail spaces and 17 apartments. The properties traded at a 5.9 percent cap rate. Massey Knakal's Clint Olsen and Paul Massey, Jr., arranged the deal on behalf of the two undisclosed parties.