HAVERHILL, MASS. — The grand opening has been held for the second building at Hamel Mill Lofts, a 305-unit multifamily project located in Haverhill. Known as The Pentucket, the eight-story building contains 60 units. The first building at the four-building complex opened in December 2008. Known as The Essex, the structure totals eight stories and contains 71 units. The other two buildings, a nine-floor, 163-unit building known as The Tilton, and a two-story, 11-unit building known as The Powerhouse, will open this December. Developed by Forest City Residential, Hamel Mill Lofts consists of the historic redevelopment of the former L.H. Hamel Leather Company Complex, a shoe manufacturing facility that was first built in 1916. All buildings feature one- and two-bedroom units with rents ranging from $1,100 to $1,800 per month. Amenities, which will be located on the first floor of The Powerhouse, include a fitness center, a screening room, a game room with a billiards table, a community room, a resident lounge and a cyber cafe. The property is currently 37 percent leased.
Northeast
PHILADELPHIA — Levin Management Corp. has brokered the purchase of Morrell Plaza, a 103,244-square-foot shopping center located in Philadelphia, for $22 million. Located on Frankford Avenue, Morrell Plaza is anchored by a 60,726-square-foot ShopRite and a 12,718-square-foot RiteAid. Other tenants include Blockbuster, T-Mobile, Beneficial Mutual Savings Bank, Supercuts, Allstate Insurance, Jackson Hewitt and Dunkin' Donuts. The buyer, which was represented by Levin Management, was a joint venture partnership that includes Levin Properties. Richard Soloff of Colliers Lanard & Axilbund represented the seller, Midland Development Group.
AVON, MASS. — The Stubbledine Company has completed the sale of an industrial building located in Avon for $1.15 million. The 22,000-square-foot building is situated on 1.45 acres at 244 Bodwell St. Micah Stubbledine and Donald Humpton of The Stubbledine Company represented the seller, Titan Realty Trust, and procured the buyer, 244 Bodwell LLC.
HACKENSACK, N.J. — Hillside, N.J.-based P&F Managment Co. is completing the environmental remediation of the former Eval Oil Terminal in Hackensack in preparation for the construction of a new residential community. The 3.75-acre land site is located at South River Street and Shafer Place. P&F purchased it from the city of Hackensack in 2007 and will be partnering with the city for the redevelopment. The environmental remediation of the former oil storage site is expected to cost $3 million. P&F plans to begin construction in 2010 for a multi-story 144-unit residential project.
CAMP HILL, PA. — Camp Hill-based Campbell Commercial Real Estate has brokered the sale of 2.11 acres of land on Arthur Avenue in the Lower Allen Township of Camp Hill. The buyer, Little Rock, Ark.-based Motel Sleepers, plans to construct a 70-room hotel and restaurant on the site. The hotel will be for private industry use only but the restaurant, a 24-hour diner, will be open to the public. Construction will begin immediately and is expected to take 6 months. The seller in the land transaction was United Methodist Home for Children.
PRINCETON, N.J. — Acting as project architect, KSS Architects has completed the interior build-out for the new Princeton office of international law firm Dechert LLP. The firm relocated from its former office at Princeton Pike Corporate Center to a 30,000-square-foot space at 902 Carnegie Center. The interior contains marble tile floors as well as wood and glass workstations. Other features of the new office include conference rooms with audio-visual systems, a lunch room designed as a cafe, and security features throughout the space.
NAZARETH, PA. — Marcus & Millichap has competed the sale of a Tractor Supply Co. located in Nazareth for $3.5 million. The 19,097-square-foot store is situated on 3.69 acres on Jandy Boulevard. It is subject to a new 15-year, double-net lease with a 10 percent rent increase every 5 years. The seller is a North Carolina-based limited liability company. The buyer is a Pennsylvania-based limited partnership. The property was purchased as part of a 1031 exchange and will be managed as a passive investment. Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer.
BURLINGTON, N.J. — Colliers Lanard & Axilbund (L&A) has brokered a lease for 58,992 square feet of industrial space in Burlington. AAA Transportation & Warehousing will occupy space within Crossroads Business Center at 122 Kissel Rd., a previously vacant, 160,000-square-foot building. The landlord, Exeter Property Group, plans to expand the building to 250,000 square feet in the future. Marc Isdaner and Ian Richman of Colliers L&A represented the tenant. Terms of the lease were not disclosed.
TEWKSBURY, MASS. — Jones Lang LaSalle (JLL) has arranged a 37,260-square-foot lease renewal and expansion for Starent Networks at Ames Pond Corporate Center in Tewksbury. The transaction includes a renewal of the company's 16,000-square-foot lease at 200 Ames Pond and a 21,260-square-foot expansion. JLL's Tamie Thompson, Flory McCarthy and Dan Kollar represented the landlord, a joint venture between Leggat McCall Properties and Dead River Properties. John Wilson of Richard Barry Joyce & Partners represented the tenant.
ACTON, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Spring Hill Commons, a 105-unit apartment community located in Acton. The community comprises four buildings situated at 421 Great Rd. It contains a mix of one- and two-bedroom units and was approximately 94 percent occupied at the time of the sale. CBRE's Paul Donahue, Travis D'Amato and Bill Moylan represented the seller, Chicago-based Equity Residential, and procured the buyer, Needham, Mass.-based Universal Realty. The acquisition price was not disclosed.