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.
MORRIS COUNTY, N.J. — NorthMarq Capital has secured $8 million in permanent financing for a 222-unit, garden-style apartment community located in Morris County. The loan carries a 15-year term; a 6.12 percent fixed interest rate and is self-liquidating. Mark Scott of NorthMarq's New Jersey office arranged the deal through a regional bank.
NEW YORK CITY — Massey Knakal Realty Service has completed the sale of 1001 Avenue H, a 38-unit, walk-up apartment building located in the Flatbush neighborhood of Brooklyn, New York City, for $3.16 million. The building traded at a 6.4 percent capitalization rate. Eric Greenfield of Massey Knakal negotiated the transaction between the two undisclosed parties.
MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged $1 million in first-mortgage financing for two apartment buildings located in Mount Vernon. The two five-story buildings are located at 239-253 W. First St. The properties contain a total of 44 apartments and eight retail spaces. Jeremiah Houlihan of Houlihan-Parnes secured the loan, which contains a 10-year term at a market interest rate. The lender is a Long Island-based savings bank.
DEVON, PA. — Bryn Mawr, Pa.-based WP Realty has acquired Devon Village, a shopping center located in Devon. The property is situated on Lancaster Ave. and comprises an approximately 70,000-square-foot shopping center anchored by Whole Foods Market. WP also owns a 2.2-acre parcel adjacent to Devon Village that is zoned for commercial use. The seller and the acquisition price were not disclosed.
PHILADELPHIA — Onyx Equities has completed two leases at Red Lion Plaza, a 224,269-square-foot shopping center located at Red Lion Road and Roosevelt Boulevard in Philadelphia. Planet Fitness and Wit or Witout Cheesesteaks will occupy a total of 30,258 square feet, bringing the center to 100 percent occupancy. Jed Masloff and Jim Creed of Fameco Real Estate represented Onyx in both lease transactions. Randy Hope of Metro Commercial represented Rhino Red Lion dba Planet Fitness. Additional tenants at Red Lion Plaza include American Signature Furniture, Best Buy, Staples and Pep Boys.