Northeast

RXR REALTY COMPLETES LONG-TERM LEASE AT UNIVERSITY SQUARE

by admin July 24, 2009

PRINCETON, N.J. — RXR Realty has completed a 67,531-square-foot, long-term lease with Otsuka America Pharmaceutical at University Square in Princeton. The lease is for a newly completed 313,000-square-foot Class A office building. Otsuka will occupy the entire top floor, which will consolidate and expand its East Coast operations from two separate existing facilities into one corporate headquarters. The building features a two-story atrium lobby, a health club, teleconferencing and training facilities and a full-service cafeteria. Otsuka was represented by Jane Monie and Lori Gaffney of Triad Realty, and David Simson represented RXR in-house in the transaction. University Square currently has approximately 245,469 square feet of available Class A office space.

July 24, 2009

CEDAR SHOPPING CENTERS OPENS FIRST OF FOUR SHOPPING CENTERS

by admin July 23, 2009

POTTSTOWN, PA. — Cedar Shopping Centers has held the grand opening of Upland Square in Pottstown. The $106.4 million, 686,000-square-foot shopping center is being developed by a partnership of Cedar Shopping Centers and Tristate Ventures, an affiliate of Fameco Real Estate. Tenants at in the center include Target, Giant Food Stores, Best Buy, Bed Bath & Beyond, TJ Maxx, Staples, Petco, Sleepy’s, Five Below, Books 4 Less, Famous Footwear and others. Most of the stores are scheduled to open in the next month. Cedar contributed approximately $22 million to the project and owns a 60 percent interest. Fameco will lease and manage the project. Currently, the center has 85 percent committed leases and has 485,000 square feet completed. Upland Square is just one of two centers that Cedar and Fameco are working on. The other is The Shoppes at Crossroads in Stroudsburg. The 131,000-square-foot center will be anchored by a 76,400-square-foot Giant supermarket, AT&T Wireless and a Red Lobster. The center is scheduled for completion in October. Cedar is also developing two other supermarket-anchored properties located in Pennsylvania that are scheduled for completion in the next quarter. Blue Mountain Commons in Harrisburg will be anchored by a Giant supermarket, and …

July 23, 2009

Northeast Restaurant

ITALIAN MARKETPLACE COMES TO NEW YORK CITY

by admin July 23, 2009

NEW YORK CITY — Turin, Italy-based Eataly has leased more than 44,000 square feet of ground floor, lower level and rooftop space at 200 Fifth Ave. in Manhattan for its flagship New York City Marketplace. The new eatery will be located in L&L Holdings’ 850,000-square-foot building Flatiron District Building. L&L is completing a $135 million redevelopment program that includes restoration of the property’s façade and infrastructure. Scheduled to open by next summer, the new store will feature a retail center for Italian wine, a culinary educational center and a boutique eateries. Each retail area will be paired with its own dedicated restaurant that will include a wood-fired pizza and pasta bar, a cheese and salami counter, a steak restaurant, a vegetarian restaurant, a crudo and seafood bar and an Italian bar.

July 23, 2009

Northeast Retail

THREE RETAILERS OPEN AT NEW LEVITTOWN TOWN CENTER

by admin July 23, 2009

LEVITTOWN, PA. — Three retailers have opened at DLC Management Corporation’s new 468,675-square-foot Levittown Town Center in Levittown. Wal-Mart Supercenter, Ross Dress for Less and Famous Footwear will join a roster of retailers that include KFC/Taco Bell, Sonic, Wachovia and The Home Depot. Other retailers are scheduled to open in the center towards the end of the year.

July 23, 2009

Multifamily Northeast

COMMUNITY PRESERVATION CORP. CLOSES $2.1 MILLION REFINANCING LOAN

by admin July 23, 2009

NEW YORK CITY — The Community Preservation Corp. has closed a $2.1 million Freddie Mac loan to refinance a mixed-use rental building located in Manhattan, New York City. The two, five-story buildings are located at 79 Sherman Ave. and 152 Dyckman St. in the borough’s Inwood district and contain 38 apartment units, six retail stores and two office apartments. The owner and borrower is Silpar Realty.

July 23, 2009

Northeast Office

RICHARDS BARRY JOYCE & PARTNERS BROKERS LONG-TERM LEASE RENEWAL

by admin July 23, 2009

TAUNTON, MASS. — Richards Barry Joyce & Partners (RBJ) has brokered a long-term, 61,500-square-foot lease renewal for Kopin Corp., located at 200 John Hancock Rd. in Taunton. Situated in Myles Standish Industrial Park, the building serves as Kopin’s corporate headquarters and manufacturing facility for its III-V and military display products. The lease is for a 10-year term. John Lashar, Paul Leone and Caleb Hudak of RBJ represented Kopin in the lease. The landlord, Bridgewater Wyman, was represented in-house.

July 23, 2009

Multifamily Northeast

APARTMENT REALTY ADVISORS BROKERS SALE OF CRYSTAL VILLAGE

by admin July 22, 2009

ATTLEBORO, MASS. — Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro. The apartment community is situated on 7.3 acres within close proximity to I-95. It contains a 100 percent market rate community comprised of one- and two-bedroom garden style units as well as 30 two-bedroom townhouse units. Amenities include a heated indoor swimming pool, a basketball court, a tennis court, a fitness center, laundry facilities, and a barbecue/picnic area. The property sold for $9 million to Village Residential, a private Massachusetts-based investor. The seller, EQR-Quail Run Vistas, was represented by ARA’s Richard Robinson, Brendan Reilly, Terry Scott and Stephen Ordway.

July 22, 2009

Northeast Office

FHO PARTNERS NEGOTIATES LEASE IN WESTWOOD

by admin July 22, 2009

WESTWOOD, MASS. — FHO Partners has negotiated a 33,857-square-foot lease renewal for office space at 20 Southwest Park in Westwood. The space was leased by Acumentrics Corp. Owned by Maric, Inc., Southwest Park is strategically located I-95 and Route 1. Sean Teague and Leeanne Rizzo of FHO represented Acumentrics Corp.

July 22, 2009

Northeast Retail

WEISS REALTY COMPLETES 10-YEAR LEASE TRANSACTION

by admin July 22, 2009

SADDLE BROOK, N.J. — Jaime Weiss and Matthew Weiss of Weiss Realty Co. have represented Paljer Company in a 10-year lease transaction with Dollar General for 15,593 square feet at 419 Market St. in Saddle Brook. Consultant Tim Keeley represented Dollar General in the lease transaction. Weiss Realty also brokered a land lease for a new 2,400-square-foot Capital One Bank with drive-through on the site. Construction on the bank is expected to start this summer.

July 22, 2009

Multifamily Northeast

ARBOR COMMERCIAL ARRANGES $7.78 MILLION LOAN

by admin July 22, 2009

BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged a $7.78 million loan under the Fannie Mae DUS MBS Loan product line. The loan was for a 128-unit property known as the Bridgeport Portfolio in Bridgeport. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.9 percent. The loan was originated by Stephen York of Arbor’s New York City lending office. The loan was used to refinance and pull out trapped equity that could be used towards the purchase of additional multifamily properties.

July 22, 2009

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