Northeast

MOUNTAIN VERNON CO. TO BUILD 100-UNIT APARTMENT COMMUNITY IN BOSTON

by admin January 19, 2011

ALLSTON, MASS. — The Mount Vernon Company has purchased a 40,000-square-foot site on Griggs Street in the west Boston town of Allston for $4.8 million to develop a new multifamily community. The developer will construct a five-story building containing 100 studio and one-bedroom apartments. Units will be as large as 1,000 square feet and amenities will include a rooftop deck, a security desk, a fireplace-lit lobby and 101 on-site parking spaces. The $23 million project will be near the intersection of Griggs Street and Commonwealth Avenue, adjacent to a 150-unit property Mount Vernon already owns. The project architect is The Architectural Team. The seller in the land deal was Leggat McCall.

January 19, 2011

DERMODY PROPERTIES PURCHASES VACANT WAREHOUSE IN N.J.

by admin January 19, 2011

LOGAN, N.J. — Dermody Properties/DP Partners has acquired a vacant distribution facility located within Logisitcenter at Logan in the township of Logan. The 259,910-square-foot property is situated on 14.4 acres at 1109 Commerce Blvd. Constructed in 1998, the building features 10,000 square feet of office space, with the remainder consisting of air-conditioned manufacturing/warehouse space. Dermody plans to immediately reposition and lease up the property. The seller was Lexington Lion NEBC LP. Great Point Investors is Dermody's joint venture partner in the property.

January 19, 2011

Northeast Retail

NEW JERSEY POWER CENTER REFINANCED FOR $34 MILLION

by admin January 19, 2011

DEPTFORD, N.J. — Arrow Retail has procured a $34.02 million loan for the refinancing of a power center located in Deptford. Deptford Landing is a 490,910-square-foot property located at 2000 Clements Bridge Road. Completed in 2007, the center is anchored by Walmart, Sam's Wholesale Club, PetSmart, hhgregg and Michaels. Occupancy was 97 percent at the time of the closing. The financing carries a 10-year term and a fixed interest rate. Bank of America Merrill Lynch was the lender. Trey Morsbach of the Dallas office of Holliday Fenoglio Fowler arranged the loan.

January 19, 2011

Multifamily Northeast

DUQUESNE U. TO CONSTRUCT NEW RESIDENCE HALL

by admin January 18, 2011

PITTSBURGH — Duquesne University will begin construction in March for a new residence hall. Des Places Residence Hall will be a 13-story building containing 400 beds in a suite configuration. The residence hall will cater to upperclassmen. Completion is expected by August 2012. Locally based WTW Architects is designing the project. Local firm PJ Dick will be the general contractor, and York, Pa.-based Kinsley Manufacturing will be providing the girder-slab system that will be the basis for the building's construction.

January 18, 2011

Northeast Retail

MARCUS & MILLICHAP BROKERS $1.81 MILLION RETAIL SALE IN PA.

by admin January 18, 2011

ERIE, PA. — Marcus & Millichap has brokered the sale of the Sheetz building, a 4,500-square-foot, net-leased retail building located in Erie. Situated at 4816 Buffalo Road, the property traded for $1.81 million. The team of Thomas Gorman, Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a limited liability company. The team of Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap's Cleveland office represented the buyer, an undisclosed partnership.

January 18, 2011

Multifamily Northeast

CHOZICK ARRANGES $1.17 MILLION APARTMENT SALE IN CONN.

by admin January 18, 2011

HARTFORD, CONN. — Chozick Realty has arranged the sale of 51 Imlay Street, a 30-unit, garden-style apartment community located in Hartford, for $1.17 million. The community was fully leased at the time of closing. Ryan Perkoski of Chozick represented the buyer, Imlay Hartford LLC. Paul Sciarra and Dick Buckley of Prudential Connecticut Realty represented the seller, Lord Commons Apartments LLC.

January 18, 2011

Hospitality Northeast

NEW HOSTEL BREAKS GROUND IN BOSTON

by admin January 17, 2011

BOSTON — Nonprofit group Hostelling International has broken ground for the construction of a new hostel in Boston. Known as The Hub of Boston, the hostel will be constructed within the historic Dill Building at 25 Stuart St. The 55,000-square-foot project will be applying for LEED certification. Completion is expected in spring 2012. Suffolk Construction is serving as construction manager. The project architects are local firms Bergmeyer Associates and Stegman + Associates.

January 17, 2011

Multifamily Northeast

PACE UNIVERSITY TO GET NEW STUDENT HOUSING

by admin January 17, 2011

NEW YORK CITY — Pace University has entered into an agreement for the development of new student housing at 180 Broadway near the school's main Manhattan campus. The school is partnering with a joint venture between SL Green Realty Corp., Jeff Sutton and Harel Insurance & Finance to develop a 24-story building. Upon completion in 2013, Pace University will acquire a long-term ground lease condominium interest for 20 floors of the building, which will contain 600 beds of student housing. The joint venture will control the lower four floors, which will contain retail space. The new student housing will replace leased dormitory facilities Pace operates in Brooklyn Heights. Law firm Stroock & Stroock & Lavan represented Pace University in the transaction.

January 17, 2011

Northeast Retail

MARCUS & MILLICHAP BROKERS $5.22 MILLION SALE OF PENNSYLVANIA CVS

by admin January 17, 2011

EMMAUS, PA. — Marcus & Millichap has brokered the sale of a CVS/pharmacy located at the corner of Chestnut and South Seventh streets in Emmaus. The tenant is in its second year of a 25-year, double-net lease, which contains five 5-year options with 8 percent rent increases each term. The property traded for $5.22 million at a 7.25 percent capitalization rate. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, GVH (Emmaus), LP. Christopher Hake of Thompson Thrift procured the buyer, Faroq Moonda LLC.

January 17, 2011

Northeast Office

JLL COMPLETES $4.56 MILLION OFFICE SALE IN VERMONT

by admin January 17, 2011

BURLINGTON, VT. — Jones Lang LaSalle (JLL) has completed the sale of a 24,192-square-foot office property in Burlington for $4.56 million. The three-story building is situated on 3.45 acres at 302 Mountain View Drive. It is part of the 12-building The Office Park at Water Tower Hill. Occupancy at 302 Mountain View is 100 percent. Tenants include Verizon Wireless, AT&T, New England Life Insurance and Keller Williams. JLL's Michael Smioth, Scott Jamieson and Brandon Dickason arranged the deal between the seller, Stonewater Partners, and the buyer, Legacy Mountain View LLC. Steve Donahue of Donahue & Associates assisted in the deal.

January 17, 2011

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