Northeast

CBRE COMPLETES SALE OF TWO BANK FACILITIES

by admin July 17, 2009

UNION COUNTY, N.J. — CB Richard Ellis' Private Client Group (CBRE) has completed the $1.215 million sale of two bank facilities in Union County. One facility, located at 2 North Ave. in Cranford, is a 14,361-square-foot, three-story office facility, which includes a bank on the first floor. The property is zoned as B1 Business and is a landmark building in downtown Cranford. Amenities include elevator service, palladium windows and a recently upgraded façade. The second facility, located at 460 Park Ave. in Scotch Plains, is an 11,319-square-foot, two-story office property, which has a bank on the first floor. The building is located downtown amid restaurants, offices and shopping and offers amenities such as parking and mixed-use office and retail. CBRE's Dean Marchi and Gehane Triarsi represented the seller, Gramercy Capital, in this transaction. A real estate company bought the Cranford bank, and a local buyer purchased the Scotch Plains bank.

July 17, 2009

L&L ACQUISITIONS BROKERS MIDTOWN OFFICE LEASE

by admin July 17, 2009

NEW YORK CITY — L&L Acquisitions has negotiated a lease renewal and expansion for office space located in Midtown Manhattan, New York City. Cornerstone Research, a national strategic and economic consulting firm, has renewed and expanded its tenancy to 34,891 square feet at 599 Lexington Avenue. Cornerstone will continue to occupy floors 42 to 44 while adding expansion space on 41. The long-term lease renewal also includes options for future growth. The 47-story office building is owned by Boston Properties. The deal was brokered by David C. Berkey of L&L Acquisitions, the brokerage arm of Manhattan-based L&L Holding Company, a privately owned real estate investment company.

July 17, 2009

Industrial Northeast

GRUBB & ELLIS CLOSES SALE OF INDUSTRIAL BUILDING

by admin July 17, 2009

QUAKERTOWN, PA. — Grubb & Ellis Company has completed the sale of a 20,100-square-foot industrial building at 103 Erie Ave. in Quakertown. The facility was purchased by Lepko Management from Mash Partnership. Joe Stephenson of Grubb & Ellis’ King of Prussia office represented the seller in the transaction.

July 17, 2009

Northeast Retail

SUMMIT REALTY BREAKS GROUND ON NEW QUICK CHECK

by admin July 17, 2009

MANCHESTER, N.J. — Summit Realty has broken ground on a new Quick Chek Convenience Store with Gas at the intersection of Route 70 and Ridgeway Road in Manchester. The 5-acre site will include a 5,500-square-foot building and eight gasoline dispensers. In addition, Robert Delia of Summit represented both the landlord and tenant in the transaction, and he is serving as project manager for the approval process and construction of the project. The project is slated for completion in November.

July 17, 2009

Multifamily Northeast

GEBROE-HAMMER COMPLETES $13.5 MILLION MULTIFAMILY SALE

by admin July 16, 2009

CHERRY HILL, N.J. — Gebroe-Hammer Associates (GHA) has completed the sale of Cooper Landing Apartments for $13.5 million. The property is located at 801 Cooper Landing Rd. in Cherry Hill. It features two mid-rise buildings containing 176 units in a mix of 69 one-bedroom units, 102 two-bedroom units and five three-bedroom units. Amenities include an outdoor swimming pool and a scenic walking path. Occupancy was 96 percent at the time of closing. Joseph Brecher and Joel Schwartz of GHA represented the 1031 seller, The Orbach Group, and procured the undisclosed buyer.

July 16, 2009

Northeast Office

WAYNE WOODS OFFICE CENTER RECEIVES RENOVATION, NEW NAME

by admin July 16, 2009

WAYNE, PA. — Construction is complete for a $10 million renovation to Wayne Woods Office Center, a 12-building, 370,000-square-foot office park located at 983-999 Old Eagle School Rd. in Wayne. Construction primarily consisted of upgrades to the property to accommodate the center’s new anchor tenant, technology service provider Evolve IP. The company invested more than $10 million for a new data center and a Network Operations & Security Center that provides services to tenants of the office park. In addition, new landscaping was installed, new common area finishes were added, the parking lot was upgraded, sidewalk and curbing enhancements were added and exterior lighting was upgraded. To correspond with Evolve IP’s occupancy, the center has been renamed Evolve IP Corporate Center and the identification signage has been updated. The property is owned by GPX Realty Partners.

July 16, 2009

Multifamily Northeast

CBRE ARRANGES $6 MILLION MULTIFAMILY LOAN

by admin July 16, 2009

NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $6 million loan for the refinancing of 9-15 Dutch St., located in Lower Manhattan, New York City. The six-story property contains 18 luxury residential loft units and two-ground-floor commercial spaces currently occupied by a preschool and a consulting firm. Four of the residential units are currently undergoing a renovation. The non-recourse loan carries a 5-year term with a 30-year amortization schedule and a 5.57 percent fixed interest rate. Keith Braddish, Jason Gaccione and Rayna Karaivanov of CBRE Capital Markets arranged the financing on behalf of the borrower, Time Equities. The loan was refinanced through CBRE Multifamily Capital, a Fannie Mae DUS lender.

July 16, 2009

Multifamily Northeast

SIONI & PARTNERS NEGOTIATES $3.62 MILLION MULTIFAMILY SALE

by admin July 16, 2009

NEW YORK CITY — New York City-based Sioni & Partners has negotiated the sale of a six-story residential building, located at 1275 Edward L. Grant Highway in the Bronx, New York City, for $3.62 million. The building features 61 residences and 4,000 square feet of ground-floor retail space. Moses Sioni of Sioni & Partners represented the seller, Anlovi Corp. The buyer was a Brooklyn-based investor.

July 16, 2009

Northeast Office

BONNIER CORPORATION LEASES 100,750 SQUARE FEET AT TWO PARK AVENUE

by admin July 15, 2009

NEW YORK CITY — Bonnier Corporation has signed a 10-year direct lease for 100,750 square feet of space comprising the entire 9th and 10th floors at Two Park Avenue in Manhattan, New York City. The 1 million-square-foot, 29-story tower occupies the entire easterly blockfront between 32nd and 33rd streets. Bonnier had been a subtenant for several years in the building, which is managed by L&L Holding Company. Jason Gorman and Paul Walker of CB Richard Ellis represented the tenant and L&L was represented in-house by David Berkey.

July 15, 2009

Multifamily Northeast

BOSTON CAPITAL OPENS NEW FUND

by admin July 15, 2009

BOSTON — Boston Capital has opened a new fund, Boston Capital Tax Credit Fund XXXII. The fund consists of a $150 million diversified portfolio of affordable apartment properties throughout the U.S. The company expects strong investor interest given the rise in LIHTC and the drop in Treasury rates. This new launch follows the successful closing of Fund XXXI, a nationally diversified portfolio of 30 affordable apartment properties in 12 states with total equity invested of $120 million. Boston Capital’s Fund XXXI included 12 developments for seniors and 18 properties focused on families and added an additional 2,109 apartment units to Boston Capital’s holdings, which currently total more than 166,500 apartments. Boston Capital expects to launch and close two multi-investor national funds, including Fund XXXII, totaling $250 to $275 million by March 2010.

July 15, 2009

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