HOPEWELL TOWNSHIP, N.J. — Construction has topped out for the Capital Health replacement hospital building in Hopewell Township. The $341 million project will feature 237 beds and will span 596,492 square feet. The project will include a facility for a Cyberknife®a non-surgical, robotic radiosurgery system. The project, which is slated for completion in late 2011, will be LEED certified and will incorporate the use of regional building materials, green roof gardens, a water recovery and storage irrigation system, and will regenerate power from the elevators. The hospital is just one component of an 80-acre healthcare development that will also include an attached 350,000-square-foot medical office building. The new flagship facility is conveniently located near the nexus of the tri-state area and is easily accessed from I-95 exit 3B. The project is being developed by Capital Health. Skanska USA Building, HKS Architects, and Array Healthcare Facilities Solutions are also involved in the development of the hospital.
Northeast
SICKLERVILLE, N.J. — Marcus & Millichap has negotiated the sale of a Bertucci's Ground Lease, a 6,359-square-foot, single tenant, net leased property located in Sicklerville. The asset commanded a sales price of $1.88 million or a 7.47 percent cap rate. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company out of Bryn Mawr, Pa. The buyer, a private investor, was secured and represented by Michael Lombardi of Marcus & Millichap’s New Jersey office. Michael Fasano, also based out of the New Jersey office, assisted in closing this transaction. The Bertucci’s sits on 2.10 acres and is subject to a new 15-year triple net ground lease.
PORTLAND, MAINE — CB Richard Ellis/New England has brokered the sale of the full-service Holiday Inn West located at 81 Riverside Street in Portland. The 200-room hotel was sold for an undisclosed price to Bangor-based Lafayette Hotels, an owner/operator of hotel facilities throughout Maine, New Hampshire and Michigan. Built in 1965, the two-story Holiday Inn West features an indoor swimming pool, a fitness center, an on-site restaurant and 7,000 square feet of meeting space. Situated immediately adjacent to I-95 in Portland, the property offers superior access and visibility and is located 3 miles from downtown Portland. The Holiday Inn by the Bay also features the largest hotel conference facility in Maine. The CBRE team of Dave McElroy and Scott Hutchinson of CB Richard Ellis/New England represented the seller, Harper Hotels, and procured the buyer in the transaction. The team also facilitated the recent sale of Harper Hotels’ Holiday Inn by the Bay, also in Portland, in early May.
TOPSFIELD, MASS. — Klemmer Associates has brokered the sale of 35,200-square-foot building located at 239 Newburyport Turnpike in Topsfield. The building is situated on approximately 4.64 acres. Greg Klemmer and Ted Geary of Klemmer Associates represented the seller, Maxfield Realty Trust, and the buyer, 239 Newburyport Turnpike, LLC, was represented by Chris Everest of Nordlund Associates.
BOSTON — Gemini Real Estate Advisors has recapitalized its Boston Holiday Inn Express Hotel & Suites. The company sourced a permanent $11 million loan from Camden National Bank as well as a $4.1 million of preferred equity. The capital was used for the construction loan that financed the purchase and redevelopment of the five-story, 72-room hotel.
NEW YORK CITY — Construction is complete for the $63.5 million first phase of Nehemiah Spring Creek Homes, located in East New York City. Community Preservation Corp. provided a loan of approximately $30 million and two churches provided a $1.25 million revolving loan. The City of New York also provided $33 million to fund the infrastructure and site preparation. Phase I consisted of 184 affordable housing units that include 69 single-family homes, 29 two-family homes and 19 three-family homes. The 227-acre site is part of Gateway Estates, which will provide 2,219 homes, an expansion of the Gateway Plaza retail center, a public school and four parks upon full build-out. Of the 184 units complete for Nehemiah Spring Creek, 88 homeowners have closed on the purchase of their homes.
MONTCLAIR, N.J. — Construction is nearing completion for a 165-unit residential development adjacent to Bay Street Station in Montclair. Montclair Residences, which was designed by DMR Architects, is a rental residential, transit-oriented development that features open, spacious floor plans and a variety of studio, one-bedroom and two-bedroom apartments. Amenities include a fitness center, an Internet café, a pool, a courtyard, a daycare center and a parking garage for residents. The project, which is being developed by Lincoln Properties, broke ground in 2007 and has remained on-track for completion in 2009.
PLAINSBORO, N.J. — Sweetwater Construction Corp. has started construction for the New Merwick Care and Rehabilitation Center located in Plainsboro. The 105,000-square-foot project will consist of a cluster of buildings across 6 acres located at the new University Medical Center of Princeton, which is scheduled to open in 2011. The complex will contain 80 beds of sub-acute care and 120 beds of long-term care. The project will be replacing an existing 83-bed facility located at 79 Bayard Lane. Windsor Health Care will be developing the project and RMJM Architects will design it.
YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has finalized incentive packages for two development projects in the city. The first project consists of the renovation of the former Tyco building, a 50,000-square-foot industrial property located at 78 Fernbrook St. Upon completion, the building will house the manufacturing and warehousing operations of Hudson Scenic Studio, a stage production and design company that is currently located at 130 Fernbrook St. The project is expected to cost $2.66 million. Financial assistance from the city included bond issuance, a sales and usage tax exemption for construction materials and equipment, and a structured property tax agreement. The second project is the $47 million first phase of the renovation of Grant Park Apartments. The affordable housing project is situated on a 12-acre site that formerly contained the Mulford Gardens public housing development. Phase I of the project will include the construction of 100 units in a mix of one-, two-, and three-bedroom apartments and townhomes. Additional construction will include several pocket parks and two community buildings. Ultimately, the project will contain 240 units and is expected to cost approximately $109 million. The project is being undertaken by Richman Group Development Corp. and Landex Development …
HANOVER, PA — Marcus & Millichap has arranged the sale of two single tenant net leased properties in Hanover. The transaction included two outparcels at North Hanover Mall, a Panera Bread franchise and a People’s Bank branch office. Both properties are subject to 10-year absolute net ground leases with rent increases every 5 years. North Hanover Mall is a 365,216-square-foot mall anchored by Dick’s Sporting Goods, Sears, JC Penney and a new Boscov’s. The sales price of $1.95 million represents an 8.45 percent capitalization rate on existing income of both properties. Derrick Dougherty, Mark Taylor and Dean Zang of the Philadelphia office of Marcus & Millichap represented the buyer, Outer Banks L.P. The seller, Preit-Rubin OP, Inc and PR Financing, LP, was represented by Joseph Odom of Stan Johnson.