Northeast

SOMERSET GROVE CORPORATE CENTER SELLS

by admin August 18, 2010

SOMERSET, N.J. — Newmark Knight Frank has arranged the sale of Somerset Grove Corporate Center, a two-building, 430,000-square-foot office complex located in Somerset. The five-story complex is situated on 34 acres. It contains a two-story center atrium, a full-service cafeteria and a fitness center. AT&T was the previous tenant but has since vacated the property. A team of Newmark Knight Frank brokers led by Richard Madison and Matthew Schnurr sold the property as receiver on behalf of the lender, LNR New Jersey Partners. SHO International Corp. was the buyer and will be occupying approximately half of the property.

August 18, 2010

160,000-SQUARE-FOOT RETAIL CENTER SELLS FOR $4.25 MILLION IN N.J.

by admin August 18, 2010

IRVINGTON, N.J. — NAI James E. Hanson has brokered the sale of Valley Mall Plaza, a 160,000-square-foot shopping center located in Irvington, for approximately $4.25 million. The property is situated on 11.52 acres at 468-480 Chancellor Ave. It formerly served as the flagship location for Valley Fair department store. The new owner, Valley Mall Plaza LLC, plans to subdivide the space and lease it to multiple tenants. Renovations will be complete by spring 2011. Thomas Ryan and Barry Cohorsky of NAI Hanson represented both parties in the buyer as well as the undisclosed, Columbus, Ohio-based seller.

August 18, 2010

Multifamily Northeast

BRONX APARTMENT PROPERTY REFINANCED FOR $23.76 MILLION

by admin August 18, 2010

NEW YORK CITY — Arbor Commercial Funding has originated a $23.76 million loan for Clinton Towers, a 455-unit apartment complex located in the Bronx. The loan carries a 10-year term, a 30-year amortization schedule and a 4.87 percent interest rate. The borrower, procured the acquisition financing to help complete a 1031 exchange. Stephen York of Arbor's New York City office originated the financing. Barry Lefkowitz, Nate Hyman and Ira Zlotowitz of Eastern Union Commercial helped arrange the deal.

August 18, 2010

Northeast Office

WNET SIGNS LONG-TERM LEASE AT WORLDWIDE PLAZA IN MANHATTAN

by admin August 18, 2010

NEW YORK CITY — Public television network WNET has signed a 15-year lease for 95,000 square feet at Worldwide Plaza in New York City. The tenant will occupy two full floors of the Times Square office building, which is located at 825 Eighth Ave. The network plans to move from its longtime address at 450 W. 33rd St. by the end of the year. Charles Borrok and Barry Zeller of Cushman & Wakefield represented the tenant in lease negotiations. Peter Duncan and Matthew Coudert of George Comfort & Sons provided in-house representation for the landlord, an investor group led by their company.

August 18, 2010

Northeast Office

DIVCOWEST PURCHASES 147,751-SQUARE-FOOT OFFICE BUILDING

by admin August 17, 2010

BOSTON — San Francisco-based DivcoWest has acquired an 11-story, 147,751-square-foot office building located in Boston's Beacon Hill neighborhood. The property is located at 9-11 Beacon St. The seller in the off-market transaction was locally based Nathan R. Miller Properties. Joe Previte of Independence Realty and Christina Tiemann of CBNRT arranged the deal. Frank Petz of Richards Barry Joyce & Partners arranged equity financing. DivcoWest completed the purchase on behalf of its Market Street Capital Partners Fund.

August 17, 2010

Northeast Office

K&L REALTY BUYS MASS. OFFICE BUILDING FOR $3.87 MILLION

by admin August 17, 2010

HUDSON, MASS. — A subsidiary of K&L Realty has acquired an office/R&D property located in Hudson for $3.87 million. The two-story, 147,000-square-foot building is situated on 18.4 acres at 2 Cabot Road. K&L plans to upgrade the building's lobby and HVAC system as well as rebrand the property as Cabot Woods. Garry Holmes of R.W. Holmes Realty Co. represented K&L in the purchase. Holmes, along with Bill Sullivan and Craig Johnston of R.W. Holmes, will lease the property's vacant 110,000 square feet. Jim Thompson and Doug Jacoby of Newmark Knight Frank represented the seller, NB MS Cabot LLC.

August 17, 2010

Northeast Office

CBRE BROKERS SALE OF VACANT LEXINGTON OFFICE BUILDING

by admin August 17, 2010

LEXINGTON, MASS. — CB Richard Ellis (CBRE) has brokered the sale of a 40,800-square-foot office building located at 101 Hartwell Ave. in Lexington. The property was vacant at the time of closing. The buyer, King Street Properties, plans to convert the building into a speculative laboratory property, which will be complete by January. CBRE's Patrick Cavanagh and Gary Lemire represented the seller, AMB Property Corp. Cavanagh and Lemire teamed with Mike Ripp and Rob Kinlin, also of CBRE, to secure the buyer.

August 17, 2010

Northeast Retail

SHOPPING CENTER SELLS FOR $4.25 MILLION IN MASS.

by admin August 16, 2010

FRAMINGHAM, MASS. — Cushman & Wakefield has completed the sale of a 25,000-square-foot retail property located in Framingham for $4.25 million. Savers is the current tenant of the property and is occupying it under a 12-year lease it signed last year. Robert Griffin, Jr., and Geoffrey Millerd of Cushman & Wakefield’s Capital Markets Group represented the seller, Commonwealth Center Associates, and procured the buyer, The Bulfinch Companies.

August 16, 2010

Northeast Office

STUBBLEDINE BROKERS $2 MILLION OFFICE SALE IN MASS.

by admin August 16, 2010

ACTON, MASS. — The Stubbledine Company / CORFAC International has brokered the sale of an office building located at 45 Nagog Park in Acton for $2 million. The buyer, River of Life Christian Church of Boston, plans to use the building as a worship center. Ellen Garthoff of Stubbledine represented the buyer. Tamie Thomson and Tyler Spring of Jones Lang LaSalle represented the seller, Nagog Park LLC.

August 16, 2010

Northeast Office

PLASTIC SURGEON BUYS PEABODY OFFICE BUILDING FOR $1.6 MILLION

by admin August 16, 2010

PEABODY, MASS. — North Shore Plastic Surgery has acquired a 13,400-square-foot office building located in Peabody for $1.6 million. The new building, which is located at 7 First Ave., is replacing its current facility located at 4 Centennial Drive. Klemmer Associates was the sole broker in the transaction.

August 16, 2010

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