JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 12,400-square-foot multifamily building located in Jersey City for $1.2 million. Built in 1915, the property contains 14 one-bedroom units. Greg Babaian and Spencer Weinberg of Marcus & Millichap's New Jersey office represented the seller, a longtime local owner. The buyer was also undisclosed.
SADDLE BROOK, N.J. — Moonachie, N.J.-based Weiss Realty Co. has arranged a retail lease in Saddle Brook on behalf of Dollar General. The retailer will occupy 15,593 square feet at 419 Market St., a space formerly occupied by Drug Fair. Jaime Weiss and Matthew Weiss of Weiss Realty, along with consultant Tim Keeley, negotiated the deal between Dollar General and the landlord, Paljer Company LLC.
HOLLISTON AND RANDOLPH, MASS. — R.W. Holmes Realty Co. has brokered two Massachusetts industrial leases. In the first transaction, Rypos Inc. signed a lease for 15,000 square feet at 150 Hopping Brook Rd. in Holliston. John Eysenbach of R.W. Holmes was the transactions' sole broker. In addition, Eysenbach negotiated the renewal of Trelleborg Emerson & Cuming's 21,600-square-foot lease at 24 Teed Dr. in Randolph. The landlord in each transaction was not disclosed.
LONG BRANCH, N.J. — Construction is complete for Pier Village Apartments, an oceanfront multifamily community located in Long Branch. The project, which is situated on Ocean Boulevard, consists of three four-story residential towers totaling 216 units. The apartments consist of a mix of one-, two- and three-bedroom units ranging in size from 800 to 1,200 square feet. Amenities include a swimming pool and a 350-space parking garage. The first building was delivered in September 2008, with the other two following in phases. The project is fully occupied. Pier Village Apartments is part of the larger Pier Village mixed-use development. The approximately $100 million project is situated on 16 oceanfront acres and contains the apartments, a hotel, restaurants and retail space. It is being developed by Applied Development Co. Minno & Wasko Architects and Planners is serving as the project architect.
CHALFONT, PA. — Colliers Lanard & Axilbund (CLA) has represented Orthopaedic Specialty Center (OSC) in the acquisition of a 5.3-acre land parcel located within New Britain Corporate Center in Chalfont. OSC plans to develop a 33,000-square-foot medical facility on the site that will specialize in orthopedic surgery, rehabilitation and imaging. Construction is expected to begin in October, with completion in mid-2010. CLA's Matthew Shanahan represented OSC in the land purchase. John Shelly of Cushman & Wakefield represented the seller, BPG Properties, Ltd.
CLIFTON, N.J. — Dollar General Corp. has signed a lease to open a new retail location in Clifton. The company will lease an 11,556-square-foot, freestanding building located at 449 Lakeview Ave. that was formerly occupied by Drug Fair. Barry Greenberg of Levin Management Corp. represented the landlord, a third-generation family owner. Tim Kelley of Julius Feinblum Realty represented Dollar General. The new Clifton location marks the second Dollar General in northern New Jersey and the 22nd store in the state; the company plans to expand aggressively in the New Jersey market in the near future.
While many cities in the Boston area rely on their proximity to the city to ensure economic development, outlying towns have proven equally resilient. Despite the current economic downturn, Westfield, Massachusetts, continues to secure new business due to a combination of financial incentives and its desirable location. The city has utilized these local and statewide incentives to encourage investment, including the Economic Development Incentive Program, a tax incentive program designed to stimulate business and create jobs in Massachusetts. This month, construction began on an estimated $25 million, 657,000-square-foot rapid deployment distribution center for The Home Depot. A tax incentive helped finalize plans for the new center. Westfield’s City Council and Mayor Michael R. Boulanger devised an incentive for the company that calls for a 50 percent cut in property taxes for the first 10 years of operation. The new distribution center is expected to create as many as 150 jobs. The city has also shown a willingness to go beyond tax incentives to attract business. In March, Target Corporation purchased land for the construction of a 1 million-square-foot distribution center at an estimated cost of $100 million. Before the purchase was complete, the city council passed a $10 million bond …
WEST DEPTFORD, N.J. — Jackson Cross Partners / ONCOR International (JCP) has completed the acquisition of a 107,200-square-foot industrial property located at 1230 Forest Ave. in West Deptford. The buyer, Englewood Tire Distributors, plans to renovate the facility before using it as a distribution center for the Southern New Jersey, Eastern Pennsylvania and Delaware markets. JCP's Harry McKenna, Jim Young and Lou Battagliese represented Englewood Tire Distributors in the transaction. The seller was Goya Foods.
NEW YORK CITY — Yonkers, N.Y.-based NAI Friedland Realty has arranged the sale of the Farrand Building in the Bronx, New York City, for $5.19 million. Located at 4401 Bronx Blvd., the building had previously been used as a substance abuse rehabilitation center, as well as for medical research, by the seller, Our Lady of Mercy Medical. The buyer, Montefiore Medical Center, plans to continue that use for the building. Rick Stassa of NAI Friedland represented both parties in the transaction.
BARTONSVILLE, PA. — Stroudsburg, Pa.-based Coldwell Banker Commercial (CBC) Pennco Real Estate negotiated the sale of a 9,600-square-foot auto repair shop in Bartonsville for $2 million. Situated at 93 Route 611, the property was purchased by Somerset Tire Service, which has opened a new STS Tire & Auto at the location. The seller was Pocono Tire Co. Terri Mickens of CBC Pennco handled the transaction.